00:00PayPal said it has applied for approval to form PayPal Bank, a move that would allow it to offer
00:06loans to small businesses and expand its financial services. The proposed bank would be reviewed by
00:12the FDIC and Utah regulators and could also provide interest-bearing savings accounts to
00:17customers. The push marks PayPal's latest effort to compete with both fintech rivals and traditional
00:23banks as it broadens beyond payments and credit lines. Shares rose 1.5% on the news,
00:28even as the stock remains down sharply this year despite better-than-expected revenue growth.
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