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Elon Musk gives X employees one year to replace your bank - ‘You won’t need a bank account... it would blow my mind if we don’t have that rolled out by the end of next year.’ (www.theverge.com)

submitted 1 year ago by AnActOfCreation@programming.dev to c/technology@lemmy.world

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“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

Well that sounds terrifying!

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[–] angelsomething@lemmy.one 7 points 1 year ago (1 children)

Yeah he won’t be able to do business in the uk for sure.

[–] merthyr1831@lemmy.world 4 points 1 year ago (1 children)

Yeah the amount of compliance necessary to launch a savings account in the UK is nuts, and thats when youre going through a 3rd party provider like Clearbank who already has all the actual money handling services, but let clients palm them off as native banking accounts

[–] angelsomething@lemmy.one 1 points 1 year ago

And the auditing. Omg the twice a year auditing.