Payment company PayPal applies for a banking charter to drive the development of its loan business.

Payment company PayPal announced on Monday that it has applied to establish a bank in the United States, as companies are eager to take advantage of the friendly regulatory environment under the Trump administration. The California-based company has submitted an application to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish an industrial loan company. This move reflects the trend of financial technology and cryptocurrency companies seeking banking charters to expand their businesses. If approved, this move will help PayPal strengthen its lending services to small businesses in the United States and reduce reliance on third parties. PayPal also plans to offer interest-bearing savings accounts to customers. The company stated that it has provided over $30 billion in loans and funding since 2013.