Americas: Silicon Valley dreams

Author: | Published: 28 Aug 2018
When technology takes over

As California burned this month, the hotbed of technology that is Silicon Valley had a fire of its own raging. Just hours after the release of the Treasury's Nonbank Financials, Fintech, and Innovation report, the Office of the Comptroller of the Currency gave fintech companies its permission to make applications for a special banking charter, allowing them to become banks if they wish. But given the likelihood that state regulators will launch a renewed push to appeal the decision, there won't be much action for the next few months at least while companies weight up their options.

Apple became the first US company to have a stock valuation of over $1 trillion. The company's recent decision to sell its signature iPhone at a price point of around $1,000 played a big part in pushing the stock price to over...