In a significant development, PayPal has applied to establish a bank in the state of Utah, with the primary objective of bolstering its small business lending capabilities. This move is part of the company's broader strategy to provide a more comprehensive suite of financial services to its customers. With over 420,000 business accounts globally, PayPal has already disbursed over $30 billion in loans and operating funds since 2013. The proposed bank, known as PayPal Bank, will offer a range of services, including savings accounts, to its customers. This move is seen as a significant step towards further digitalization of financial services and is expected to have a positive impact on the small business community. As the world becomes increasingly digital, the need for innovative financial solutions is growing, and PayPal's move is a testament to the company's commitment to meeting this need. By establishing a bank, PayPal is poised to play a more significant role in the financial services industry and is likely to continue to be a major player in the digital payments space.