Goldman Sachs has played a pivotal role in Apple’s foray into fintech, featuring prominently in initiatives such as the Apple Card, “buy now, pay later” service Apple Pay Later, and the tech giant’s savings account.
However, this once-promising collaboration now seems poised to conclude. The Wall Street Journal reports that Apple is gearing up to dissolve its agreement with Goldman Sachs, aligning with the financial giant’s wishes.
According to the newspaper, Apple has suggested a termination timeline of 12 to 15 months to Goldman Sachs. While a definitive decision remains unclear, Apple would have this window to secure a new partner.
The report from WSJ indicates that Synchrony Financial, a major U.S. credit card issuer, is a potential candidate to take over the Apple Card. Meanwhile, Goldman Sachs, dissatisfied with the dynamics of its business with Apple, is eager to part ways.
Apple has heavily relied on Goldman Sachs to propel its fintech aspirations, serving as the issuer for the Apple Card and facilitating Apple Pay Later, with the Cupertino company fronting the funds. Additionally, Goldman Sachs manages Apple’s savings bank.
It’s worth noting that Apple’s financial services, including the Apple Card, are not yet available in India. While Tim Cook has hinted at expansion, a new partnership may pave the way for a broader rollout. The unfolding developments will shed light on Apple’s next steps in the dynamic fintech landscape.