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Elon Musk’s grand vision is to turn Twitter into a one-stop shop for financial services. It’s hardly the first time a tech giant has sought to muscle in on Jamie Dimon’s turf, and history suggests an uphill battle for Musk. The landscape is filled with US technology firms that tried to take on banking behemoths, only to scale back their ambitions in the face of competition and protracted approval processes.
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“I’m not saying at all that he can’t do it,” Pranav Sood, executive general manager at cross-border payments platform Airwallex. “But it’s something that takes time and it’s something that takes investment because you have to make sure that you do things right in order to stay compliant globally.”
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