In what could be seen as another salvo in the battle between fintech "distruptors" and more traditional financial institutions, five large technology companies — Google, Amazon, Apple, PayPal and Intuit — have formed a lobbying and advocacy group dedicated to financial issues.

Financial Innovation Now, which announced its existence on Tuesday, is likely being formed as a defensive measure against banking groups which have been arguing that many fintech companies are not subject to regulations that financial institutions already face.

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