Banklike

By yesterday’s opening, the building on 21st Street in Long Island City, Queens — once home to a Kentucky Fried Chicken outlet — seemed distinctly banklike.

The new products, like the prepaid debit card, will be offered through third-party partners, allowing Wal-Mart to sell banklike services without a government license.

These banklike hedge funds had about $12 billion in assets to lend as of the end of last year, up from $900 million three years ago, according to HedgeFund.net.