As an ex-PM, the idea that PMs are the ones making all the decisions absolutely does not resonate. Fundamentally, of course management in general (not specifically product management) is approving these things and carries the responsibility, but in my experience (not at Microsoft) the involvement of another firm is a clue this originated with a bizdev conversation. That sounds more likely to me than a PM saying "I really want to offer loans through Edge, let me see if I can find a partner to help execute this."