{"id":119156,"date":"2021-08-02T11:39:22","date_gmt":"2021-08-02T11:39:22","guid":{"rendered":"https:\/\/fin2me.com\/?p=119156"},"modified":"2021-08-02T11:39:22","modified_gmt":"2021-08-02T11:39:22","slug":"financial-regulators-urgently-need-to-get-a-grip-on-big-tech-bis","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/financial-regulators-urgently-need-to-get-a-grip-on-big-tech-bis\/","title":{"rendered":"Financial regulators urgently need to get a grip on 'Big Tech' – BIS"},"content":{"rendered":"

LONDON (Reuters) – Central banks and financial regulators urgently need to get to grips with the growing influence of \u2018Big Tech\u2019, according to top officials from central bank umbrella group the Bank for International Settlements (BIS).<\/p>

FILE PHOTO: The tower of the headquarters of the Bank for International Settlements (BIS) is seen in Basel, Switzerland March 18, 2021. REUTERS\/Arnd Wiegmann\/File Photo<\/figcaption>

Global watchdogs are increasing wary that the huge amounts of data controlled by groups such as Facebook, Google, Amazon and Alibaba could allow them to reshape finance so rapidly that it destabilises entire banking systems.<\/p>\n

In a paper led by its head Agustin Carstens, the BIS pointed to examples such as China where the two big tech payment firms now account for 94% of the mobile payments market.<\/p>\n

In many other jurisdictions, tech firms are rapidly establishing footprints too, with some also lending to individuals and small businesses as well as offering insurance and wealth management services.<\/p>\n

\u201cThe entry of big techs into financial services gives rise to new challenges surrounding the concentration of market power and data governance,\u201d the BIS paper published on Monday said.<\/p>\n

There was scope for \u201cspecific entity-based rules\u201d notably in the European Union, China and the United States, it added.<\/p>\n

\u201cAny impact on the integrity of the monetary system arising from the emergence of dominant platforms ought to be a key concern for the central bank.\u201d<\/p>\n

GRAPHIC: Big Tech’s rapid growth in users underpins their dominance in some markets – )<\/p>\n

Stablecoins – cryptocurrencies pegged to existing currencies – and other Big Tech initiatives could be \u201ca game changer\u201d for the monetary system, the paper added, if their entry leads to closed-loop systems reinforced by network effects from data drawn from social media or e-commerce platforms.<\/p>\n

It could lead to a fragmentation of payment infrastructures to the detriment of the public good. \u201cGiven the potential for rapid change, the absence of currently dominant platforms should not be a source of comfort for central banks,\u201d the paper said.<\/p>\n

It said they should anticipate developments and formulate policy based on possible scenarios where Big Tech initiatives are already reshaping payments and other parts of financial systems.<\/p>\n

\u201cCentral banks and financial regulators should invest with urgency in monitoring and understanding these developments\u201d it added. \u201cIn this way, they can be prepared to act quickly when needed.\u201d<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – Central banks and financial regulators urgently need to get to grips with the growing influence of \u2018Big Tech\u2019, according to top officials […]<\/p>\n","protected":false},"author":3,"featured_media":119155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nFinancial regulators urgently need to get a grip on 'Big Tech' - BIS - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/financial-regulators-urgently-need-to-get-a-grip-on-big-tech-bis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial regulators urgently need to get a grip on 'Big Tech' - BIS - Fin2me\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – Central banks and financial regulators urgently need to get to grips with the growing influence of \u2018Big Tech\u2019, according to top officials [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/financial-regulators-urgently-need-to-get-a-grip-on-big-tech-bis\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-02T11:39:22+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/08\/Financial-regulators-urgently-need-to-get-a-grip-on-Big-Tech-BIS.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/financial-regulators-urgently-need-to-get-a-grip-on-big-tech-bis\/\",\"url\":\"https:\/\/fin2me.com\/markets\/financial-regulators-urgently-need-to-get-a-grip-on-big-tech-bis\/\",\"name\":\"Financial regulators urgently need to get a grip on 'Big Tech' - 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