Financial Regulators Must Have a Strong Grip on Technology Giants

Financial Regulators Must Have a Strong Grip on Technology Giants-01

Central banks and the financial regulators will immediately need to come to terms with the increasing influence of the big tech companies – according to the top officials from the Bank for International Settlements (BIS).

The worldwide watchdogs are gradually becoming more cautious about the humungous data are being controlled by organizations like Amazon, Facebook, Google, and Alibaba. It could support them is reshaping the finance so rapidly – which could threaten the global banking systems.

As clarified by BIS, “The entry of big techs into financial services gives rise to new challenges surrounding the concentration of market power and data governance.”

Source: Reuters

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