Financial Regulators Need to Have a Grip on “Tech Giants”

Financial Regulators Need to Have a Grip on “Tech Giants”-01

Central banks along with the financial regulators will urgently need to get grips with the rising influence of the big technology companies – as per the top officials from the Bank for International Settlements (BIS).

The global watchdogs are increasingly cautious that humungous data are being controlled by companies like Facebook, Google, Amazon, and Alibaba. This could enable them is reshaping the finance so rapidly that could threaten the entire banking systems.

As explained 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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