Big techs should be assessed for systemic importance – BIS
Safeguards needed to guarantee operational resilience of financial system
Central banks should consider adapting their frameworks for systemically important institutions to include big tech firms, according to officials from the Bank for International Settlements.
In a new research bulletin, BIS managing director Agustín Carstens – along with senior officials Stijn Claessens, Fernando Restoy and Hyun Song Shin – argue current regulatory frameworks may “fall short in addressing” the challenges thrown up by big tech firms entering financial services.
Today, the
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