BIS paper calls for action on big tech dominance
“Digital platforms” can boost inclusion but may undermine other central bank objectives, authors say
The growth of big tech firms’ “digital platforms” demands a co-ordinated response from regulatory authorities, research published by the Bank for International Settlements argues.
In the working paper, Karen Croxson, Jon Frost, Leonardo Gambacorta and Tommaso Valletti note financial platforms operated by tech firms can be “powerful” in supporting inclusion. Under the platform model, a firm uses big data and automation to offer wider services to its existing customers.
The authors warn that the
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