‘Big tech’ finance raises fundamental questions – BdF deputy governor
Risks from cloud computing not being addressed by supervisors, Denis Beau warns
‘Big tech’ companies such as Amazon, Apple, Facebook and Google and are likely to be far more important in digital finance than fintech firms, according to the first deputy governor of the Banque de France.
“The market capitalisation of the GAFA – Google, Amazon, Facebook and Apple – is 25 times higher than that of the whole fintech universe,” Denis Beau told an audience in Paris on November 12.
It is the big firms that “have the potential to fundamentally redefine financial intermediation
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