FSB weighs impact of growing big tech dominance
Big tech offers benefits but is also using its clout to gain significant market power, FSB says
Big tech firms are rapidly establishing a dominant position in many economies, bringing benefits but also new risks, the Financial Stability Board warns.
The entry of big tech into finance has been fastest in emerging markets and developing economies (EMDEs), the FSB says in a report published today (October 12). This partly reflects demand from underserved and tech-savvy young populations, the FSB finds, but also the eagerness of tech firms to use financial services to draw in customers for
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