Big tech poses a risk to competition in payments – RBA’s Lowe
Regulation has not adapted to advances in technology, governor says
The Reserve Bank of Australia may need additional powers to govern the payment landscape if big tech firms continue to muscle in on the payment space, according to governor Philip Lowe.
Speaking today (December 4), Lowe noted current laws dictating the RBA’s powers have not been changed in more than 20 years, despite rapid evolution in payments. “While the powers are quite broad, in practice the bank has the ability to regulate only a fairly limited range of entities,” he said.
Australia’s
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Fintech
MAS launches new fintech network
Global Finance and Technology Network to hold forums, offer advisory services and invest in start-ups
HKMA partners with Thailand and Brazil on cross-border tokens
Interoperability work using tokenisation will focus on settlement in trade finance and carbon credits
Central banks must navigate impact of tokenisation – BIS
Paper weighs in on how policy-makers should react to innovations in financial market infrastructure
BIS aims for open data across borders with Project Aperta
Innovation Hub’s latest project seeks to link up national open-finance schemes
M1 vs M0 in an instant payments world
Manmohan Singh explains how measurement of ‘narrow’ money is changing
Financial system needs to be ‘quantum-ready’ – BIS study
Working paper reviews benefits and risks of computing technology
BIS paper explores ‘ChatGPT for central banking’
Language models can analyse sentences but needs more work when it comes to complex content
Working group minutes: central banks weigh CBDC design choices
Central bankers discuss CBDC design elements, adoption rates and cross-border payments