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Global financial watchdogs take aim at Big Tech's data dominance
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Global financial watchdogs take aim at Big Tech's data dominance
Google, Alibaba and other 'Big Tech' companies could be forced to share data on financial services customers with banks and financial technology firms to prevent unfair competition. As Facebook's plan for its Libra 'stablecoin' faces scrutiny, a global body of regulators from the world's main financial centers said that Big Tech's growing tentacles raised questions for financial stability, competition and data privacy. The Financial Stability Board (FSB) called in a report released on Sunday for 'vigilant monitoring' of Big Tech's shift into financial services, which it said could crimp the ability of banks to generate capital through retained profits.
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