LONDON (Reuters) – Google, Alibaba and other Large Tech companies may be forced to share information with financial services clients, banks and financial technology companies, to prevent unfair competition.
FILE IMAGE: The Google logo is displayed outside the company’s offices in New York, New York, USA, the 4th of June, 2019 at the latest. REUTERS/Brendan McDermid/File Photo
If Facebook’s plan is to Scale “stablecoin” faces of evaluation, a global body of regulators from the world’s leading international financial centre, said that the Large-Tech is growing and the tentacles of the questions on the financial stability, competitiveness, and privacy of your personal data.
The Financial Stability Board (FSB) mentioned, in a report released on Sunday for the “vigilance committee” of a Major Technology shift in financial services, in which it is said, was the decrease in the ability of the banks to the capital, and to generate retained earnings.
While it is still “emerging” into the world of Big Tech, from countries such as China, have placed financial services within the reach of underserved communities, and the FSB, which is co-chaired by a Federal Reserve Governor, Randal Quarles, said of the report.
The FSB said that it companies such as Microsoft, Amazon, eBay, Baidu, Apple, Facebook, and Tencent, are the databases, while some also offer asset management, payments and financial loans.
A lot of the Big Tech companies like Amazon, Facebook, eBay, Alipay, and Google has acquired payments in connection with licensing in the member states of the European Union, including Luxembourg, Ireland and latvia, however, most have not yet built up to huge levels.
Banks in Europe and elsewhere, have been obliged to share customer data with third parties “fintech” companies that want to offer rival payment services, and you may need to have to be the case with Large Tech, the FSB said.
“Big Tech companies have the ability to make use of the personal information of the customer, leads to the question of whether, and to what extent the authorities may wish to consider the potential of promoting the mobility of information between the different actors that are involved in the provision of financial services,” the FSB said.
“This will help to encourage competition and to ensure a level-playing field among market participants.”
The regulators are also trying to replicate the approach of the insurance companies, and asset managers to focus on activities that will have an impact on financial stability,” rather than a focus only on the size of your business, the FSB said.
Reporting by Huw Jones; Editing by Alexander Smith