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Payment companies face Brexit, Big Tech and overdependence threats, EBA says

( July 8, 2019, 15:15 GMT | Official Statement) -- MLex Summary: Payment companies could lose their right to work in the EU due to Brexit, and are overdependent on financial-sector incumbents such as Visa, Mastercard and high-street banks, a study by the European Banking Authority has said. The intrusion of "Big Tech" companies such as Apple and Facebook poses the risk of market concentration and cyber attacks, the EBA said, noting that financial-technology companies offering crypto asset or data analytics functions would often be unregulated.Statement follows. The report is attached....

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