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Big Tech’s entry into financial sector poses threats that should be tracked company by company, BIS’s Carstens says

By Neil Roland ( January 27, 2021, 23:14 GMT | Insight) -- The financial-sector entry of technology giants such as Amazon, Facebook and Alibaba poses financial stability, competition and privacy threats that should be addressed through company-by-company oversight rather than just the activities in which they participate, said Agustin Carstens, Bank for International Settlements general manager. "It is clear that big techs put policymakers in a thorny position," he said.The financial-sector entry of technology giants such as Amazon, Facebook and Alibaba poses financial stability, competition and privacy threats that should be addressed through company-by-company oversight rather than just the activities in which they participate, said Agustin Carstens, Bank for International Settlements general manager....

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