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Big Tech payment players could face systemic bank-style regulation, BIS study says

By Jack Schickler ( August 2, 2021, 10:00 GMT | Insight) -- The arrival of Google, Facebook and Alibaba into financial services should see central banks move into data privacy and competition issues — and should inspire more focused regulation along the lines of the EU’s Digital Markets Act, the Bank for International Settlements has said. Digital companies' entry into the payment sector could mean that regulators will have consider bank-style rules for individual Big Tech companies, the Basel-based network of central banks said in a study published today.The arrival of Google, Facebook and Alibaba into financial services should see central banks move into data privacy and competition issues — and should inspire more focused regulation along the lines of the EU’s Digital Markets Act, the Bank for International Settlements has said....

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