Template-Type: ReDIF-Paper 1.0
Author-Name: Sebastian Doerr
Author-X-Name-First: Sebastian
Author-X-Name-Last: Doerr
Author-Name: Jon Frost
Author-X-Name-First: Jon
Author-X-Name-Last: Frost
Author-Name: Leonardo Gambacorta
Author-X-Name-First: Leonardo
Author-X-Name-Last: Gambacorta
Author-Name: Vatsala Shreeti
Author-X-Name-First: Vatsala
Author-X-Name-Last: Shreeti
Title: Big techs in finance
Abstract: The entry of big tech companies into the financial services sector can bring significant benefits in terms of efficiency and financial inclusion. Yet big techs can also quickly dominate markets, engage in discriminatory behaviour, and harm data privacy. This leads to the emergence of new trade-offs between policy goals such as financial stability, competition and privacy. Regulators, both domestically and internationally, are actively working to address these trade-offs. This paper provides an overview over the state of the literature and the policy debate.
Creation-Date: 2023-10
File-URL: https://www.bis.org/publ/work1129.pdf
File-Format: Application/pdf
File-Function: Full PDF document
File-URL: https://www.bis.org/publ/work1129.htm
File-Format: text/html
Number: 1129
Keywords: big techs, financial inclusion, competition, financial stability, data privacy
Classification-JEL: E51, G23, O31
Handle: RePEc:bis:biswps:1129