About the conference
How should big techs' involvement in finance be regulated and supervised?
This conference is a forum for policymakers, regulators, supervisors and academics to reflect on and discuss various aspects of the regulation and supervision of big tech firms in finance. Sessions will be recorded and posted on this page after the conference.
00:21:41
Opening remarks & keynote address
Video
8 Feb 2023
Opening remarks & keynote address
Agustín Carstens speaks on "Big techs in finance: forging a new regulatory path".
Opening remarks and keynote address: Big…
Video
8 Feb 2023
Session 1: Big techs in financial services - setting the scene
The panel discussion looks at recent developments in big techs in finance, opportunities for innovation and financial inclusion…
Video
8 Feb 2023
Session 2: Big techs and financial connections with banks
The panel looks at partnership arrangements between big techs and financial intermediaries, approaches to addressing prudential…
Video
8 Feb 2023
Keynote address: Digital payments and ecosystems
Jean Tirole discusses digital payments and ecosystems.
01:00:29
Session 3: The role of big techs as providers of critical services to financial institutions
Video
8 Feb 2023
Session 3: The role of big techs as providers of critical services to financial institutions
The panel examines regulatory approaches to promoting operational resilience and minimising concentration risk, regulatory…
Video
8 Feb 2023
Session 4: Big techs and the crypto world
The panel discusses the expansion of big techs into crypto and corresponding risks, big techs as potential issuers of…
Video
9 Feb 2023
Keynote address: Big techs in finance: a bildungsroman that is far from over
François Villeroy de Galhau speaks on big techs in finance - a bildungsroman that is far from over.
Speech: Big techs in…
Video
9 Feb 2023
Session 5: Data governance and competition policy
The panel examines challenges from big tech activities in data protection, sharing and portability, and how to address anti…
Video
9 Feb 2023
Session 6: Evolving regulatory and supervisory architecture to oversee big techs
Discussants look at how to identify gaps in the regulatory toolkit, how to determind the right mix of entity- and activity…
Agenda
See full agenda.
Day 1 - 8 February
| Big techs in finance: forging a new regulatory path |
|---|
| Agustín Carstens, General Manager, Bank for International Settlements (BIS) | Speech |
Discussion topics include:
- Big techs in finance – recent developments
- Opportunities for innovation and financial inclusion
- Challenges for the financial sector
| Chair | Hyun Song Shin, Economic Adviser and Head of Research, BIS |
| Panellists | Sir Jon Cunliffe, Deputy Governor, Bank of England Otávio Damaso, Deputy Governor, Central Bank of Brazil Gillian Tett, Chair of the Editorial Board and Editor-at-large of the US, Financial Times Wei Xiong, Princeton University |
Discussion topics include:
- Partnership arrangements between big techs and financial intermediaries
- Stock-take of approaches to address prudential risks with tech firms' partnership with banks
- Licensing requirements and supervisory observations on tech-owned banks
- Approaches used to ring-fence banks from big techs' non-financial activities
| Chair | Claudio Borio, Head of Monetary and Economic Department, BIS |
| Panellists | Jessica Chew, Deputy Governor, Bank Negara Malaysia Neil Esho, Secretary General, Basel Committee on Banking Supervision, BIS Michael Hsu, Acting Comptroller of the Currency Amit Seru, Professor of Finance, Stanford University and Senior Fellow at Hoover Institution |
Jean Tirole, Toulouse School of Economics
Moderator: Hyun Song Shin
Discussion topics include:
- Regulatory approaches to promote operational resilience and minimise concentration risk
- Evolving regulatory approaches for overseeing systemically important cloud service providers
- Expectations placed on banks that use big tech led public cloud service providers
- Supervisory review challenges of cloud service providers
| Chair | Juan Carlos Crisanto, Deputy Chair, Financial Stability Institute (FSI), BIS |
| Panellists | Marlene Amstad, Chair, Swiss Financial Market Supervisory Authority FINMA Marcel Haag, Director, Financial Services and Capital Markets Union, European Commission Duncan Mackinnon, Executive Director, Supervisory Risk Specialists, Prudential Regulation Authority, United Kingdom Maria Tsani, Head of Financial Services Public Policy & Regulatory Affairs EMEA, Amazon Web Services |
Discussion topics include:
- Expansion of big techs into crypto and corresponding risks
- Big techs as (potential) issuers of stablecoins - financial, prudential, and competition related issues
- Big techs' potential role as service providers in the crypto ecosystem
- Lessons learned from the regulatory response to Libra
| Chair | Cecilia Skingsley, Head of BIS Innovation Hub |
| Panellists | Christian Catalini, Co-founder and Chief Strategy Officer, Lightspark and previously, Co-creator of Diem Nellie Liang, Undersecretary for Domestic Finance, US Treasury Rupert Schaefer, Chief Executive Director Strategy, Policy and Control, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) |
Day 2 - 9 February
| Big techs in finance: a bildungsroman that is far from over |
|---|
François Villeroy de Galhau, Governor, Banque de France | Speech Moderator: Agustín Carstens |
Discussion topics include:
- Challenges from big tech activities in data protection, data sharing, and portability
- Approaches to address anti-competitive behaviour of big techs including, cross-subsidisation of financial activities, anti-tying, self-preferencing, etc
| Chair | Leonardo Gambacorta, Head, Innovation and Digital Economy, BIS |
| Panellists | Benoît Coeuré, President of the Autorité de la concurrence, France Sheldon Mills, Executive Director, Financial Conduct Authority, United Kingdom Limor Shmerling Magazanik, Managing Director, Israel Tech Policy Institute Luigi Zingales, Robert C McCormack Distinguished Service Professor of Entrepreneurship and Finance, University of Chicago Booth School of Business |
Discussion topics include:
- Identifying gaps in the regulatory toolkit
- Determining right mix of entity and activity based regulation
- Responsibilities of home and host supervisors, including the application of group-wide supervision to big techs
- Coordination mechanisms among competition, data, financial stability and prudential authorities
- Merits of developing global regulatory standard for big techs
| Chair | Fernando Restoy, Chair, FSI, BIS |
| Panellists | Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department, International Monetary Fund José Manuel Campa, Chair, European Banking Authority Caroline D Pham, Commissioner, Commodity Futures Trading Commission, United States Changneng Xuan, Deputy Governor, Peoples Bank of China |