Big techs in finance – implications for public policy
8-9 February 2023
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.
Agenda
Day 1, 8 February 2023
09:00 | Opening remarks & keynote address: Big techs in finance: forging a new regulatory path Agustín Carstens, General Manager, Bank for International Settlements (BIS) |
09:30 | Session 1: Big techs in financial services – setting the scene Discussion topics include:
Chair: Hyun Song Shin, Economic Adviser and Head of Research, BIS Panellists: |
11:15 | Session 2: Big techs and financial connections with banks Discussion topics include:
Chair: Claudio Borio, Head of Monetary and Economic Department, BIS Panellists: |
13:30 | Keynote address: Digital payments and ecosystems Jean Tirole, Toulouse School of Economics Moderator: Hyun Song Shin |
14:00 | Session 3: The role of big techs as providers of critical services to financial institutions Discussion topics include:
Chair: Juan Carlos Crisanto, Deputy Chair, Financial Stability Institute (FSI), BIS Panellists: |
15:45 | Session 4: Big techs and the crypto world Discussion topics include:
Chair: Cecilia Skingsley, Head of BIS Innovation Hub Panellists: |
Day 2, 9 February 2023
09:00 | Keynote address: Big techs in finance: a bildungsroman that is far from over François Villeroy de Galhau, Governor, Banque de France Moderator: Agustín Carstens |
09:30 | Session 5: Data governance and competition policy Discussion topics include:
Chair: Leonardo Gambacorta, Head, Innovation and Digital Economy, BIS Panellists: |
11:15 | Session 6: Evolving regulatory and supervisory architecture to oversee big techs Discussion topics include:
Chair: Fernando Restoy, Chair, FSI, BIS Panellists: |
Agustín Carstens speaks on "Big techs in finance: forging a new regulatory path".
Opening remarks and keynote address: Big techs in finance: forging a new regulatory path
The panel discussion looks at recent developments in big techs in finance, opportunities for innovation and financial inclusion, and challenges for the financial sector.
The panel looks at partnership arrangements between big techs and financial intermediaries, approaches to addressing prudential risks with tech firms' partnership with banks, licensing requirements and supervisory observations on tech-owned banks and approaches to ring-fencing banks from big techs' non-financial activities.
Jean Tirole discusses digital payments and ecosystems.
The panel examines regulatory approaches to promoting operational resilience and minimising concentration risk, regulatory approaches for overseeing systemically important cloud service providers, expectations placed on banks that use big tech-leg public cloud service providers and supervisory review challenges of cloud service providers.
The panel discusses the expansion of big techs into crypto and corresponding risks, big techs as potential issuers of stablecoins, big techs' potential role as service providers in the crypto ecosystem and lessons learned from the regulatory response to Libra.
François Villeroy de Galhau speaks on big techs in finance - a bildungsroman that is far from over.
Speech: Big techs in finance - a bildungsroman that is far from over
The panel examines challenges from big tech activities in data protection, sharing and portability, and how to address anti-competitive behaviour of big techs.
Discussants look at how to identify gaps in the regulatory toolkit, how to determind the right mix of entity- and activity-based regulation, responsibilities of home and host supervisors, coordination mechanisms among competition, data, financial stability and prudential authorities, and the merits of developing global regulatory standards for big techs.