Big Tech might need bank rules, but not with a heavy hand, regulators say

14 March 2019 9:21am
Banks fear the likes of Google, Apple and other big tech players are encroaching on their territory — and regulators aren’t sure how to deal with the invaders.

Pleas for them to turn their scrutiny from banks to those behaving like banks fall on deaf ears. But worries remain about big tech companies competing unfairly, exploiting regulatory loopholes, or generating new risks for financial stability.

US-based tech companies face a significant advantage in entering markets such as payments, or insurance. The vast quantities of data they hold could help them assess, for example, how likely a person is to pay back a loan.