Big Tech’s move into financial services sounds alarm over inadequate regulation

Introduction

Date: 12 February 2021. Duration: 22:05

The growing interest in financial services on the part of tech giants including Amazon.com, Facebook and Alibaba is likely to shake up an industry long dominated by a handful of large lenders. But Big Tech’s decision to massage its data ascendency into a new banking business model has also raised questions about whether the new players have been able to sidestep the industry’s tough regulation targeting risks such as money laundering, consumer protection and competition. On today’s podcast, we examine how this debate is playing out in the US and China.

Related Stories:

Big Tech’s entry into financial sector poses threats that should be tracked company by company, BIS’s Carstens says
China's PBOC, finance regulators forge bigger role in pushing antitrust enforcement