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Big Tech’s move into financial services sounds alarm over inadequate regulation
12 February 2021 00:00
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.
Big Tech’s entry into financial sector poses threats that should be tracked company by company, BIS’s Carstens saysThe financial-sector entry of technology giants such as Amazon, Facebook and Alibaba poses financial stability, competition and privacy threats.
China’s finance regulators are dealing with antitrust-enforcement issues after the country’s leaders pledged to prevent the expansion of capital in the economy.
James Panichi Senior Editor, Asia Pacific
James, an Australian journalist with over 25 years’ experience in print and electronic media, helps to oversee MLex’s coverage of regulatory risk in Asia, with special attention to Australia and New Zealand. In 2016, James was appointed as MLex’s managing editor for continental Europe, overseeing the Brussels bureau’s coverage of EU regulatory affairs and managing a team of 16 journalists in Brussels and Geneva. Previously James worked for the European Voice newspaper, before joining the... Read more
Neil Roland Senior Correspondent
Neil has covered U.S. financial regulation for over two decades, mostly for Bloomberg and Crain Communications. He received a Loeb award for coverage of regulators' response to the collapse of Enron. He also garnered a SABEW award and some Jesse H. Neal awards for stories on the Federal Reserve's response to the 2008 financial crisis. Roland has appeared as a commentator on Fox TV, NPR, C-Span and Bloomberg TV. He received a Master's degree in... Read more
Yonnex Li Chief Correspondent, Greater China
Yonnex has an MA in Journalism from the Chinese University of Hong Kong, after obtaining a BA in Translation at the same university. At MLex, she writes extensively on antitrust developments in the Greater China region, including investigations, court cases and merger control of international transactions. Prior to joining MLex, she worked as a reporter at the English division of the Hong Kong Economic Journal, providing coverage and analysis on China's banking sector, asset management... Read more