Tech Giants’ Rise Requires New Financial Oversight, BIS Says
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The world’s biggest tech firms need oversight from financial regulators to guard against their growing market power, possible threats to financial stability and data privacy concerns, according to senior officials at the Bank for International Settlements.
Agustin Carstens, general manager of the BIS, and three colleagues at the Basel-based institution said in a paper published Monday that the current system “is likely to fall short of an adequate response” to Big Tech’s move into finance.