LONDON :A rethink is needed on how to directly regulate activities of Big Tech companies in financial services, given their size and influence, a top official at an international forum for central banks said in Wednesday.
This creates a risk of them becoming"too big to fail" - a problem regulators hoped they had solved with banks after bailouts in the financial crisis over a decade ago. Big Tech firms with significant financial activities could also be subject to group-wide requirements on governance, conduct of business and operational resilience, Carstens said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rethink needed to regulate Big Tech in finance, says BIS' CarstensLONDON :A rethink is needed on how to directly regulate activities of Big Tech companies in financial services given their size and influence, Bank for International Settlements General Manager Agustin Carstens said in Wednesday.Big Tech companies such as Alibaba and Amazon have been involved for some time in
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Re-think needed to regulate Big Tech in finance, says BIS' CarstensLONDON : A 're-think' is needed on how to directly regulate activities of Big Tech companies in financial services given their size and influence, Bank for International Settlements General Manager Agustin Carstens said in Wednesday.'Without a doubt, a regulatory re-think is warranted, and we need a new p
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »