BIS: Regulating big tech: between financial regulation, anti-trust and data privacy Donnerstag, 16. September 2021 - 17:13

How should authorities regulate big tech to promote the public interest?

Large technology firms (big techs) are rapidly expanding their footprint in the payment system and in financial services. Big tech services can bring welcome innovation and competition to financial services, helping to enhance efficiency and financial inclusion. But they also raise thorny issues for regulators.

For a start, their heavy use of customer data (through the data-network-activities, or DNA, feedback loop) raises new challenges around financial stability, competition and data protection, which fall under the mandates of different public authorities. With user data from their existing business lines in e-commerce and social media, and by harnessing the inherent network effects in digital services, big techs can scale up rapidly in payment, credit, insurance and investment services. And proposals for global stablecoins combine these issues with the risk of fragmentation of the monetary system, with a reduced role for central bank money at the heart of the system.

This conference will bring together central bank Governors, senior policymakers, researchers from central banks and academia, and other stakeholders to discuss how best to regulate big tech in finance to promote the public interest.

Join the conversation on social media using #BISResearchConference #RegulatingBigTech