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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.
Their size and reach in social media and e-commerce means they can quickly build up market share in financial activities, Bank for International Settlements General Manager Agustin Carstens said in a speech.
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.
"Without a doubt, a regulatory rethink is warranted, and we need a new path to follow," Carstens said, adding a new "holistic" framework was needed that included requiring Big Tech financial services to be ring-fenced from other operations....
more at Reuters