{"id":16219,"date":"2021-08-06T10:51:48","date_gmt":"2021-08-06T10:51:48","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=16219"},"modified":"2021-08-06T10:51:48","modified_gmt":"2021-08-06T10:51:48","slug":"financial-regulators-need-to-rein-in-big-tech","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/financial-regulators-need-to-rein-in-big-tech\/","title":{"rendered":"Financial Regulators Need to Rein In Big Tech"},"content":{"rendered":"<p>The Bank for International Settlements (BIS) is calling on central banks and financial regulators around the world to tighten controls over Big Tech. This comes amid concerns from global watchdogs about the huge amounts of data Big Tech firms such as Facebook, Google, Amazon and Alibaba have as well as how that data could allow them to reshape the financial sector so rapidly that it would destabilize entire banking systems. In fact, we\u2019re already seeing potential destabilizing moves in the payment industry, with Big Tech stablecoins (cryptocurrencies pegged to existing currencies) such as Facebook\u2019s Diem showing how existing payment infrastructures could end up fragmented, much to the detriment of the public good. As such, it is increasingly important for central banks and financial regulators to anticipate developments, formulate smart policies and closely monitor the macro and micro of financial systems.&nbsp;<\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-16219 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Commercial financial institutions embracing FinTech partnerships?'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/commercial-financial-institutions-embracing-fintech-partnerships\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/07\/commercial-financial-institutions-embracing-fintech-partnerships-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-13346\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13346'>\n\t\t\t\tCommercial financial institutions embracing FinTech partnerships?\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Gartner Identifies Top 10 Government Technology Trends for 2021'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/gartner-identifies-top-10-government-technology-trends-for-2021\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/05\/fdef9607-24ad-3348-2d3c-9944d03e2a4a1-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-16027\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16027'>\n\t\t\t\tGartner Identifies Top 10 Government Technology Trends for 2021\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Metaverse Digital Twins to Be a Boost to the Fintech Industry'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/metaverse-digital-twins-to-be-a-boost-to-the-fintech-industry\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2022\/11\/21138cab-6cdc-0700-d1d8-048eef5588a01-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-16879\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16879'>\n\t\t\t\tMetaverse Digital Twins to Be a Boost to the Fintech Industry\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The Bank for International Settlements (BIS) is calling on central banks and financial regulators around the world to tighten controls over Big Tech. This comes amid concerns from global watchdogs about the huge amounts of data Big Tech firms such as Facebook, Google, Amazon and Alibaba have as well as how that data could allow &hellip;<\/p>\n","protected":false},"author":12,"featured_media":16220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16219"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=16219"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16219\/revisions"}],"predecessor-version":[{"id":16222,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16219\/revisions\/16222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/16220"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=16219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=16219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=16219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}