{"id":4485,"date":"2019-06-23T19:15:44","date_gmt":"2019-06-23T18:15:44","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=4485"},"modified":"2019-07-10T16:09:41","modified_gmt":"2019-07-10T15:09:41","slug":"bis-warns-on-tech-firms-access-to-finance","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2019\/06\/23\/bis-warns-on-tech-firms-access-to-finance\/","title":{"rendered":"BIS warns on tech firms’ access to finance"},"content":{"rendered":"

At the end of a week in which Facebook announced a major new payments project<\/a> and the UK\u2019s central bank said it would allow more non-banks into the core of its financial infrastructure<\/a>, the Bank for International Settlements (BIS) took a much more cautious stance on tech firms’ access to finance.<\/p>\n

In a special chapter<\/a> of its widely followed Annual Report, the BIS warned that granting tech firms an unconditional pass to the financial sector would be a grave mistake.<\/p>\n

No free pass for tech<\/strong><\/p>\n

The BIS plays a crucial role as a forum for policy discussions among those charged with maintaining the stability of the world’s financial system.<\/p>\n

Its bi-monthly policy meetings, held in Basel, Switzerland, bring together the heads of all the major global central banks. It also hosts the most important committees supervising the global financial infrastructure.<\/p>\n

In its new report, the BIS said that allowing large tech firms into financial services could make things more efficient and allow more people to access financial services.<\/p>\n

However, added the BIS, their arrival could create competitive concerns, and regulators need to ensure there\u2019s a level playing field in future between big techs and banks.<\/p>\n

In last year\u2019s annual report, the BIS criticised cryptocurrencies<\/a>, saying the underpinning of trust in digital currencies like bitcoin is fragile.<\/p>\n

Monopoly warning<\/strong><\/p>\n

The BIS warned that giving unconditional access to finance for tech firms could create powerful monopolies.<\/p>\n

Tech firms can easily apply to finance the data skills they have acquired from running social media or commerce networks, the BIS said. Combined with their scale, this would make making them instantly competitive.<\/p>\n

\u201cAn essential by-product of the tech firms\u2019 business is the large stock of user data, which are utilised as input to offer a range of services that exploit natural network effects, generating further user activity. Increased user activity then completes the circle, as it generates yet more data,\u201d the BIS said.<\/p>\n

The BIS warned that, if left unsupervised, this virtuous circle could help tech firms rise to an unassailable competitive position.<\/p>\n

\u201cDominant platforms can consolidate their position,\u2026exploit their market power or exclude potential competitors,\u201d it said.<\/p>\n

Earlier this week Facebook released details of a planned digital coin called Libra, which, it says, will serve as a new digital medium of exchange for the 2bn users of the firm\u2019s social media networks.<\/p>\n

Techs have firm foothold in Asia<\/strong><\/p>\n

As a sign of big tech firms\u2019 increasingly confident steps in finance, the BIS provided evidence that tech had already moved from an initial focus on payments to encompass a range of activities, including credit provision, money management and insurance products.<\/p>\n

Tech firms\u2019 progress in finance is most advanced in China<\/a>, where payment services alone represent 16 percent of the country\u2019s economy.<\/p>\n

For the tech giants, adding financial services to their range of businesses offers natural synergies, the BIS said.<\/p>\n

\u201cOffering financial services can complement and reinforce big techs\u2019 commercial activities,\u201d the BIS said.<\/p>\n

\u201cThe typical example is payment services, which facilitate secure transactions on e-commerce platforms or make it possible to send money to other users on social media platforms,\u201d the BIS continued.<\/p>\n

\u201cPayment transactions also generate data detailing the network of links between fund senders and recipients. These data can be used both to enhance existing (e.g., targeted advertising) and other financial services, such as credit scoring.\u201d<\/p>\n

Need for coordination<\/strong><\/p>\n

The BIS warned that financial sector regulators or central bankers should not be left to deal alone with the challenge of regulating tech firms\u2019 access to finance.<\/p>\n

Instead, the Basle-based institution said, anti-trust and privacy regulators must join the discussions.<\/p>\n

\u201cPublic policy needs to build on a more comprehensive approach that draws on financial regulation, competition policy and data privacy regulation,\u201d the BIS said.<\/p>\n

Newer thinking on the type of regulation appropriate for tech firms may also be needed, it said.<\/p>\n

\u201cBig techs\u2019 entry to finance presents new and complex trade-offs between financial stability, competition and data protection,\u201d it said.<\/p>\n

And politicians and regulators will need to synchronise their efforts when supervising tech firms, which already make clever use of their global reach, the BIS said.<\/p>\n

\u201cAs the operations of big techs straddle regulatory perimeters and geographical borders, coordination among authorities \u2013 national and international \u2013 is crucial,\u201d it said.<\/p>\n

– – –<\/p>\n

Last month, the head of payments at the BIS spoke to New Money Review in an exclusive podcast interview: listen to it here<\/a><\/em><\/p>\n

Don’t miss any more New Money Review content: sign up here<\/strong><\/a> for our newsletter<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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