{"id":4897,"date":"2019-12-09T00:01:04","date_gmt":"2019-12-08T23:01:04","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=4897"},"modified":"2019-12-18T15:51:33","modified_gmt":"2019-12-18T14:51:33","slug":"regulators-hit-back-at-bigtechs-finance-advantage","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2019\/12\/09\/regulators-hit-back-at-bigtechs-finance-advantage\/","title":{"rendered":"Regulators hit back at BigTech\u2019s finance advantage"},"content":{"rendered":"

It\u2019s time to level the playing field between technology firms and finance incumbents, say policymakers.<\/p>\n

Along with healthcare, transport and energy, finance is one of the most heavily regulated sectors of the economy. The 2008 crisis showed that if things go wrong in finance they can quickly go wrong for everyone.<\/p>\n

By contrast, the technology sector has long enjoyed minimal government interference, low levels of taxation and even preferential treatment.<\/p>\n

In the US, social media giants have benefited since the 1990s<\/a> from a so-called \u2018publisher\u2019s exemption\u2019\u2014broad immunity from lawsuits over the content users publish on their platforms.<\/p>\n

That position is now being challenged, but for the time being tech firms are in the clear. And when finance and technology come together, as is increasingly the case, policymakers are left with a major headache\u2014how to find rules for the resulting \u2018fintech\u2019 mix.<\/p>\n

they are diversifying into areas that were long the mainstay of banks<\/p><\/blockquote>\n

The problem is becoming more acute. According to the Financial Stability Board (FSB), an international body that monitors the global financial system, the number of services offered by large technology firms is accelerating.<\/p>\n

In fact, BigTechs are making a full-frontal assault on finance, says the FSB in a new report<\/a>. They are not just focusing on obvious areas of inefficiency, such as making payments easier, faster and cheaper.<\/p>\n

But they are diversifying into areas that were long the mainstay of banks as well, it says. The ten large BigTech firms it monitors now offer around 50 financial services, including loans, insurance and wealth management.<\/p>\n

Financial services offered by ten large BigTech firms<\/em><\/p>\n

\"\"<\/p>\n

Source: FSB, Banque de France<\/em><\/p>\n

BigTech firms are expanding their financial activities particularly fast in emerging markets, says the regulatory body. Here, there may be little legacy financial infrastructure to overcome. As a result, tech firms can quickly corner the market.<\/p>\n

But financial regulators are now speaking out on the risks of tech giants developing a monopoly.<\/p>\n

a ‘data-network-activity feedback loop’ helps tech firms beat off competition<\/p><\/blockquote>\n

\u201cThe entry of BigTechs into the provision of payment services raises serious market power and data privacy issues,\u201d Agust\u00edn Carstens, general manager at the Bank for International Settlements (BIS), said in a lecture at Princeton University last week<\/a>.<\/p>\n

Carstens referred to a ‘data-network-activity feedback loop’ that is helping tech firms beat off competition.<\/p>\n

\u201c[Tech firms\u2019] business model rests on enabling direct interactions among a large number of users via online platforms,\u201d said Carstens.<\/p>\n

\u201cAn essential by-product is the large stock of user data, which serves as an input for services that exploit natural network effects, generating yet further user activity. Increased user activity then completes the circle, as it generates yet more data.\u201d<\/p>\n

There are other potential synergies on offer, the FSB said in its report on BigTechs. Some derive from tech firms\u2019 traditional strengths in e-commerce, social media and search.<\/p>\n

\u201cData gathered from some BigTech firms\u2019 core business can complement and enhance BigTech firms\u2019 financial services activities. Data from e-commerce platforms can assist with credit scoring, enhancing the pricing and risk management of lending activity,\u201d the FSB said.<\/p>\n

\u201cBigTech firms with large social media or internet search businesses could use information gathered from users\u2019 social media presence or search history to market, distribute and (more precisely) price financial services to these users,\u201d it said.<\/p>\n

Getting finer pricing on loans doesn\u2019t seem too bad an outcome for consumers. Nor do quicker, cheaper and easier payments, which tech firms have undoubtedly helped enable.<\/p>\n

But how can regulators set rules that work for both sets of actors: the tech firms entering finance and the much more heavily supervised incumbents?<\/p>\n

Fintechs may face finance-type regulation<\/p><\/blockquote>\n

One answer, said the BIS\u2019s Carstens, is to ensure that tech firms should not qualify for the special privileges given to banks, such as overdrafts at the central bank or other forms of special liquidity assistance.<\/p>\n

In its new report, the FSB comes up with three other recommendations.<\/p>\n

First, it says, regulators may need to apply rules developed for the financial sector to the tech firms themselves.<\/p>\n

For BigTechs, this would mean a greatly enhanced level of scrutiny compared to today\u2019s light touch treatment. Tech firms may also find themselves regulated both as individual entities and according to their financial activities, the FSB warns.<\/p>\n

Second, says the FSB, financial sector regulators and supervisors should monitor the linkages between BigTech and finance, looking not just at systemic risk but also the potential for BigTech firms to eat into the banks\u2019 profits. This is because weaker banks could undermine financial stability, the FSB argues.<\/p>\n

Third, says the FSB, regulators should address the potential imbalance between tech firms and banks when it comes to access to data.<\/p>\n

\u201cAuthorities could consider the potential to promote the mobility of data between the various actors that are involved in the provision of financial services. Doing so may help encourage competition and help ensure a level playing field amongst market participants,\u201d the FSB says.<\/p>\n

For the tech giants, who have benefited hugely from harvesting client data with minimal outside interference, this may be the toughest pill of all to swallow.<\/p>\n

Don\u2019t miss any more New Money Review content:\u00a0sign up here<\/strong><\/a>\u00a0for our newsletter<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s time to level the playing field between technology firms and finance incumbents, say policymakers. Along with healthcare, transport and energy, finance is one of the most heavily regulated sectors […]<\/p>\n","protected":false},"author":3,"featured_media":4896,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1053,1026,1014],"tags":[1608,1085,1610,1609,1343,1611],"class_list":{"0":"post-4897","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-featured-1","9":"category-latest-slider","10":"category-payment","11":"tag-bigtech","12":"tag-bis","13":"tag-carstens","14":"tag-fsb","15":"tag-payments","16":"tag-regulation"},"yoast_head":"\nRegulators hit back at BigTech\u2019s finance advantage - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2019\/12\/09\/regulators-hit-back-at-bigtechs-finance-advantage\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regulators hit back at BigTech\u2019s finance advantage - New Money Review\" \/>\n<meta property=\"og:description\" content=\"It\u2019s time to level the playing field between technology firms and finance incumbents, say policymakers. 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