{"id":6545,"date":"2021-08-02T10:00:01","date_gmt":"2021-08-02T10:00:01","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6545"},"modified":"2021-09-15T15:38:48","modified_gmt":"2021-09-15T15:38:48","slug":"bis-warns-of-bigtech-takeover-of-finance","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2021\/08\/02\/bis-warns-of-bigtech-takeover-of-finance\/","title":{"rendered":"BIS warns of bigtech takeover of finance"},"content":{"rendered":"

The Bank for International Settlements (BIS) says new public policies are urgently needed to address the growing dominance of large technology firms in financial services.<\/p>\n

In a bulletin published on August 2<\/a>, the Basel-based institution, which is owned by 63 central banks, called for closer cooperation between central banks, competition authorities and data governance regulators in developing new entity-based rules for bigtechs.<\/p>\n

Risks of bigtech dominance<\/strong><\/p>\n

According to the BIS, the recent rapid growth of digital versions of fiat currency<\/a>\u2014called stablecoins\u2014is an area of particular concern for policymakers.<\/p>\n

It cited the possibility of a bigtech-dominated, winner-takes-all outcome to the stablecoin race<\/a>, with negative outcomes for consumers and financial stability.<\/p>\n

\u201cStablecoin projects and other big tech initiatives could be a game changer for the monetary system if their entry leads to closed-loop systems reinforced by network effects from data drawn from social media or e-commerce platforms,\u201d the BIS said.<\/p>\n

Such innovations could fundamentally reorder the existing monetary infrastructure<\/a>, the BIS suggested.<\/p>\n

\u201cStrong network effects and the entrenchment of closed networks could lead to a fragmentation of payment infrastructures to the detriment of the public good nature of money,\u201d it said.<\/p>\n

Bigtechs\u2019 artificial intelligence algorithms could also inject systematic biases to the financial system, the BIS said, to the detriment of financial stability.<\/p>\n

\u201cStablecoin projects could be a game changer for the monetary system\u201d<\/p><\/blockquote>\n

According to the BIS, consumers already trust bigtech firms much less than public sector bodies or traditional financial institutions to safeguard their data.<\/p>\n

However, data privacy has attributes of a basic right, the BIS said, and data governance is now a key public policy concern.<\/p>\n

And, the BIS warned, if large technology firms were to obtain a dominant position in finance, they could impose even higher payment services costs than those already charged by the providers of credit and debit cards.<\/p>\n

Entity-based rules<\/strong><\/p>\n

In its bulletin, the BIS called for entity-based rules to address bigtechs\u2019 growing role in finance, saying that the existing regulatory framework, which is largely based on firms\u2019 activities, is inadequate.<\/p>\n

For example, the BIS said, the current licensing requirements on payment service providers, which are aimed at ensuring the fitness of directors and consumer protection, were formulated with small remittance service providers in mind.<\/p>\n

\u201cCentral banks and financial regulators should invest with urgency in monitoring and understanding these developments\u201d<\/p><\/blockquote>\n

These rules fall short of addressing the far-reaching challenges associated with dominant big tech platforms, the BIS said.<\/p>\n

The BIS cited the European Union\u2019s proposed Digital Markets Act, China\u2019s recent anti-monopoly guidelines for internet platforms and a US House of Representatives report on the anti-competitive behaviour of bigtechs as examples of possible new entity-based regulations for bigtechs in finance.<\/p>\n

However, time is of the essence in addressing the public policy challenges posed by technology firms\u2019 growing role in finance, the BIS pointed out.<\/p>\n

\u201cThe entry of big tech firms into the payment system has underscored how rapidly digital innovation can impinge on central banks\u2019 traditional concerns: sound money and the smooth functioning of the payment system,\u201d the BIS said.<\/p>\n

\u201cGiven the multi-faceted nature of the public policy challenges that extend to competition and data governance imperatives, central banks and financial regulators should invest with urgency in monitoring and understanding these developments.\u201d<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

Related content from\u00a0New Money Review<\/em><\/span><\/p>\n

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A new age of private money<\/a><\/p>\n

Keeping money public<\/a><\/p>\n

Breaking the buck<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank for International Settlements (BIS) says new public policies are urgently needed to address the growing dominance of large technology firms in financial services. 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