Big tech's dominance over data scares central bankers

Bradley Prior

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Big tech's dominance over data scares central bankers

As Facebook Inc., Alibaba Group Holdings Ltd. and big technology firms march deeper into the financial system, the world’s top central bankers say new restrictions may be needed to ensure they compete fairly with traditional lenders.

The Bank for International Settlements, known as the bank for central bankers, said in a report on Sunday that regulators should take a more comprehensive approach and extend their focus to how tech companies can exploit customer data in anti-competitive ways. [Bloomberg]
 
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