Financial regulators urgently need to get a grip on 'Big Tech' - BIS

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Central banks and financial regulators urgently need to get to grips with the growing influence of 'Big Tech', according to top officials from ...

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LONDON: Central banks and financial regulators urgently need to get to grips with the growing influence of 'Big Tech', according to top officials from central bank umbrella group the Bank for International Settlements .

In many other jurisdictions, tech firms are rapidly establishing footprints too, with some also lending to individuals and small businesses as well as offering insurance and wealth management services. There was scope for"specific entity-based rules" notably in the European Union, China and the United States, it added."Any impact on the integrity of the monetary system arising from the emergence of dominant platforms ought to be a key concern for the central bank."

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