Re-think needed to regulate Big Tech in finance, says BIS’ Carstens

LONDON : A “re-think” is needed on how to directly regulate activities of Big Tech companies in financial services given their size and influence, Bank for International Settlements General Manager Agustin Carstens said in Wednesday.

“Without a doubt, a regulatory re-think is warranted, and we need a new path to follow. One that considers the key role of data in big techs’ DNA-based business model. One that strikes the right balance between benefits and risks,” Carstens said in a speech.

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