Facebook: Stampede into finance could harm competition, BIS

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Facebook: Stampede into finance could harm competition, BIS

Facebook: Stampede into finance could harm competition, BIS

  • The influential Bank for International Settlements (BIS) has underlined the dilemma facing regulators from Facebook
  • Technology firms currently only have a small presence in financial services
  • The major players only generating 11 per cent of their revenue from the sector
  • The BIS acknowledged tech firms moving into finance might bring benefits
  • Big tech firms could boost efficiency and promote wider access to credit
  • The stampede of tech firms into banking could overturn fundamental ideas in financial regulation