Big Tech's Data Dominance Is Mounting Worry for Central Bankers
- BIS says regulators should seek level playing field with banks
- Report comes days after Facebook unveiled Libra currency plan
Mark Zuckerberg, chief executive officer and founder of Facebook Inc.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
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.