Big Tech’s Move Into Financial Services Sounds Alarm Over Inadequate Regulation 021221

MLex Market Insight

The growing interest in financial services on the part of tech giants including Amazon.com, Facebook and Alibaba is likely to shake up an industry long dominated by a handful of large lenders. But Big Tech’s decision to massage its data ascendency into a new banking business model has also raised questions about whether the new players have been able to sidestep the industry’s tough regulation targeting risks such as money laundering, consumer protection and competition. On today’s podcast, we examine how this debate is playing out in the US and China.