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Big techs in finance: forging a new regulatory path

· Agustín Carstens, General Manager of the Bank for International Settlements (International)

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· Agustín Carstens Wiki · Bank for International Settlements WikiBig techs in finance: forging a new regulatory path

ContextRemarks prepared for delivery by Agustín Carstens, General Manager, Bank for International Settlements, at the BIS conference "Big techs in finance – implications for public policy", Basel, Switzerland, 8–9 February 2023.

Why it mattersCarstens argues that existing rules do not fit tech giants offering financial services.

Problems raised
  1. Big techs push into financial services.
  2. Regulation is not fit for purpose.
  3. Data-driven models raise new risks.
Solutions proposed
  1. Rethink regulation of big techs.
  2. Consider new regulatory frameworks.
  3. Address practical implementation questions.
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