BIS paper delves into new fintech database

Mobile payments in China
Tech firms are playing a growing role in global finance

Credit provided by big tech firms and other forms of fintech are proliferating in many countries, according to a new dataset released by the Bank for International Settlements.

A team of economists unpacks some initial findings from the data in a new working paper. They estimate that fintech and “big tech credit” hit $795 billion globally in 2019, with big tech making up $572 billion of the total. Growth has been “particularly rapid” in Asia, but some countries in Latin America and Africa have

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