FSB weighs impact of growing big tech dominance

Tencent headquarters
Tencent is one of many tech firms shaking up the financial sector

Big tech firms are rapidly establishing a dominant position in many economies, bringing benefits but also new risks, the Financial Stability Board warns.

The entry of big tech into finance has been fastest in emerging markets and developing economies (EMDEs), the FSB says in a report published today (October 12). This partly reflects demand from underserved and tech-savvy young populations, the FSB finds, but also the eagerness of tech firms to use financial services to draw in customers for

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