Central banks must address personal data risks, says BIS paper

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Central banks may need to upgrade their understanding of personal data issues, to prevent big tech firms from exploiting customer information, new research argues.  

A paper published by the Bank for International Settlements explores how big tech firms’ entry into the financial services market may lead to new risks. These include limits to data privacy, price discrimination, abuse of market power and anti-competitive behaviour.

Big tech firms’ business models are reliant on creating a large

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