EU watchdogs call for rapid action to catch up with digital finance

FILE PHOTO: A woman shows a screen of her smartphone, where Access bank mobile app is seen among others, in Abuja, Nigeria September 21, 2020. Picture taken September 21, 2020. REUTERS/Afolabi Sotunde/File Photo

LONDON (Reuters) - Rapid action is needed to update how cross-border financial services are scrutinised and consumers protected as the sector becomes digitalised with "Big Tech" playing an increased role, European Union regulators said on Monday.

People are turning to social media and using smartphones to buy and sell shares, move money around bank accounts and make payments, a trend accelerated by the COVID-19 pandemic, leaving regulators playing catch-up.