Rethink needed to regulate Big Tech in finance, says BIS official


FILE PHOTO Bank for International Settlements BIS General Manager Agustin Carstens leaves after G-20 finance ministers and central banks governors family photo during the IMFWorld Bank spring meeting in Washington U.S. April 20 2018. REUTERSYuri Gripas

FILE PHOTO: Bank for International Settlements (BIS) General Manager Agustin Carstens leaves after G-20 finance ministers and central banks governors family photo during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas

LONDON (Reuters) - A rethink is needed on how to directly regulate activities of Big Tech companies in financial services, given their size and influence, a top official at an international forum for central banks said in Wednesday.

Data-rich Big Tech companies such as Alibaba and Amazon have been involved for some time in financial services such as banking, payments, asset management and insurance, with some also providing cloud computing to run key services for banks.

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