Google, Alibaba and other 'Big Tech' companies could be forced to shar...
LONDON - Google, Alibaba and other “Big Tech” companies could be forced to share data on financial services customers with banks and financial technology firms to prevent unfair competition.
The Financial Stability Board called in a report released on Sunday for “vigilant monitoring” of Big Tech’s shift into financial services, which it said could crimp the ability of banks to generate capital through retained profits. Many Big Tech firms like Amazon, Facebook, eBay, Alipay and Google have acquired payments-related licenses in European Union countries including Luxembourg, Ireland and Lithuania, although most have not yet built up any big volumes.
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