Big techs in finance

Sebastian Doerr, Jon Frost, Leonardo Gambacorta and Vatsala Shreeti

No 18665, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: The entry of big tech companies into the financial services sector can bring significant benefits in terms of efficiency and financial inclusion. Yet big techs can also quickly dominate markets, engage in discriminatory behaviour, and harm data privacy. This leads to the emergence of new trade-offs between policy goals such as financial stability, competition and privacy. Regulators, both domestically and internationally, are actively working to address these trade-offs. This paper provides an overview over the state of the literature and the policy debate.

Keywords: Big tech; Financial inclusion; Competition; Financial stability; Data privacy (search for similar items in EconPapers)
JEL-codes: E51 G23 O31 (search for similar items in EconPapers)
Date: 2023-12
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Working Paper: Big techs in finance (2023)
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