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Big tech entering emerging markets with financial services could cause competition concerns for domestic FinTech operators and lead to negligent customer protection, the Financial Stability Board (FSB) warns in a new report.
The European Central Bank has warned that Europe's failure to produce big tech companies of its own to compete with American ones could leave the EU exposed and reliant on foreign providers as big tech moves into the FinTech sector.
While British neobanks gained six million new customers in the last six months of 2019, losses and the looming threat of big tech are issues they still need to take seriously.
Challenger banks and huge tech titans threaten to take traditional banks' share of the market. Now Backbase believes it might have a solution.
Tech titans could end up dominating the FinTech space if left unchecked, a new report from the Financial Stability Board (FSB) warns.
The world is in the midst of a cashless payment boom. However, many banks will not take the steps to embrace open banking and fear the looming threat of big tech companies’ competition.