Posted by AdviserDirect on 06/11/2019

IMF warns of Big Tech threat to financial stability

IMF warns of Big Tech threat to financial stability

The International Monetary Fund has warned that the arrival of Big Tech firms in financial markets could lead to systemic challenges to financial stability and efficiency.

The spectre of companies like Amazon, Apple, and Google entering the banking industry, was raised by IMF chief Christine Lagarde in an address to the G20 at a summit in Tokyo.

She warned of a significant disruption to the financial landscape by Big Tech firms, who will likely use their enormous customer bases and deep pockets to offer financial products based on Big Data and artificial intelligence.

Read full story.

Get our Newsletter