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RBI warns against allowing Big Tech firms into financial services
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Entry of Big Tech firms Apple, Amazon, Google, Facebook and Microsoft into financial services could present challenges in maintaining adequate stability and governance of the ecosystem, RBI says in its biannual Financial Stability Report.
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RBI’s warning comes at a time when the Indian government has been embroiled in a tussle with Big Tech firms over compliance with India IT rules.
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Mumbai: Entry of the so-called Big Tech companies in financial services in emerging markets such as India could present challenges to regulators towards maintaining adequate stability and governance of the ecosystem, the Reserve Bank of India said on Thursday.
RBI warns against allowing Big Tech firms into financial services
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