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    GOOGL   US02079K3059

ALPHABET INC.

(GOOGL)
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Financial regulators urgently need to get a grip on 'Big Tech' - BIS

08/02/2021 | 06:00am EDT

LONDON, Aug 2 (Reuters) - Central banks and financial regulators urgently need to get to grips with the growing influence of 'Big Tech', according to top officials from central bank umbrella group the Bank for International Settlements (BIS).

Global watchdogs are increasing wary that the huge amounts of data controlled by groups such as Facebook, Google, Amazon and Alibaba could allow them to reshape finance so rapidly that it destabilises entire banking systems.

In a paper led by its head Agustin Carstens, the BIS pointed to examples such as China where the two big tech payment firms now account for 94% of the mobile payments market.

In many other jurisdictions, tech firms are rapidly establishing footprints too, with some also lending to individuals and small businesses as well as offering insurance and wealth management services.

"The entry of big techs into financial services gives rise to new challenges surrounding the concentration of market power and data governance," the BIS paper published on Monday said.

There was scope for "specific entity-based rules" notably in the European Union, China and the United States, it added.

"Any impact on the integrity of the monetary system arising from the emergence of dominant platforms ought to be a key concern for the central bank."

Stablecoins - cryptocurrencies pegged to existing currencies - and other Big Tech initiatives could be "a game changer" for the monetary system, the paper added, if their entry leads to closed-loop systems reinforced by network effects from data drawn from social media or e-commerce platforms.

It could lead to a fragmentation of payment infrastructures to the detriment of the public good. "Given the potential for rapid change, the absence of currently dominant platforms should not be a source of comfort for central banks," the paper said.

It said they should anticipate developments and formulate policy based on possible scenarios where Big Tech initiatives are already reshaping payments and other parts of financial systems.

"Central banks and financial regulators should invest with urgency in monitoring and understanding these developments" it added. "In this way, they can be prepared to act quickly when needed."

(Reporting by Marc Jones Editing by Mark Potter)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.71% 2844.3 Delayed Quote.62.29%
AMAZON.COM, INC. 0.28% 3425.52 Delayed Quote.5.18%
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Financials (USD)
Sales 2021 250 B - -
Net income 2021 68 646 M - -
Net cash 2021 140 B - -
P/E ratio 2021 28,2x
Yield 2021 -
Capitalization 1 899 B 1 899 B -
EV / Sales 2021 7,02x
EV / Sales 2022 5,92x
Nbr of Employees 144 056
Free-Float 93,1%
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Mean consensus BUY
Number of Analysts 45
Last Close Price 2 844,30 $
Average target price 3 201,73 $
Spread / Average Target 12,6%
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Managers and Directors
Sundar Pichai Chief Executive Officer & Director
Ruth M. Porat Chief Financial Officer & Senior Vice President
John LeRoy Hennessy Chairman
Louis John Doerr Independent Director
Ann Mather Independent Director
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