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The UK financial regulator has warned that Big Tech’s growing interest in payments, lending and other finance products might harm competition and leave traditional providers at a disadvantage. The Financial Conduct Authority is launching an inquiry this week into moves by Apple, Amazon, Google and Facebook’s parent Meta into retail financial services. It is asking the Big Tech companies, their partners and potential rivals for their views on Silicon Valley’s expansion into payments, deposits, credit and insurance.
“We do think it’s important given the scale, given the large capital reserves that some of those firms could have to support entry, that we’re starting to understand how competition might develop in our markets,” Mills said.
https://www.ft.com/content/6c89e4fc-13fa-4fab-8fb0-5162fbade5be?tpcc=nldatasheet
