{"id":52403,"date":"2021-10-11T21:09:04","date_gmt":"2021-10-11T17:09:04","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=52403"},"modified":"2021-10-11T21:09:08","modified_gmt":"2021-10-11T17:09:08","slug":"cautions-raised-on-facebooks-move-into-finance","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/cautions-raised-on-facebooks-move-into-finance\/10\/11\/market-updates\/","title":{"rendered":"Cautions raised on Facebook\u2019s move into finance"},"content":{"rendered":"\n<p>Agust\u00edn Carstens, general manager for the Bank of International Settlements (BIS) warned of Big Tech\u2019s increasing reach into financial services<br><br>Carstens said that Big Tech needs monitoring as it broadens its scope of services into credit and beyond. He added that Facebook\u2019s Diem, in particular, needs scrutiny.<br><br>Carstens delivered his remarks as part of a BIS conference titled \u201cRegulating big tech:  Between financial regulation, antitrust and data privacy.\u201d<br><br>Carstens noted that Big Tech-enabled credit grew by 40% in 2020 alone, to a total of $700 billion. <br><br>He said that the rise of Big Tech firms offering payments, credit, insurance, wealth management and more in every major region of the world has been a remarkable one: \u201cBig Techs were virtually nonexistent in financial services only a decade ago.<br><br>But thanks to network effects, where users attract more users, Big Techs have achieved scale rapidly\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Agust\u00edn Carstens, general manager for the Bank of International Settlements (BIS) warned of Big Tech\u2019s increasing reach into financial servicesCarstens said that Big Tech needs monitoring as it broadens its scope of services into credit and beyond. He added that Facebook\u2019s Diem, in particular, needs scrutiny.Carstens delivered his remarks as part of a BIS conference &hellip;<\/p>\n","protected":false},"author":13,"featured_media":52407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7735,7117,7736,7737,7529,7489],"class_list":["post-52403","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-big-tech","tag-facebook","tag-financial-services","tag-insurance","tag-lending","tag-loans"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=52403"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52403\/revisions"}],"predecessor-version":[{"id":52408,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52403\/revisions\/52408"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52407"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=52403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=52403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=52403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}