Financial Stability Board Says Big Tech Have Edge in Fintech

A new report by the Financial Stability Board (FSB) says big tech firms could reach scale very quickly in financial services; the main reasons behind this are established customer networks and broad name recognition; two examples provided by the report are Amazon’s potential checking account and the pilot program by Facebook and Clearbanc for micro cash advances to Uber drivers; the report also warned that if big tech got involved then financial services could become more concentrated into the hands of a few firms. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.