KCN GIANT CORPORATIONS MAY AFFECT THE BANKING SYSTEM

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KCN GIANT CORPORATIONS MAY AFFECT THE BANKING SYSTEM

The provision of financial services by corporations by giants Alibaba, Amazon, Facebook, Google, Tencent may affect the banking system. The risks are very high. Who will win? Recently BIS published an article, about new opportunities and risks in the banking system.  The BIS is owned by 60 central banks, representing countries from around the world that together account for about 95% of world GDP. Its head office is in Basel, Switzerland and it has two representative offices: in Hong Kong SAR and in Mexico City. The article says: “Technology firms such as Alibaba, Amazon, Facebook, Google and Tencent have grown rapidly over the last two decades. The business model of these “big techs” rests on enabling direct interactions among a large number of users…. At the same time, big techs’ entry into finance introduces new elements in the risk-benefit balance. Some are old issues of financial stability and consumer protection in new settings. In some settings, such as the payment system, big techs have the potential to loom large very quickly as systemically relevant financial institutions…” More information on bis.org. The news release partner STEX.com.

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