| BIS annual report warns of big tech threat to banks |
| Basel-based body wants “level playing field” for banks and tech firms, as Facebook enters payments space.
The Bank for International Settlements has warned that big tech firms such as Facebook pose a risk to the international banking system, urging policy-makers to take action. In an early-release chapter of its annual economic report, published on June 23, the BIS reviews the opportunities and risks that technology firms such as Alibaba, Facebook and Google could have on the financial system as they expand into it.
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