FSI-金融业的大型科技公司：监管方式与政策选择（英文）-2021.4-15页_531kb

Summary of FSI Brief No. 12: Big Techs in Finance - Regulatory Approaches and Policy Options

Core Content

This FSI Brief examines the growing involvement of large technology companies (big techs) in financial services and the regulatory challenges they pose. It outlines current regulatory approaches and suggests policy options to address these challenges.

Main Points

• Big Techs' Financial Involvement: While financial services represent a small part of big techs' overall activities, their unique business models allow them to rapidly expand into financial services, potentially becoming systemically important.
• Regulatory Framework: Big techs are currently subject to the same financial regulations as other market participants, but the existing regulatory approach may not fully capture the systemic risks arising from their interconnected activities and role as critical service providers.
• Business Model Characteristics:
  • Network Effects: Big techs benefit from strong network effects, enhancing their competitive position and ability to scale.
  • Gatekeeper Role: They may exert influence over financial markets due to their dominant positions.
  • Captive User Base: Their extensive customer networks and low online acquisition costs enable rapid expansion into new financial services.
  • Data Utilisation: Access to big data allows them to develop novel services and improve user experience.

Key Risks

• Privacy and Consumer Protection: Risks from data usage and potential breaches.
• Market Contestability: Potential for anti-competitive behavior due to their gatekeeper status.
• Financial Stability: Risks from contagion, concentration, and operational failures within their ecosystem.

Regulatory Landscape

• Finance-Specific Regulations: Apply to specific financial activities such as banking, credit, and payments.
• Cross-Industry Regulations: Cover areas like data protection, competition, and AML/CFT, with varying legal regimes across jurisdictions.
• Licence Requirements: Big techs may obtain their own financial licences or operate in partnership with licensed financial institutions.

Regulatory Treatment by Jurisdiction

Note: ✓ indicates the presence of a financial licence or service in at least one jurisdiction. ✓ denotes that big techs hold less than 50% stake in the bank.*

Policy Considerations

• Need for Enhanced Oversight: Current regulatory frameworks may not adequately address the risks arising from big techs' systemic interlinkages and their role as critical service providers.
• Policy Options:
  • Recalibrating Entity-Based and Activity-Based Rules: Emphasizing entity-based rules in specific areas such as competition and operational resilience.
  • Bespoke Policy Approach: Developing a comprehensive regulatory framework that considers big techs as part of a digital ecosystem, addressing both their internal and external interactions.
  • Cross-Sectoral and Cross-Border Cooperation: Enhancing collaboration between regulatory bodies to address the complexity and interconnectedness of big tech operations.

Conclusion

Big techs are increasingly integrated into the financial sector, bringing both opportunities and risks. A more tailored and integrated regulatory approach is needed to ensure financial stability, consumer protection, and fair competition. This includes better understanding of their business models, reassessing risk profiles, and improving regulatory coordination across sectors and borders.