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.
