Could Big Tech Force More Regulation in Fintech?

Financial services firms have been anticipating when some of the biggest tech firms, Google, Facebook, Amazon and Apple, will fully enter into the market; most big tech firms have already done some products through partnerships or focused on a specific segment; new comments from the Federal Reserve could spell trouble for fintech firms; Federal Reserve Vice Chair for Supervision Randal Quarles explained at an event according to American Banker, “Technological innovation offers the promise of a substantially more efficient financial system. But new systems, processes and types of businesses will bring with them novel fragilities.”; more regulation could come in a bid to stop some of the big tech firms from gaining too much power; an unintended consequence could be fintech startups being overregulated and end up doing more harm than good. Source.

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