GRI

ESAs recommend steps to enhance the monitoring of BigTechs’ financial services activities

News Financial services English Reports
Date: 1st Feb, 2024 Source: European Securities and Markets Authority Country: European Union Original Source

Brief

Summary:

The European Supervisory Authorities (EBA, EIOPA, and ESMA) published a report on the results of a stocktake of BigTech companies providing financial services in the EU. The report identifies the types of financial services currently offered by BigTechs in the EU, including payments, e-money, and insurance, but notes a lack of presence in the securities services market. The ESAs propose setting up a data mapping tool to monitor BigTech companies' relevance to the EU financial sector and will continue to strengthen the cross-sectoral mapping of BigTechs' presence through the European Forum for Innovation Facilitators.

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published a Report setting out the results of a stocktake of BigTech direct financial services provision in the EU. The Report identifies the types of financial services currently carried out by BigTechs in the EU pursuant to EU licences and highlights inherent opportunities

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The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published a Report setting out the results of a stocktake of BigTech direct financial services provision in the EU. The Report identifies the types of financial services currently carried out by BigTechs in the EU pursuant to EU licences and highlights inherent opportunities

This content is restricted.

European Securities and Markets Authority

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