Erik Feyen, Jon Frost, Leonardo Gambacorta, Harish Natarajan, Matthew Saal 23 October 2021

Big Techs are large companies whose primary activity is digital services (FSB 2019, BIS 2019). The range of services can be very wide, and includes e-commerce, social media, internet search, mobile phone hardware and software, ride hailing, and telecommunications. 

Big Techs have recently entered financial services and have rapidly gained prominence (Frost et al. 2019). In Figure 1, Panel A shows that financial services make up more than 10% of Big Techs’ revenues on average. They have a substantial footprint in the payment systems of several advanced economies and across a wider spectrum of financial services in emerging market and developing economies. In China, two Big Techs jointly account for 94% of the mobile payments market and play a significant role in other financial services such as digital…

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