Moscow, June 11 — “News. Economy”, the IMF notes that major technology companies are going to modernize the payments system and lending to millions of people.
However, this raises concerns about user privacy and the growing influence of a small number of megacorporations.
In recent years, intensified rumors about the invasion in the financial sector, Amazon and Facebook. Although, many top managers believe that the reliability of the system regulation of the major banks will hold back the tide of technological giants.
However, in the end, “we can expect a significant destruction of the financial landscape of major technology companies. They will use their huge customer base by offering various financial products based on artificial intelligence”, ─ said the head of the IMF Christine Lagarde in her speech on 8 June.
However, the business models of technology companies concern about data privacy, competition, and market concentration that can lead to vulnerabilities in the financial system, said Lagarde at the G20 meeting in Japan.
Lagarde believes that success will be achieved primarily Chinese technology companies. In the field of digital payments in China is dominated by WeChat Pay and Alipay’s Ant Financial from Tencent.
“Over the past 5 years, the growth of technology companies in China have been extremely successful, allowing millions of new participants to access financial products and create good jobs. But it has led to the fact that the two firms control over 90% of mobile payments market,” said Lagarde.
Amazon, Google, Facebook and Apple have developed their own payment proposal. However, digital wallets are not so widely. However, Amazon, Google and Facebook strive to obtain part of the payment sector in India. Facebook is developing a cryptocurrency that can be used for trading and money transfers.
Expanding its capabilities, American technology giants are attracting the attention of governments. Over the last decade, the EU has fined Google a total of $9.5 billion for violation of the Antimonopoly legislation of the European Union. Us lawmakers are preparing to find out whether the abused’s largest technology company, his influence in the digital economy. The world’s largest economy may also impose a tax for technology companies.
And in this respect a leader could be China. When Ant Financial has attracted the attention of the Chinese authorities, he returned to technology, leaving activity in the banking sector. Major American tech companies it’s too late to avoid the heavy influence of Washington and Brussels. But they can try not to encroach on the banking sector for fear of attracting even more unwanted attention from regulators.
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