Global finance wonks worry financial services too invested in outsourcers, Big Tech
Finance ministers from the G20 bloc have put their names to a document that expresses concern financial services industries have become worryingly reliant on Big Tech, and their resilience could suffer as a result.[PDF] is titled"G20 Chair's Summary and Outcome Document" and summarizes the proceedings of the First G20 Finance Ministers and Central Bank Governors Meeting, held in India last week.
Klaas's work statement promised that 2023 would see the board deliver"a consultative document to the G20 aimed at strengthening financial institutions' ability to manage third-party and outsourcing risk. This will include expectations for financial authorities' oversight of financial institutions' reliance on critical service providers, including Big Tech and fintech firms.
Misuse of personal data was another possible downside of Big Tech's involvement in finance, while the board also identified the likes of Amazon and Google as potentially creating weak points in the financial system, as follows:
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