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Spanish banks rail against Big Tech threat

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Spanish banks have warned of the potential financial stability implications of Big Tech firms like Goolge, Amazon and Facebook entering the financial services industry. Red flags around the future roles of Big Tech firms in financial services were raised at an event organised by the University of Financial Studies (Cunef) in Madrid and the Spanish Banking Association.

Regulatory issues topped the agenda, with access to financial data expected to play a key role in the coming battle between Big Tech firms and banks. The introduction of PSD2 and the move to Open Banking is expected to upset the competitive advantage enjoyed by banks, with Big Tech firms ready to benefit from asymmetric regulation and extend their appeal to consumers.

From Spanish banks rail against Big Tech threat.

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