Big tech acting like banks should face same rules, Germany says

Large technology companies like Apple Inc and Google parent Alphabet Inc are increasingly offering financial services like payments and will explore whether to include checking accounts as they seek to boost revenue, and gain greater access to the data that is at the heart of their business models. — Bloomberg

Germany has a message for big tech companies: Get ready to be regulated if you want to offer banking services.

"It’s really, really important” to ensure a level playing field between banks and new competitors, Deputy Finance Minister Joerg Kukies said at a conference in Frankfurt on Nov 18. "That means the big tech firms also need to open their interfaces to guarantee fair competition and innovation.”