Global financial watchdogs take aim at Big Tech's data dominance

Big Tech's growing tentacles, such as Facebook's Libra, raised questions for financial stability, competition and data privacy. — Reuters

Google, Alibaba and other Big Tech companies could be forced to share data on financial services customers with banks and financial technology firms to prevent unfair competition.

As Facebook's plan for its Libra "stablecoin" faces scrutiny, a global body of regulators from the world's main financial centres said that Big Tech's growing tentacles raised questions for financial stability, competition and data privacy.