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EU watchdogs call for rapid action to catch up with digital finance -Breaking

by Mike Robinson

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LONDON, (Reuters) – It is urgent that we take immediate action to ensure cross-border financial services are regulated and protected in the digital age. “Big Tech,” plays an increasing role.

Smartphones are being used by people to purchase and sell stocks, transfer money between bank accounts, and make payments. This trend was accelerated after the COVID-19 pandemic. Regulators have been left playing catch up.

A joint report by the EU’s watchdogs for banking, insurance, and markets said that “digital finance” has opened up new opportunities between financial and nonfinancial activities which could potentially pose systemic risks to the financial market.

According to the report, cloud computing is an emerging trend that allows banks and financial institutions to use outsourced service providers.

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