“There is a reasonable anxiety that, fearing that the market could tilt against them, dominant platforms and ecosystems would have strong incentives to engage in anti-competitive behaviour,” states Margrethe Vestager of the European Commissioner for competition.
In PaymentEye this week, with Bigtech threatening to break down the financial services’ front door, regulators are evaluating the impact and deliberating on how the new entrants should be regulated. For existing market participants, including CEO of fintech Curve and law firm Bristows, Bigtech’s arrival still has many questions to answer.
Elsewhere, the Euro Banking Association, endorsed by European banks, has called on the EBA to consolidate and harmonise fraud reporting obligations, following fears of “fragmentation” that could cause “ambiguity, cost and effort inefficiencies”.
Thomas Egner, secretary general of the Euro Banking Association suggests that greater pan European fraud data sharing could and should be on the horizon.
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