FSB says emerging economies should rewrite financial rules to rein in Big Tech


Regulatory frameworks in emerging markets and developing economies (EMDE) should be redrawn to reflect the size, scope and growth of Big Tech firms in financial services, says the Financial Stability Board.

The FSB report for G20 finance ministers and central bank governors finds that the expansion of Big Tech firms in financial services in EMDEs has generally been more rapid and broad-based than that in advanced economies.

Lower levels of financial inclusion in EMDEs create a source of demand for Big Tech firms’ services, particularly amongst low-income populations and in rural areas where populations are under-served by traditional financial institutions.

While the expansion of Big tech companies like Facebook, Google and Amazon has some benefits, their activity also gives rise to operational and consumer protection risks and concerns about market dominance, states the FSB.

This applies as much to local incumbents as consumers, who the FSB fears may be

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Antitrust chair says Congress will need the people’s help to rein in powerful Big Tech companies

Rep. David Cicilline (D-RI) thinks antitrust regulation of Big Tech companies like Amazon, Apple, Facebook, and Google is going to be tough, and in order to pass meaningful reforms that rein in the power of Big Tech companies, Congress will need the help of the American people. Cicilline is chair of the antitrust subcommittee in Congress and spoke Sunday as part of a Yale University School of Law conference about antitrust ahead of the anticipated release of what Cicilline calls the most extensive antitrust law reform investigation by Congress in more than 50 years.

Identifying anticompetitive behavior by big companies is pretty easy, he said, but developing solutions and gathering the necessary political support for reform is the challenge.

“We’re going to have to combat companies that have an enormous stake in maintaining the status quo, which has been enormously profitable for them, and so this will be a big

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Google Play gets new rules, Apple launches app marketing tools, EU looks to rein in tech giants

Welcome back to This Week in Apps, the TechCrunch series that recaps the latest OS news, the applications they support and the money that flows through it all.

The app industry is as hot as ever, with a record 204 billion downloads and $120 billion in consumer spending in 2019. People are now spending three hours and 40 minutes per day using apps, rivaling TV. Apps aren’t just a way to pass idle hours — they’re a big business. In 2019, mobile-first companies had a combined $544 billion valuation, 6.5x higher than those without a mobile focus.

In this series, we help you keep up with the latest news from the world of apps, delivered on a weekly basis.

Google changes its app store rules, too



a hand holding a cell phone: Google Play Store screen


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Google Play Store screen

Google Play Store screen

Just a couple of weeks ago, Apple revised its App Store rules

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