Opinion: Beware the power of BigFintechs – Bitange Ndemo

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Business Daily | by Bitange Ndemo

Technology and digitalisation continue to re-shape the world of finance. The relentless changes the digital economy presents are giving rise to new dominant players in the name of big financial technology companies (BigFintechs) that are often unregulated.

There are growing concerns among governments across the world and other multilateral agencies that the expansion of BigFintechs may undermine financial systems especially in developing countries with weaker regulatory regimes.

These concerns were last week echoed by the US House Judiciary Committee’s Antitrust Subcommittee that has been investigating the state of competition in the digital economy for the last 16 months. Its findings show that there was “a clear and compelling need to strengthen antitrust enforcement and consider a range of forceful options, including structural separations and prohibitions on anticompetitive conduct.”…

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