Big Tech Pushes Deeper into Banking Without Regulatory Hassle

2019 saw a number of big moves from big tech companies when it came to financial services and 2020 is set to be a breakout year; the one key aspect that big tech companies want no part of in the banking market is increased regulation; instead these companies are looking to double down on partnerships with banks and financial services firms; “The big tech firms will continue to add services that are peripheral to banking to their existing offerings, without going full-stack banking,” Sarah Kocianski, Head of Research at fintech consultancy 11:FS said to CNBC. “The headache of getting, and maintaining, a banking license would likely be considered too big a risk for these companies. Instead, they will continue to operate with licensed partners.”; Facebook is the one big tech company that might make the biggest leap with Libra, though they face a steep regulatory climb and a lot of uncertainty over their effort. CNBC

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