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‘Bigtech’ firms could be next systemically important FIs: MAS

Ecommerce-related ‘bigtech’ firms have the potential to be the next systemically important financial institutions (SIFIs) and therefore require regulatory oversight, according to Ong Chong Tee, deputy managing director at the Monetary Authority of Singapore (MAS). Fintech developments have offered tech giants a space on the competitive financial services landscape, which could have implications for financial stability as bigtech companies —…

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