This paper outlines the consequences of technological innovation as regards the financial sector and discusses the possible regulatory implications. The use of new technologies by BigTech and FinTech firms has an impact on the relationships among financial intermediaries, debtors and creditors.
The analysis shows that the existing regulatory perimeters could be usefully widened to address the risks stemming from the activities of these new providers of financial services. The availability of tools to monitor these operators and the definition of common rules at the international level in the use of clients' data increase the possibility to ensure the correct functioning, competition and efficiency of the overall financial system. In the new market context, it takes on greater importance the cooperation also with the competition and data protection authorities at the domestic and global levels.
