ESAs recommend steps to enhance the monitoring of BigTechs’ financial services activities

The European Supervisory Authorities (EBA, EIOPA, and ESMA) released a report on BigTech’s role in the EU financial sector, focusing on their licensed activities in payments, e-money, insurance, and banking. The 2023 findings reveal plans to implement a data mapping tool for ongoing monitoring of BigTech’s influence and encourage information exchange between financial and regulatory bodies to address emerging challenges…