BIS annual report warns of big tech threat to banks

Basel-based body wants “level playing field” for banks and tech firms as Facebook enters payments space

Electronic currency
Big tech risk: Bank for International Settlements urges policy-makers to take action

The Bank for International Settlements has warned that big tech firms such as Facebook pose a risk to the international banking system, urging policy-makers to take action.

In an early release chapter of its annual economic report, published on June 23, the BIS reviews the opportunities and risks that technology firms such as Alibaba, Facebook and Google could have on the financial system as they expand into it.

The report was published just days after Facebook announced a big push into

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