FinTech and market structure in financial services: Market developments and potential financial stability implications
As FinTech firms, BigTech firms, and the markets for third-party services continue to develop, it will be important to continue monitoring these developments and their financial stability implications. Further efforts on third-party dependencies are ongoing in the Basel Committee on Banking Supervision (BCBS) and International Organization of Securities Commissions (IOSCO). The Financial Stability Board (FSB) Financial Innovation Network (FIN) is further exploring the market for third-party services for financial institutions, including how they manage lock-in risk and cross-border issues. Moreover, FIN is looking into the activities of BigTech in finance, including cross-border activities.