국가전략정보포털

Title page

Contents

Summary 2

Introduction 5

Overview of Big Tech 6

Who Are and What Is Big Tech? 6

Big Tech vs. Fintech 7

Big Tech in Finance 8

Motivations 9

Environment 10

Apple 10

Wallet and Payments: Apple Pay 10

Value Storage and Peer-to-Peer Payments: Apple Cash 11

Lending and Credit 12

Amazon 13

Wallet and Payments 13

Lending and Credit 14

Value Storage: Amazon Cash 15

Google 16

Wallet and Payments: Google Pay 16

Value Storage and Peer-to-Peer Payments: Google Pay Balance 16

Lending and Credit 17

Facebook (Meta) 18

Wallet and Payments: Facebook Pay 18

Value Storage and Peer-to-Peer Payments 18

Stablecoin Wallet: Novi 19

Big Techs as Financial Services Third-Party Providers 21

Cloud Service Providers (CSPs) 22

Existing Regulatory Framework 23

Money Services Business Licensure 23

Consumer Financial Protection Bureau 23

Electronic Funds Transfer Act 24

Data Protection Requirements 24

Bank Service Company Act 25

Big Tech Policy Issues 25

Is the Existing Regulatory Framework Adequate? 25

Systemic Risk and Market Power 27

Deposit Insurance 29

Data Rights 29

Financial Inclusion 30

Algorithmic Bias and Moral Hazard 31

Cloud Cyber Risk, Concentration Risk, and Other CSP Policy Issues 32

Future Possibilities of Big Tech in Finance 32

Investment Advisory Services 33

Insurance 33

Banking 34

Legislative Framework 34

Relevant History 34

Author Information 35

Figure 1. Big Tech in Finance 9