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"Technology giants" such as Google and Alibaba may be forced to share data of financial service customers with banks and financial technology companies to prevent unfair competition.
With Facebook's Libra "stable currency" program under review, the financial stability board, the international financial regulator, said that the growing reach of technology giants has brought problems in financial stability, competition and data privacy.
In a report released on Sunday, the Council called for "close monitoring" of the transformation of large technology companies into financial services, saying it could inhibit the ability of banks to generate capital through retained profits.
The financial stability board, chaired by Federal Reserve governor Randal Quarles, said in its report that although this phenomenon is still "just emerging" in most countries, in countries like China, technology giants have developed financial services in underserved areas.
Companies such as Microsoft, Amazon, eBay, Baidu, apple, Facebook and Tencent have huge databases, some of which also provide asset management, payment and loan services, the FSB said.
Many large technology companies, such as Amazon, Facebook, eBay, Alipay and Google, have already obtained payment related licenses in EU countries such as Luxemburg, Ireland and Lithuania, but most have not yet established a larger scale.
Banks in Europe and elsewhere have been asked to share customer data with third-party "fintech" companies looking to offer competitive payment services, the FSB said, possibly for large technology companies.


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