How can Big Tech affect financial inclusion and stability?

The advent of new technologies and the proliferation of internet and smart phones have led to an increase in the availability of digital financial services, many of which are offered by non-traditional financial service providers such as Apple, Alibaba, Amazon, Facebook, eBay. , Google and Tensent. Recent Analysis Published in Current economic policy He noted that the entry of Big Tex into the financial environment would create new financial services and increase financial inclusion by providing these services to those who have been excluded from the financial services provided by traditional banks.

The authors examined financial education — to improve people’s financial knowledge, skills, preferences and attitudes — explored the potential opportunities for Big Tex for financial inclusion, and evaluated the potential incentives for financial inclusion. Big texts can hurt a country’s overall financial stability.

“Globally, one in three adults does not have a bank account. This puts them at risk because they rely on savings and loans in good times. Kosse said. “At the same time, the financial-inclusion opportunities that Big Techs brings should not promote risks to financial stability. So we provide more insights into the link between financial education, literacy, inclusion and stability.”