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November 30, 2023
Finance Technologies

French watchdog says banks risk “marginalisation” by Big Tech payment apps

France’s antitrust watchdog thinks traditional banking players risk “marginalisation” by Big Techs’ payment apps. The Autorité de la concurrence issued an opinion yesterday on the state of competition across its fintech sector. The 127-page document follows a one-year inquiry into new payment technologies. But instead of reigning down on fintech start-ups, the regulator weighed in on Big Techs – echoing a sentiment expressed by others in Europe. The paper focuses on Big Tech-associated threats to competition. European Central Bank (ECB) executive Fabio Panetta said last year that “the global tech giants – the so-called Big Techs – are aiming for…
French watchdog says banks risk “marginalisation” by Big Tech payment apps

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