European Supervisory Authorities Publish Report on BigTech firms in EU Financial Services

On 1 February 2024, the European Supervisory Authorities (ESAs) published a report on a 2023 stocktaking of direct financial services offered by BigTechs in the EU (the Report).  

The Report highlights certain characteristics of BigTech firms, in particular various types of inter-dependencies between BigTechs’ non-financial and financial services offerings, and identifies opportunities and risks flowing from these inter-dependencies. It also records national competent authorities’ supervisory and regulatory observations as well as some initial suggestions how these could be addressed. Lastly, it states that, as a next step, the ESAs will establish a “multi-faceted data matrix” to enhance their monitoring of BigTech firms.

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