Amazon Pay, PayPal, Google Pay, Apple Pay, Apple Cash — all familiar names demonstrating that Big Techs are gradually entering the retail banking financial services sector. While they initially offer payment services and consumer credit, they are also increasingly involved in savings and insurance.

With a deep understanding of users experience, Big Techs are fundamentally transforming the sectors they invest in. Financial services won't be the first. The innovations they bring can offer benefits to the customer (e.g. initial competitiveness stimulation, a more intuitive user experience, and modernization of product presentation and management). However, this strong entry should be closely examined to avoid the emergence of new risks and to maintain the financial stability.

Based on the last AEFR’s Debate Paper, this seminar aims to analyze the penetration of Big Techs into the financial services sector, assess the impact in terms of competitiveness and financial stability, and finally, to examine the current regulatory framework. On this last point, it is proposed to use the regulatory framework for financial conglomerates to address the inherent risk in the financial activities of Big Techs, which currently escape any form of supervision.