Politicians need to move fast as Facebook moves into finance: BIS

Politicians need to quickly coordinate regulatory responses to new risks from technology companies like Facebook moving into finance, though banks won't be squeezed out anytime soon, the Bank for International Settlements (BIS) said on Sunday.
 
The social media group's announcement last week that it wants to expand into payments and launch its own coin Libra has focused minds of regulators and central bankers, the BIS said.
 
Such a move by Big Tech mixes extensive data on individuals with activities that could potentially undermine financial stability, the BIS said.
 
It touches on competition, data privacy, markets and banking,