EU Watchdogs Call for Rapid Action to Catch up With Digital Finance

EU Watchdogs Call for Rapid Action to Catch up With Digital Finance
A woman looks at Marcus, a savings and loans app by Goldman Sachs, N.Y., on Jan. 10, 2020. Mike Segar/Reuters
Reuters
Updated:

LONDON—Rapid action is needed to update how cross-border financial services are scrutinized and consumers protected as the sector becomes digitalized with “Big Tech” playing an increased role, European Union regulators said on Monday.

People are turning to social media and using smartphones to buy and sell shares, move money around bank accounts and make payments, a trend accelerated by the COVID-19 pandemic, leaving regulators playing catch-up.