As economies become increasingly digitalised, the global online marketplace and ecommerce platforms such as Google, Amazon, Facebook, Apple (GAFA) and Baidu, Alibaba, Tencent, (BAT) which boast billion sized customer bases and trillion-dollar capitalisation, have become more serious about their foray into financial services. They will further fragment the structure of global finance and no doubt diminish the role of banks, even globally systemically important ones. If so, when do these mega tech firms come under the same regulatory scrutiny and oversight?
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