FSB: Banks should be worried about BigTech not FinTech

BASEL, February 2019 - The Financial Stability Board has warned that banks have more to fear from the competitive impact of Big Tech firms in financial services than the disruptive threat posed by FinTech startups.

BigTech firms could achieve scale very quickly in financial services. This would be particularly true where network effects are present, such as in payments and settlements, lending, and potentially in insurance.
— Financial Stability Board