Beijing

UP until recently, there were doubts as to whether technology companies could garner the necessary trust to succeed in the financial sector. But the world is changing rapidly. Trust in large technology firms and their products is growing. These are primarily social networks, but they are branching out increasingly into finance, as highlighted by the Bank for International Settlements in its 2019 annual report.

Governments are struggling to get their messages across to the population at large, while accusing media and social networks of spreading fake news. Central banks are the pillars of finance, yet their independence is being undermined. Financial products provided by big tech firms, such as payment services, are gaining popularity.