The International Monetary Fund has published a technical note assessing BigTech firms’ expansion into payments, credit, insurance, asset management and financial SuperApps. While their financial stability impact remains limited in most jurisdictions, rapid growth, particularly in emerging market and developing economies, could create systemic risks through critical services, combined activities, links with financial institutions and concentration in technology provision. The note recommends that authorities enhance market monitoring and domestic and cross-border coordination, strengthen sector-based regulation and risk-based supervision, and address contagion from partnerships between BigTech firms and regulated institutions. Where BigTech provides material financial services, authorities should consider extending the regulatory perimeter through proportionate conglomerate supervision, including separating financial activities from nonfinancial businesses, while strengthening data protection and privacy frameworks. The IMF also identifies gaps in global standards for payment service providers and nonbank lending and proposes updating international principles for financial conglomerates.
2026-07-13International Monetary Fund
International Monetary Fund calls for groupwide supervision and global standards for BigTech finance
The International Monetary Fund has outlined regulatory options for financial risks arising from BigTech’s expansion, particularly in emerging market and developing economies. It recommends stronger sectoral and groupwide supervision, broader regulatory perimeters, improved data safeguards and closer international coordination. The note also calls for global standards covering payment service providers and nonbank lending.