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IMF Warns of Giant Tech Companies’ Dominance

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The head of the International Monetary Fund has issued a warning that the Giant Technology Companies might trigger a significant disruption to the final system globally.
“Just a few companies with big data access and artificial intelligence could run the global payment and settlement arrangements,” Christine Lagarde disclosed.
Her warning came as a result of the G20 Finance Ministers’ meeting in Japan.
The summit also discussed the need to close loopholes for internet giants like Facebook and Google. IMF waves red flag on Sinohydro deal
One of the considered options is to tax such companies where they make their profits – rather than where their headquarters are based.
“A significant disruption to the financial landscape is likely to come from the big tech firms,” Ms. Lagarde stipulated in Japan’s south-western city of Fukuoka.
“Such firms will use their enormous customer bases and deep pockets to offer financial products based on big data and artificial intelligence”, she said.
Additionally, she said, “this presents a unique systematic challenge to financial stability and efficiency”. Ghanaian tech firm develops app for plastic waste collection
Factually, she cited China as the most recent exemplary figure.
“Over the last five years, technological growth in China has been extremely successful and allowed millions of new entrants to benefit from access to financial products and the creation of high-quality jobs. But it has also led to two firms controlling more than 90% of the mobile market,” Ms. Lagarde said.
 
 
Source: Hypercitigh.com         I      Theophilus Quaicoe

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