Germany: Government Responds to Enquiry on Financial Supervision of 'Bigtechs'

The federal government (Bundesregierung) has responded to a parliamentary question (Drucksache 19/7794) submitted by members of the federal parliament (Bundestag) in relation to the financial supervision of bigtechs.

In the enquiry, bigtechs are described as big platforms such as the American GAFAs (Google, Amazon, Facebook, Apple) and the Chinese BATs (Baidu, Alibaba, Tencent), which are increasingly entering the financial sector, offering payment services and engaging in payment transaction activities that are identified as “specific behaviours”.

The enquiry contains 32 questions in total, which are all addressed by the federal government in its response.

In particular, the federal government provides clarifications on, among other things:

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