The Dutch Central Bank has sounded the alarm on big tech. The central bank has noticed that Google, Facebook, Amazon Microsoft and Apple (MAGAFT, GAFAM, the Big Five) have gained too much influence in the financial market. No longer is there only awareness about these tech giants stealing our data on a massive scale, awareness now grows that big tech also disrupts our economy. The central bank notes that even the Dutch banks are negatively influenced by these tech companies. They call out that laws need to be changed to prevent false competition, damages to the confidence in the financial market and overstepping boundaries because of a lack of laws or terminology chosen in laws which did not forsee in big tech going in competition with financial institutions.
We're very glad with this news and will continue to closely follow what both our government and the EU will do. We will continue to raise awareness and help our customers to protect their data and in using big tech instead of being (ab)used.