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Transatlantic Talks Tackle Tech in Finance

Transatlantic Talks Tackle Tech in Finance

US and European officials have engaged in an "informal dialogue" to discuss consumer financial protection with a focus on three main issues: the rise of Big Tech in payment systems, the use of artificial intelligence (AI) in lending practices, and the increasing popularity of buy now, pay later (BNPL) services. This collaboration reflects growing concerns over Big Tech's market dominance, particularly with Apple's digital wallet, and potential over-indebtedness from BNPL schemes. The officials aim to exchange expertise, coordinate regulatory approaches, and protect consumers on both sides of the Atlantic against financial risks and privacy violations. The discussions also cover how AI is currently being used in consumer finance and the legal frameworks governing such technologies.

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