Giant technology companies might
cause significant disruption to the world's financial system, the head
of the International Monetary Fund has warned.
Christine Lagarde said just a few firms with big data access and artificial intelligence could run the global payment and settlement arrangements.
Her warning came as the G20 finance ministers met in Japan.
The summit is also discussing the need to close tax loopholes for internet giants like Facebook and Google.
One of the options being considered is to tax such companies where they make their profits - rather than where they base their headquarters.
"A significant disruption to the financial landscape is likely to come from the big tech firms," Ms Lagarde said in Japan's south-western city of Fukuoka.
She said such firms "will use their enormous customer bases and deep pockets to offer financial products based on big data and artificial intelligence"....MORE
