Douglas Flint: forthcoming special supervision for tech giants.

According to Douglas Flint- chairman of HSBC Holdings Plc, soon will be placed in a special, additional regulatory regime of the large technology companies. A number of national regulators quietly preparing a set of rules similar to those of banks. This is caused by the expansion of tech giants in global financial services. Most urgent is expected regulation on the risks associated with money laundering, transfer tracking, the use of personal data and the protection of individual users. This information Douglas Flint on Thursday delivered on a lecture at London's Cass Business School.

Indeed, the expansion of technology companies in the financial services deepen and expand. Last autumn started fully operational Apple Pay. In June, China's Alibaba launched its own Internet bank MYBank. MYBank model is cloud-based and requires much lower operating costs compared to the traditional banking model. It is likely to be the model adopted by other technology companies. In August the corporation Samsung officially presented Samsung Pay. Last week, Google announced its own service Android Pay.

JrTrader G.Hristov