News Snapshot:
China is willing to participate in international rule making around the digitalisation of financial services to prevent anticompetitive behaviour and increase data protection for consumers, according to its top central banker. Cooperation is needed to mitigate regulatory arbitrage between jurisdictions and to lower cross-border contagion from financial risks, Yi Gang , governor of the People’s Bank of China (PBOC), said at the Bank of International Settlements’ “Regulating Big Tech Conference”. “In the era of the digital economy, the integration between finance and technology is a global trend,” Yi said in a pre-recorded speech. “As technology for good is an intrinsic…