Big Tech

Big Tech is an informal term for the largest and most influential technology companies, usually Apple, Microsoft, Alphabet (Google), Amazon and Meta, and sometimes Nvidia or Chinese giants such as Alibaba and Tencent. In finance, the term describes how these firms use their huge customer bases, data and platforms to offer services such as mobile wallets, payments, credit and cloud computing for banks. Examples include Apple Pay, Google Pay and Alipay. Central banks and the Bank for International Settlements have studied the risks of "big tech in finance", including market concentration, data privacy and the effects of strong network effects. Regulators have responded with competition and digital market laws. Also see fintech and digital wallets.