EU banks should reduce their reliance on US Big Tech, top supervisor says

BRUSSELS — European banks and other finance firms should decrease their reliance on American tech companies for digital services, a top national supervisor has said.

In an interview with POLITICO, Steven Maijoor, the Dutch central bank’s chair of supervision, said the “small number of suppliers” providing digital services to many European finance companies can pose a “concentration risk.”

“If one of those suppliers is not able to supply, you can have major operational problems,” Maijoor said.

The intervention comes as Europe’s politicians and industries grapple…

Source link