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BigTechs’ presence in the financial services sector

BigTechs’ footprint in the financial services industry

BigTechs have established a formidable presence in the financial services sector, predominantly outside the European realm, with Chinese enterprises spearheading the charge in both the volume and sophistication of their products. Their entry into this sector has been driven by the aim to expand their existing ecosystems and solidify customer loyalty, with each BigTech firm adopting a different strategy unique to their strengths and goals.

The Figure displays a snapshot of the financial products that BigTechs are offering within and outside of the EU sorted by product category and company.

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