Lack of data adds an additional layer of complexity: many new entrants and suppliers of financial services are hardly covered by oﬃcial statistics on the financial sector. This moves resilience against shocks and against mismeasurement of vulnerabilities to center stage. It is interesting to note that many BigTechs firms are quite well capitalized compared to banks.
For example, ratios of equity to total assets are in the range of 30% for companies like Amazon or Apple or around 75% for Google or Facebook. [3] For comparison: The aggregate unweighted Tier1 capital ratio of banks is in the range of about 9% for US banks and 6% for euro area banks (CGFS 2018).