The goal of these initiatives is to enhance the monitoring of risks by improving primary statistics on non-bank financial intermediation in financial accounts (ESRB 2019). Especially with regard to FinTech and BigTech, this requires both, defining the institutions that enter the industry and provide financial services as well as the definition of the services provided.
Currently, many statistics on the financial sector do not capture FinTechs as most are recorded as providers of non-financial services. Therefore, activities of these firms are not recorded systematically, and information on the riskiness of BigTechs and FinTechs is patchy. Currently, it is even diﬃcult to obtain accurate figures on the total number of firms on the market or their market shares.