Central Bankers Aren't All Banksters

Banks in part to a new class of mega apps from China. One of the most popular is Alipay from Chinese tech giant Ant Group. It has over a billion users and handles $16 trillion in payments in 2019. Some worry this could concentrate too much power in the hands of a few tech companies. But for central bankers, the problem is even more acute. They fear these developments could cut the cord between the central bank and the economy altogether.