Across the globe, regulators continue to question the extent of current competition laws and policies following the rise of digital platforms, big data, fintechs, and e-commerce which has led to different jurisdictions adopting different approaches. This paper provides a glimpse on online platforms’ role in digital transformation and highlights common competition issues observed. Findings show that competition is not hindered by digital platforms but rather enhanced. It is also found that digital platforms can also play a crucial role as the world begins to recover from the COVID-19 pandemic. Lastly, the paper emphasizes the need for regulatory harmonization to avoid fragmentation and better clarity on the problems that regulations aim to tackle. These components in tandem can help create a global policy mindset and bring competition laws in line with current developments.
By Jeff Paine, Sarthak Luthra, Edika Amin1
Today, digital platforms have become the centerpiece and main drivers of digital transformation, through the rise of services such as marketplaces (Amazon), application stores (Apple), social networking sites (Facebook) and search engines (Google). These digital infrastructures have changed the nature of our daily transactions and created new opportunities for firms to scale up across all sectors.
It is important to note that the technology sector is not limited to a handful of big U.S. companies. There is a range of large firms from t!-->…