Antitrust enforcement typically refers to ex post actions taken by competition authorities to address anti-competitive behavior after it has occurred. This includes investigating and sanctioning practices such as abuse of dominance, collusion, and exclusionary conduct. The responsibility for enforcing antitrust laws usually falls on national and/or regional competition authorities, the latest when the merger has an effect in at least two countries. Nevertheless, some jurisdictions may allow for cooperation with other authorities or even shared responsibility in this task, such as market studies being conducted by an entity, administrative measures by a second and legal prosecution by a third one.
Antitrust enforcers need updated analytical frameworks that consider the role of network effects, data-driven market power, and platform economics. Unlike traditional financial sectors, digital platforms often operate in multi-sided markets where pricing strategies, such as zero-pricing for end-users, may obscure dominance or exclusionary conduct. Regulators must enhance their understanding of how control over user data, algorithmic discrimination, and access to essential digital infrastructure can entrench market power and stifle innovation or market entry.1;2
Policy recommendations include prioritizing early intervention tools and agile procedures, such as market inquiries and interim measures, to address potentially irreversible competitive harm in fast-moving DFS markets. Additionally, coordination with sectoral regulators is critical to mitigate regulatory arbitrage and ensure coherent application of competition principles. A risk-based approach, supplemented by behavioral remedies where structural solutions are not feasible, may prove more suitable in these digitally entangled environments. Enhanced institutional capacity, including digital forensic capabilities and interdisciplinary teams combining economic, technological, and legal expertise, will be essential to meet these emerging enforcement challenges3.
1. WhiteSight (2023), The State of Banking-as-a-Service in the UK & Europe, https://19926521.fs1.hubspotusercontent-na1.net/hubfs/19926521/Content/Content/WS-Toqio-BaaS-Report.pdf (accessed on 19 August 2025).
2. Crémer, J., Y. De Montjoye and H. Schweitzer (2019), Competition policy for the digital era, European Commission, https://doi.org/10.2763/407537.
3. Feyen, E. et al. (2022), Fintech and the Digital Transformation of Financial Services: Implications for Market Structure and Public Policy, World Bank Group, Washington, DC, http://documents.worldbank.org/curated/en/099735304212236910 (accessed on 30 August 2025).
Country Examples
The national Competition Commission, watching the increase of mergers and acquisitions motivated by data hunger, recommended that sectoral regulators and competition authorities cooperate to better regulate and supervise markets with high digital imprint1.
1. OECD Competition Committee (2021), Summary of Discussion of the Roundtable on Competition Enforcement and Regulatory Alternatives, OECD Publishing, Paris, https://www.oecd.org/daf/competition/competition-enforcement-and-regulatory-alternatives.htm (accessed on 21 August 2025).
