The European Union is poised to restrict Amazon, Apple, Google, and Meta from utilizing a new financial data sharing system, as reported by the Financial Times.
After over two years of effort, Europe’s Financial Data Access (FiDA) regulation is nearing completion. This regulation aims to enhance open finance by granting third parties access to customer data from financial institutions.
However, it seems that major tech companies may be excluded from this framework. One EU diplomat remarked to the Financial Times, “This is one file where the Big Tech players are actually losing the lobbying fight.”
The financial services sector has advocated for the exclusion of American tech giants, garnering support from the European Parliament, the European Commission, and Germany. A document from Germany indicates that excluding Big Tech could foster the development of a local digital financial ecosystem, ensure fair competition, and protect consumer digital sovereignty.
The final wording of the regulation is expected to be finalized by member states and the European Parliament this autumn. If major tech firms are excluded, it could escalate tensions with the US, where previous threats of retaliatory tariffs have been made against countries perceived to discriminate against American companies.