The EU is set to block Meta, Apple, Google, and Amazon from accessing its upcoming financial data-sharing framework, dealing a major setback to Big Tech’s ambitions in Europe.
The proposed Financial Data Access (FiDA) Regulation aims to allow banks, insurers, and third-party service providers to develop innovative digital finance products. However, EU policymakers and member states, including Germany, argue that granting Big Tech access could undermine Europe’s digital sovereignty and give U.S. firms undue dominance in financial markets.
The decision, expected this autumn, comes despite U.S. warnings of potential tariff retaliation. European institutions and regulators insist the exclusion will safeguard sensitive consumer data and ensure a level playing field for EU firms. Banks and financial service providers see the move as a chance to strengthen their position against digital gatekeepers.
If finalized, the exclusion could reignite transatlantic trade tensions, even as Big Tech lobbyists warn it may restrict consumer choice and entrench incumbents.
