Germany leads EU push to block Big Tech from financial data access system
4 hours ago
- #Big Tech
- #Financial Data
- #EU Regulations
- Big Tech companies like Meta, Apple, Google, and Amazon may be excluded from the EU's Financial Data Access (FiDA) framework.
- Germany and EU negotiators are pushing for rules to block US tech giants from accessing financial data to protect European banks and consumer sovereignty.
- Banks fear tech companies could exploit customer data to dominate financial services, undermining traditional lenders.
- The FiDA framework was initially designed to allow third-party providers to access bank and insurance data for consumer finance tools.
- EU financial institutions argue that including Big Tech risks data exploitation and strengthens their dominant market position.
- Germany has proposed an explicit ban on Big Tech participation to ensure a level playing field and protect digital sovereignty.
- Excluding US platforms could reignite transatlantic trade tensions, with Trump threatening retaliatory tariffs.
- Trump has criticized digital taxes and regulations targeting US tech firms, calling them discriminatory.
- Industry groups warn that excluding global tech firms from FiDA will limit consumer choice and innovation.
- US tech advocates argue that Big Banks, not digital platforms, are the true gatekeepers of customer data.