EU Moves to Block Big Tech from Financial Data Access System

Germany is spearheading an EU initiative to exclude major US tech companies from accessing a new financial data sharing framework. The Financial Data Access (FiDA) system, designed to enable third-party services using bank and insurance data, may soon bar Meta, Apple, Google, and Amazon from participation.

European banks view this as a strategic victory, fearing Big Tech could leverage customer data to disrupt traditional financial relationships. After two years of negotiations, diplomats confirm the rules are nearing finalization, marking a rare lobbying defeat for Silicon Valley giants in Brussels.

The original FiDA proposal aimed to foster fintech innovation by allowing licensed providers to aggregate financial data. However, concerns about digital gatekeepers dominating the ecosystem have reshaped the policy direction.