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Big Tech companies are on course to be shut out of a new European Union market for financial data, despite warnings from Donald Trump that he will penalize countries that “discriminate” against US firms with higher tariffs.  With Germany’s backing, EU negotiators are steering toward rules that would bar Meta, Apple, Google and Amazon from accessing a system meant to let third parties share bank and insurance data to build consumer finance tools. A move to block the US platforms from the Financial Data Access (FiDA) framework would mark a win for Europe’s banks as they try to fend off a powerful class of rivals. Lenders fear the tech groups could use troves of customer information to stand between banks and their users, capturing much of the value that comes from insight into spending and saving habits. Talks on FiDA are nearing completion Talks on FiDA have dragged on for more than two years and are now nearing the finish line, diplomats said, with technology giants facing near-certain defeat in the coming weeks.  “This is one file where the Big Tech players are actually losing the lobbying fight,” one diplomat from the EU said. The original plan for FiDA was to let licensed third-party providers pull data from insurers and banks to launch services like tailored financial advice.  But Europe’s financial sector pushed back hard, arguing that allowing digital gatekeepers into the system would risk “exploiting sensitive data” held by European institutions and “strengthen any dominant position.” Those concerns gained traction in the EU parliament, the European Commission and key capitals, including Berlin. Germany set out its position in a paper circulated to other nations in the EU, according to the Financial Times. It urged an explicit ban on Big Tech participation “to promote the development of an EU digital…

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Filed under: News - @ September 21, 2025 1:28 pm