The European Union looks set to block Amazon, Apple, Google and Meta from accessing a new financial data sharing system, according to the Financial Times.
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Following more than two years of work, Europe’s Financial Data Access (FiDA) regulation is on the verge of being settled.
FiDA is designed to offer a boost to open finance, giving third parties access to financial institutions’ customer data.
But, Big Tech appears set to be excluded from the system, with one EU diplomat telling the FT: “This is one file where the Big Tech players are actually losing the lobbying fight.”
The FS sector has fought to exclude the American tech giants, winning support from the European parliament, the EC, and Germany, says the FT.
In a document, Germany suggests excluding Big Tech “to promote the development of an EU digital financial ecosystem, guarantee a level playing field and protect the digital sovereignty of consumers”.
The final text of the regulation is set to be agreed by member states and the European parliament in the autumn.
If Big Tech is cut out, it could raise tensions with the US, where President Trump has previously threatened retaliatory tariffs against countries that he deems to have discriminated against US firms.