EU plans to block Apple, Google, Meta and other US companies from its shared financial data system

Date:
Tue, 23 Sep 2025 13:39:19 +0000

Description:
European Union closes in on FiDA deal which could block Apple, Google, Meta
and Amazon from accessing financial data across the single market.

FULL STORY

The European Union is preparing new rules on financial data sharing that
could prevent US tech giants from accessing consumer information.

The Financial Times reports the draft Financial Data Access (FiDA) regulation has reached its final negotiation stage and, according to its sources,
Amazon, Apple, Google, and Meta are likely to be excluded.

The measure is intended to give consumers more clout over how their financial data is used, as under FiDA , customers could allow third parties to view information held by banks and insurers, opening the way for new services such as digital budgeting tools and financial advice.

American tech firms excluded

Supporters of FiDA say the regulation will encourage innovation and give individuals greater control over their own records.

However, banks across Europe have argued against extending this access to
major American tech firms as they fear that global platforms could take advantage of the information to build products that weaken the relationship between banks and their customers.

Germany has been especially vocal in wanting a ban on US tech giant involvement.

A position paper shared with other EU capitals, said keeping US platforms outside FiDA would support the development of a European digital finance sector, paving the way to fair competition and protecting consumer
sovereignty.

The European Parliament and Commission have also backed limits on access.

However, industry representatives in Europe argue consumers would be the real losers if the regulation excludes US companies.

FiDAs original vision was to give people control over their own data and
access to better, more innovative financial services, Daniel Friedlaender,
head of Computer & Communications Industry Association Europe told the Financial Times .

By bowing to incumbent banks, the EU is going to limit consumer choice and entrench legacy players who already hold gatekeeper power over customer data.

Donald Trump, who has frequently criticized European rules on digital
services, has warned he could impose tariffs on countries that he believes
are acting against the interests of American firms.

Talks on the final text are expected to conclude later in 2025.

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Link to news story: https://www.techradar.com/pro/eu-plans-to-block-apple-google-meta-and-other-us -companies-from-its-shared-financial-data-system

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