The European Union is on the verge of finalizing the Financial Data Access (FiDA) regulation, a move aimed at broadening its Open Banking framework by compelling banks to share customer data with third-party firms upon obtaining consent.
The FiDA regulation seeks to empower consumers with greater ownership of their financial data, paving the way for the development of new, personalized financial services. As the regulation nears its final stages, Germany has formally proposed excluding major U.S. technology companies, including Apple, Amazon, Google, and Meta, from accessing the system.
A document circulated among EU countries, as reported by The Financial Times, outlined Germany’s rationale for the proposed exclusion. The move is intended “to promote the development of an EU digital financial ecosystem, guarantee a level playing field and protect the digital sovereignty of consumers,” according to the document.
Lobbying groups representing the U.S. tech giants have countered Germany’s proposal, arguing that “incumbent banks,” rather than technology firms, are the actual gatekeepers of financial data. They also warned that restricting access to FiDA could exacerbate existing trade tensions between Europe and the United States.
The debate is unfolding against the backdrop of former U.S. President Donald Trump’s public warnings of potential retaliation against countries targeting American companies. In a statement on Truth Social last month, Trump threatened to impose tariffs, stating: “As the President of the United States, I will stand up to Countries that attack our incredible American Tech Companies. Digital Taxes, Digital Services Legislation and Digital Markets Regulations are all designed to harm, or discriminate against, American Technology.”
As negotiations on the FiDA regulation enter their final stages over the coming weeks, diplomatic sources consulted by The Financial Times indicate that the major U.S. tech companies are facing “almost certain defeat,” suggesting their exclusion from the system is the likely outcome.
