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   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.   
      
   ======================================================================   
   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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