The European Union is considering a new system for sharing financial data that excludes Meta, Apple, Google, and Amazon.

This initiative aims to facilitate the creation of digital finance products for consumers. Despite attempts by Big Tech groups to gain access to the EU’s financial data market, they are facing opposition in Brussels.

The EU’s decision to exclude US companies

Should this exclusion be implemented, it would bolster banks’ efforts to maintain a competitive edge against Big Tech firms. The latter could leverage their data to bypass intermediaries and benefit significantly from understanding individual financial behaviors.

Negotiations on the FiDA regulation are nearing completion after two years of discussion. According to reports by the Financial Times, Big Tech companies may face significant setbacks in gaining access. This reform is designed to enable third-party service providers to obtain data from banks and insurers for offering new services, including financial advice.

However, EU financial institutions argue that there’s a high risk of digital gatekeepers exploiting sensitive customer data held by European institutions to enhance their market position. These concerns are echoed by the European Parliament, the European Commission, and key European capitals like Berlin, which propose excluding American companies to foster a robust EU digital financial ecosystem, protect consumer digital sovereignty, and ensure fair competition.

With EU member states and the European Parliament aiming for agreement on the final text of the regulation this autumn, the exclusion could lead to renewed tensions between Brussels and Washington. Big Tech’s advocacy groups warn that such a decision might restrict consumer choice and support established players who already dominate customer data access.