The European Union is reportedly pushing for a new financial data sharing system, with US tech giants such as Apple, Meta (Facebook’s parent company), Google, and Amazon being almost certain to be excluded. Germany, in support of maintaining European “digital sovereignty,” is strongly backing this direction.
The rule is called the Financial Data Access (FiDA) Act, originally designed to allow third-party service providers to access user data from banks and insurance companies to develop innovative financial services such as financial advice or personalized products.
However, European banks and insurance companies are concerned that if large tech companies gain access to the data, they may use their platform advantages to “cut off” the direct relationship between banks and customers, weakening the competitiveness of traditional financial institutions.
According to the Financial Times, the European Parliament and the European Commission ultimately chose to support the financial industry, along with the support of major member states such as Germany, leading to the almost complete failure of lobbying efforts by the tech giants.
It is reported that in documents submitted to other member states, Germany explicitly recommended excluding large tech companies, citing reasons such as “promoting the development of the EU’s local digital financial ecosystem, ensuring fair competition, and protecting consumer digital sovereignty.”
EU member states and parliament are expected to reach an agreement on the final text of FiDA this autumn. Although the European Commission has not commented on the related exclusion clauses, several diplomats have revealed that the exclusion of large tech companies from the system has almost become a certainty.
This move has raised concerns from the US. President Donald Trump has repeatedly warned that if US tech companies are subjected to “discriminatory treatment” overseas, the US will consider retaliatory measures such as imposing tariffs.
Trump issued a statement on his social platform Truth Social at the end of August, directly pointing out that the “digital tax,” “digital services law,” and “digital market regulations” being promoted in Europe and elsewhere are aimed at targeting American technology but leave a loophole for large Chinese enterprises.
He further warned that if these countries do not withdraw these measures, the US will impose “substantial additional tariffs” on their exported goods and restrict the export of advanced technology and chips.
In July of this year, the EU and Washington had just signed a new trade agreement, and there are concerns that if disputes arise again, the economic and trade relations between the two sides may be further impacted.
US tech industry lobbying groups have also expressed opposition. Daniel Friedlaender, head of the Computer & Communications Industry Association Europe, stated that the original intention of FiDA was to allow people to control their own data and promote more innovative services, but if the EU succumbs to pressure from the banking industry, it may instead limit choices and reinforce existing monopolies.
Representative Kay Jebelli of the Chamber of Progress also expressed that the real “data gatekeepers” are banks, not tech platforms, and discriminating against American companies could not only harm European consumer interests but also potentially escalate transatlantic tensions.
(This article references reports from the Financial Times)