The EU looks set to block Amazon, Apple, Google and Meta from accessing a new financial data sharing system. Following more than two years of work, Europe’s Financial Data Access (FiDA) regulation is on the verge of being settled.
FiDA is designed to offer a boost to open finance, giving third parties access to financial institutions’ customer data. But, Big Tech appears set to be excluded from the system, with one EU diplomat telling the FT: „This is one file where the Big Tech players are actually losing the lobbying fight.”
The FS sector has fought to exclude the American tech giants, winning support from the European parliament, the EC, and Germany, says the FT. In a document, Germany suggests excluding Big Tech „to promote the development of an EU digital financial ecosystem, guarantee a level playing field and protect the digital sovereignty of consumers”.
According to Irish Times, such a decision would hand a significant boost to banks in their efforts to fight off a competitive threat from Big Tech groups, which they fear will use their data to disintermediate them from their customers while extracting much of the value of knowing people’s spending and saving behaviour.
After more than two years, negotiations on the Financial Data Access (Fida) regulation are entering the final stages in coming weeks, with Big Tech groups facing almost certain defeat, according to diplomats.
The final text of the regulation is set to be agreed by member states and the European parliament in the autumn.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
