EU to block Big Tech from new financial data sharing system
Big Tech groups are losing a political battle in Brussels to gain access to the EU’s financial data market, despite Donald Trump’s threats to punish countries that “discriminate ” against US companies with higher tariffs.
With the support of Germany, the EU is moving to exclude Meta, Apple, Гугъл and Amazon from a new system for sharing financial data that is designed to enable development of digital Финансови артикули за потребителите.
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 Поражение, съгласно дипломати.
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