Germany has moved to block Apple, Amazon, Google, and Meta from gaining access to FiDA, according to the Financial Times (a subscription is required to read the article).
From the article: In a document sent to other EU countries, seen by the Financial Times, Germany suggested excluding Big Tech groups ‘to promote the development of an EU digital financial ecosystem, guarantee a level playing field and protect the digital sovereignty of consumers’.
In a nutshell, the EU’s idea behind FiDA (which is an extension of the current Open Banking framework) is to give customers greater control and ownership over their financial data, while encouraging developers to build new, more personalized financial products and services on top of it.
In response to Germany’s request, Big Tech lobbying groups claim that “incumbent banks,” rather than Big Tech, are the gatekeepers, and that limiting access to FiDA will further escalate the ongoing tensions between Europe and the Trump administration, according to 9to5Mac.
The FT says that “negotiations on the Financial Data Access (FiDA) regulation are entering the final stages in coming weeks,” and that, according to diplomats consulted for the report, “Big Tech groups [face] almost certain defeat.”
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