EU Set to Bar Big Tech from New Financial Data Access Scheme
Meta, Apple, Google and Amazon likely excluded from FiDA regulation as EU seeks data sovereignty and fairness in finance
The European Union is moving decisively to block major U.S. technology companies—Meta, Apple, Google, and Amazon—from accessing its forthcoming Financial Data Access (FiDA) regulation, which will enable third-party providers to draw on data held by banks and insurers.
Germany, in alliance with the European Commission and Parliament, has driven the push for exclusion to protect sensitive customer financial information and preserve a level playing field.
The FiDA framework is part of the EU’s broader open finance agenda, designed to expand on existing rules under PSD2 (Payment Services Directive) to include data on savings, pensions, investments, insurance, mortgages, and more.
Big Tech firms had pushed for inclusion, arguing that their platforms and infrastructures could support innovation and consumer services.
EU officials have expressed concern that granting Big Tech access could reinforce dominant positions, allow exploitation of sensitive data, and hinder the development of smaller, European fintech and data-driven financial firms.
Germany has formally proposed excluding so-called gatekeepers as defined under the Digital Markets Act from applying to FiDA.
Despite strong lobbying from Big Tech and warnings of potential trade friction—especially from the U.S.—the draft regulation is moving forward with minimal concessions.
Member states and the European Parliament expect to reach a political agreement by autumn 2025.
Proponents of the ban argue that by restricting Big Tech’s access, the EU increases its digital sovereignty, encourages innovation by smaller EU-based startups, and ensures stronger data protection.
Critics caution the move could limit consumer choice and slow down the pace of digital finance innovation.
The final text of FiDA will determine which entities are authorised as financial information service providers (FISPs), the scope of data accessible, and how consent and privacy are governed.
The regulation is seen as a litmus test for the EU’s capacity to regulate Big Tech while promoting a competitive, secure financial data ecosystem.
Germany, in alliance with the European Commission and Parliament, has driven the push for exclusion to protect sensitive customer financial information and preserve a level playing field.
The FiDA framework is part of the EU’s broader open finance agenda, designed to expand on existing rules under PSD2 (Payment Services Directive) to include data on savings, pensions, investments, insurance, mortgages, and more.
Big Tech firms had pushed for inclusion, arguing that their platforms and infrastructures could support innovation and consumer services.
EU officials have expressed concern that granting Big Tech access could reinforce dominant positions, allow exploitation of sensitive data, and hinder the development of smaller, European fintech and data-driven financial firms.
Germany has formally proposed excluding so-called gatekeepers as defined under the Digital Markets Act from applying to FiDA.
Despite strong lobbying from Big Tech and warnings of potential trade friction—especially from the U.S.—the draft regulation is moving forward with minimal concessions.
Member states and the European Parliament expect to reach a political agreement by autumn 2025.
Proponents of the ban argue that by restricting Big Tech’s access, the EU increases its digital sovereignty, encourages innovation by smaller EU-based startups, and ensures stronger data protection.
Critics caution the move could limit consumer choice and slow down the pace of digital finance innovation.
The final text of FiDA will determine which entities are authorised as financial information service providers (FISPs), the scope of data accessible, and how consent and privacy are governed.
The regulation is seen as a litmus test for the EU’s capacity to regulate Big Tech while promoting a competitive, secure financial data ecosystem.
