Developing an intra-bloc digital financial ecosystem, the EU plans to remove many US technology giants from the new data system.

The European Union (EU) is moving to exclude major US tech companies, such as Meta, Apple, Google and Amazon, from a new financial data-sharing system.

The European Union (EU) is moving to exclude US tech giants like Meta, Apple, Google and Amazon from a new financial data-sharing system within the bloc. (Source: The Guardian)

The move comes despite warnings from US President Donald Trump about the possibility of imposing higher taxes on countries he says discriminate against US businesses.

With strong support from Germany, the EU believes that this decision aims to promote the development of the digital financial ecosystem within the bloc, while creating conditions for banks to strengthen their position amid concerns that large technology companies will take over user data and overwhelm their intermediary role in providing financial services.

After more than two years of negotiations, the EU’s Financial Access to Data (FiDA) regulation is nearing completion, with many European diplomats saying the tech giants are almost certain to lose their lobbying efforts.

“This is a rare case where Big Tech is losing the policy battle,” said an EU diplomat.

FiDA was originally intended to allow third-party service providers to access data from banks and insurers, allowing them to develop new products such as digital financial advice. However, the European financial industry has strongly opposed it, warning of the risk that “digital gatekeepers” will exploit sensitive data and consolidate their monopoly position.

This argument was quickly supported by the European Parliament (EP), the European Commission (EC) and important EU governments such as the German Government. In a document sent to EU member states, the German Government proposed to eliminate Big Tech, in order to "promote the development of the European digital financial ecosystem, ensure a level playing field and protect the digital sovereignty of consumers".

The EU and EP are expected to agree on the final text of FiDA this fall. However, the possibility of excluding Big Tech from the system could further strain transatlantic trade relations, just months after EU President Ursula von der Leyen and President Trump announced a trade deal by the end of July 2025.

President Trump has repeatedly threatened to impose retaliatory tariffs on countries that impose laws or tax policies that he deems “unfair” on US tech companies. Lobbying groups for “Big Tech” have also warned that consumers will suffer if the EU continues this way.

“FiDA is designed to give people control over their own data and access to more innovative financial services,” said Daniel Friedlaender, director of the Computer & Communications Industry Association of Europe (CCIA Europe). “If we give in to traditional banks, the EU will limit consumer choice and reinforce a long-standing monopoly.”

Meanwhile, Kay Jebelli, representative of the Chamber of Progress, another advocacy group, said: “It is the big banks, not the digital platforms, that are the real gatekeepers. Discriminating against US tech companies not only prevents Europeans from accessing new digital financial services, but also risks increasing transatlantic tensions.”

Source: https://baoquocte.vn/phat-trien-he-sinh-thai-tai-chinh-so-noi-khoi-eu-tinh-gach-ten-nhieu-ong-lon-cong-nghe-my-khoi-he-thong-du-lieu-moi-328435.html