- The EU plans to block American technology from the sharing of financial data via FIDA regulations
- Banque back restrictions while technological groups warn against the reduced choice of consumers in Europe
- Trump threatens prices if American companies are excluded from EU digital finance
The European Union is preparing new rules on the sharing of financial data that may prevent American technology giants from accessing consumer information.
THE Financial time According to the financial data access regulation project (IFAD) has reached its final negotiation phase and, according to its sources, Amazon, Apple, Google and Meta are likely to be excluded.
The measure is intended to give consumers more influence on how their financial data is used, as under IFAD, customers could allow third parties to view the information held by banks and insurers, paving the way for new services such as digital budgeting tools and financial advice.
American technological companies have excluded
Fida supporters say that the regulations will encourage innovation and give individuals greater control over their own files.
However, banks across Europe have pleaded against the extension of this access to large American technological companies because they fear that global platforms will not benefit from information to create products that weaken the relationship between banks and their customers.
Germany has been particularly expressed by wanting to ban the participation of American technology giants.
A position shared with other EU capitals, said that keeping American platforms outside FIDA would support the development of a European digital financial sector, paving the way for fair competition and the protection of consumer sovereignty.
The European Parliament and the Commission also supported the limits of access.
However, industry representatives in Europe argue that consumers would be the real losers if the regulations exclude American companies.
“FIDA’s original vision was to give people control of their own data and access to better more innovative financial services,” said Daniel Friedlaender, responsible for the responsibility of IT and communications to Europe Financial time.
“By losing in front of the outgoing banks, the EU will limit the choice of consumers and enrich inherited players who already have the” gatekeeper “power on customer data.”
Donald Trump, who frequently criticized European rules on digital services, warned that he could impose prices on countries which, according to him, act against the interests of American companies.
Discussions on the final text should end later in 2025.
