Germany has proposed excluding major U.S. technology companies, including Apple and Google, from the European Union’s new Financial Data Access (FiDA) system. The move is intended to foster a domestic digital ecosystem and ensure fair competition within the bloc.
For the past several years, the EU has been developing the FiDA regulation, which serves as an extension of the current Open Banking framework. The regulation mandates that banks and financial institutions must share customer data with third-party companies, provided the customer gives explicit consent. The primary goal of FiDA is to provide consumers with greater control and ownership over their financial data. This framework is also intended to stimulate innovation by allowing developers to build new, more personalized financial products and services utilizing the accessible data.
As reported by The Financial Times, Germany has formally initiated an effort to block Apple, Amazon, Google, and Meta from accessing the FiDA system. In a document circulated to other EU countries, Germany outlined its rationale for the exclusion. The document stated the measure was designed “‘to promote the development of an EU digital financial ecosystem, guarantee a level playing field and protect the digital sovereignty of consumers.’”
In reaction to Germany’s proposal, lobbying groups representing the technology firms contended that “incumbent banks” are the true gatekeepers of financial information. These groups also warned that limiting access to FiDA could heighten ongoing trade tensions between Europe and the United States, specifically referencing potential friction with the Trump administration. Last month, former President Donald Trump posted on Truth Social threatening tariffs on countries he views as discriminating against U.S. companies. He stated, “‘As the President of the United States, I will stand up to Countries that attack our incredible American Tech Companies. Digital Taxes, Digital Services Legislation and Digital Markets Regulations are all designed to harm, or discriminate against, American Technology.’”
Negotiations on the FiDA regulation are scheduled to enter their final stages in the coming weeks. According to diplomats consulted for the FT report, the exclusion of the large U.S. technology firms from the system is likely to be approved. The sources indicated that the “Big Tech groups [face] almost certain defeat” in their bid to secure access.
