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EU Seen Moving to Bar Big Tech From Financial Data Plan
The EU aims to safeguard digital sovereignty by excluding US Big Tech from financial data sharing, boosting banks' position amid concerns over data exploitation and market dominance.
- The European Union is planning to bar major tech companies such as Meta, Apple, Google, and Amazon from participating in a forthcoming financial data-sharing initiative aimed at advancing open finance and the creation of digital consumer financial services.
- This move follows Germany’s recommendation to exclude Big Tech to promote an EU digital financial ecosystem, ensure fairness, and protect consumer digital sovereignty.
- Discussions surrounding the EU’s Financial Data Access framework have been ongoing for over two years and are now nearing completion, with backing from banks and regulators for excluding certain parties, while major technology firms continue to oppose such measures.
- An EU diplomat noted that in this particular case, major technology companies are failing to sway policy decisions through their lobbying efforts, while critics caution that excluding these firms could reduce consumer options and escalate tensions between Europe and the US.
- The likely exclusion of Big Tech could bolster banks by limiting competition but may renew tensions with the US, where Trump has threatened tariffs over perceived unfair treatment of US tech firms.
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14 Articles
14 Articles
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Coverage Details
Total News Sources14
Leaning Left1Leaning Right0Center2Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 33%
C 67%
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