The European Union is moving forward with strict new rules under the Financial Data Access (FiDA) regulation, which could block US tech giants like Apple, Google, Meta, and Amazon from accessing European consumers’ financial data. The proposal, now in its final negotiation stage, has stirred controversy across both sides of the Atlantic.
The FiDA regulation is designed to give individuals more control over how their financial information is shared, allowing them to grant access to trusted third parties such as budgeting apps or financial advisors. However, European banks and regulators argue that allowing American platforms access could undermine local institutions, fearing global tech firms may exploit customer data to dominate the digital finance market.
Germany has been particularly vocal in pushing for exclusion, insisting that keeping US companies out of FiDA would help Europe build a stronger, fairer digital finance ecosystem. Both the European Parliament and Commission are backing tighter restrictions, while US officials and industry groups argue the move could limit innovation and reduce consumer choice.
Former US President Donald Trump has already threatened tariffs if the EU proceeds with blocking American companies, raising the possibility of a new digital trade dispute. Final negotiations on the FiDA text are expected to conclude later in 2025, making this a critical moment for the future of cross-border tech and finance relations.