Germany has backed proposals from the European Union (EU) to block Big Tech companies from accessing financial data as part of the incoming Financial Data Access (FiDA) regulation.
Firms such as Apple, Meta, Google and Amazon are reportedly losing their bid to be included within the FiDA perimeter according to an EU diplomat, who told The Financial Times they “are actually losing the lobbying fight”.
Big Tech companies have been campaigning to gain access, arguing consumers and platforms will “lose out” if FiDA regulations are currently in place. However, EU officials are concerned they run the risk of Big Tech companies “exploiting sensitive data”.
In a document sent to EU countries seen by the Financial Times, it was revealed German officials had suggested blocking Big Tech companies from FiDA to “promote the development of an EU digital financial ecosystem, guarantee a level playing field and protect the digital sovereignty of consumers”.
The final text of FiDA regulations are expected to be submitted and completed later this year.
Why do Big Tech companies stand to lose out?
FiDA regulations have been in development for two years and will act as a continuation of the Open Finance framework created under the Payment Services Directive 2 (PSD2). The regulation proposes that new customer financial data be shared across a wider range of banks, and financial products and service providers.
Where FiDA will greatly differ from PSD2 is its scope to cover more than just payment-related data. The proposed regulation will focus on financial data across savings, loans, mortgage, and investment accounts to be shared, as well as pensions, non-life insurance and creditworthiness services.
The proposals specifically seek to block Big Tech from accessing this type of financial data, limiting eligibility to banks, credit institutions, investment firms, pension providers, credit rating agencies and crypto asset service providers (CASPs).
Blocking Big Tech from this data could give European banks a competitive edge as they push to develop new digital payment and finance services for consumers.
Apple and Google have long used access to financial data to expand their digital wallets, Apple Pay and Google Pay, while Amazon has leveraged similar insights in Europe to refine its retail offerings and tailor services to consumers.
Europe fighting off US threats
The proposal to exclude Big Tech companies from FiDA regulations may add to heightening tensions between the US and Europe.
US President Donald Trump has threatened further tariff action in response to policies he believes “discriminate” against US-based Big Tech companies.
The new compliance rules would force Big Tech firms to introduce stricter risk-mitigation systems and open their data to regulators for verification.
But critics argue the measures risk going too far. Kay Jebelli of the tech lobbying group Chamber of Progress told the Financial Times that “discriminating against US companies will deny Europeans new digital services.”
For Brussels, however, restricting Big Tech access under FiDA is less about exclusion and more about strategic autonomy. EU officials see it as a way to strengthen home-grown payment and finance providers and reduce reliance on global giants such as Visa and Mastercard.
