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European regulators are preparing to restrict major U.S. technology companies from accessing a new financial data-sharing system, according to the Financial Times. The European Union reportedly plans to exclude firms such as Amazon, Apple, Google, and Meta from participation. The system is being developed to support the growth of digital financial products for consumers and to improve transparency in financial services across the EU.
According to the Financial Times, the move would mark a significant step for European banks seeking to shield themselves from competition with large technology firms. The concern is that companies like these could gain an unfair advantage by accessing detailed data on citizens’ spending and saving habits.
The restriction is being introduced as negotiations wrap up on the Financial Data Access (FiDA) framework. According to diplomats, large technology companies are almost certain to lose their bid to influence the process. “This is one of the rare cases where the tech giants have essentially lost a lobbying battle,” an EU representative noted.
The reforms aim to give third-party service providers access to data from banks and insurance companies, allowing them to develop new digital financial services such as online advisory platforms and personalized financial products.
At the same time, Europe’s financial sector has strongly supported restricting big tech’s involvement, arguing that digital “gatekeepers” could misuse sensitive information held by European banks and insurers, further entrenching their market dominance.
A document shared with other EU member states and obtained by the Financial Times shows that Germany backs the ban on large technology groups. The reasoning centers on the need to develop Europe’s own digital financial ecosystem, ensure a level playing field for market participants, and protect consumers’ digital sovereignty.
Meanwhile, debates continue in the United States over consumer financial data access, tied to Rule 1033 from the Consumer Financial Protection Bureau, which governs open banking. According to PYMNTS, the issue has sparked an “intense political debate” that will shape the regulatory framework in the coming months. The main points of contention involve data privacy, the scope of access, competitive fairness, and the technical burden placed on innovators – all of which are already influencing the trajectory of open banking in the U.S.
Banking associations have been actively involved in these debates. In July, they issued a statement warning that without secure access to consumer data, the business models of aggregators and FinTech companies could be significantly undermined. The statement came in response to a letter sent just days earlier by the American FinTech Council to President Donald Trump.
In its press release, the council noted that “some of the nation’s largest banks have raised legal and operational objections to open banking standards, including filing lawsuits to delay implementation and introducing new fees and restrictions that could limit consumers’ ability to share financial data.” The council also warned that such measures “risk reducing consumer choice, hindering competition, and slowing the pace of innovation that benefits Americans nationwide.”
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