💣EU moves to finalize financial data access rules (FiDA), excluding US tech giants 🇺🇸

💣EU moves to finalize financial data access rules (FiDA), excluding US tech giants 🇺🇸
According to the Financial Times, the European Union plans to bar Amazon, Apple, Google, and Meta from accessing its new financial data-sharing system. The measure is framed as part of Europe’s drive for “financial sovereignty.”

▶️The FiDA framework is designed to advance open finance, granting third parties access to banking and other financial data. However, the regulation is not expected to cover major US technology firms.

▶️Resistance to their inclusion has come from the European Parliament, the European Commission, and Germany 🇩🇪. In response, former US President Donald Trump has warned of potential tariffs against Europe if these companies are subject to what he called “discrimination.”

▶️The final version of the regulation is set to be negotiated and agreed upon by EU member states in the coming months.

#Europe #news #geopolitics #USA

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