Germany pushes to exclude Big Tech from EU FiDA — what’s at stake?

According to reporting originating with the Financial Times, Germany is leading efforts within the EU to block major U.S. tech companies — Apple, Meta, Google and Amazon — from accessing the European Financial Data Access (FiDA) system. Supporters say the move protects banks, promotes EU digital sovereignty and helps build an EU-centered financial-data ecosystem. Critics warn it could reduce consumer choice and raise trade tensions.

What is FiDA?

FiDA (Financial Data Access) is the EU’s planned extension of open-banking rules designed to let third parties access financial data from banks and insurers — with customer consent — to foster innovation in finance and give consumers more control.

Why Germany wants exclusion

• Protect incumbent banks and EU fintechs from dominant Big Tech platforms.
• Preserve digital sovereignty and keep sensitive financial data within the EU market.
• Ensure a level playing field for European companies building financial services.

Reactions & risks

• Big Tech and some industry groups argue exclusion would limit consumer choice and innovation.
• There are warnings of potential trade fallout with the U.S., and calls for careful balancing of competition and data-protection goals.

Further reading

Coverage synthesizing the reporting is available here: Germany seeks to block Apple, Google from EU’s FiDA — DataConomy.

Other coverage: TechRadar, 9to5Mac.

Questions for readers

Do you support excluding Big Tech from FiDA to protect EU digital sovereignty, or is that a step too far? Share your thoughts below.