Incurring the 磁力链接转种子wrath of the United States government appears to have had a limited impact on the thinking of the European Union, following reports that big tech companies are set to be excluded from reforms to the bloc's financial data market, in the name of protecting consumers.
Challenges to the market dominance of global tech companies have been a regular feature of EU policy in recent years. With negotiations over Financial Data Access, or FiDA, coming to a conclusion, it is reported that companies such as Google, Meta and Apple will be excluded.
The reforms, which have been in discussion for two years, seek to enable third-party service providers to access data from organizations such as banks and insurance companies.
But Europe's financial sector has expressed concern about the potential for exploitation of "sensitive data" and how this could be used by already dominant companies to strengthen their positions. This opinion has been supported by the European Parliament and the European Commission, the EU's executive body, which proposes legislation and ensures that member states apply EU law and policies correctly.
Documents seen by the Financial Times newspaper indicate that the German government suggested big tech companies should be denied access, "to promote the development of an EU digital financial ecosystem, guarantee a level playing field and protect the digital sovereignty of consumers".
Earlier this year, it appeared that FiDA could be abandoned altogether, as it was deemed to be contrary to the commission's goal of simplifying rules.
Kjeld Herreman, founding partner at Brussels-based payments advisory firm Paylume, told The Banker website that proposals suggesting banks should expose all customer data to authorized third parties would be a "little bit like open banking on steroids", and a Commission document seen by the Politico website expressed concern that it would bring in a "significant burden and complexity for financial actors".
Flare-up in relations
But now, the final text looks to be within reach. If, as widely reported, it does exclude many US-founded big tech companies, it could cause a flare-up in relations with Washington that have already been strained this year due to the tariffs row, which has resulted in most EU exports to the US being subject to 15 percent levies. Big tech lobby groups are already warning that the consequences could be less freedom for consumers, rather than more.
"FiDA's original vision was to give people control over their own data and access to better, more innovative financial services," Daniel Friedlaender, head of tech trade association Computer & Communications Industry Association Europe, told the FT.
"Big bank磁力链接转种子s are the current gatekeepers here, not the digital platform," added Kay Jebelli, from tech lobby group Chamber of Progress. "Discriminating against US tech companies would not only deny Europeans new digital services, it would also stoke transatlantic tensions."