Big Tech groups are losing a political battle in Brussels to gain access to the EU’s financial data market, despite Donald Trump’s threats to punish countries that “discriminate” against US companies with higher tariffs.
With the support of Germany, the EU is moving to exclude Meta, Apple, Google and Amazon from a new system for sharing financial data that is designed to enable development of digital finance products for consumers.
Such a decision would hand a significant boost to banks in their efforts to fight off a competitive threat from Big Tech groups, which they fear will use their data to disintermediate them from their customers while extracting much of the value of knowing people’s spending and saving behaviour.
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