Overview

• FiDA would require banks and insurers to share customer data with third-party providers on consumer consent to spur new digital services.
• Germany circulated a proposal to exclude large U.S. platforms to foster an EU-focused financial ecosystem and protect consumer digital sovereignty.
• EU diplomats say the plan has traction across multiple capitals, with Big Tech seen heading for defeat as negotiations wrap up in the coming weeks.
• The European Parliament and the European Commission have signaled support for limiting platform access, aligning with concerns from incumbent financial institutions.
• U.S. tech trade groups warn exclusion would entrench banks and curb consumer choice, while President Trump threatens tariffs over perceived discrimination.