Fida, or Financial Data Access, is a system that is to revolutionize access to financial data in Europe. Its purpose is to enable smaller companies to use information from banks and insurers to develop advanced technologies, such as home budget management applications or financial advice. The regulation was originally to serve consumers, increasing their control over data and access to innovative tools.
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Europe considers Big Techy
However, according to the European bank and insurance sector, global technology companies could destabilize the market. The European industry is afraid that such giants could use sensitive customer data, deepening their dominant position at the expense of traditional financial institutions. JAK results from the “FT” information, the European Commission, the European Parliament and key Member States, such as Germany, are on the side of these arguments.
Berlin, in a document sent to other member countries, which revealed the “Financial Times”, emphasizes that the exclusion of American technological giants from FIDA is a step protecting the European “digital sovereignty”. Germany also indicates that such a decision is conducive to equal competition and supports the development of the financial ecosystem in Europe.
Work on the final shape of the regulation is at an advanced stage and is to end in autumn. The proposal to exclude technological giants, however, raises anxiety about the relationship between the EU -USA. In the past, President Donald Trump has repeatedly warned against introducing regulations that could discriminate against American companies, at the same time threatening to impose retaliation tariffs, which could escalate tension in transatlantic trade relations.
