Germany pushes to block Big Tech from shared financial data system

The European Union is setting up a new financial data sharing system that will promote the development of new digital financial products. Apple and other U.S. companies, however, may not get access to it. Here are the details.

Big Bank vs. Big Tech

For the past couple of years, Europe has been setting up the FiDA (Financial Data Access) regulation, which will require banks and financial institutions to share customer data with third parties, provided the customer opts in.

In a…