FIDA regulation: Germany wants to exclude Apple & Co.

The European Union is currently working on a new system for exchanging financial data. The goal is to create more competition and promote the development of digital financial products. At the heart of this is the so-called FiDA regulation. However, Apple and other US corporations could be left out. Germany has proposed excluding these companies from access in order to strengthen the digital financial ecosystem in Europe.

The FiDA (Financial Data Access) regulation is intended to oblige banks and financial institutions to share financial data with third parties – but only with the customer's consent. The plan is considered an extension of the existing open banking system. It is intended to give consumers more control over their own data while paving the way for new digital financial products. While European banks and FinTechs could benefit from this, major US tech companies such as Apple, Amazon, Google, and Meta are at risk of being excluded.

What is FiDA and why is it important?

FiDA stands for Financial Data Access and is a key EU project to open up the financial market. Banks will be required to share customer data with external providers. With user consent, new services can be developed—such as customized investment apps or innovative payment services. The goal is to make the market more dynamic and customer-friendly.

Germany's position towards Apple and Co.

According to a report in the Financial Times, Germany has sent a document to the other EU member states calling for the exclusion of large tech companies, including Apple, Amazon, Google, and Meta. The document states that this step is necessary to promote the development of a digital financial ecosystem in Europe, ensure a level playing field, and protect consumers' digital sovereignty.

Criticism from tech companies

The major tech companies reject the allegations. They believe that the established banks, not Apple and others, are the real gatekeepers in the financial sector. Excluding FiDA would hinder innovation rather than promote it. Furthermore, the lobby groups warn that these restrictions could further strain the already strained relationship between Europe and the US.

Threats from the USA

The dispute is also causing tensions at the political level. US President Donald Trump recently threatened on Truth Social with new tariffs against countries that he believes discriminate against American companies. In his statement, he described digital taxes, digital market laws, and digital services regulations as targeted attacks on American technology. If the EU persists with the restrictions on Apple and other companies, the conflict could escalate significantly.

Consequences for the financial market

Excluding Apple and other US tech giants from FiDA would have far-reaching consequences. On the one hand, European banks and FinTechs could be strengthened because they would be better positioned without direct competition from large US companies. On the other hand, customers would have less choice in digital financial services. At the same time, there is a risk of new trade conflicts between the EU and the US that could extend far beyond the financial market.

EU decides on access for US companies

Negotiations on the FiDA regulation are in their final stages. Diplomats familiar with the talks believe that the major US tech companies face a near-certain defeat. This puts a huge market at stake for Apple and other companies, while Europe seeks to secure its digital independence. The coming weeks will determine whether the EU will actually pursue the path of excluding Apple and other US giants from accessing European financial data. (Image: Shutterstock / Pixel-Shot)