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The EU plans to block major U.S. tech firms from its new financial data system, Fida, over data and competition concerns.
The European Union is set to exclude major U.S. tech firms like Meta, Apple, Google, and Amazon from its new financial data sharing system, Fida, citing concerns over consumer data protection and fair competition.
Backed by Germany and EU institutions, the move aims to prevent Big Tech from accessing sensitive financial data held by banks and insurers, which could otherwise be used to bypass traditional financial services.
While tech companies argue the restriction hampers innovation and consumer choice, EU officials maintain it strengthens digital sovereignty and market balance.
Final decisions are expected this autumn, potentially straining U.S.-EU relations amid ongoing trade tensions and threats of tariffs.
La UE planea bloquear a las principales firmas tecnológicas estadounidenses de su nuevo sistema de datos financieros, Fida, por preocupaciones sobre datos y competencia.