European Union finalizes the Financial Data Access

EU, is poised to prevent major U.S. technology companies, including Apple, Google, Amazon, and Meta, from accessing its emerging shared financial data system, according to sources cited by the Financial Times. The move comes as the European Union finalizes the Financial Data Access (FiDA) regulation, which aims to give consumers greater control over how their financial information is used.

FiDA would allow individuals to authorize third-party providers to view data held by banks and insurers. The system is designed to encourage innovation, enabling new digital services such as budgeting tools, personalized financial advice, and other consumer-facing applications. Supporters argue it