The EU is preparing to block Meta, Apple, Google, and Amazon from accessing the new financial data sharing system.

With the support of Germany, the EU is taking measures to exclude Meta, Apple, Google, and Amazon from a new financial data sharing system, designed to enable the development of digital financial products for consumers.

After more than two years, negotiations on the Financial Data Access Regulation (FiDA) are entering the final stage in the coming weeks, with Big Tech groups almost certainly facing defeat, according to diplomats.