The European Union is finalizing a new financial data sharing system meant to give consumers more control over their banking information and encourage the creation of digital financial services. Europe’s FiDA RegulationAt the center of the debate is the Financial Data Access (FiDA) regulation, an extension of the EU’s existing Open Banking framework. European banks, however, warned that giving Big Tech companies access would allow them to exploit sensitive data and sideline traditional financial institutions. “This is one file where the Big Tech players are actually losing the lobbying fight,” one EU diplomat told the paper. “Digital Taxes, Digital Services Legislation and Digital Markets Regulations are all designed to harm, or discriminate against, American Technology,” Trump wrote.