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The EU is moving to exclude Meta, Apple, Google and Amazon from a new system for sharing financial data that is designed to enable development of digital finance products for consumers.

Such a decision would hand a significant boost to banks in their efforts to fight off a competitive threat from Big Tech groups, which they fear will use their data to disintermediate them from their customers while extracting much of the value of knowing people’s spending and saving behaviour.

After more than two years, negotiations on the Financial Data Access (Fida) regulation are entering the final stages in coming weeks, with Big Tech groups facing almost certain defeat, according to diplomats.

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