EU Stands Firm Against Big Tech in Finance

The European Union plans to prevent large technology companies from accessing a new system designed for financial data sharing. This move aims to regulate the influence of tech giants in the financial sector and ensure fair competition among market participants.

The European Union is taking a strong stance against big technology companies, blocking their access to a new financial data sharing system, according to a report by the Financial Times on September 21.

This decision reflects the EU's ongoing efforts to regulate the burgeoning influence of tech giants such as Apple, Google, and Amazon in various sectors, including finance.

The initiative aims to maintain fair competition within the financial market, ensuring that smaller companies can compete on a level playing field without being overshadowed by the digital giants.

(With inputs from agencies.)