European regulators are preparing to exclude large technology companies from participating in a pan-European financial data-sharing infrastructure, according to senior EU officials and reporting by the Financial Times. The initiative, part of a broader move to consolidate consumer-permissioned banking and investment data under EU oversight, is designed to prevent so-called gatekeeper platforms from using privileged access to build dominant positions in financial services.

An EU Commission spokesperson told journalists the draft architecture for the system will bar "companies that qualify as gatekeepers under the Digital Markets Act from having operational control, or exclusive access, to the hub." The decision aims to address a growing European unease about Big Tech firms expanding into payments, credit scoring and wealth management, where control of vast data troves can translate into market power and systemic risk.

Commission officials say the measure draws on recent digital rules — including the Digital Markets Act and the Data Act — and on longstanding privacy protections under the General Data Protection Regulation. "This is about ensuring a level playing field for banks, fintechs and European consumers, and about maintaining public trust in financial infrastructure," an unnamed official said. "We cannot allow essential financial functions to be captured by a handful of non‑EU platforms."

Banks and many European fintechs have welcomed the move as a bulwark against what they view as unfair competitive advantages, while some startups and trade groups warn exclusionary rules could limit innovation if cloud and analytics providers are also restricted. A spokesperson for one major U.S. technology firm, speaking on condition of anonymity, said the company "is reviewing the proposals and remains committed to constructive engagement with European regulators," echoing a cautious industry line that compliance, rather than outright exclusion, should be the goal.

The decision carries diplomatic implications. U.S. officials and business groups have in the past criticized European digital rules as protectionist, and Washington may raise concerns through formal channels about market access. Legal experts note the plan could also face challenges in European courts on proportionality grounds, and possibly draw scrutiny under World Trade Organization rules if it is framed in ways that disadvantage foreign providers.

Beyond transatlantic friction, policymakers in Asia, Latin America and Africa are watching closely. "What Europe does here could become a template for many jurisdictions balancing digital sovereignty, competition policy and financial stability," said Alexandra Pires, a data‑governance analyst in Lisbon. For developing economies crafting their own regimes, the EU’s approach offers both a policy model and a cautionary tale about the trade-offs between openness and control.

Implementation logistics will be central. Officials acknowledge complex technical decisions remain, from governance and oversight arrangements to interoperability with existing banking infrastructures and cross-border data-transfer regimes. The Commission expects to publish more detailed rules ahead of the hub's launch, and industry groups anticipate a period of intense consultation.

Whatever the final form, the move signals a decisive European posture: an insistence that critical digital infrastructure underpinning finance should be governed in ways that protect competition, consumer privacy and systemic resilience — even if that stance strains relations with global technology giants and their home governments.