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Bigtech will have to share data under EU proposals

Wednesday 26 February 2020 12:33 CET | News

Dominant tech companies will have to open up their troves of data to smaller rivals, as other sectors such as financial services already do, the European Commission said.

 

According to Financial Times, in a document outlining a “European strategy for data”, the commission said it would explore “the need for legislative action” to push companies towards sharing and pooling data.

In areas where there has been market failure, it said access to data “should be made compulsory [ . . . ] under fair, transparent, reasonable, proportionate and/or non-discriminatory conditions”.

It suggested it may revise previous EU directives to remove obstacles such as whether data can be classified as a trade secret.

The commission said that tech companies were able to build huge advantages by guarding their data, while banks or car companies were already required to allow third parties to access information about customers.

 

Detailed information can be found here.

 


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Keywords: bigtech, data, European Commission, banks, technology
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech