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European Banks Urged to Reduce Reliance on U.S. Tech

12/12/2025

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Summary

Story summary

Steven Maijoor, chair of the Dutch central bank's supervision, urges European banks to cut dependence on American tech firms for digital services due to operational risks.
He cites Amsterdam Trade Bank's collapse to show concentration risks.
He says DORA favors large non-European providers and warrants regulatory reassessment.
He proposes establishing a cloud watchdog to oversee critical tech service providers across sectors.

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Story summary

Steven Maijoor, chair of the Dutch central bank's supervision, urges European banks to cut dependence on American tech firms for digital services due to operational risks.
He cites Amsterdam Trade Bank's collapse to show concentration risks.
He says DORA favors large non-European providers and warrants regulatory reassessment.
He proposes establishing a cloud watchdog to oversee critical tech service providers across sectors.