Ottawa releases long-waited blueprint to usher in open banking in Canada

DM

The Canadian government released the belaboured final open banking report on Wednesday afternoon after months of delays that drew concern across the financial technology sector. The advisory committee’s review on opening banking — a regulatory framework that would allow consumers to determine how to share their banking data with financial service providers or move their information from one institution to another — recommends a framework aimed at safeguarding customer banking information. It could also open Canada’s financial services sector to competition from financial technology startups or “fintechs.” “Consumer-driven finance, or open banking, is already part of Canadians’ lives. Many use digital services every day to manage their money, to budget for expenses, and to make investments,” Finance Minister Chrystia Freeland said in a statement. “Working towards a regulated, made-in-Canada system will make sure that we continue to enjoy a strong, stable, and innovative financial sector that is globally competitive, promotes consumer choice, prioritizes data privacy, and contributes to economic growth.”

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