Canada is on early moment. Still on Open Banking discussion, not Open Finance. 2024 acelerated since early discussions in 2017.
Open banking is a framework that allows you to share your financial data with financial technology companies of your choice. The Government has taken the first steps to introduce a framework in Canada. There's currently no secure system in Canada to safely share financial data from your bank account with fintechs, other than your bank.
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The Top 4 dates of Open Banking by Abraham Tachjian, Director of Digital Banking at PwC:
Beginning - First Critical Data:
The Tropicalization in Canada:
Canada doesn’t want to simple copy and paste what works around the world;
The focus in Canada is not Market behaviour but rather consumer empowerment an acknowledgment of a consumer’s right to have complete control over their data.
Second Critical Date:
When suggested enterprises act participation;
Thrid Act Date:
April 2024 budget included the Open Banking;
Named the regulator to be in charge of the Open Banking, the FCAC;
Mentioned about Uk that leverage the Open Banking for tax efficiency;
Encourages customers to use as most of its potential;
May 2nd the draft of the consumer banking framework was introduced in the budget implementation;
Fourth Act Date:
Leader: Abraham Tachjian - his term of open banking lead ended in Dec, 22.
