Years of delays and bureaucracy have hindered Canada's progress towards open banking, leaving consumers and fintech companies without the benefits enjoyed in other countries.
Steve Boms, the executive director of the Financial Data and Technology Association of North America, criticizes the slow progress of open banking in Canada . Despite the government's initial commitment to a made-in- Canada approach in 2018, years of consultations, advisory committees, and delays have hampered the implementation. As a result, Canadians lack a financial services system that offers lower fees, secure data sharing with third-party apps, and easier bank switching.
Meanwhile, Canadian fintech entrepreneurs face difficulties bringing their applications to market. The government's recent announcement of a one-year delay further exacerbates the situation. Boms contrasts Canada's sluggish pace with the advancements in open banking in countries like the United Kingdom, United States, Europe, Australia, and New Zealand, where consumer adoption, capital investment, and economic output in the fintech sector have flourished. He highlights the U.S. Consumer Financial Protection Bureau's recent regulation that establishes a legal right to consumer financial data as another example of Canada falling behind
OPEN BANKING CANADA FINTECH GOVERNMENT DELAY INTERNATIONAL COMPARISON
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