The $13.5-billion takeover of HSBC Canada is set to happen in 2023, with concerns about competition. The government plans to introduce open banking legislation in 2024 to facilitate easier sharing of financial data for Canadians and small businesses.
$13.5-billion takeover of HSBC Canada in the waning days of 2023, despite concerns from critics that it will stifle competition. Banking customers will start to see next year how the acquisition, expected to close in the first quarter, shakes out.The federal government said in its fall economic statement that it would introduce legislation in its 2024 budget to establish an open banking framework.
Open banking, or what the government calls ‘consumer-driven banking’, would make it easier for Canadians and small businesses to safely share their financial data between services, including options like budgeting apps. For example, a customer could pool all of their various bank accounts into a single interface, making it easier to add and manage no-cost accounts or other products. Many in the financial tech community have been pushing for the adoption of open banking to make it easier for consumers to switch bank accounts and try new service
HSBC Canada Takeover Open Banking Legislation Financial Data Competition
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