Why Canada must be open to open banking GlobeBusiness
Where does Canada stand? The government first declared its interest in open banking in the 2018 federal budget. This interest was repeated in the 2019 budget. In 2019, the Senate produced a well-researched report urging decisive government action. In parallel, the Minister of Finance commissioned a report from an expert advisory panel. We hope this report will be released early in 2020.
There is general agreement with the Senate report that “consumers and small businesses would also benefit from increased competition and innovation in the financial sector.” Small and medium-sized businesses stand to gain significantly. As a recent C.D. Howe report highlighted, Canada lags international peers in allocating capital to SMEs.
That said, we are encouraged by Canada’s Digital Charter. Principle 4 of this charter espouses the core idea behind open banking: that consumers have rights to their data and can share it or transfer it. We would like to see the Department of Finance work more closely with the Ministry of Innovation, Science and Economic Development to bring these principles to life.
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