Canada investigates Open Banking

The government of Canada has put together an advisory committee to investigate the possibility of introducing Open Banking.

Minister of finance Bill Morneau announced the appointment of its four members: TD Bank technology head Colleen Johnston, Montréal-based entrepreneur François Lafortune, Dentons law firm partner Kirsten Thompson, and tech hub MaRS Discovery District chief executive Ilse Treurnicht.

Establishing the advisory committee is the first step in a review of the potential merits of Open Banking, which was previous promised in the country’s Budget this year.

A consultation paper will be released later this year, with the conclusions delivered in a report from the committee assessing the potential merits, while addressing concerns around consumer privacy, security and financial stability.

“Open Banking has the potential to offer a new, secure way for Canadian consumers - including small businesses - to share their financial transaction data with financial service providers, allowing them to benefit from a broader range of financial products and services,” read a statement.

“It is also expected that by giving FinTechs and other financial service providers increased access to consumer financial transaction data, they will be able to develop products more tailored to consumer needs and preferences — helping to boost the level of competition in the financial sector.”

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