Canadian government urged to ‘embrace’ Open Banking

The Council of Canadian Innovators (CCI) has issued an open letter urging Canada’s government to “embrace” Open Banking.

The letter addressed to minister of finance Chrystia Freeland in support of the Canadians for Open Banking campaign has been undersigned by the heads of more than 50 Canadian finance institutions.

It pointed to recent findings by the Canada Competition Bureau that the Canadian economy is “a less competitive place than it was twenty years ago”, adding that a lack of innovation “stifles innovation, drives up prices, and leads to stagnation”.

“In the financial services sector, we see our global peers delivering new products to make financial services more convenient, more widely available to unbanked citizens, and driving down costs,” the letter read. “It’s time for Canada to catch up with the European Union, the United States and the UK to ensure we have affordable and innovative Open Banking.”

CCI went on to state that the campaign was not just about getting the government to fulfil an election promise but about “increasing consumer control, security and choice in Canada's financial services sector.”

The letter closed by calling on the Canadian government to “reaffirm its promise” to enact Open Banking and “release a clear roadmap” for when its implementation can be expected.

“Many of us made business investments and built strategies around your election promise; we need assurance that you’re going to keep your word,” it said.

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