in the horizon, particularly linked to the open banking regime which is currently being considered by Canada’s federal government. “There are potential changes in the competitive landscape, as things like open banking are considered,” Black noted. “And also, the banks and the life insurance companies continue to look to allocate capital outside of Canada. So, it makes it makes for a very fluid environment, with lots of things happening that we always have to consider as we make our investment decisions.”
Last week, Prime Minister Justin Trudeau’s government issued the long-awaited report on open banking, which recommended a regulatory framework that is aimed at protecting banking information of customers, while establishing a stable and innovative financial sector.
“Consumer-driven finance, or open banking, is already part of Canadians’ lives. Many use digital services every day to manage their money, to budget for expenses, and to make investments,” Canada’s Finance Minister Chrystia Freeland said in a statement. “Working towards a regulated, made-in-Canada system will make sure that we continue to enjoy a strong, stable, and innovative financial sector that is globally competitive, promotes consumer choice, prioritises data privacy, and contributes to economic growth,” she added.
