OTTAWA (CU)_Many countries across the globe have already established open banking regulations, having identified the need to protect financial data of consumers in this digital age. This has been on the radar of the government of Canada as well, as Prime Minister Justin Trudeau announced plans to review the merits of this practice in February 2018. Later that year, former finance minister Bill Morneau launched an advisory committee which issued its initial report on the opportunities and challenges involved with open banking in January 2020.
The report, which described the regime as consumer-directed finance, called for…
