another report to be issued following the analysis on a proposed regulatory framework in this regard. Now, after months of delays caused by the COVID-19 pandemic, this long-awaited report was released by the federal government on Wednesday (4 August). Open banking, in a nutshell, is a regulatory framework that would enable consumers to share their financial data with banks and other financial service providers or to move their data from one institution to another.
Accordingly, the advisory committee, in its recent report, recommended a framework which 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…
