Open Banking in Canada: Better Late Than Never?

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Canada Open Banking: Glacial Pace or Strategic Patience? Canada, a nation renowned for its politeness and measured approach, has finally entered the open banking arena. While other developed countries like the UK, EU, Singapore, and Australia have embraced open banking with the zeal of an Olympic sprint, Canada has taken a more “politely patient” route. Much like the gradual melting of Canadian snow in the spring, the nation’s open banking journey has been characterised by deliberation and cautious optimism. This so-called “made-in-Canada” approach, often described as slow and methodical, has sparked debate – is it a case of better late than never, or a missed opportunity for innovation and competition?In 2023, regulators in North America made significant strides in implementing open banking, with key developments occurring in the United States and Canada. In October 2023, the United States laid the foundation for open banking when the Consumer Financial Protection Bureau (CFPB) introduced the Personal Financial Data Rights rule. Following this, on 21 November 2023, the Canadian Government announced its plans to create an open banking framework in its 2023 Fall Economic Statement. Just as Europe uses the term “PSD2” and Australia calls it “Consumer Data Rights,” Canada employs the term […]

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