Open Banking Initiative Canada (OBIC), which is a not-for-profit advocacy organization gathering great minds in finance, technology, and regulation, to advance Open Banking as an innovative and inclusive force for good, has partnered with Open Banking Expo, a global community of Open Banking and Open Finance executives responsible for digital transformation across the financial services sector, to boost the growth of Open Banking and Open Finance across Canada.

Though efforts have already been made to adopt Open Banking in Canada, which will?allow consumers to consent to the secured sharing of data with all service providers including banks, credit unions, wealth management firms, and?Fintechs,?the?Open Banking?initiative is still in its nascence in the country.

Over the past two years, OBIC has been working with industry participants and players to establish and assess technologies and standards best suited for Canada’s financial system and economy, and to establish a framework of trust between Fintechs, banks and other financial institutions, technology providers, and regulatory bodies to ultimately benefit Canadian consumers.

Just recently, the Canadian Advisory Committee on Open Banking published its?Final Report?with recommendations on establishing the path forward for?Open Banking?in Canada, enthusing the ecosystem and its participants.

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