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Ontarians are getting digital ID this fall: All you need to know
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Conservatives promise to cut income tax for new technology staying in Canada
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Open banking, the life blood of fintech and new bank services, is set to arrive in Canada by 2023
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Open banking, the life blood of fintech and new bank services, is set to arrive in Canada by 2023
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TORONTO A government working group on so-called open banking recommends that a regulated system for sharing personal financial data with third parties like robo-advisors and budgeting apps be put in place by 2023. The report released Wednesday by the Advisory Committee on Open Banking said that the timeline is ambitious but that it s important to roll out a system quickly because technology has outstripped regulation in a rapidly changing financial services industry. More than four million Canadians already use some form of open banking which involves granting third-parties such as financial technology companies access to bank data but that some current practices create security and liability risks.