If your company is a fintech operating or hoping to operate in Canada with a business model that offers financial products, you should be aware that Canada s federal government has announced its intention to enact legislation that could apply to your organization. This impending legislation is the Consumer-Driven Banking Act CBDA, and it will set the foundation for a framework that enables consumers and small businesses to securely transfer their financial data through an API to approved service providers of their choice.
Open Banking: What New Consumer-Driven Banking Legislation Means For Fintechs in Canada | Bennett Jones LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
Introduction - On April 30, 2024, the federal government tabled a Notice of Ways and Means Motion to introduce the Budget Implementation Act, 2024, No. 1 (Bill) to codify.