Open Banking in Canada is underway, with a ‘Made in Canada’ framework starting to take shape.
Following the delivery of the Final Report of the Advisory Committee, practitioners are beginning to build the initial tranche of products and services, and the working groups continue to provide insight and guidance around critical questions of privacy, security, accreditation, and liability.
However, open questions remain: how far can we progress after a slow start to implementation? Do we expect to be further hamstrung by roadblocks in regulations? Will the banks embrace a truly open environment? Is there any real money to be made this year? Which model of governance will work for Canadian financial services? And have we all even agreed on what ‘true’ Open Banking will look like going forwards?
Attend the Open Banking Expo Canada in Toronto on June 15th to find answers to these crucial questions and truly move the dial in anticipation of the roadmap announcement.
This year’s Canada Expo will bring together more than 500 open banking, open finance and open payments executives from the financial services and fintech ecosystem at the Metro Toronto Convention Centre.
This marks the first year that Mastercard is the headline partner of Open Banking Expo’s flagship Canadian event.
Mastercard, which has global expertise in consumer protections, data privacy, global fraud identification, and secure connectivity and is managing open banking solutions in a number of markets, will bring a holistic approach to the open banking discussion, helping to solve fintechs’ and banks’ need for great digital enablement with secured commercial scale.
“The announcement of Canada’s new open banking framework is the first step in the evolution of Canada’s financial system, which will transform the way Canadian businesses and consumers securely manage their data and finances,” shared Darrell MacMullin, senior vice president, products and platforms of Mastercard Canada.
“As a global company, we understand how to leverage the power of our network to deliver open banking solutions and look forward to sharing our expertise and engaging in conversations about the future of open banking in Canada at this year’s Open Banking Expo.”
The speakers from banks, credit unions, fintechs, solutions providers, and industry bodies has already been announced, including Finance Canada’s open banking lead, Abraham Tachjian, who will deliver an update ahead of September’s open banking roadmap announcement.