Plans to introduce open banking in Canada are moving ahead in low gear, and there are no signs the federal government is likely to speed things along.
It’s been five years since the government first said it wanted Canadians to have control over their financial data and the ability to easily share that information with financial service providers of their choice.
At the time, the plan was that this shift would spur competition, lower costs and provide consumers with new services, especially from innovative fintechs. The changes would mirror developments in Europe, the U.K., Australia and the United States. Flash forward to now, and all those countries have open banking in place—some have had it for years.
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