Ottawa to study merits of open banking a catalyst for fintech

first_img Join the conversation → Facebook What you need to know about passing the family cottage to the next generation /Peter J. Thompson / National Post Barbara Shecter Reddit Recommended For YouMicrosoft, AT&T sign cloud deal worth more than $2 billionMidweek Brexit magnifies headache for banksPosthaste: Earnings season kicks off, China growth slowest on record … and biggest Prime Day everUPDATE 2-Swiss ready to retaliate against EU over stock market accessIt might be time to get defensive after blistering first half for TSX February 27, 20184:57 PM EST Filed under News FP Street Share this storyFederal budget: Ottawa to study merits of ‘open banking,’ a catalyst for fintech Tumblr Pinterest Google+ LinkedIn Twitter Federal budget: Ottawa to study merits of ‘open banking,’ a catalyst for fintech The system allows customers’ financial data to be shared between banks and other financial service providers Email More Comment “Recognizing… potential benefits, the government proposes to undertake a review of the merits of open banking in order to assess whether open banking would deliver positive results for Canadians with the highest regards for consumer privacy, data security, and financial stability,” the budget document said.According to the document, open banking through secure data sharing platforms “enables financial service providers to offer more tailored products and services, on a more competitive and innovative basis.”Federal budget: Innovation gets a further boost as Ottawa overhauls grant programsFederal budget: Hey, big spender, it’s time to turn in those $1,000 billsFederal budget aims to boost the number of women in the workforceAt the same time, it has the potential to make it easier for consumers to move and manage their money, and to make informed decisions by providing greater transparency on the products and services offered. 0 Comments Featured Stories ← Previous Next → Sponsored By: Ottawa is going to study the merits of introducing “open banking,” which allows consumers’ financial data to be shared between banks and other financial services providers, to see if it should be introduced in Canada.It has already been adopted by jurisdictions including the United Kingdom and Australia, and is touted as a catalyst to the development of financial technology, or fintech.In Tuesday’s budget, the government said open banking has the potential to increase innovation and competition in the banking sector. But it also gives rise to concerns over privacy and data security, so a final decision has not been made. advertisementlast_img

Leave a Reply

Your email address will not be published. Required fields are marked *