🎉 Canada 🇨🇦: The Ministry of Finance announces the creation of an open banking system

🎉 Canada 🇨🇦: The Ministry of Finance announces the creation of an open banking system

… also known as a consumer financing system.

➡️ Who is it for ❓— This system is primarily aimed at SMEs, which are essential to the Canadian economy. The government intends to protect merchants and ensure that data transfers are made to "verified providers".

➡️ Who is leading it❓— The Financial Consumer Agency of Canada (FCAC) will oversee the process. Under the Banking Act of June 2024, this agency has expanded powers to verify providers and carry out related procedures.

➡️ When will it launch❓— The system will be rolled out gradually starting in 2026. Major banks will be required to participate, while smaller institutions and credit unions may do so voluntarily.

➡️ Benefits: Users will be able to access applications for credit creation and budgeting platforms, free of charge.

➡️ Technical details: Initially, the system will cover checking, savings, investment, and credit account data, with the potential to expand to other services in the future.

In summary, Trudeau is driving financial innovations with a focus on a free market, but under strong state control. While such initiatives have not always been successful in the long term, this does not seem to be a barrier to their implementation.

#news

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