Canada Open Banking Open Finance

FDATA North America Statement on Department of Finance Canada Open Banking Report

January 31, 2020, Washington, DC – The Department of Finance Canada today released Consumer-Directed Finance: The Future of Financial Services, which is the result of more than nine months of consultation with stakeholders in the financial services and financial technology sectors. Financial Data and Technology Association (FDATA) of North America Executive Director Steve Boms issued the following […]

Canada Fintech Open Banking

Open Banking In Canada: Navigating The Future Of Money (Stephen J. Redican, Robert Dawkins, Ross McGowan and Alexandra Nicol, BLG, on Mondaq.com)

The Canadian financial services industry is at the threshold of change. Regulatory overhaul, the ubiquity of online services, and technological innovation and disruption will affect all players—from banks to FinTech start-ups. Open banking will introduce new opportunities and business models for the financial services industry and new services from FinTech entrants to the market—but these […]

Canada Open Banking

Why Canada must be open to open banking (Adam Felesky & Andrew Moor, Globe & Mail)

Adam Felesky is CEO of Portag3 Ventures. Andrew Moor is president and CEO of EQ Bank. Canada is often said to be facing an infrastructure deficit, having failed to adequately invest in transit, roads and water systems. But the country is also encountering a financial services infrastructure deficit. That is to say we lack the […]

Canada Fintech

Canadian Fintech Market Map (Canadian Lenders Association & cbinsights.com)

On an annual basis, deals and dollars were down from previous highs. The first half of 2019 saw 240 venture rounds to Canadian startups, compared with 281 in H1’18. Total funding was also down year-over-year, hitting $1.7B in H1’19 versus $1.9B in H1’18. At the same time, early-stage and late-stage trends paint a different picture. […]

Canada Fintech Open Banking

EQ bank migrates core system to the cloud as it gears up for Open Banking in Canada (Isabelle Kirkwood, betakit.com)

Toronto-based EQ Bank, the digital arm of Equitable Bank, has announced it is migrating its entire core banking system to the cloud. The bank claims this would make it the first licenced bank in Canada to be fully hosted in a public cloud architecture. “Our recent move to the cloud means we’re not only ready for […]

Canada Open Banking

The Future of Open Banking Is Closer Than You Think (Dan Coulter, Concentra Bank)

In every successful industry, you’re sure to find innovators creating and evolving products and services to suit modern needs. The ability to react quickly and effectively to technology and changing consumer demands is crucial for companies and industries to grow. https://concentra.ca/pages/insights/cla_0219.aspx Unfortunately, Canada’s heavily regulated banking industry, dominated by a risk-averse oligopoly of six large […]