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Open Banking Stalls in Canada, Leaving Us Behind the Rest of the World

Why has Open Banking stalled in Canada?

I asked Jessica Oliver, Head of Government and Regulatory Relations at Wealthsimple Investments, why she thinks the Government of Canada is taking so long when other developed countries like Australia, the UK and the EU are responding much more quickly.

Is Real Time Rail (RTR) (a mechanism for instant and secure financial transfers) still on the table? As the world moves quickly toward digital transactions (crypto, stable coin), will Canadians be governed by Canadian law, or subject to rules more rapidly put in place by others? Is the Bank of Canada the correct, neutral entity to oversee these new transactions?

I also questioned Adriana Vega, Executive Director of Fintechs Canada. These are important questions about the future of financial transactions.

This exchange took place at the Finance Committee on February 12 as part of our study of Bill C-15 which implements the 2025 budget.

For Further Reference

What is Open Banking?

Open banking is a financial services model where banks open their systems to accredited third parties via APIs (Application Programming Interface), enabling:

  • secure data sharing
  • real‑time account access
  • new payment and financial service innovations
  • This model increases transparency, competition, and consumer choice in the financial sector.

Open banking enables:

  • budgeting and financial‑planning apps
  • faster, cheaper payments
  • easier account switching
  • personalized financial products
  • small‑business cash‑flow tools
  • safer data sharing compared to screen scraping (passwords)

Real‑Time Rail (RTR) is Canada’s upcoming national real‑time payments system — a modern infrastructure that will allow money to move instantly, 24/7/365, between individuals, businesses, and government, with immediate confirmation and irrevocable settlement.

A stablecoin is a type of cryptocurrency designed to maintain a stable, predictable value, usually by being pegged to a real‑world asset such as a fiat currency (e.g., the US dollar), a commodity (e.g., gold), or a basket of assets.

The goal is to avoid the volatility of traditional crypto while keeping the speed and programmability of digital assets.