Open Banking Initiative Canada (OBIC), which is a not-for-profit advocacy organization gathering great minds in finance, technology, and regulation, to advance Open Banking as an innovative and inclusive force for good, has partnered with Open Banking Expo, a global community of Open Banking and Open Finance executives responsible for digital transformation across the financial services sector, to boost the growth of open banking and open finance across Canada.  

Though efforts have already been made to adopt open banking in Canada, which will allow consumers to consent to the secured sharing of data with all service providers including banks, credit unions, wealth management firms, and fintechs, the open banking initiative is still in its nascence in the country.  

Commenting on the partnership, OBIC board member Michelle Beyo said: “We are pleased to partner with Open Banking Expo to help leverage our expertise, relations and experience in the sector to continue to advance open banking in Canada and around the world.

“At OBIC, our mission is to be a single voice for the financial services industry that represents the viewpoints of its key participants: consumers, fintechs, payment services, banks, and industry experts.” 

Over the past two years, OBIC has been working with industry participants and players to establish and assess technologies and standards best suited for Canada’s financial system and economy, and to establish a framework of trust between fintechs, banks and other financial institutions, technology providers, and regulatory bodies to ultimately benefit Canadian consumers. 

Just recently, the Canadian Advisory Committee on Open Banking published its Final Report with recommendations on establishing the path forward for open banking in Canada, enthusing the ecosystem and its participants.  

Adam Cox, cofounder and CEO of Open Banking Expo, said: “It’s hugely important to have a strong community in Canada to bring the industry together to finally see open banking take root in the country, and we look forward to playing our part in this. 

“Our advisory board includes industry innovators, disruptors and visionaries who help us ensure what we bring to market is relevant, incisive and drives the adoption of open banking and open finance across the globe.”