Open Banking Initiative Canada Teams Up with Open Banking Expo to Enhance Digital Financial Services

Open Banking Initiative Canada (OBIC), which is a non-profit advocacy organization bringing together professionals from finance, technology, and regulation, to promote Open Banking, has teamed up with the Open Banking Expo, an international community of Open Banking and Open Finance execs working on digital transformation across the financial services sector.

Through the partnership, OBIC and Open Banking Expo will support the growth of the Open Banking and Open Finance ecosystems in Canada.

While efforts have been made to leverage Open Banking in Canada (which will enable clients to consent to the secured sharing of financial data with all service providers such as banks, credit unions, wealth management firms, and Fintech companies), the Open Banking initiative is currently in its early stages.

Michelle Beyo, Board Member at OBIC, stated:

“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.”

During the past couple years, OBIC has been working cooperatively with different industry members and key players to evaluate appropriate technologies and standards that may be well-suited for Canada’s financial services sector and economy.

OBIC and various organizations aims to provide a framework that can establish trust between Fintech firms, banking platforms and various other financial institutions, technology providers, and regulatory agencies. These initiatives are mainly intended to benefit Canadian consumers.

Recently, the Canadian Advisory Committee on Open Banking released its final report with suggestions on forming the path forward for Open Banking in Canada.

Adam Cox, Co-Founder and CEO of Open Banking Expo, added:

“It’s hugely important to have a strong community in Canada to bring the industry together to finally see Open Banking take roots 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.”

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