The Government of Canada this week named its open banking lead. Abraham Tachjian was named to the post by the Hon. Randy Boissonnault, Minister of Tourism and Associate Minister of Finance.
Tachjian is currently a director in the financial services practice at PwC Canada, where he supported the work of the Advisory Committee on Open Banking. Before joining PwC, he helped found Mox Bank, a new digital bank in Hong Kong, and was director of digital banking of Standard Chartered Bank in Singapore where he was responsible for the implementation of emerging technologies.
After earning a B.A. from Concordia University, Tachjian went on to receive an LL.B in civil law from Université de Montréal, a J.D. in common law from University of Ottawa and a certificate in Chinese Law from China University of Political Science and Law in Beijing. He is a member of the Law Society of Ontario and the Barreau du Québec.
“The establishment of an open banking system aims to give Canadians and businesses greater control over their financial data and be better equipped to manage their finances,” the Government of Canada said in a statement. “It will improve Canadians’ user experiences and financial outcomes by providing access to an expanding variety of financial services, such as budgeting and savings tools. It will also benefit small businesses by helping to streamline operations and by providing faster access to credit.”
Tachjian is to develop a “made-in-Canada” regime based on the recommendations in the final report of the Advisory Committee on Open Banking. He will engage with industry, regulators, and consumer representatives to design and implement key pillars of the open banking system, including common rules and an accreditation framework for open banking participants.
“Canadians deserve a secure open banking system that is regulated, efficient, and protects their personal information. This is an important next step in the process of implementing the Advisory Committee’s recommendations, in order to convene stakeholders to design and implement the foundational elements of an open banking system that benefits both Canadians and businesses,” Boissonnault said.
In 2018, an Advisory Committee on Open Banking was tasked by the government to conduct a review into the merits of open banking. On Aug. 4, 2021, the final report of the Advisory Committee on Open Banking was released. It provides recommendations on how to modernize the Canadian financial services sector and implement a secure open banking system that gives Canadian consumers the confidence and convenience they are looking for in today’s economy.
Tachjian will engage stakeholders to develop an accreditation framework, a common set of rules, and technical standards for an open banking system. He will also provide advice to the government for the future ongoing administration of a system of open banking.