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ARTICLE · 09 JANUARY 2020

Open Banking In Canada: Navigating The Future Of Money

Borden Ladner Gervais LLP
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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.

CanadaFinance and Banking
Stephen Redican
Stephen Redican
Robert Dawkins
Robert Dawkins
Ross McGowan
Ross McGowan
Alexandra Nicol
Alexandra Nicol
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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 opportunities come with unprecedented risks and operational requirements for a banking system that prides itself on stability. Given Canada's unique financial system and constitutional structure, the implementation of open banking won't look the same as it has in the U.K., the EU or Australia, where its introduction is already underway.

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