Open Banking Update: Canada 2020 Issues Open Banking Report

On July 5, 2018, Canada 2020, a Canadian think-tank, published its report on open banking following a Policy Lab which brought together various stakeholders to discuss open banking in Canada. While still a relatively new concept in Canada, open banking has the potential to transform the financial services sector. The federal government is currently undergoing a review of open banking to assess whether it could have a positive impact on consumers while considering the risks to consumer privacy, data security, and financial stability.

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