Urgent Call for Open Finance Implementation in Canada’s 2025 Budget

March 12, 2025 - 18:39

FDATA North America has called on Canada’s Department of Finance to accelerate the implementation of Open Finance in its response to the pre-budget consultation for 2025. The organization emphasizes the importance of establishing a comprehensive Open Finance framework that would enhance consumer choice and foster innovation within the financial sector.

In its recommendations, FDATA highlights the potential benefits of Open Finance, including increased competition among financial service providers and improved access to financial products for consumers. The organization argues that a well-structured Open Finance ecosystem can empower individuals by providing them with greater control over their financial data.

FDATA's response underscores the necessity for timely action from the government to ensure that Canada remains competitive in the evolving global financial landscape. By prioritizing Open Finance in the upcoming budget, the government can facilitate a more inclusive, transparent, and efficient financial system that meets the needs of all Canadians.