CALGARY, AB, March 30, 2021 /CNW Telbec/ - Open Banking Initiative Canada (OBIC), is a not-for-pro?t organization gathering great minds in ?nance, technology and regulations and in partnership with organizations such as CIO Strategy Council to promote and drive the development of open banking in Canada. OBIC is excited to announce that it has published Canada's ?rst Open Banking Manifesto.
With the mandate to convene all Canadian ?nancial services stakeholders to a common cause as well as to be the voice for all participants: consumers, small businesses, ?ntechs, banks, credit unions and other ?nancial institutions, OBIC's Manifesto does not see Open Banking as a zero-sum game. An open banking framework will enhance product development, security and fraud prevention, and personalization and customization while maintaining the systemic stability and safety widely recognized as critical cornerstones of the Canadian banking system - leading to bene?ts and opportunities for all stakeholder groups in the ecosystem.
"Being the focal point for Consumer-Directed Finance in Canada, we here at OBIC believe that Open Banking can help all Canadians in their ?nancial livelihood, especially the 48% of us that are $200 or less away from insolvency at the end of each month." - Christian Clapton, Co-Director of OBIC
The global progress towards Open Banking is moving quickly in other jurisdictions, including the UK, Australia, New Zealand, Brazil, Singapore, and Hong Kong. The US is also making preparations to implement its own framework. The Manifesto highlights how Canada is at risk of falling behind these markets and decoupling from this international sector as a part of the integrated global ?nancial system. Two years ago, the full Senate of Canada stated:
"Canadian consumers need open banking regulations as soon as possible for three main reasons: to keep their personal ?nancial information safe; to be provided more choice and improved ?nancial products and services; and to help keep the Canadian ?nancial sector strong and internationally competitive." - Open Banking: What it means for you, June 2019 Standing Senate Committee on Banking, Trade and Commerce Senate of Canada
These comments were shared in the report "Open Banking: What it Means for You" from June 2019 by the Standing Senate Committee on Banking, Trade and Commerce Senate of Canada, and to this day we have made little to no progress addressing these important issues.
Other insights from the Manifesto include:
ABOUT OBIC
OBIC's mission is to be a single voice for the ?nancial services industry that represents the viewpoints of the key participants: consumers, ?ntechs, payment services, banks and industry experts. We endeavour to ensure that the open banking framework we will develop captures all parties' interests across Canada, helps develop and sustain a globally competitive market, and places consumers' needs and interests ?rst.
OBIC BOARD MEMBERS
*30% Female, 70% Male with a goal of 50/50 by end of 2021
OBIC has recently appointed Roy Kao as a member to its Board. Roy is a recognized Fintech executive and strategic advisor to early-stage Fintech companies and to organizations including the Holt Fintech Accelerator. He possesses over 25 years of leadership, advisory, and entrepreneurial experience and was most recently the Managing Director of MaRS Fintech at Canada's MaRS Discovery District in Toronto, the largest urban innovation hub in North America.
OBIC IN THE NEWS
To download the Manifesto or to join the mission as a OBIC member visit: www.obicanada.ca
OBIC Manifesto is written and prepared by members of the OBIC Board of Directors, and the OBIC Working Groups, with insights across many industry groups and organizations. We are so grateful to our contributors and writers, who include, but are certainly not limited to:
"Cindy Zhang Financial Services Lawyer (Borden Ladner Gervais LLP), Bhupinder Singh Managing Director OBIC, Michelle Beyo CEO Finavator, Hanna Zaidi Director Compliance R&D WealthSimple, Roy Kao Leading Fintech Executive and former Managing Director at MaRS Fintech, Bruce Hauser, AML Shop Advisor, Ife Kathy Matkin-Clapton OBIC, Rachel Corvinelli Finavator, Ife Adeoba AML Lead at Dentons and Co-Lead of Regulatory Group at OBIC."
SOURCE Open Banking Initiative Canada (OBIC)
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