In the four years since Britain introduced #openbanking, the island nation has been the beneficiary of near half of all global FinTech investment.
“It wasn’t because there was political stability or a low-cost taxes, it was because there was certainty around the regulatory regime,” says my colleague Steven Boms, head of FDATA North America
Yes, certain data can be accessed in Canada but there is no framework to facilitate or nurture this process. There is no regime to allow for the safe and fluid movement of data. Without a clear structure and mandate, data innovation is squeezed between incumbent banks and data leviathans such as Amazon, Shopify and eBay (that have access to data through their large merchant communities.)
Open Banking allows for a dynamic marketplace and facilitates www.thefutureoflending.com .