The Financial Data and Technology Association of North America (FDATA) has urged Canada’s Department of Finance to “hasten the delivery of Open Finance” and adjust the initial design of the regime to promote competition and innovation.

The trade association, which represents financial technology organisations providing consumers and SMEs with financial products and services, made the recommendations in response to the Department of Finance’s 2025 pre-budget consultation.

It recommended that the government set out plans for the “rapid and well-governed implementation” of Open Banking in Canada in its budget to ensure that both consumers and small business owners have “full access” to the benefits of Open Banking.

The FDATA argued that Open Finance allows for the ability to access and act on financial data to create personalised customer experiences, drive the pace and scope of innovation, and create deeper industry collaboration.

Adopting Open Finance could potentially have a transformative impact on a wide range of businesses and enable customers to have greater control of their data, a stronger relationship with their finances and make better financial decisions.

In November 2023, The Council of Canadian Innovators (CCI) issued an open letter urging Canada’s government to “embrace” Open Banking.

It pointed to recent findings by the Canada Competition Bureau that the Canadian economy is “a less competitive place than it was twenty years ago”, adding that a lack of innovation “stifles innovation, drives up prices, and leads to stagnation”.

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