Symcor's Saba Shariff advocates for decisive action to spur the advancement of Open Banking in Canada
Canada's open banking initiative is progressing, yet remains in a developmental phase as of mid-2025. Despite this, the country is seen as a potential national economic lever by Finance Minister Saba Shariff. However, only 8% of organizations feel very prepared for open banking, indicating a need for increased readiness and clarity.
The journey began in 2018 with federal consultations involving financial institutions, fintechs, and consumer advocates. In 2022, Abraham Tachjian was appointed as Canada's open banking lead, signalling government intent to move forward. The Financial Consumer Agency of Canada (FCAC) has been positioned as a central regulator to ensure consumer protection, transparency, and accountability in the open banking data-sharing environment.
However, the lack of clarity and definitive government mandate has caused frustration within the industry, with some fearing stalled momentum. This is particularly evident after the 2024 federal election and the absence of open banking in the Liberal party’s election platform. Despite these delays, the federal government has committed to introducing legislation at the "earliest opportunity," with early 2026 often cited as a target date for rollout.
Regulatory uncertainty, consumer awareness and trust, consumer protection concerns, and coordination and stakeholder alignment are the key challenges facing Canada's open banking initiative. The FCAC is addressing these issues by developing a regulatory vision centred on consumer protection and trust, including secure technical standards, a public registry of authorized providers, accreditation with trustmarks, and a nationwide consumer education campaign.
Industry events like the Open Banking Expo Canada 2025 facilitate discussion among regulators, industry players, and consumers to align strategies on regulatory, technical, and experiential aspects. Saba Shariff, senior vice president, chief strategy, product & innovation officer at Symcor, delivered a keynote at the Open Banking Expo Canada 2025, emphasizing the importance of collaboration in Canada's open banking execution and the need for bold action.
Improved customer experience is the main driver for 57% of organizations, with over half already forming partnerships and 82% piloting open banking initiatives. COR.CONNECT, a secure, consent-based API solution designed to replace screen scraping, was launched during the event.
Canada's open banking implementation is edging closer, with international models like Singapore's Smart Nation initiative, India's India Stack and UPI, and Brazil's Pix cited as proof that coordinated digital strategies can drive GDP growth and greater financial inclusion. Shariff emphasized the importance of giving Canadians control and protections in a digital economy, calling for urgent action from industry leaders and policymakers to realize Canada's open banking ambitions.
- Saba Shariff, the Finance Minister, sees Canada's open banking initiative as a potential national economic lever, despite its developmental phase in mid-2025.
- The Financial Consumer Agency of Canada (FCAC) has been positioned as a central regulator to ensure consumer protection and transparency in the open banking data-sharing environment.
- The lack of clarity and definitive government mandate has caused frustration within the industry, with some fearing stalled momentum in open banking.
- At the Open Banking Expo Canada 2025, Saba Shariff emphasized the importance of collaboration in Canada's open banking execution and the need for bold action.
- Improved customer experience is the main driver for 57% of organizations, with over half already forming partnerships and 82% piloting open banking initiatives.
