Finance & Economics

Key Political Representatives to Join Open Banking Expo Canada 2024

Toronto, May 22, 2024 – Open Banking Expo Canada is proud to announce the participation of prominent political figures and key policy representatives in its upcoming event on June 11 in Toronto.

This year’s conference is poised to host over 600 executives from the Open Banking, Open Finance, and the payments ecosystem at the Metro Toronto Convention Centre. The focus will be on strategizing and implementing consumer-driven finance initiatives by 2025.

Kirsten Fraser, director, financial services innovation at Finance Canada, will deliver the opening keynote. Her address comes just weeks after the unveiling of Budget 2024, wherein the Canadian government reaffirmed its commitment to introducing legislation establishing the foundational elements of an Open Banking Framework this spring.

Fraser will provide insights into the Department of Finance’s roadmap for implementing Canada’s Consumer-Driven Banking Framework, as outlined in the federal budget on April 16. Her presentation is expected to cover the government’s decision to task the Financial Consumer Agency of Canada with overseeing the framework’s implementation and governance. Additionally, Fraser will outline forthcoming efforts in establishing common regulations, ensuring privacy protection, defining liability structures, and enforcing stringent security measures to safeguard consumer data.

The closing keynote will be delivered by Conservative MP Ryan Williams, a leading advocate for Open Banking in Canada. Williams’ Bill C-365, aimed at expediting the implementation of consumer-driven banking, recently passed its second reading in the House of Commons. In his keynote, Williams will detail his plan as to how we, as an industry, can bring Open Banking home to Canada. 

In a session titled ‘Where will real-time payment rails interface with Open Banking?’, Ryan Grundy, lead of industry relations at Payments Canada, will discuss the integration of real-time payment infrastructure with Open Banking initiatives. Payments Canada’s announcement in April regarding the resumption of Real-Time Rail’s final phase of construction, with testing scheduled through 2025, underscores the significance of this discussion.

Following this, attendees can expect an update on the Retail Payment Activities Act, tailored specifically for payment service providers.

“We are delighted to welcome policymakers, government officials, and influential figures in the Open Banking movement to our speaking roster,” said Adam Cox, co-founder, and managing director at Open Banking Expo. “With the Canadian government committed to enacting a legislative framework for consumer-driven banking by 2025, our Expo presents a prime opportunity for aligning strategies, refocusing efforts, and sharing best practices.”

Find out more about Open Banking Expo Canada and register to attend here.

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