Dear Minister Freeland,

The Competition Bureau recently confirmed what many of us already knew intuitively: The Canadian economy is a less competitive place than it was twenty years ago.

Le Bureau de la concurrence a récemment confirmé ce que bon nombre d’entre nous savaient déjà intuitivement : l’économie canadienne est moins concurrentielle qu’il y a vingt ans.

A lack of competition stifles innovation, drives up prices, and leads to stagnation. Canadians suffer as a result. During this cost of living crisis, there’s never been a greater need to give Canadians more control over their money.

L’absence de concurrence étouffe l’innovation, fait grimper les prix et conduit à la stagnation. Les Canadiens en subissent les conséquences. En cette crise du coût de la vie, le besoin de permettre aux Canadiens d’exercer un plus grand contrôle sur leur argent n’a jamais été aussi important.

In the financial services sector, we see our global peers delivering new products to make financial services more convenient, more widely available to unbanked citizens, and driving down costs. It’s time for Canada to catch up with the European Union, the United States and the UK to ensure we have affordable and innovative open banking.

Nous voyons nos homologues mondiaux proposer de nouveaux produits pour rendre les services financiers plus pratiques et plus largement accessibles aux citoyens non bancarisés, tout en réduisant les coûts. Il est temps que le Canada rattrape l’Union européenne, les États-Unis et le Royaume-Uni pour que nous disposions d’un système bancaire ouvert, abordable et innovant.

Through open banking, we have seen countries empower their consumers by allowing them to securely access and share their own financial data. We know this is possible, and we have seen the benefits it brings.

Nous voyons des pays dotés d’un tel système bancaire ouvert favoriser l’autonomie de leurs consommateurs en leur permettant de consulter et de partager leurs propres données financières en toute sécurité. Nous savons que c’est possible, et nous en avons constaté les avantages.

Too often, we hear commentary in Canada that amounts to small-minded protectionism. The belief that Canada’s financial sector is strong because it is concentrated in a handful of very large banks is deeply misguided.

Trop souvent, nous entendons au Canada des commentaires qui relèvent d’un protectionnisme borné. La croyance que le secteur financier de notre pays est fort parce qu’il est concentré dans une poignée de très grandes banques est profondément erronée.

The reality is that a wave of innovation is well underway within global financial services, and the most competitive and forward-looking leaders are based elsewhere. We cannot wall ourselves off from this, and if we did, Canadians would be poorer for it.

La réalité est qu’une vague d’innovation déferle au sein des services financiers mondiaux, et que les leaders les plus concurrentiels et visionnaires s’établissent à l’étranger. Nous ne pouvons pas nous y soustraire, et si nous le faisons, les Canadiens en seront perdants.

The longer we wait to implement a secure, 21st century financial system, the greater risks Canadians will be exposed to. As cybercrime rises, it’s critical that we protect the hard-earned money of Canadians with best practices and the best technology.

Plus nous attendrons pour mettre en place un système financier sûr, digne du 21e siècle, plus les risques seront grands pour les Canadiens. Face à l’augmentation de la cybercriminalité, il est essentiel de protéger l’argent durement gagné des citoyens au moyen des meilleures pratiques et des meilleures technologies.

The commentators who say that open banking pits small innovators against large, incumbent financial institutions fail to see the bigger picture. The fact is that global tech giants like Apple, Google, Amazon and Uber are all exploring innovative financial services. What’s more, the U.S. Consumer Financial Protection Bureau recently announced its intention to move forward with open banking rules in the United States that will only accelerate innovation.

Les commentateurs qui affirment qu’un système bancaire ouvert dresse les petits innovateurs contre les grandes institutions financières bien établies ne voient pas le tableau dans son ensemble. Le fait est que les géants mondiaux de la technologie comme Apple, Google, Amazon et Uber se tournent tous vers des services financiers novateurs. De plus, le Consumer Financial Protection Bureau des États-Unis a récemment annoncé son intention d’aller de l’avant avec de nouvelles règles pour un système bancaire ouvert dans le pays, ce qui ne fera qu’accélérer l’innovation.

Open banking gives Canadian players large and small the opportunity to innovate and remain competitive.

Le modèle de système bancaire ouvert donne aux acteurs canadiens, grands et petits, la possibilité d’innover et de rester concurrentiels.

Two years ago, we were excited to see the Liberal Party of Canada platform promise to enact open banking in Canada by the end of 2022. Ten months after that deadline has come and gone, we are still waiting.

Il y a deux ans, nous étions ravis de trouver dans la plateforme du Parti libéral du Canada la promesse d’un système bancaire ouvert chez nous avant la fin de 2022. Dix mois se sont écoulés en 2023 et nous attendons toujours.

Today, we are calling on you to reaffirm your promise to enact open banking, and release a clear roadmap for when we can expect to see it implemented. Many of us made business investments and built strategies around your election promise; we need assurance that you’re going to keep your word.

Nous vous demandons aujourd’hui de réitérer votre engagement envers un système bancaire ouvert et de publier une feuille de route claire précisant dans quels délais nous pouvons nous attendre à sa mise en œuvre. Nous sommes nombreux à avoir fait des investissements commerciaux et à avoir élaboré des stratégies sur la base de votre promesse électorale; nous avons besoin de l’assurance que vous tiendrez parole.

Sincerely,

Très cordialement,

Benjamin Bergen

President
Council of Canadian Innovators

Nick Schiavo

Director of Federal Affairs
Council of Canadian Innovators

Andrew Graham

CEO, Borrowell

Toronto, ON

Nic Beique

CEO, Helcim

Calgary, AB

Daniel Eberhard

CEO, KOHO Financial

Toronto, ON

Clara Angotti

President, Next Pathway

Toronto, ON

Neil Cawse

CEO, Geotab

Oakville, ON

Dan Belhassen

CEO, Neovation

Winnipeg, MB

Matthew Protti

CEO, BlackSquare

Calgary, AB

Lori Weir

CEO, Four Eyes Financial

St. John, NB

Michael Garrity

CEO, FinanceIt

Toronto, ON

Yves-Gabriel Leboeuf

CEO, Flinks

Montreal, QC

Andrew Chau

CEO, Neo Financial

Calgary, AB

Tarique Al-Ansari

CEO, Paystone

London, ON

Trevor Johnson

Co-CEO, Jane App

North Vancouver, BC

Cato Pastoll

CEO, Loop Financial

Toronto, ON

Jeff Lafrenz

President, VizworX

Calgary, AB

Devin Tuinstra

CEO, Wily Global

Burlington, ON

Abdul Naushad

CEO, Buckzy Payments

Toronto, ON

Matthew Tate

CEO, Upfeat Media

Winnipeg, MB

Dan Eisner

CEO, True North Mortgage

Calgary, AB

Robin Shaban

Co-Founder, Canadian Anti-Monopoly Project

Ottawa, ON

Keldon Bester

Executive Director, Canadian Anti-Monopoly Project

Ottawa, ON

Matt Spoke

CEO, Moves

Toronto, ON

Vladimir Kovacevic

CEO, Inovatec Systems

Burnaby, BC

Steve Uster

CEO, FundThrough

Toronto, ON

Adrian Schauer

CEO, Alayacare

Montreal, QC

Jon Shell

Managing Director, Social Capital Partners

Toronto, ON

Sachin Aggarwal

CEO, Think Research

Toronto, ON

Niraj Mathur

CEO, Blumind

Toronto, ON

Ehsan Mirdamadi

CEO, NuBinary

Toronto, ON

Jean Amiouny

CEO, Shakepay

Montreal, QC

Josef Zankowicz

VP, Canvass AI

Toronto, ON

Jeff Adamson

Co-Founder, Neo Financial

Calgary, AB

Chris Albinson

CEO, Communitech

Kitchener, ON

Krista Jones

Chief Delivery Officer, MaRS Discovery District

Toronto, ON

Sebastien Gendron

CEO and Co-Founder, Transpod

Toronto, ON

Dominique Ferst

Managing Partner, Ferst Capital

Montreal, QC

Sam Pillar

CEO, Jobber

Edmonton, AB

Eva Wong

Co-Founder and COO, Borrowell

Toronto, ON

Paul Donald

CEO, Encircle

Kitchener, ON

Elizabeth Duke

Principal Consultaant, DecAid Consulting

Orangeville, ON

Jeanette Jackson

CEO, Foresigaht CAC

Vancouver, BC

Moez Bawania

Founder, AMLB

Toronto, ON

Patrick Farrar

Director, Wealthcomfort

Halifax, NS

Jim Hinton

CEO, Own Innovation

Kitchener, ON

Nicholas Corney

Director, Business Development, Tabit

Ottawa, ON

Mike McDerment

Founder & Board Chair, Freshbooks

Toronto, ON

Andrew Lo

President & CEO, Embark Student Corp.

Toronto, ON

Jean Desgagne

Chair, Canada Stablecorp

Toronto, ON

Neill Cunningham

Sole Proprietor, Pandemonium Books an& Disks

Toronto, ON

Christine Bome

VP Public Affairs, MaRS Discovery District

Toronto, ON

Craig Asano

CEO,  National Crowdfunding & Fintech Association of Canada

Toronto,  Ontario

Rob Khazzam

CEO, Float

Toronto, ON

Louis Tullo

CFO/CCO/CRO, KuberMIC

Toronto, ON

Marc Lijour

Founder and CEO, Creative Energy

Toronto,  Ontario

Joe Mayer

CRO,  IDENTOS

Toronto,  ON

Levi Cooperman

Co-Founder, Freshbooks

Toronto, ON

Nel Wechsler

CEO, OnDeck Canada

Montreal,  QC

Eyal Sivan

VP - Open Banking & Smart Data,  Raidiam

Toronto,  ON

Add your voice.

Join fellow Canadian business leaders in calling for action on the Open Banking file.

About the campaign

During the 2021 federal election, the Liberal Party promised to enact regulations to create a system of open banking in Canada. They promised to get it done by the beginning of 2023, but as we near the end of the calendar year, the Council of Canadian Innovators (CCI) is concerned the Liberal's may be quietly abandoning their promise. 

Open Banking is a framework that enables banks and other financial service providers to seamlessly share customer banking and transaction data through the use of APIs, if the end customer consents to it. This is a major shift away from the traditional banking model, as it empowers individuals and businesses to securely and efficiently share their financial information with authorized third-party providers. With customers in more control of their financial data, this creates opportunities for new and innovative services to be built by new entrants, increasing competition and consumer choice in Canada's financial sector. 

Open Banking regimes have been implemented in advanced economies around the world, including the UK, European Union, and the United States. Fundamentally, open banking seeks to empower consumers, drive innovation, reduce fees, better protect data, and enhance the accessibility of financial services for businesses.

There's actually been a surprising amount of public chatter about open banking lately. 

The Globe and Mail recently wrote an editorial calling for the federal government to enact open banking, and it has been a topic of discussion on the Betakit podcast. CCI covered the importance of open banking in our Mooseworks newsletter last month. 

More recently, when the U.S. Consumer Financial Protection Bureau announced a roadmap to adopt an open banking model decoupled from the big banks, south of the border.

The campaign we're launching today – Canadians for Open Banking – is not just about getting the government to fulfill an election promise. It's about increasing consumer control, security and choice in Canada's financial services sector. It's time for the government to heed this call to action, prioritize economic growth, and embrace open banking as a catalyst for a more competitive and innovative Canada.

We invite you to join our call and sign the letter today.

For more information about the campaign and CCI’s federal advocacy efforts, contact:

Nick Schiavo 
Director, Federal Affairs \ Directeur, Affaires fédérales
Council of Canadian Innovators \ Conseil Canadien des Innovateurs
nschiavo@canadianinnovators.org