OBIC Publishes Canada's First Open Banking Manifesto
CALGARY, AB, March 30, 2021 /CNW Telbec/ - Open Banking Initiative Canada (OBIC), is a not-for-profit organization gathering great minds in finance, technology and regulations and in partnership with organizations such as CIO Strategy Council to promote and drive the development of open banking in Canada. OBIC is excited to announce that it has published Canada's first Open Banking Manifesto.
With the mandate to convene all Canadian financial services stakeholders to a common cause as well as to be the voice for all participants: consumers, small businesses, fintechs, banks, credit unions and other financial institutions, OBIC's Manifesto does not see Open Banking as a zero-sum game. An open banking framework will enhance product development, security and fraud prevention, and personalization and customization while maintaining the systemic stability and safety widely recognized as critical cornerstones of the Canadian banking system - leading to benefits and opportunities for all stakeholder groups in the ecosystem.
"Being the focal point for Consumer-Directed Finance in Canada, we here at OBIC believe that Open Banking can help all Canadians in their financial livelihood, especially the 48% of us that are $200 or less away from insolvency at the end of each month." - Christian Clapton, Co-Director of OBIC
The global progress towards Open Banking is moving quickly in other jurisdictions, including the UK, Australia, New Zealand, Brazil, Singapore, and Hong Kong. The US is also making preparations to implement its own framework. The Manifesto highlights how Canada is at risk of falling behind these markets and decoupling from this international sector as a part of the integrated global financial system. Two years ago, the full Senate of Canada stated:
"Canadian consumers need open banking regulations as soon as possible for three main reasons: to keep their personal financial information safe; to be provided more choice and improved financial products and services; and to help keep the Canadian financial sector strong and internationally competitive." - Open Banking: What it means for you, June 2019 Standing Senate Committee on Banking, Trade and Commerce Senate of Canada
These comments were shared in the report "Open Banking: What it Means for You" from June 2019 by the Standing Senate Committee on Banking, Trade and Commerce Senate of Canada, and to this day we have made little to no progress addressing these important issues.
Other insights from the Manifesto include:
ABOUT OBIC
- About half of Canadians are only $200 away from bankruptcy every month, and the debt load is getting bigger. In November of 2020, Equifax Canada reported that consumer debt in Canada topped $2 trillion.
- The UK CMA conservatively estimates that the open banking reforms it has put in place will generate direct economic benefits of between £150 million and £250 million per year (C$260 million to C$440 million). Based on the insights from the UK, we look forward to addition insights on Canadian financial benefits.
- Over four million Canadians are already using FinTech's today in Canada and would like a more secure way to access loans, mortgages, connect to budget app and other exciting new services.
OBIC's mission is to be a single voice for the financial services industry that represents the viewpoints of the key participants: consumers, fintechs, payment services, banks and industry experts. We endeavour to ensure that the open banking framework we will develop captures all parties' interests across Canada, helps develop and sustain a globally competitive market, and places consumers' needs and interests first.
OBIC BOARD MEMBERS
*30% Female, 70% Male with a goal of 50/50 by end of 2021
- Christian Clapton, Chair/Executive Director, OBIC
- Bhupinder Singh Saini, Chair/Managing Director, OBIC
- Michelle Beyo, CEO, Finavator
- Hanna Zaidi, Director of Regulatory Operations, WealthSimple
- Eyal Sivan, Head of Open Banking, Axway
- Kevin Morris, Strategy and Programs Director, LCUC
- Tara Wilson, COO Income Access, A Paysafe Company
- Patrick Barr, Government Relations, CCUA
- Roy Kao, Fintech Executive and Advisor
OBIC has recently appointed Roy Kao as a member to its Board. Roy is a recognized Fintech executive and strategic advisor to early-stage Fintech companies and to organizations including the Holt Fintech Accelerator. He possesses over 25 years of leadership, advisory, and entrepreneurial experience and was most recently the Managing Director of MaRS Fintech at Canada's MaRS Discovery District in Toronto, the largest urban innovation hub in North America.
OBIC IN THE NEWS
- CIO Strategy Council Partners with OBIC and others to create Open BankingStandards
- Paysafe COO Tara Wilson joins OBIC achieving 30% diversity
- OBIC YouTube Channel
- Article OBIC Canada's Open Banking Opportunity
To download the Manifesto or to join the mission as a OBIC member visit: www.obicanada.ca
OBIC Manifesto is written and prepared by members of the OBIC Board of Directors, and the OBIC Working Groups, with insights across many industry groups and organizations. We are so grateful to our contributors and writers, who include, but are certainly not limited to:
"Cindy Zhang Financial Services Lawyer (Borden Ladner Gervais LLP), Bhupinder Singh Managing Director OBIC, Michelle Beyo CEO Finavator, Hanna Zaidi Director Compliance R&D WealthSimple, Roy Kao Leading Fintech Executive and former Managing Director at MaRS Fintech, Bruce Hauser, AML Shop Advisor, Ife Kathy Matkin-Clapton OBIC, Rachel Corvinelli Finavator, Ife Adeoba AML Lead at Dentons and Co-Lead of Regulatory Group at OBIC."
SOURCE Open Banking Initiative Canada (OBIC)
about OBIC please contact: Michelle Beyo, OBIC Board Member & CEO of FINAVATOR, 416-722-0698, [email protected]
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