Is open banking coming to Canada? Freeland expected to deliver new framework in federal budget

Major changes may be coming to Canadian banking as the country gets one step closer to implementing an open system that could help people manage their finances more efficiently and securely. The federal government announced in November that it would introduce new legislation for open banking in its next budget, and Finance Minister Chrystia Freeland is expected to release a new regulatory framework after months of pressure from the finance industry and opposition parties. But what is open banking, how …