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Mogo Inc
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Globe says TD, rivals hear open banking needs updating

2022-04-01 08:08 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Friday, April 1, edition that Canadians cannot fully and safely control their financial data until an open banking regulatory framework exists. The Globe's guest columnists Mahima Poddar, Andrew Graham and Colin Deacon write that open banking would enable consumers and small businesses to choose what data they would like to share with an accredited financial service provider in a secure ecosystem where they can opt out of that data-sharing arrangement at any time. The guest columnist say slow-walking regulatory changes in open banking can actually perpetuate, not reduce, potential risks. In other countries, where open banking is more developed, consumers can easily compare loans, consolidate their finances across accounts, manage cash week-to-week in order to save money, and even quantify their carbon footprint. The time, expense and limited options associated with traditional banking services can create stress, especially for marginalized Canadians and small businesses, as identified in a survey of Black Entrepreneurs sponsored by several senators last year. The federal government is now making privacy law updates a top priority, a move the guest columnist applaud.

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