Contact: Layne Dillon, (202) 897-4837, [email protected]
March 10, 2025, Washington, DC – The Financial Data and Technology Association of North America (FDATA), a trade association representing approximately three dozen financial technology organizations that provide consumers and small- and medium-enterprises with innovative financial products, services, and tools, today submitted its response to the Canadian Department of Finance’s 2025 pre-budget consultation.
In our submission, we urged the Department of Finance to:
- Hasten delivery of open finance in Canada: The implementation of consumer-driven finance in Canada has been plagued by delays. Amidst significant economic uncertainty, FDATA North America encouraged the Government to prioritize delivering a comprehensive open finance regime to Canadian consumers and small- and medium-enterprises.
- Adjust the initial design of Canada’s open finance regime: We encouraged the Government to revise elements of its initial open finance regime to promote competition and innovation in Canada’s financial sector, including clearly providing for the inclusion of small- and medium-enterprises in the system, providing the Bank of Canada with the authority to oversee the system, and devising a tiered accreditation framework that will allow Canadian startups to come to market and flourish.