Contact: Laine Williams, (202) 897-4757, lwilliams@allonadvocacy.com
Washington, DC, December 10, 2025 – Steve Boms, Executive Director of the Financial Data and Technology Association (FDATA), a trade association representing more than two dozen financial technology companies and consumer-permissioned data access platforms in Canada and the United States, appeared before the Senate Standing Committee on Banking, Commerce, and the Economy to testify on the Canadian government’s plan to establish a national open finance framework in Canada.
In his testimony, Boms emphasized that the 2025 Budget Implementation Act (BIA) represents a critical step toward modernizing Canada’s financial system and unlocking the full benefits of open finance for consumers and small businesses. He noted that the framework reflects nearly a decade of engagement between policymakers and the fintech sector and positions Canada to move from lagging global peers to leading them.
“This year’s BIA represents a meaningful leap forward for open finance in Canada,” Boms told Senators. “Once implemented, it will enable Canada not only to catch up to its G7 counterparts, but to lead them.”
Boms highlighted four core strengths of the framework outlined in Bill C-15:
- Comprehensive scope, ensuring the inclusion of all financial accounts rather than limiting access to only basic consumer products;
- Appropriate governance, with oversight assigned to the Bank of Canada, building on existing regulatory expertise and aligning with the Retail Payments Activities Act;
- Explicit inclusion of small businesses, empowering small-and medium-sized enterprises to securely access third-party financial tools and better manage their operations; and
- A clear path for future expansion, including the government’s commitment to introduce legislation by mid-2027 to enable write-access built on the Real-Time Rail.
Boms stressed that while the framework sets the right foundation, timely implementation will be essential to delivering on its promise of increased competition, innovation, and consumer choice.
“The open finance framework envisioned under Bill C-15 would enable a more innovative, efficient, competitive, and customer-centric financial system in Canada,” Boms concluded. “To ensure these benefits are realized, it is essential that the government implement this framework according to the timeline it has committed to following.”
