The Competition Bureau just told Canadians they're leaving billions on the table because moving their data feels like moving apartments. And honestly? They're not wrong.
After years of consultation fatigue and regulatory hesitation, Canada's federal government unveiled Budget 2025 on November 4, accompanied by fintech announcements that actually move the needle. If you're operating in the Canadian financial services sector and haven't fully grasped what just happened, buckle up.
If you're running a challenger bank, neobank, or fintech in Canada and you're not popping champagne right now, you haven't been paying attention.
November's federal budget is supposed to include the next legislative phase for open banking. If you're a Canadian fintech executive, you've heard this song before. The difference this time? Multiple sources, speaking to industry media under the condition of anonymity, say that government officials and lobby groups are telling them it's real. Phase 2 legislation (covering common rules and accreditation frameworks) is apparently ready for its debut on Nov. 4.