Is Open Banking legal in Canada?

22 Apr 2022 By PAYCEC

In Canada, Open Banking is not yet available.

This means that there is presently no safe way to share financial data from your bank account with fintechs other than your bank in Canada.

The Office of the Superintendent of Financial Institutions (OSFI) oversees and supervises domestic and foreign banks operating in Canada.

The Bank Act governs the activities of foreign bank subsidiaries.

Eligible foreign institutions control foreign bank subsidiaries.

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