Open Banking Expo Canada Sees Record Attendance, Discusses Consumer-Driven Banking Framework

The Open Banking Expo Canada, held on June 11th at the Metro Toronto Convention Centre (MTCC), welcomed a record number of attendees eager to learn about the future of Open Banking and Open Finance in Canada.

Over 625 delegates participated in sessions across three stages, featuring 80 speakers from government, financial institutions, and fintech companies. Key topics included consumer-driven banking, Open Finance, and payments. 

The Main Stage, chaired by Eyal Sivan of Ozone API, opened with a Fireside Chat with Kirsten Fraser, Director of Financial Services Innovation at Finance Canada. Ms. Fraser discussed the government’s Consumer-Driven Banking Framework, as outlined in Budget 2024. 

The conversation covered funding for the framework, the role of the Financial Consumer Agency of Canada, and a potential go-live date. Additionally, Ms. Fraser provided insights into what the ecosystem can expect from future legislation. 

Following the Fireside Chat, Krista Broughton, Director of Open Banking at Mastercard in Canada, and Ben Soccorsy, Executive Vice President of Mastercard’s Global Open Banking Engagement Office, discussed the future of consumer-driven banking in Canada and their partnership with Canadian fintech Vopay. 

Ms. Broughton also participated in a panel debate moderated by Cindy Zhang of Borden Ladner Gervais LLP. The discussion focused on strategies for mobilizing stakeholders to implement consumer-driven banking. 

Panelists, including Surbhi Dhir of Publicis Sapient, Sandeep Achar of BMO, Saba Shariff of Symcor, and Shekher Puri of RBC, emphasized that collaboration is underway within the ecosystem, with many organizations already “working and investing” in preparation for Open Banking, regardless of the exact legislative timeline. 

Throughout the day, attendees engaged in discussions on various topics, including: 

  • Ensuring interoperability with the US Open Banking regulations, expected to take effect later this year. 
  • The real-time payments landscape in Canada and its potential connection to Open Banking. 

The Expo also hosted the inaugural Women in Open Banking Meetup for Canadian members. Shruti Awasthi of CIBC, Shanti Samaroo of Atlantic Edge Credit Union, and Ellie Zolghadr of Mastercard shared their leadership journeys, experiences with mentorship, and strategies for building self-confidence, all moderated by Donna Galloway of Portfolio+. 

The Open Banking Expo Canada provided a valuable platform for stakeholders in the financial services industry to come together, discuss the evolving Open Banking landscape, and collaborate on building a more consumer-driven financial ecosystem in Canada.