Matthew Flynn comments in the National Post’s look at the development of open banking in Canada and the need to move faster in this innovative area. Open banking is an approach to financial regulation that requires banks to share their clients’ banking information with other service providers if asked to do so.
“Canada needs to speed things up, frankly,” Matt Flynn, a Toronto-based partner at Bennett Jones, a law firm, told me in an interview on Jan. 23, adding that “90 per cent” of the legal structure that would be needed to support open banking already exists. “It’s better to get ahead and export our prowess (in financial technology) to the rest of the world, rather than have others come, partner with our banks, and eat our lunch,” he said.