OTTAWA — The federal government has named Abraham Tachjian as its open banking lead.
The role will see the director of PwC Canada's financial services practice develop a new system that will give Canadians and businesses greater control over their financial data
Open banking describes a system where consumers can easily transfer their financial data between institutions, such as transferring funds from a bank or credit union to an investing account elsewhere.
Proponents say open banking gives consumers access to a greater range of services like budgeting and savings tools, while fostering innovation and helping small businesses streamline operations or quickly access credit.
The federal government has been exploring an open banking framework since 2018, when it tasked an advisory committee to review the concept after noticing the growth of financial technology companies.
The government says Tachjian, who will report to the deputy minister of finance, will now create and oversee a “made-in-Canada” approach to open banking based on recommendations the committee delivered last August.
Before joining PwC, Tachjian helped found Hong Kong digital bank Mox Bank and was director of digital banking at the Standard Chartered Bank in Singapore.
This report by The Canadian Press was first published March 22, 2022.
The Canadian Press
