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February 13, 2020   Digital, NEO, Open Banking, Open Finance, Enterprise, FinTech and Alternative Finance, Fintech Opinions, Fintech Services, Innovation and Resources, Legal Issues, Regulation, Consultation, Voices   No comments

HSBC Canada Breaks from Big Six Banks in Call to Encourage Fintechs

The Logic |By Zane Schwartz | Feb 12, 2020

HSBC building - HSBC Canada Breaks from Big Six Banks in Call to Encourage Fintechs

While Canada’s Big Six banks urge caution about the introduction of open banking, the Canadian subsidiary of U.K.-based multinational HSBC wants the federal government to require banks to share information with the fintechs trying to compete with them.

In a February 2019 submission to the finance department’s advisory committee looking at open banking rules, recently made public, HSBC Canada CEO Sandra Stuart requested the government introduce legislation mandating “open banking.”

The call comes as the Big Six banks are urging caution on open banking. HSBC Canada is the only foreign bank or subsidiary to make public its submission to the committee.

 

Download HSBC Canada's response to Finance Canada's open banking consultation --> here

 

NCFA Jan 2018 resize - HSBC Canada Breaks from Big Six Banks in Call to Encourage Fintechs The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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