(OTTAWA) The federal government announced on Tuesday the appointment of Abraham Tachjian as head of its open banking system.
Posted at 5:54 p.m.
The Director of Financial Services at PwC Canada will oversee the development of a new system that will give Canadians and businesses greater control over their financial data.
Open banking aims to allow consumers to transfer their financial data between accredited institutions and third parties in a secure manner. It would become possible, for example, for individuals to transfer funds from a bank or credit union to an investment account at another institution.
According to some observers, an open banking system would give consumers access to a greater range of services such as budgeting and savings tools, while fostering innovation and helping small businesses streamline their operations or access faster on credit.
The federal government began exploring an open banking framework in 2018, when it appointed an advisory committee to review the concept after noticing the growth of fintech companies.
The government says Mr. Tachjian, who will report to the deputy finance minister, will now create and oversee the development of a “made in Canada” plan based on recommendations made by the committee last August.
Prior to joining PwC, Mr. Tachjian helped found digital bank Mox Bank, Hong Kong, and served as Director of Digital Banking at Standard Chartered Bank in Singapore.