Canada’s OPEN BANKING: What It Means for You

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In this episode, we check out Canada's steps towards open banking. The Financial Customer Company of Canada and the Ministry of Finance have actually assigned moneying to develop an open banking framework by 2025, making it possible for secure, standardized information sharing. This advancement intends to boost competitors, innovation, and security in the financial sector, benefiting consumers and companies alike.

Likewise in this episode:

A growing shortage of proficient tradespeople is impacting several sectors, increasing costs for customers and businesses, particularly in building and hospitality.

Tesla's stock skyrockets following news of broadened driver-assistance innovation in China, aided by a partnership with Baidu, and lifting of limitations.

The Canadian federal government enforces financial sanctions on Canada Life, dealing with continuous concerns with the general public service health insurance strategy shift.

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Canada's OPEN BANKING: What It Means for You

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25 Comments

  1. With open banking, do you think the big banks like CIBC will decrease their dividends and will the stock value decrease. Thanks

  2. Thank you for making this video! Hope you have a great vacation.

    Open Banking standards sound like a good idea, but it’s easy to guess why the process of bringing them to Canada seems so slow. Open Banking just isn’t in the interest of our small, oligarchic group of banks and other financial institutions. They don’t want to make it easier for costumers to switch from one company to another or to increase competition. The current system works the way it does for a reason, it benefits them.

    As for the crisis in the trades, that really does sound bad. I wonder how it got this way? Is it a case of the economy growing and the number of tradesmen staying the same, or has the number of people in trades gone down over time? It really sounds like something needs to be done about the situation.

  3. canadalife is literally the worst. almost better to not be insured than have insurance through them

  4. my BMO etfs are in the dumps and have been there for sometime as a long term ETF investor I do advise to look carefully at these products

  5. What I know that Canada is much behind some developing countries be it Banking, Telecoms. Not sure if anybody noticed it, all credit unions since 2023 have started charging their customer for even silly things like pre-authorized credit and other insane fees. So my paycheck gets deposited and banks wants the part of it in form of fees. This is ridiculous. We want to fight for Gaza but not for our own basic rights here.

  6. Data collecting in another avenue. Not a chance giving my permission.
    All the “pro’s, better rates etc..used to be the norm when shopping around as a consumer. Having open banking is even more dependent on tech. Our large providers, ie: Rogers went down for a whole day, across Canada last year. No accountability etc. Online payments systems go down all the time. Give them your permission and getting less. Smoke screen reasoning for open banking.

  7. I am a bit tired of hearing about the lack of skilled trades in Canada, this has been going on for as long as I can remember. When I was in high-school in the 90’s there was no encouragement to enter trades then and I found the same thing for my kids now- more focused on sending kids to university. The only kids I’ve known to go into trades were the kids of parents in trades. More should be done in high school to let kids know about these options. There are some high-schools in my city that do this, but generally in lower income or older areas.

    1. Same goes for farmers. We apparently don’t have enough young people who are getting into farming. Well I’m standing right here. Ready, willing and able. I just don’t have millions of dollars to buy land and equipment and current land prices mean I’ll be dead long before one field is paid off never mind enough to actually make a living on. There also isn’t a mechanism to connect interested people with existing farmers for training and mentorship. No you don’t need college. Everything you learn is college can be found on the internet for free.

  8. The purpose of open banking is to give the government full and open access to you and your personal information as the first step to CBDC. There is no shortage of skill trades workers. There is a shortage of employers willing to train new employees. College is too expensive and they are all in areas with stupid high living costs. You will go bankrupt going to college. Farming has the same problem. The government is moaning about a lack of farmers but there is no way to connect older farmers with young people such as myself interested in doing it, we don’t have millions of dollars to buy land and equipment and if we can get a loan, at current prices we wont pay off the mortgage until about a decade or two after we are dead. When did farming go from something peasants and poor people did to something only bored rich people can do????

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