OTTAWA – The federal government has appointed Abraham Tachjian as its open bank manager.
In this role, the Director of PwC Canada’s financial services practices will develop a new system that will give Canadians and companies 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 investment account elsewhere.
Proponents say open banking gives consumers access to a wider range of services such as budgeting and savings tools, while promoting 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 noting the growth of financial technology companies.
The government says Tachjian, who will report to the deputy finance minister, will now create and oversee a “made-in-Canada” approach to open banking based on recommendations the committee delivered last August.
Prior to joining PwC, Tachjian co-founded Hong Kong Digital Bank Mox Bank and was Director of Digital Banking at Standard Chartered Bank in Singapore.
This report from The Canadian Press was first published on March 22, 2022.