Canada’s Data Sharing Shift
- CFIR
- Dec 1
- 1 min read
Canada’s financial sector is preparing for a major shift as consumer-driven banking, often called open banking, moves from policy drafting to technical rollout. By 2025, a single national framework will guide how consumers share their financial data securely with service providers of their choice. For businesses, it replaces a patchwork of data handling rules with a standard that clarifies consent, liability, and security practices. For consumers, it promises more transparency and potential for innovation in digital finance. The new rules place technology design at the centre of compliance. Startup founders and software teams must demonstrate not only secure API connections but also traceable data governance—who can access data, for how long, and for what purpose. Vendors handling information on behalf of others will face heightened oversight obligations. Canadian researchers are already studying these human and technical dimensions, from the usability of consent interfaces to the legal structure of data exchange. Still, the shift extends beyond banking. Harmonized data frameworks could influence how Canadians manage information in healthcare, mobility, and public services. Training the next generation of privacy engineers and policy specialists is therefore becoming an innovation priority. The Canadian Foundation for Research and Innovation (CFIR) supports this ecosystem by funding applied research and pilot programs that test interoperability models in real settings. As 2025 approaches, collaboration between industry and academia will define whether Canada’s data economy matures into a trusted export advantage. The groundwork is being laid not only in code and compliance documents, but also in the shared public trust that strong, transparent data governance can build.
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