Attendees at Open\u00a0Banking Expo Canada 2026 heard from senior leaders at MX,\u00a0TSB\u00a0and Open Finance\u00a0Brasil\u00a0about the shift\u00a0beyond financial services toward a broader Smart Data economy.<\/p>\n
The discussion, moderated by\u00a0Michelle\u00a0Beyo,\u00a0chief\u00a0executive\u00a0officer\u00a0of\u00a0Finavator\u00a0and\u00a0president of the Open Finance Network of Canada,\u00a0made clear that while Open Banking provides the foundation, the real opportunity lies in extending these principles across the wider economy.\u00a0<\/p>\n
Open Banking is the \u201cfirst\u00a0stepping stone\u201d,\u00a0Beyo\u00a0said.\u00a0\u201cThe next\u00a0stepping stone\u00a0is Open Finance. But the true dream lives in an Open Data economy,\u201d she\u00a0added.<\/p>\n
Globally, that shift is already underway. More than 80 countries have implemented Open Banking frameworks, with a growing number progressing toward Open Finance and, in some cases, broader Open Data ecosystems, according to\u00a0Beyo. Canada, after a prolonged policy development period, is now positioned to move forward, but panellists emphasised that speed and clarity will be essential.\u00a0\u00a0<\/p>\n
Jane Barratt,\u00a0chief\u00a0advocacy\u00a0officer at MX, highlighted the importance of shifting from data protection alone to data empowerment. Financial and health data, she noted, are among the most sensitive and valuable data sets.<\/p>\n
\u201cI think we have a moral obligation to leave the world better than we found it and a big part of that is how do we protect people\u2019s data \u2013 and not just protect it, how do we actually help them improve their outcomes with their own data,\u201d Barratt said. \u201cWe talk a lot about infrastructure, but how do we get data into the hands of people that can then put it to work for themselves?\u201d<\/p>\n
Taking inspiration from other countries<\/p>\n
International examples provided further context for Canada\u2019s next steps. Brazil\u2019s Open Finance ecosystem was cited as a leading example of what can be achieved through clear regulatory direction and strong execution. With millions of users and businesses now\u00a0participating, Brazil has\u00a0demonstrated\u00a0how integrating payments and data can drive rapid adoption and unlock new use cases, particularly for small and medium-sized enterprises.\u00a0<\/p>\n
Elcio\u00a0Calefi, chief information officer at Open Finance\u00a0Brasil, told attendees: \u201cSince the beginning\u00a0of\u00a0Open\u00a0Finance in Brazil in 2020, we\u00a0knew what the scheme is that will be delivered, when the payment initiator will be delivered, when the credit portability will be delivered.\u201d<\/p>\n
He said that this gave participants and the market \u201cthe visibility [and] the stability\u201d to make investments and that Brazil is now \u201cseeing the benefits\u201d of that decision by the Central Bank of Brazil.<\/p>\n
Australia\u2019s Consumer Data Right (CDR) has reframed data as a consumer-owned asset, enabling expansion into multiple sectors while reinforcing trust and transparency, Barratt explained.<\/p>\n
In the UK, the Data Use and Access Bill will extend Open Banking infrastructure into areas such as energy and telecommunications \u2013 also known as Smart Data.<\/p>\n
Adam Betteridge,\u00a0fintech, partnerships and Open Banking lead at TSB Bank, said:\u00a0\u201cWhat we\u2019re bringing to the UK will allow UK consumers,\u00a0using\u00a0Open\u00a0Banking rails,\u00a0to share other forms of data, whether that\u2019s energy data, telecom data, potentially health data.\u201d<\/p>\n
Crucially, these new use cases will be built using\u00a0the same infrastructure, rather than \u201crebuilding\u201d or \u201creplumbing\u201d.\u00a0\u201cIdeally, over the next two to three years, we\u2019ll see some really interesting use cases that benefit customers and small businesses,\u201d he said.<\/p>\n
Meanwhile,\u00a0in the US, a more market-led approach has still resulted in significant adoption, driven by strong consumer demand and fintech innovation.<\/p>\n
Looking ahead, panellists pointed to the increasing convergence of data,\u00a0payments\u00a0and digital identity as a critical enabler of the next phase. While Open Banking has focused primarily on access to financial data, future innovation will depend on the ability to connect that data with real-time payment capabilities and secure identity frameworks.<\/p>\n
A challenge and an opportunity\u00a0<\/p>\n
The discussion also touched on the growing role of artificial intelligence, particularly the emergence of AI-driven \u201cagents\u201d capable of acting on behalf of consumers and businesses.<\/p>\n
Barratt explained: \u201cWhen you think of the cognitive load that it takes to manage your money, remembering passwords, remembering when you have to pay bills, remembering to move money when you have to, if you could outsource the things that are predictable and lower risk, that is a huge unlock.\u201d<\/p>\n
She added: \u201cA lot of layers need to happen before that can be in place because if you\u00a0don\u2019t\u00a0have\u00a0essentially Open\u00a0Banking, Open\u00a0Finance infrastructure in place, if you\u00a0don\u2019t\u00a0have tokenized\u00a0data sharing,\u00a0you\u2019re\u00a0enabling agentic scraping.\u201d<\/p>\n
For Canada, the timing of implementation presents both a challenge and an opportunity. While the country has moved more slowly than some international counterparts, this delay\u00a0provides\u00a0the chance to learn from established models and design a more cohesive and scalable framework from the outset.<\/p>\n
As TSB\u2019s Betteridge noted: \u201cYou\u2019re able to look at markets like Brazil, the UK, America, and Australia to figure out what lessons [have been] learned.\u00a0<\/p>\n
\u201cI know a lot of people have been saying,\u00a0it\u2019s\u00a0taken so long to get to where you are today.\u00a0I think you should look at that as a strength, as you can figure out where we might have been slow and where you can actually look at those lessons learned\u00a0\u2013\u00a0how do you have a single architecture and a single body that can design it straight from the front and use those lessons straight away.\u201d<\/p>\n
Open Finance Brasil\u2019s Calefi called on public and private collaboration to make Open Banking happen in Canada, as it has done in Brazil.<\/p>\n
\u201cIf the UK can get to a Smart Data bill and Australia can get to CDR and Brazil can get to Open Finance in 24 months, I know Canada could do it,\u201d Beyo concluded.\u00a0<\/p>\n