After years of disappointment and delay, #Budget2025 commits to a “competitive and innovative” financial system

With Budget 2025, financial innovators may have finally got what they have long asked for.

The freshly released federal budget includes major movement on long-awaited files in Canada’s financial services sector, including open banking and a framework for the issuance of stablecoins.

“It’s a huge budget for FinTechs.”

BetaKit was the first to report that FinTech leaders expected movement on open banking in the budget. What they got was significantly more: a commitment to introduce the remaining piece of legislation needed to make the financial data-sharing system a reality, with a target of mid-2027 for “write access,” or the ability to switch accounts or make bill payments.

The open banking legislation, which was already drafted at the time of last year’s Fall Economic Statement, will