Neo Financial Welcomes Ontario Government’s Support for Open Banking, Payments Modernization

In response to the Ontario Economic Outlook delivered today by the Hon. Peter Bethlenfalvy, Ontario’s Minister of Finance, Neo Financial CEO Andrew Chau made the following statement: “With one in four Canadians struggling to make ends meet, we applaud the Ontario government’s support for open banking reform and payments modernization to upgrade Canada’s financial sector. “With progress stalled on open banking, Canada is rapidly falling behind the United States, the UK, Australia, and other leading economies — and Canadians are paying the price every day. “The federal government’s own competition bureau has warned that declining competition in Canada’s economy means higher costs, less choice, and declining customer experience. “The cost of this decline in competition falls the hardest on those who can least afford it: lower-income Canadians paying high fees for basic banking, newcomers to Canada struggling to access credit, and an entire generation losing hope of ever owning a home. “We fully support Ontario in calling on the federal government to implement open banking, modernize payments infrastructure, and unlock the power of innovation to give Canadians control of their financial future.”