New Technical Specification to Empower Consumers, Accelerate Innovation, and Strengthen Trust Across Canada’s Open Finance Ecosystem
The Digital Governance Council (DGC) is proud to announce a strategic partnership with Open Finance Network Canada (OFNC), with support from the Standards Council of Canada (SCC), to develop a Technical Specification for a Data Portability Framework that will help power Open Banking and Open Finance in Canada.
This landmark collaboration will deliver a consensus-driven Technical Specification designed to create a trusted, interoperable, and user-centric framework enabling individuals and organizations to securely access, transfer, and share data across sectors.
The initiative represents a major step forward for Canada’s digital economy, empowering consumers and businesses with greater control over their data, accelerating innovation, and fostering more competitive markets, while ensuring privacy, security, and governance aligned with Canadian regulations and global best practices.
“Developing this Technical Specification through a consensus-driven process ensures we create a practical, trusted framework that reflects real-world needs. The DGC is excited to work alongside OFNC, the SCC, and all interested stakeholders to advance data portability in Canada.” – Darryl Kingston, Executive Director, Digital Governance Standard Institute.
Supporting the Future of Open Finance in Canada
The Data Portability Framework will provide foundational guidance for secure data exchange, helping financial institutions, fintechs, and data recipients rapidly adopt Open Banking capabilities while reducing implementation complexity and time to market.
“Data portability is foundational to empowering Canadian consumers. This partnership with the Digital Governance Council is a critical step toward building a trusted Open Finance framework that delivers real value to Canadians while maintaining the highest standards of privacy and security.” – Michelle Beyo, President of OFNC
Key Benefits for Canadians
- Greater control and empowerment over personal data
Consumers will be able to securely access and transfer their data using standardized formats, unlocking smarter financial decisions and highly personalized services. - Enhanced competition and innovation
By lowering barriers to entry for fintechs and simplifying provider switching, the framework will drive better products, improved customer experiences, and reduced costs for consumers. - Improved security and trust
Built-in privacy and security protocols ensure data is shared only with authorized parties, strengthening consumer confidence across the Open Finance ecosystem.
“Strong data governance is a national priority for Canada. This collaboration advances the practical standards and tools that support government objectives for safe, responsible data sharing. It will help create consistent approaches that organizations can adopt with confidence, strengthening trust, interoperability, and accountability across the digital economy.” – Chantal Guay, CEO, Standards Council of Canada
Next Steps
The Digital Governance Council is expected to initiate this work in May 2026. The Technical Specification is anticipated to be completed within 8–10 months and will be published at no cost on the DGC website, making it broadly accessible to organizations seeking to implement it.
This collaboration between the DGC and OFNC provides a powerful accelerator for organizations looking to prepare for Open Banking, modernize their data strategies, and deliver next-generation digital financial services to Canadians.
Get Involved
Organizations interested in learning more or participating in this initiative can contact:
- Open Finance Network Canada (OFNC)
Michelle Beyo
📧 info@openfinancenetwork.ca - Digital Governance Council (DGC)
Darryl Kingston
📧 darryl.kingston@dgc-cgn.org