Canadian fintechs are overwhelmingly supportive of Finance Minister Chrystia Freeland’s long-awaited updates about open banking and changes to the Canadian Payments Act in the fall economic statement. “I am more confident than I’ve ever been that these things are going to happen,” said Alex Vronces, executive director of industry group Fintechs Canada. (The Logic)

Talking point: Over the past two months, Fintechs Canada and the Council of Canadian Innovators, along with fintechs including Borrowell, Neo Financial and Koho, have been putting public pressure on the government to commit to an open banking delivery plan. Vronces said Freeland’s announcement Tuesday, which included a promise to introduce open banking legislation in the budget next spring, is “the most specific and time-bound plan to put Canadians in control of their financial data to date.” Wealthsimple co-founder and CEO Michael Katchen posted on LinkedIn that he was “thrilled” to see that the 2024 federal budget will include open banking legislation, while Brigit Carroll, senior policy and campaigns manager at global payments company Wise, called the proposed amendments to the Canadian Payments Act a “huge win for Canadian consumers and business.”