OTTAWA, Nov. 21, 2023 (GLOBE NEWSWIRE) — Today, the Canadian Government tabled its Fall Economic Statement, which includes positive steps towards establishing Canada’s open finance framework through the implementation of a suite of consumer-driven measures for Canadians in Budget 2024.
“Our mission is to help Canadians keep more of their money, by enabling them to achieve their financial goals and to build a secure financial future,” said Edward Kholodenko, president and CEO, Questrade Financial Group (QFG). “We welcome today’s announcements and will continue to support the Department of Finance with the accompanying work ahead to ensure Canadians can take more control over their financial wellbeing.”
Questrade has been actively advocating for a robust open finance strategy with concrete implementation timelines and deliverables to ensure Canadians can begin to benefit from a modernized, cost-efficient, interoperable, and principles-based open financial ecosystem that helps them be much more financially successful and secure by 2025. The company has championed industry advancement efforts and supported the Private Member’s Bill on open banking tabled earlier this month. Today’s update is viewed as a positive first step towards a fulsome and competitive open finance framework.
“Now, more than ever, Canadians deserve to benefit from the cost savings that many of their global counterparts have realized through their open banking and open finance ecosystems,” said Tanya Woods, Head of Government and Regulatory Affairs & Policy Counsel, Questrade Financial Group. “We are very pleased with the commitment today to advance an open finance framework, with notable progress on consumer-driven measures leading the way. We look forward to working with our colleagues in government and industry as we continue to support Canadians’ financial interests.”
About Questrade Financial Group
Questrade Financial Group Inc. (QFG) is the parent company of Questrade, Inc. (“Questrade”), Questrade Wealth Management Inc., Community Trust Company, ThinkInsure, Zolo, and Flexiti. Through its companies, QFG provides securities and foreign currency investment, professionally managed investment portfolios, mortgages, insurance, real estate, and financial services to Canadians with the goal of helping them become much more financially successful and secure. With over 24 years challenging the status quo as Canada’s leading, non-bank financial services provider, QFG has over $40 billion in assets under administration (AUM). For more information, visit www.questrade.com or Questrade Financial Group on LinkedIn.
For more information or to arrange an interview or broadcast segment with Edward Kholodenko, president and CEO, or Tanya Woods, Head of Government and Regulatory Affairs & Policy Counsel, please contact Susan Willemsen at The Siren Group Inc. Tel: 416-461-1567 or M: 416-402-4880. Email: [email protected], www.thesirengroup.com, and @thesirengroup.