adplus-dvertising
Connect with us

News

Frustrated tech leaders call for progress on open banking to increase competition

Published

 on

Members of Canada’s increasingly frustrated fintech sector are calling on the federal government to move ahead with promised plans to give consumers more control over their financial data.

Dozens of tech leaders sent a letter Thursday to Finance Minister Chrystia Freeland arguing that Canada is falling behind as an increasing number of countries move ahead with open banking systems designed to increase competition.

“Open banking in Canada is long overdue,” said Nicholas Schiavo, director of federal affairs at the Council of Canadian Innovators and one of the signatories.

The system, which already exists in the U.K. and the European Union and is moving ahead in the U.S., promises to give Canadians the choice of who has access to their financial data. It would also allow consumers to move their information seamlessly from one account to another like one might move dental records when switching dentists.

Advocates say that by opening up data access, consumers can securely link everything from budgeting apps to credit assessments into their banking information.

Millions of Canadians already use services based on the sharing of such data, but it’s based on using “screen scraping” that requires them to share their login details, an unsecure and unregulated process.

The open banking option promises to increase competition in Canada’s concentrated banking sector and lower fees, said Schiavo.

“Every single day that we delay a modern, secure financial system, we are in effect putting a tax on Canadian businesses, and Canadians themselves, who are paying more for an antiquated system.”

Lori Weir, chief executive of Four Eyes Financial and another signatory, said she had hoped to see progress on the system this year.

“I certainly support anything we can do to move things more quickly.”

She said that much like health data, being able to pool financial data in one place would help create better financial choices.

“It’s when you bring that data together and you’re able to analyze it, and able to produce back insights, that people are a bit better able to make decisions.”

The letter follows the October launch of a campaign by a group of leading fintech companies to get Canadians to pressure the government to move forward on its commitments, which include a 2021 campaign promise to implement an open banking system no later than the start of 2023.

The federal government appointed Abraham Tachjian as the open banking lead in March 2022, who has since led numerous working groups, but it’s still not clear when a system might launch.

Meanwhile, the U.S. announced in October that it was moving forward with plans to accelerate a shift to open banking.

The Consumer Financial Protection Bureau in the U.S. said its proposed rules would stop banks from “hoarding” a person’s data, supercharge competition and improve financial services.

“We are proposing a rule to give consumers the power to walk away from bad service and choose the financial institutions that offer the best products and prices,” CFPB director Rohit Choprsaid in a news release.

The U.K. has operated an open banking system since 2018, the same year Canada set up an advisory committee on the possibility.

 

728x90x4

Source link

Continue Reading

News

Montreal skateboarders rally to protect skatepark

Published

 on

Montreal skateboarders rally to protect skatepark

Source link

Continue Reading

News

Ilia Malinin lands 4 quads – and a backflip – to win his third straight Skate America title

Published

 on

World champion Ilia Malinin won Skate America on Sunday for the third consecutive year, altering his free skate on the fly after an early mistake and punctuating the program with a backflip that had been banned in competition until this season.

The two-time and reigning U.S. champion scored 290.12 points to finish ahead of Kevin Aymoz of France, whose career-best free skate left him with 282.88 points and earned a standing ovation inside Credit Union of Texas Event Center in Allen, Texas.

Kao Miura of Japan, who was second after his short program, finished third with 278.67 points.

“It was a pretty challenging moment for me, just stepping on the ice. I felt way more nervous than usual,” said Malinin, the early favorite for gold at the 2026 Winter Olympics in Italy. “That may have played a part in the whole program.”

Vancouver’s Wesley Chiu placed ninth in the free skate with a score of 140.08 points, he finished ninth overall with a total of 206.94 points.

The ice dance competition was to be decided later Sunday in the final event of the season-opening Grand Prix. Lilah Fear and Lewis Gibson of Britain had the lead over American world champs Madison Chock and Evan Bates after the rhythm dance.

Malinin and Miura were separated by a mere 0.15 points after their short programs, but it was Aymoz who challenged Malinin for the top of the podium. The 27-year-old from France, who struggled mightily at the end of last season, landed a pair of quads in an error-free program to score 190.84 points — the best of all the free skates — and vault into first place.

Nika Egadze of Georgia was next on the ice but fell on his opening quad lutz and stepped out on his quad salchow, and those two mistakes kept him from medal contention. He wound up fourth with 261.71 points.

Miura, the 19-year-old former world junior champion, landed three quads during a program set to “The Umbrellas of Cherbourg,” the 1964 musical romantic drama film. But Miura lost points for an under-rotated triple axel and on a step sequence that led into a quad toe loop-triple toe loop combination midway through his free skate.

Malinin was last to take the ice, performing a program set to “I’m Not a Vampire” by the rock band Falling In Reverse.

He opened with a perfect quad flip and then hit a triple axel, even though Malinin remains the only skater to have landed the quad version of the jump in competition. Then came the mistake, when he doubled a planned quad loop, leaving Malinin to make changes on the fly over the second half of the program in an attempt to make up the lost points.

After putting his hand down on his triple lutz, Malinin landed a quad toe loop-triple toe loop combination before a quad salchow-triple axel in sequence — a pair of huge jumping passes that sent his technical score soaring.

Malinin capped the recovery of his program with a backflip during his choreographed sequence, a move that had been banned until this season because of its inherent danger. It was expected all along but nonetheless sent a roar through the crowd, just as Malinin’s program came to an end and a steady stream of stuffed animals were thrown onto the ice.

“It was really hard for me in the middle of the program to think what I have to do — what I need to do,” Malinin said when asked about the early mistake. “I just went full autopilot through there and I’m glad I made it out.”

___

AP sports:

The Canadian Press. All rights reserved.



Source link

Continue Reading

News

Leclerc wins US Grand Prix and late penalty gives Verstappen 3rd place over Norris in title chase

Published

 on

AUSTIN, Texas (AP) — Charles Leclerc earned Ferrari its first United States Grand Prix victory since 2018 with a clever start and a commanding drive Sunday, and Red Bull’s Max Verstappen strengthened his lead in the F1 season championship by finishing third ahead of McLaren’s Lando Norris.

Verstappen earned the podium only after Norris was given a five-second penalty for leaving the track to pass Verstappen in the final laps.

Verstappen immediately complained about the move, while Norris insisted Verstappen also left the track. Norris’ pass came after the two drivers had battled for the final podium spot and critical championship points over several laps and Verstappen had stubbornly refused to give ground.

The penalty and fourth place finish cost Norris valuable points in the title chase. Verstappen stretched his championship lead over Norris from 54 points to 57 with five grand prix and two sprint races left.

Leclerc earned his third win of the season and Ferrari pulled a 1-2 finish with his teammate Carlos Sainz in second. Kimi Raikkonen had been the last Ferrari winner at the Circuit of the Americas in 2018.

But the bigger battle was raging behind them as Verstappen and Norris fought over every inch of the final dozen laps.

Verstappen has not won a grand prix since June and Norris has steadily chipped away at his lead as the Red Bull car has faded. Yet Verstappen still stretched his lead by five points over the weekend by also winning Saturday’s sprint race.

Norris will leave Austin knowing he squandered a big chance to gain ground. He had even earned pole position for Sunday’s race.

Verstappen started right beside him, and it was their battle into the first turn that saw both cars run wide, leaving room for Leclerc to pounce on the opening.

The Ferrari driver jumped from fourth and straight into the lead.

Norris complained Verstappen forced him off the track at the start to begin a battle that would be fought over the entire race.

___

AP auto racing:

The Canadian Press. All rights reserved.



Source link

Continue Reading

Trending