investing with a smart phone / vgajic

The federal government has named Abraham Tachjian, a digital banking veteran currently with PwC Canada, to lead the establishment of an open banking system in Canada.

Tachjian, a director with PwC Canada’s financial services practice, helped found Mox Bank, a digital bank in Hong Kong. He was previously director of digital banking with Standard Chartered Bank in Singapore.

Open banking would allow consumers to transfer their financial data between financial institutions and accredited third parties such as robo advisors.

In a report last summer, the government’s advisory group on open banking recommended that a system be in place by the end of next year. Justin Trudeau’s Liberals campaigned on implementing the group’s recommendations.

As the open banking lead, Tachjian will engage stakeholders to develop an accreditation framework, rules and standards, and provide advice to the government regarding the system’s ongoing administration. He will report to the deputy minister of finance.