Swoop and Enterprise Ireland host Irish Minister for Finance in Toronto
Swoop, the global online marketplace for business funding solutions, hosted Ireland's Minister for Finance Michael McGrath TD at a roundtable event in Toronto on 9th March 2023 to discuss Open Banking in Canada. The event was organised by Enterprise Ireland, the Irish government's trade and innovation agency, in collaboration with Swoop. This roundtable brought industry experts and stakeholders from the financial industry together to explore the opportunities and challenges of Open Banking in Canada.
As a leader and innovator in Open Banking, Swoop Funding is at the forefront of Open Banking technology worldwide. Open Banking is transforming the financial services industry by enabling secure and regulated data sharing between banks and third-party providers. This creates opportunities for innovation, competition, and better financial outcomes for consumers and businesses. With this round table event, Swoop Funding is leading the way for Open Banking in Canada, paving the way for a brighter future for businesses and consumers.
Minister for Finance, Michael McGrath TD said: "I was delighted to join Enterprise Ireland and Swoop Funding in Toronto for a high-level discussion on Open Banking. Leading industry professionals provided invaluable insights, an opportunity to reflect on the progress made to date, and to explore how the financial services industry is preparing for the next phase.
I would like to thank to organisers for bringing together a group of diverse professionals from the public and private sectors to provide those insights about the strides made in Open Banking in Canada and the opportunities that exist for Ireland."
"At Swoop, we are passionate about empowering businesses with better access to financial services. "We believe that Open Banking is a powerful tool that can help businesses grow and thrive," said Andrea Reynolds, CEO of Swoop Funding. "We are thrilled to host this roundtable event with Minister Michael McGrath to explore the potential of Open Banking in Canada. As a leader in Open Banking, we are committed to driving innovation and delivering value for our customers."
A diverse group of industry experts were brought together at the roundtable, including Open Banking lead on the Federal Dept. of Finance, Abraham Tachjian, the CEO of digital first EQ Bank Canada, and senior leadership at Plaid and BMO.
The discussion focused on three core areas: looking back at the journey so far in Canada and the pathway to Open Banking; the challenges and opportunities for Open Banking in operation in the EU, Ireland and UK; and Preparing for Open Banking & beyond in Canada, and technology investment required for this next stage. Other topics included the regulatory landscape, customer consent and privacy, technical standards, and business opportunities.
Participants had the opportunity to share their insights and feedback, contributing to the broader industry dialogue and shaping the future of Open Banking in Canada.
"We were delighted to co-host this event with Swoop Funding and bring our global experience and expertise to the Canadian market," said David McCaffrey, Senior Market Advisor, Digital Technologies at Enterprise Ireland. "Open Banking is a trend that is transforming the global financial services industry. By working together and sharing our knowledge and insights, we can help accelerate the development of Open Banking in Canada and unlock its full potential for businesses and consumers."