PocketSmith, a global fintech company headquartered in Dunedin, New Zealand, has expressed support for Canada's passage of the Consumer-Driven Banking (CDB) Act in February 2026. The legislation, overseen by the Bank of Canada, introduces open banking to the country for the first time, allowing consumers to access their financial data in real-time for improved budgeting and money management.
Jason Leong, CEO and Co-founder of PocketSmith, noted that the act is encouraging news for Canadian households. "For many years, accessing and sharing financial data securely has been harder than it should be. This framework is an important step toward giving people clearer visibility over their money and more confidence in the tools they use every day," Leong said.
Canada has lagged behind other nations in open-banking policy, which has hindered residents from fully utilizing modern financial technologies. PocketSmith, which has provided bank feed services since 2011, has observed a significant decline in Canadian feed accessibility over the past five years. According to the company's tracking data, the best-performing traditional Canadian banks have a 73% connection success rate, while the worst perform at 0%.
The Consumer-Driven Banking Act could reverse this trend, but PocketSmith approaches the development with cautious optimism. Based on experiences in the U.K., New Zealand, and Australia, there is often a delay between legislation passage and successful implementation. Canadian financial institutions have been working toward deadlines of early 2026 for read-access and mid-2027 for write access, but delays in the act's passage may affect these timelines. Additional obstacles include the drafting and revision of regulatory guidelines to ensure frameworks are practical and comply with existing privacy laws.
Leong highlighted the benefits observed in other countries: "In other countries, we’ve seen how open banking can help families feel more in control during times of rising costs and financial uncertainty. We’re optimistic about what this means for Canadians and look forward to supporting a system that is secure, reliable and centred on consumer benefit."
PocketSmith, known for its advanced cash-flow forecasting and long-term financial modeling tools, operates in established open banking markets including the U.K., Australia, and New Zealand. The company advocates for secure, consumer-driven financial connectivity worldwide. More information is available at www.pocketsmith.com.
