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In this dispatch, The Peak looks at questions surrounding Canada’s open banking plan, the country’s role in this year’s G7 Summit and how Canada could reclaim its title as the world’s largest uranium producer.
Canada’s Open Banking Plan Still Has a Lot of Holes
The several-times-delayed framework for open banking has arrived, but it still leaves a lot of uncertainty for fintechs.
What happened: This week’s fall economic statement included a long-awaited framework for open banking in Canada — referred to as “consumer-driven banking” by the government — with a promise to launch in early 2026.
- Open banking will allow for secure transmission of financial data between institutions, such as banks and fintech startups, facilitating more innovative services products and increasing competition in the sector.
- It has also been delayed several times, first being promised in early 2023, and most recently tabled for late 2025 in last year’s fall economic statement.
What’s in it: The Department of Finance and the Financial Consumer Agency of Canada (FCAC) will oversee open banking. Large banks, which have to participate, will be the first onboarded, followed by remaining financial companies that want to share data. Any participant will have to go through an application and vetting process.
- Provincial and territorial open banking regulators will be designated for institutions they have jurisdiction over, like some credit unions.
Yes, but: A federal election will happen by the fall of next year (at the latest), and there’s no guarantee that a new government will be able to — or want to — keep to the current targets.
Why it matters: There are still a few things missing from the plan — namely, the lack of a tiered accreditation system. Some in the industry believe this will unnecessarily burden smaller players that have to go through the same process as large enterprises, despite having more limited data needs.
- Also missing: a firm date for ending screen scraping, a practice where a customer gives control of a device to a company to share their information. The practice is inconvenient and less than secure, but fintechs have used it as a workaround.
- The industry has welcomed the end of the practice, but companies that currently rely on it could suffer if the ban comes before they are permitted to participate in open banking.
What’s next: The other missing piece is legislation addressing the final parts of the plan, which is needed to meet the 2026 deadline but is still being developed. —Josh Kolm
Canada Takes Charge of the G7
Canada has officially taken over this year’s presidency of the G7 — the global bloc of economic cool kids — and will host its Leaders’ Summit in Kananaskis, Alberta, this June.
Why it matters: Besides hosting, there’s no real formal responsibility that comes with the G7 presidency. However, the presiding country usually takes it as an opportunity to garner support and funding for a hand-picked “signature initiative.”
- The last time Canada was president it focused on female education in conflict and crisis areas. The time before that, it put its back into maternal health funding.
Big picture: There’s no clear indicator as to what this year’s signature initiative might be, though the prime minister’s office previously said that areas of focus for G7 co-operation are building fairer economies, fighting climate change, and managing rapidly evolving tech.
- Canada is expected to try and build off of the momentum of last year’s summit in which members unified on opposition to China and the use of Russian assets to help Ukraine.
Yes, but: Consensus building might be tougher after a year of power changes. Japan, the U.K., and the U.S. will all have leaders different from those at last year’s summit. Germany will likely have a new leader, too. And Canada’s own Justin Trudeau might not make it till June. —Quinn Henderson
Canada Aims to Retake Top Spot in Uranium Production
Canada may have been sent packing early from the World Juniors this year, but there’s another activity we’re poised to claim the number one spot in: uranium mining.
What happened: Cameco, Canada’s largest uranium producer, said production increased by a third at its two Saskatchewan mines last year.
- That jump will contribute to an expected surge in new uranium production that could see Canada’s output double in the next ten years, helping Canada reclaim its position as the world’s largest uranium producer, a title it lost to Kazakhstan in 2008.
Why it’s happening: Demand for uranium is expected to double by 2040 thanks to a surge of interest in nuclear power — 31 countries have pledged to triple their nuclear power output by 2050 and tech companies are investing in nuclear to power their data centres.
- Canada’s uranium sector also stands to gain from geopolitical tensions that have forced Western buyers to rethink the wisdom of relying on Kazakhstan — which is bordered by Russia and counts China as its largest customer — as a key supplier.
Why it matters: The stars are aligning for a boom in Canada’s $800-million-per-year uranium industry, which could be a bright spot in an economy that could use some good news. —Taylor Scollon
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