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Finance Canada’s Kirsten Fraser takes to the stage at OBExpo Canada 2024 | Open Banking Expo

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Finance Canada’s Kirsten Fraser takes to the stage at OBExpo Canada 2024 | Open Banking Expo

Kirsten Fraser, director, financial services innovation at Finance Canada, told delegates at Open Banking Expo Canada that the Department of Finance team is working towards the Government’s 2025 target for consumer-driven banking to go live.

In a Fireside Chat with Eyal Sivan, general manager North America at Ozone API and chair of the Main Stage at the Expo, Fraser also noted that the target delivery date would be subject to factors such as the legislative calendar and a minority parliament.

Fraser told delegates that in the Department of Finance’s discussions with stakeholders taking place now, “we’re surfacing questions of a regulatory nature, so once legislation does pass, we’re able to hit the ground running and be informed by those views”.

She also addressed how Open Banking will be funded and the funding amounts announced in Budget 2024, which Sivan called “pretty modest”.

The government revealed in the federal budget that the Financial Consumer Agency of Canada (FCAC) will receive $1 million, while $4.1 million has been set aside for the Department of Finance.

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Fraser told delegates at Open Banking Expo Canada that the amounts pledged in the budget were “not intended to be the extent of what the FCAC will receive for administration and oversight of the Act”.

The initial $1 million is “to provide some support to advance implementation and get started on a consumer education and awareness campaign”, as well as having time to “understand what the new mandate will look like and the resources needed”.

“The money is meant to fill the gap until a final decision is made about what is required to resource it appropriately,” Fraser said.

Sivan asked Fraser to clarify the distinction between the role of the FCAC and Department of Finance in overseeing consumer-driven banking.

She confirmed that the FCAC will be responsible for implementation, administration and oversight, while the Department of Finance will retain the policy lead, which means it will lead on “expansion of scope” and any “policy changes”.

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“Open Banking has demonstrated itself to be bipartisan – why do you think this is?” Sivan asked Fraser.

She acknowledged there is “broad bipartisan support in Canada” which is “fundamentally being underpinned by consumers having the right to their data in ways that benefit them”.

Fraser added that “this other idea of accessibility of financial services – improved financial outcomes for consumers, I would say lawmakers across the globe can be aligned on that”.

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Baker McKenzie Welcomes Finance & Projects Principal Matthias Schemuth in Singapore | Newsroom | Baker McKenzie

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Baker McKenzie Welcomes Finance & Projects Principal Matthias Schemuth in Singapore | Newsroom | Baker McKenzie

Baker McKenzie today announced that leading project finance lawyer Matthias Schemuth has joined the Firm’s Singapore office* as a Principal and Asia Pacific Co-Head of Projects in its Finance & Projects practice, alongside Partner Jon Ornolffson in Tokyo.

Matthias joins the Firm from DLA Piper, bringing more than 20 years of experience in the energy and infrastructure sectors across Asia Pacific. He advises sponsors, developers, commercial banks, multilateral lending agencies, and export credit agencies on the structuring and financing of large-scale projects. His practice also spans international banking, structured commodity and trade finance, with a strong focus on emerging markets. Matthias has been consistently recognised by Chambers Asia Pacific and Who’s Who Legal as a leading project finance practitioner.

James Huang, Managing Principal of Baker McKenzie Wong & Leow in Singapore, said: “We are excited to welcome Matthias to our team. His expertise and proven record in managing teams will be invaluable as we expand our regional and global finance offerings for clients.”

Emmanuel Hadjidakis, Asia Pacific Chair of Baker McKenzie’s Banking & Finance Practice, commented: “Asia Pacific is seeing strong momentum in infrastructure development, energy transition investments, and cross-border project financing, much of it centred in Singapore. Having Matthias on board will further enhance our ability to help clients seize opportunities in the region’s evolving energy and infrastructure markets.”

Steven Sieker, Baker McKenzie’s Asia Chief Executive, added: “Matthias’s appointment underscores Baker McKenzie’s continued commitment to investing in exceptional talent across key markets to support our clients in navigating today’s increasingly complex business and regulatory environment.”

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Matthias said: “I’m thrilled to join Baker McKenzie and contribute to its strong growth in Asia Pacific. The Firm’s global reach and local depth provide an unparalleled platform for delivering innovative projects and financing solutions to clients in this dynamic region.”

With more than 2,700 deal practitioners in more than 40 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multijurisdictional. The teams are a hybrid of ‘local’ and ‘global’, combining money-market sophistication with local excellence. The Firm’s Banking & Finance lawyers are ranked in more jurisdictions than any other firm by Chambers.  

Matthias’s hire continues the expansion of Baker McKenzie’s global team. His joining follows the recent arrivals of Carole Turcotte in Toronto; Tom Oslovar in Palo Alto; Jenny Liu in New York and Palo Alto; Helen Johnson, Mark Thompson, Nick Benson, Kevin Heverin, James Wyatt and Michal Berkner in London; Jan Schubert in Frankfurt; Todd Beauchamp and Charles Weinstein in Washington DC; Dan Ouyang, Winfield Lau, and Ke (Ronnie) Li in Beijing, Shanghai, and Hong Kong; and Alexander Stathopoulos in Singapore.

*Baker McKenzie Wong & Leow is the member firm of Baker McKenzie in Singapore

 

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3 finance stocks to buy on rising 10-year Treasury rates

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3 finance stocks to buy on rising 10-year Treasury rates
The Federal Reserve gave investors an early Christmas present by lowering interest rates by 25 basis points (i.e., 0.25%) marking its third rate cut this year. In the past, a change like this in the “long end” of the interest rate yield curve has triggered a predictable, investable pattern. Typically, this pattern would be bearish for finance stocks, particularly banks—investors would buy bank stocks when rates rose and sell them as rates fell….
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Reservists’ families protest outside Finance Minister’s home

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Reservists’ families protest outside Finance Minister’s home

Dozens of protesters from the “Religious Zionist Reservists Forum” and the “Shared Service Forum” demonstrated Saturday evening outside the home of Finance Minister Bezalel Smotrich in Kedumim.

The protesters arrived with a direct and pointed message, centered on a symbolic “draft order,” calling on Smotrich to “enlist” on behalf of the State of Israel and oppose what they termed the “sham law” being advanced by MK Boaz Bismuth and the Knesset’s haredi parties.

Among the protesters in Kedumim were the parents of Sergeant First Class (res.) Amichai Oster, who fell in battle in Gaza. Amichai grew up in Karnei Shomron and studied at the Shavei Hevron yeshiva.

Protesters held signs reading: “Smotrich, enlist for us,” along with the symbolic “draft order,” calling on him to “enlist for the sake of the State’s security and to save the people’s army – stand against the bill proposed by Bismuth and the haredim!”

Parallel demonstrations were held outside the homes of MK Ohad Tal in Efrat and MK Michal Woldiger in Givat Shmuel.

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Representatives of the “Shared Service Forum” said: “We are members of the public that contributes the most, and we came here to say: Bezalel, without enlistment there will be no victory and no security. Do not abandon our values for the sake of the coalition. The exemption law is a strategic threat, and you bear the responsibility to stop it and lead a real, fair draft plan for a country in which we are all partners. It’s in your hands.”

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