By Pradeep Saran, September 20,2023
In a recent interview at SIBOS in Toronto, a gathering of fintech, financial firms, and tech companies discussing various key topics including sustainable finance and risk management, Oracle expressed its readiness to serve the open banking needs of Canadian banks. Sonny Singh, Executive Vice President of Oracle Financial Services, emphasized that they are well-prepared for open banking implementation in Canada.
Singh highlighted that Oracle’s suite of financial products, utilized in 140 countries and managing a substantial $500 billion in revenue, includes purpose-built solutions for financial services, ranging from financial crime prevention and compliance applications to risk management tools.
Open banking, a concept already available in countries like Australia and Britain but not yet in Canada, enables consumers and small businesses to securely and efficiently share their financial data among various financial institutions and third-party service providers. The implementation of open banking in Canada will depend on the policies the country chooses to adopt.
Canadian banks are increasingly collaborating with fintech firms to meet the banking requirements of the growing number of newcomers to the country, ensuring easier access to banking services. Oracle already serves several Canadian banks as clients, offering a range of services from cloud solutions to enterprise applications.
It’s worth noting that Oracle faced a decline in market value recently due to a weaker financial forecast, attributed to intense competition in the cloud computing sector and a reduction in digital spending amid economic concerns. The company, traditionally known for its database software, has been striving to catch up with major players in the cloud industry, such as Amazon Web Services, Microsoft’s Azure, and Google Cloud, all while businesses exercise caution with tech spending in the current economic landscape.