Neil Parmenter added in his speech in Toronto today that the need for digital identification “will only grow more urgent” as Ottawa explores the possibilities of open banking, the payments system is modernized and blockchain and artificial intelligence move into “new frontiers.”

The Department of Finance last week officially launched its public consultation on the merits of open banking, a framework that would allow consumers and businesses to permit third parties such as fintechs to access their financial data to provide innovative services.