Abraham Tachjian Takes Regulatory Lead at Brim Financial
Abraham Tachjian, a key figure in Canada’s Open Banking initiatives, has recently stepped into the role of Director of Regulatory Affairs at Toronto-based fintech startup, Brim Financial. This appointment comes during a crucial phase as the federal framework for Open Banking continues to evolve.
Tachjian’s Vision for Brim Financial
“From the outset, I recognized that Brim wasn’t just another fintech; it has the potential to be a global platform.”
Abraham Tachjian, Regulatory Affairs Director at Brim Financial
In a recent LinkedIn announcement, Tachjian expressed his enthusiasm for what he describes as a “natural progression” in his career. His leadership will be pivotal to Brim Financial, particularly as it collaborates closely with CEO Rasha Katabi, known for her visionary approach in the financial technology space.
Brim Financial’s Innovative Approach
Founded in 2017, Brim Financial is not just a certified credit card issuer; it also provides essential technological infrastructure for a variety of financial institutions. This includes banks, fintech companies, and credit cooperatives that seek innovative ways to manage credit and loyalty card programs for their customers.
Strategic Growth and Expansion Plans
Last year, Brim secured an impressive $85 million Series C funding, aimed at bolstering its expansion into the U.S. market. Katabi has indicated that the company’s future roadmap includes the automation of platforms and integration of Open Banking capabilities, making it a key player in the fintech landscape.
Tachjian’s Impact on Open Banking in Canada
Prior to his role at Brim Financial, Tachjian served as the chief officer for Open Banking at PwC Financial Consulting for five years. In 2022, he was appointed by the Canadian government to lead consultations on Open Banking, aiming to create a robust framework for its implementation. His recommendations, presented in the fall of 2023, are expected to shape the future of financial services in Canada.
The Ongoing Journey of Open Banking in Canada
Canada has been navigating the complexities of Open Banking since 2018. Despite myriad consultations and advocacy, a comprehensive consumer-focused banking framework remains in development. The Canadian government recently provided an economic update in the fall of 2024, outlining the planned accreditation processes but delaying the full rollout until 2026.
Looking Ahead: The Future of Open Banking
With the recent political shifts, there is cautious optimism in the fintech community regarding Open Banking’s future. Industry advocates continue to argue that a fully developed Open Banking system could lead to enhanced competition, giving Canadians greater control over their financial data. As reforms proceed, the Canada Consumer Financial Agency (FCAC) works on strategies to ensure a clear and efficient Open Banking framework.