Oracle is ready to meet the open banking needs of Canadian banks and provide them with the necessary tools as the country makes them available, a financial services provider from the cloud computing giant said.

“We are ready for open banking,” Sonny Singh, executive vice president of Oracle Financial Services, said in an interview.

“It all depends on whether the policies adopted by Canada force banks to take this route.”

Sonny Singh spoke at the SIBOS conference in Toronto, where fintech, financial companies and technology companies came together to discuss sustainable finance, risk management in an unpredictable landscape, among other things.

Open Banking enables consumers and small businesses to securely and efficiently transfer their financial data between financial institutions and third-party providers.

It is not yet available in Canada, but is available in other countries such as Australia and the United Kingdom.

“From a technology perspective, it is about having banking applications that are exposed through APIs and have a robust mechanism for monetization,” Mr. Singh said.

Used in 140 countries and accounting for and managing $500 billion in revenue, Oracle’s suite of financial products includes products specifically designed for financial services, from financial crime to compliance applications and management risk.

Canadian banks are partnering with fintech companies to meet the banking needs of thousands of newcomers to the country and improve access to banking services.

Oracle already counts some Canadian banks as customers for one or more of its services, ranging from cloud applications to enterprise applications.

The US company lost billions of dollars in stock value earlier this month after its weak forecast suggested fierce competition in the cloud computing sector and a decline in digital spending were hurting the company’s profit growth.

Oracle, known for its database software, has caught up with major cloud computing providers such as Amazon Web Services, Microsoft’s Azure and Alphabet’s Google Cloud at a time when companies are cutting technology spending due to economic concerns. (Reporting by Nivedita Balu in Toronto; Editing by Marguerita Choy)