Open banking could spur competition, but fintechs say Canada's moving too slowly: CBC

Fintech companies are welcoming more than $5 million in the April 16 federal budget to develop a framework and system for open banking, but they want the government to move more quickly to catch up with other countries such as Australia. Anis Heydari of CBC News writes that an open data framework would make it easier for Canadians to switch banks or compare products by allowing them to share financial data safely and allow companies to access customer data from competitors. Some industry experts say the slow pace at which Canada has embraced open banking is because the big banks have tried to keep new start-ups out of the market, he reports.