Q&A: How open banking could leave small FinTechs out

Last fall, the federal government finally passed the remaining legislation to bring a consumer-driven banking framework into effect. Commonly known as open banking, the system aims to give consumers more control over their financial data and allow FinTech firms to offer more products without relying on risky data-sharing practices like “ screen-scraping .” The model’s defenders argue it will introduce more competition into Canada’s banking landscape and—if done right—allow more small players to