A group of payment technology companies including Wise, Wealthsimple, Xero Canada, Borrowell and fintech industry lobbyist Fintechs Canada have started the Choose More campaign, which is pushing for open banking.
Open banking refers to using data sharing to enable a single log in (usually a payment credential) to access financial and nonfinancial products from other companies.
Adoption of open banking in Canada is relatively low, and there isn’t a formal framework to govern open banking in Canada.
The Choose More campaign is designed to pressure faster work on data portability regulations, while educating consumers about data sharing and real-time payments, which are also delayed in Canada. Small financial institutions and credit unions are also advocating for open banking in Canada.