For those outside of Canada: The Canadian banking industry is highly centralized. This looks like a way to keep more nimble upstarts from actually getting started.
(Not directly related, but Revolut recently retreated from the Canadian market, for example.)
Agreed. See the replies to my other comment in this thread. Open banking as a concept is a great idea, in Canada it will be a used strategically as a way to limit competition.
Edit: I'd be happy to be wrong, you can let me know when Canada sees a flood of great new banking startups in the next couple years
(Not directly related, but Revolut recently retreated from the Canadian market, for example.)