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Hot take: I thought open banking rules here were just paperwork, until a Vancouver founder set me straight
I used to think the slow rollout of open banking in Canada was mostly a compliance headache that fintech founders just complained about on panels. A founder I grab coffee with in Vancouver broke it down for me last month: she said her team burned 4 months and around $30k building a workaround for bank data access that a real framework would have handled in a week. That number sat with me because I always figured the tech was the hard part, not the plumbing. Her point was that without open banking, every small startup has to solve the same problem from scratch instead of building the thing people actually want. So I changed my view. I went from thinking it was just red tape talk to believing it might be the single biggest thing holding early Canadian fintech back. Has anyone here actually felt that pain on the data side, or is it more of a Toronto problem than a national one?
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