Ever since the historical development of fractional reserve banking, other banking systems have also been created, such as open banking. Open Banking is a secure way to give providers access to people’s financial information. It opens the door to new products and services that could help customers and small to medium-sized businesses get a better deal. It could also help customers find new ways to make the most of their money, or more specifically, use electronic money as a medium of exchange. In Canada today, there is no legal requirement for financial institutions to allow their customers to share their account data with other service providers. Due to regulatory ambiguity and security concerns, financial institutions can restrict or prohibit third-party access to customer data, even if the customer explicitly requests their information be shared. Through open banking’s financial technology (fintech) however, customers can affirmatively grant access to a trusted third-party financial provider of their choice to receive a product or service of their choosing. Canadians today hold around $600-billion in non-mortgage debt and interest rates are rising. With better access to fintech platforms, millions of Canadians could better manage their financial lives. It’s time to empower the 85% of Canadians who are not yet benefiting from financial technology.