The Globe and Mail reports in its Saturday edition that the federal government's recent fall economic statement has made it clear that Ottawa is not in a hurry to implement open banking. Guest columnist John Turley-Ewart writes that open banking refers to integrating new financial technology applications (fintech apps) into Canada's financial ecosystem (that is, banking, payments and insurance). In open banking's first phase, consumers and small to medium-sized businesses will be able to share financial information from their banks with fintech apps that offer users financial management strategies. However, open banking's end goal is more ambitious. Fully realized, it would usher in a future where consumers and businesses can transact using fintech apps in the same way that they currently use payment and financial service providers. This would juice competition and convenience in the process. Liberalizing financial data, no matter how safely done, comes with a certain degree of risk. How much risk will Canadian policy-makers and, importantly, regulators, accept to realize open banking's potential to increase competition? The answer is far less than other jurisdictions such as the United States and the European Union.