The Silicon Valley-based company allows financial apps to connect with users’ bank accounts. Banks supported now include RBC, Scotiabank, TD, BMO and CIBC. (BetaKit)

Talking point: The expansion allows fintechs to reach more potential customers, since they can access users’ financial data from major banks. The move also signals the growing need for a Canadian framework around open banking, which pushes banks to share financial data with third parties with consumers’ consent. Regulating open banking would include clearer provisions for protecting consumer data shared between banks and fintechs. The Canadian government is in the midst of assessing whether the government should implement open banking regulation. The U.K. implemented open banking laws in 2018; they’ve been celebrated for levelling the playing field between fintechs and financial institutions.