Canada yet to develop a system, framework for open banking

Canada is one country in the developed world that is yet to make a start in open banking:

Canada, in spite of its well-developed banking system, does not have any initiatives taken up to bring in open banking. In fact, the country lacks an open banking framework on the lines of PSD2 in the EU or similar efforts in Britain, Australia or other countries that have systems now in place regulating what data can be shared between financial institutions. The government in the country is, however, pushing ahead with a second phase of its review on open banking, focusing on security issues surrounding the sharing of financial data.