FOR IMMEDIATE RELEASE
August 25, 2025
OTTAWA, ON — OpenSME, the national volunteer-led campaign advocating for Canada’s small and medium-sized businesses (SMEs) to be included in the first phase of open banking, has gained new momentum with public statements of support from the Canadian Federation of Independent Business (CFIB), the Canada’s 2SLGBTQI+ Chamber of Commerce (CGLCC), and the Open Finance Network of Canada (OFNC).
With the federal government’s open banking consultation closing on August 28, these groups are joining a growing chorus of voices warning that Canada’s SMEs — which make up over half of the country’s GDP and employ two-thirds of Canadians — risk being left behind if business accounts are excluded.
“Open banking has the potential to give small businesses more choice, flexibility, and transparency in how they manage their finances. It’s important that the federal government keeps this issue on its radar to ensure Canada doesn’t fall behind other jurisdictions. CFIB strongly supports progress on open banking and initiatives like OpenSME, which could help level the playing field for small businesses by driving competition, lowering banking costs, and expanding access to financial tools and services.” said Corinne Pohlmann, Executive VP, Advocacy, CFIB.
“Open banking is about fairness, security, and opportunity—and Canada’s 2SLGBTQI+ entrepreneurs, along with all small business owners, can’t afford to be left out. CGLCC supports OpenSME’s call to move to Open Banking and include businesses from day one, because inclusive open banking drives inclusive economic growth.” said Darrell Schuurman, CEO, CGLCC.
The Open Finance Network of Canada also underscored the importance of building an open banking framework that supports innovation and financial inclusion across the country. They shared “With rising costs and economic uncertainty, SMEs need secure, efficient access to their financial data to unlock innovation, faster payments, and competitive financial products. Today, they rely on risky “screen scraping” to get these tools. Consumer-driven banking offers a safe, consent-based solution. Canada is the only G7 country without a legislated open banking framework. The time to act is now. OpenSME’s leadership is vital to ensuring small businesses aren’t left behind.”
Eric Saumure, CPA, CA, co-founder of Zenbooks and founder of OpenSME, added:
“Open banking without a clear timeline is just a promise with no delivery date. Canada needs to commit now so small businesses can start benefiting from lower costs, faster payments, and real competition — not years down the road.”
OpenSME’s campaign has attracted public support from organizations and business leaders across Canada, including CFIB, CGLCC, OFNC, Ignition, Huumans, Peloton Technologies, Remitian, many small business owners and leading accounting professionals like Blake Oliver and Ryan Lazanis.
The campaign is urging the federal government to:
OpenSME is calling on small business owners, accountants, and fintech leaders to sign the petition and join the movement before the August 28 deadline.
For more information, visit OpenSME.ca. // Full Media backgrounder here.
Media Contact:
Eric Saumure, CPA, CA
Founder and Chair | OpenSME
Co-founder | Zenbooks
hello@OpenSME.ca | 613.703.3008
Website: opensme.ca | ericsaumure.com/media | zenbooks.ca
