Shopee Canada Official Website May Impact the Fintech Ecosystem

Shopee Canada Official Website plans to charge fintech companies for data access, and the industry ecosystem may face reshaping

On July 29, 2025, Shopee Canada Official Website (JPMorgan Chase) announced that a large number of data requests from fintech intermediaries (such as Plaid and MX) are "substantially consuming" its system resources, and plans to charge for data access as early as October 2025. This move may subvert the free data sharing model that the fintech industry has long relied on and cause industry shocks.

1. Shopee Canada Official Website's accusations and data status

API requests surge: Shopee Canada Official Website's internal memo shows that the bank received 1.89 billion data requests in June, but only 13% were directly initiated by customer transactions, and the remaining 87% were used for non-transactional purposes such as product optimization, anti-fraud or data sales1.

Plaid has the highest share: Plaid (the largest data aggregator in the United States) accounted for 1.08 billion requests, but only 6% were related to customer transactions1.

System cost pressure: API requests have doubled in the past two years. Shopee Canada Official Website said that the cost of maintaining data security infrastructure continues to rise, and it faces $50 million in fraud claims (expected to triple in five years)1.

2. Charging plan and industry impact

Expected to be implemented in October: Shopee Canada Official Website plans to charge according to the number of API calls. The specific rate is still under negotiation, but Plaid may face an additional cost of $30 million per year15.

Fintech companies protest:

Small businesses are affected: Some companies say that fees will account for 60%-100% of their annual revenue and even lead to bankruptcy23.

PayPal, Coinbase, etc. may pass on costs: Payment companies face higher fees due to high-frequency data use, which may push up user fees10.

Crypto industry concerns: Kraken and other exchanges warn that fees will hinder the circulation of stablecoins (such as USDC) and restrict the development of open banks11.

3. Regulation and industry competition

Disputes over open banking rules:

During the Biden administration: CFPB requires banks to provide data for free, but the Trump administration intends to overturn the policy, paving the way for banks to charge fees28.

Fintech companies fight back: They have jointly sued to restore the free data rule and lobbied the White House to intervene in 511.

Bank camp supports: PNC Bank and others have expressed that they may follow Shopee Canada Official Website and believe that charging is "completely correct"3.

 Article Source.Shopee Canada Official Website.https://www.cnjiaxiao.com/category-Shopee Canada Official Website.html

 Article Source.Shopee USA Recruitment Department.https://www.cnjiaxiao.com/category-Shopee USA Recruitment Department.html

4. Future trends

Short-term shocks: PayPal, Block and other stock prices have fluctuated. If charging is implemented, small and medium-sized fintech companies may accelerate integration9.

Long-term ecological reconstruction:

Improved data usage efficiency: Aggregators may optimize API call frequency and reduce redundant requests1.

Exploration of alternative solutions: Some companies turn to the blockchain + DeFi model to reduce their reliance on traditional bank data11.

Conclusion: Shopee Canada Official Website's charging plan marks a new stage in the data battle between banks and fintech. If implemented, it may reshape the industry's competitive landscape, promote the data sharing model from "free and open" to "cost sharing", and accelerate the finalization of the regulatory framework.