Canadian watchdog publishes FinTech report
Written by Chris Lemmon
The Canadian Competition Bureau has published a report on its market study concerning technology-led innovation in the Canadian financial services sector.
The report outlines the barriers to growth and adoption of financial technology and provides a number of recommendations aimed at fostering competition and innovation across payments, loans and financial advice.
The Competition Bureau recommends modernising laws and regulations to encourage the entry and adoption of new technologies, while maintaining consumer confidence and safety across the sector.
The report follows a period of active engagement with national and international leaders, which has led to a number of initiatives being launched in the country. The Securities Administrators recently launched a regulatory sandbox, and the Department of Finance is looking to modernise legislation and regulation – exploring new concepts such as Open Banking.
John Pecman, commissioner of competition at the Competition Bureau, said: “FinTech has the potential to transform how Canadians access financial services. The findings and recommendations in our report will help regulators and policymakers create an environment that promotes FinTech innovation and growth in Canada.”