Competition Bureau highlights Canada’s progress in the FinTech sector
OTTAWA, September 26, 2018 — In December 2017, the Competition Bureau released a Market Study on the rapidly changing world of technology-led innovation in the financial services sector (FinTech). Today, it examines the impact of this Study with a progress report that shines a light on recent Canadian developments and what to expect next.
Through its Study, the Bureau saw an opportunity to promote competition and innovation by making recommendations on how governments, regulators and other decision-makers can foster Canada’s FinTech potential. This progress report looks at 11 of the Bureau’s recommendations and how some recent regulatory and policy changes are helping Canada to move forward in the FinTech sector, and catch up to countries such as the United Kingdom and Australia.
The Progress Report highlights the important work being done in Canada to:
Create a more open behind-the-scenes payment infrastructure in the financial sector. By opening this infrastructure up to new business models, regulators are removing a significant barrier to increased FinTech innovation and competition.
Give Canadians access to their banking data. In Budget 2018, the Government of Canada committed to looking at establishing an open banking regime, which would allow Canadians to use innovative products and services by safely sharing their banking data.
Collaborate and harmonize rules. Provincial regulators are working together, to help innovators operate nationwide and enter new markets around the globe.
These are key steps toward more competition and innovation in the FinTech sector. It will be important to build on this momentum for the benefit of Canadian businesses and consumers.
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The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace.
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