The opportunity FinTech represents for Canada’s future economy is immense. And we have all the necessary building blocks – a strong talent pool with world-class technological and financial capabilities – to create the next global FinTech champions. But we must adjust the policies and regulations shaping the industry and our entrepreneurs’ mindsets. Canada’s FinTech sector must set itself up for global growth.
This Spotlight explores what must be done to achieve such a large vision. It dissects what government, regulators, entrepreneurs, investors and the large Canadian financial service incumbents must do to make Canada the global FinTech champion it must strive to be.
Event Alignment: 2018 Canada FinTech Forum
Organized by Finance Montréal
October 29-31, 2018 – Montreal
Key Takeaways & Calls to Action
- To support the growth and competitiveness of our FinTech sector, Canada needs Open Banking, data protection regulations and real-time payment rails that all financial services companies have access to.
- The relationship between financial institutions and FinTechs has changed from a predatory one to a symbiotic one. FinTechs are now seen as complementary to financial institutions because they are more agile, nimble and rapid.
- The conservatism of Canada’s financial system has protected it from various shocks, but it has made it harder for FinTechs to enter the market, innovate and scale up.
- The government must develop the policies and regulatory framework that make Canada the best place in the world to start a FinTech company. Then it must shout it from the rooftops; let the world know that if you want to start an innovative financial company, Canada is the place to do it.