The growth of fintech is a global phenomenon that has big implications for the financial sector, and payments more specifically. In Canada, “Paytech” firms, as we call them, have emerged as both a cooperative and competitive force relative to established players. Incumbent financial institutions and payment networks are also driving new Paytech innovations at a sometimes surprising rate.
In the light of this growth, Payments Canada welcomed the early opportunity to comment on the Competition Bureau’s market study into technology-led innovation and emerging services in the Canadian financial services sector (the “FinTech Study”).
Our response to the report focuses on two major areas: the RTR as a platform for innovation, and amending our enabling legislation to accommodate more open, risk-based access. Read the full response here.