The Competition Bureau has published the final report from its market study on tech-led innovation in the Canadian financial services sector.
The report outlines barriers to the growth and adoption of FinTech in Canada. It also provides recommendations to help regulators and policymakers continue to promote FinTech innovation. The Bureau says its proposals “are aimed at fostering competition and innovation in how Canadians: pay for goods and services; obtain loans for themselves and their businesses; and receive financial advice.
Modernize laws and regulations
The report recommends modernizing laws and regulations to encourage the entry and adoption of new technologies, while maintaining consumer confidence and safety in this rapidly evolving sector.
“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,” stated John Pecman, Commissioner of Competition in a Dec. 14 announcement.
To learn more, consult the report on the Competition Bureau’s web site.