Canada: Canadian fintech sector falling short of full potential

Competition Bureau Canada (CBC) has called for collaboration between regulators and industry leaders to help drive growth in the fintech sector.

The call for collaboration came following the findings of a CBCs workshop held in February which aimed to determine how Canada can “improve its competitive environment and foster innovation in this new industry.”

The workshop hosted around 130 fintech leaders and other industry players who discussed key challenges within the sector. The main barriers to performance cited were lack of consumer trust in alternative financial institutions, consumer complacency, global growth barriers, banking and data restrictions, and regulation that is both too complex and inflexible to keep up with the pace of technology.

The Bureau is positive that regulation can adapt to meet the needs of the fintech sector and help it reach its full potential, with John Pecman, Commissioner of the competition stating that “Canadian regulators are paying attention: they are engaged and ready to collaborate.” The Commissioner also advised that “the right regulatory approach is about striking a balance between innovation, resilience and consumer protection.”

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