Canada’s Competition Bureau seeks feedback on FinTech sector report

An image of the Canadian flag blowing in the wind against a backdrop of clouds

Canada’s Competition Bureau has published its report on the country’s emerging financial services sector.

The federal agency is now inviting members of Canada’s FinTech industry to offer their insight and their criticism on the newly published report.

The report itself summarizes the current state of Canada’s FinTech industry, as well as the current state of legislation governing the sector.

Additionally, the report explores the manner in which existing FinTech infrastructure governs how individuals engage with retail payments, crowdfunding, investment, as well as lending.

“FinTech has the potential to significantly change the way Canadians access financial services,” reads an excerpt from the Bureau’s report. “It promises to increase choice and convenience, while also lowering prices and frictions existing in the marketplace today.”

The public consultation will be open between November 6th and November 20th, 2017.

“The future is now,” said John Pecman, Canada’s commissioner of competition, in a November 6th, 2017 media release. “Let’s get it right by providing policymakers with the information they need to nurture a competitive environment that allows Canada’s FinTech companies to innovate and grow globally.”

Source: Competition Bureau

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Author: Sameer Chhabra