21 July 2017
Download the paper now.

Québec watchdog opens fintech lab and joins R3

02 May 2017  |  10488 views  |  0 strategy

The Autorité des marchés financiers (AMF), Québec's financial services regulator, has joined the R3 consortium and set up a fintech lab to help it study new technologies, such as blockchain.

The lab's mandate is to study new technologies rather than the business models that are based on them, serving as a think tank that will work to provide the AMF with the knowledge it needs to carry out its role as a regulator in the digital age.

This includes developing advice and insight with respect to regulatory sandbox initiatives being implemented by the Canadian Securities Administrators.

The watchdog also wants its new venture to act as a talent incubator and will invite university students in engineering and technology to work as interns on lab projects, under the supervision of its fintech working group members.

Meanwhile, the AMF says that by joining R3 it will gain access to relevant information about projects undertaken by other regulators, be able to enter into partnerships and develop its own initiatives.

News of the lab comes as Canada's financial regulators and industry players agree that they need to work together to get policy and regulation right in order for fintech innovation to flourish.

At a recent workshop put together by the country's Competition Bureau, start-ups, banks, regulators, experts and members of the academic and legal communities gave their fintech views.

Participants agreed that fintech is not realising its potential in Canada, in part because of a lack of trust in alternatives to the big banks and also because startups have problems growing to a global scale.

Also cited were the restrictions on access to data and infrastructure, and a regulatory framework that is often complex, fragmented, prescriptive and does not sufficiently account for changing technologies.

John Pecman, Commissioner of Competition, says: "The right regulatory approach is about striking a balance between innovation, resilience and consumer protection. It is about getting the principles right. We saw at the FinTech workshop that Canadian regulators are paying attention: they are engaged and ready to collaborate."

The Bureau will publish a full fintech study in late 2017.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Vocalink, SIA and CGI compete for Canadian clearing and settlement system contract

Vocalink, SIA and CGI compete for Canadian clearing and settlement system contract

26 April 2017  |  6439 views  |  0 comments | 10 tweets | 25 linkedin
TMX applies distributed ledger tech to proxy voting arena

TMX applies distributed ledger tech to proxy voting arena

06 April 2017  |  5953 views  |  0 comments | 10 tweets | 3 linkedin
Canada calls in Accenture for payments overhaul

Canada calls in Accenture for payments overhaul

21 March 2017  |  7869 views  |  0 comments | 11 tweets | 17 linkedin
Canadian fintech Koho launches

Canadian fintech Koho launches

17 March 2017  |  8087 views  |  0 comments | 8 tweets | 7 linkedin
Bank of Canada DLT experiment raises PFMI questions

Bank of Canada DLT experiment raises PFMI questions

13 February 2017  |  13914 views  |  0 comments | 6 tweets | 10 linkedin
Canada publishes multi-year roadmap for payments overhaul

Canada publishes multi-year roadmap for payments overhaul

08 December 2016  |  10245 views  |  0 comments | 18 tweets | 12 linkedin
Competition Bureau closes market data investigation into TMX Group

Competition Bureau closes market data investigation into TMX Group

22 November 2016  |  2852 views  |  0 comments | 1 linkedin
Canada's Competition Bureau sets sights on fintech

Canada's Competition Bureau sets sights on fintech

20 May 2016  |  9147 views  |  0 comments | 16 tweets | 15 linkedin
Toronto failing to create proper fintech ecosystem - report

Toronto failing to create proper fintech ecosystem - report

06 November 2015  |  7448 views  |  0 comments | 13 tweets | 7 linkedin
Québec regulator tells bitcoin firms to apply for licenses

Québec regulator tells bitcoin firms to apply for licenses

12 February 2015  |  7833 views  |  0 comments | 9 tweets | 8 linkedin
Canada brings in bitcoin regulations

Canada brings in bitcoin regulations

24 June 2014  |  11473 views  |  2 comments | 19 tweets | 20 linkedin

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsvisit www.worldpaymentsreport.comvisit www.ncr.com

Top blockchain topics

Most viewed Most shared
hands typing furiouslyThe Digital Trade Chain: the blockchain tr...
7675 views 0 | 5 tweets | 16 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
6295 views comments | 25 tweets | 15 linkedin
Focus fintech on solving customer problemsFocus fintech on solving customer problems
5273 views comments | 4 tweets | 1 linkedin
hands typing furiouslyThe Day I Became a Miner
4129 views 0 | 1 tweets
satellitePillar Token sale raises $21 million for p...
4093 views comments | 1 tweets | 1 linkedin

Featured job

Competitive base, bonus, benefits
London or South-East, UK

Find your next job