As part of its commitment to engage with Canadians on emerging issues, the Competition Bureau has published a draft report on its market study concerning technology‑led innovation in the Canadian financial services (FinTech) sector.
The financial services sector is a pillar of the Canadian economy. From consumers buying groceries to businesses making investments that create the jobs of tomorrow, practically everything we do relies on this sector.
Recently, there has been a wave of new, innovative, and technology-based means for Canadians to access financial services. The introduction of innovative products is an opportunity to inject greater competition in the sector. When there is more competition, we generally see lower prices, more choice and convenience for consumers, as well as higher levels of innovation.
However, innovative products are often challenged by the rules associated with the old ways of doing business. The draft report contains a number of recommendations for regulators and policymakers to consider. Each recommendation is aimed at modernizing the regulation of financial services to support innovation and greater competition through FinTech.
Through the publication of a draft report, the Bureau continues to engage with stakeholders, including businesses, consumers, and domestic and foreign regulators and policymakers.
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