Competition Bureau and Others Focus on the Future of FinTech

On February 21, 2017, Canada’s Competition Bureau will be bringing together start-ups, banks, and regulators in a workshop to examine the connections between competition, innovation and regulation in FinTech.  The workshop will form the basis of the Competition Bureau’s forthcoming market study exploring the impact of FinTech on Businesses and Consumers in Canada, due in the fall of 2017. 

Joe Pecman, the Commissioner of Competition said that the workshop will provide a forum to take stock of the technology‑based changes in Canada’s financial services industry and “examine how to nurture an environment that allows Canada’s FinTech companies to innovate, grow and compete globally."  The Competition Bureau’s market study is expected to address issues such as peer-to-peer banking, e-wallets, mobile wallets, mobile payments, crowdfunding and robo-advisors (online-based financial advisory services).  You can follow live tweets from the workshop on February 21^st with the hashtag #FinTechCan.

The Competition Bureau’s workshop and market study come on the heels of a busy year in the development of the FinTech regulatory ecosystem.  Canada’s Department of Finance is engaged in the development of a policy paper on current trends and future growth opportunities in FinTech, also due to be published later this year.  As well, Payments Canada recently issued a consultation paper on the modernization of Canada’s payment infrastructure, and the Office of the Privacy Commissioner of Canada has chimed in by publishing a consumer guide on the privacy considerations of digital payment mechanisms such as tap purchases, digital wallets, virtual currencies, and digital receipts.

Summary by: Jennifer Davidson