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. The Bureau listed five overarching questions that guided its report inquiry:
- What has been the impact of FinTech innovation on the competitive landscape for financial services?
- What are the barriers to entry, expansion or adoption of FinTech in Canada?
- Are the barriers regulatory or non‑regulatory?
- Are changes required to encourage greater competition and innovation in the sector?
- What issues should be considered when developing or amending regulations to ensure competition is not unnecessarily restricted?
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. Those wishing to learn more about the current version of the report or participate in the consultation process can find additional information here.
“The future is now,” said John Pecman, Canada’s commissioner of competition. “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.”
This article was originally published on MobileSyrup.