Fintechs Canada responded to the Bank of Canada’s supervisory policies and guidelines, which were out for consultation until May 21, 2024. In its response, the association identified parts of the Bank of Canada’s policies and guidance that required clarification and would be difficult to implement. Payment service providers are required to register with the Bank of Canada later this year for supervision. The Bank of Canada will ensure that payment service providers  safeguard end-user funds and are aware of and manage the risks associated with their business.  The Retail Payment Acti ..read more

Fintechs Canada is asking the government to follow through on its committment to implement “consumer-driven banking,” while continuing to support Payments Canada’s program to build a “real-time rail,” which will be Canada’s first real-time payment system. Late last year, the federal government committed to introducing legislation as part of budget 2024 to implement consumer-driven banking. Also known as open banking around the world, it will give Canadians the ability to share their financial information with other organizations of their choosing without compromising their financial security ..read more

Fintechs Canada is calling on the federal government to focus on the market conduct of predatory lenders, while ensuring the government’s proposed exemption of commercial loans from the new maximum allowable rate of interest is effective. Last year, after the federal government announced it would protect Canadians from predatory lending with a new maximum allowable rate of interest, the government did two things. First, it opened another consultation on predatory lending to learn about additional measures it could take. Second, it released draft regulations to define the new maximum allowable ..read more

Last week, Fintechs Canada called on the government to manage emerging risks in the payments ecosystem and launch a review to better understand the state of competition in Canada’s banking sector.  The federal government recently launched a consultation on upholding the integrity of Canada’s financial sector. With the federal financial sector legislative framework up for review anyway, the government is asking Canadians to share their perspectives on the structure of the financial sector, risks to national security, and consumer protection, among other things. The association, which is th ..read more

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In a letter sent last week to Finance Minister Chrystia Freeland, Fintechs Canada outlined the sector’s views on how the government should make progress on open banking. The sector is hopeful the government will provide an update on what the government will do next in the fall economic statement on November 21. “The time is now for the federal government to decide what steps it will take to give Canadians more access to affordable financial services, while protecting their privacy and financial security,” the letter reads. “With the consultations and the report of Canada’s open banking lead, A ..read more

“Choose More” advocates for lower fees, more choices and faster payments for Canadians OTTAWA, ON, Oct. 4, 2023 /CNW/ – Fintechs Canada today launched the “Choose More” campaign, an initiative to raise awareness of how our financial sector could better serve Canadian consumers and businesses. The campaign is a response to the significant financial strains Canadians are experiencing: Canadians are paying thousands of dollars in banking fees—too often exceeding what they’re generating on their savings1 Canadian businesses lose $3-6.5 billion each year to fees2 63% of Canadia ..read more

Fintechs Canada, the unified voice for Canadian fintech, is pleased to announce that Firefly Growth has joined its membership. “Sue has been in the trenches of fintech innovation for longer than most,” said Alex Vronces, executive director of Fintechs Canada. “As a champion of Canadian fintech, we’re excited to add Firefly Growth’s industry-leading voice to our own.” Fintechs Canada is a public policy advocacy organization whose focus is making Canada’s financial sector more responsive to the needs of consumers and businesses. The association has become a go-to source for industry perspectives ..read more

Fintechs Canada, the unified voice for Canadian fintech, is pleased to announce that Nuvei (Nasdaq: NVEI) (TSX: NVEI) has joined the association as a new member. Nuvei is a leading provider of eCommerce, B2B and integrated payments solutions that accelerate its customers’ revenues through payments. It is a Canadian fintech in origin but has a global reach, and is supporting businesses launch, scale, and expand all over the world, with payments services in over 200 markets and acquiring licenses in 47 countries. The company is on course to process more than $190 billion dollars in global paymen ..read more