Is regulatory change sufficient to promote innovation?
Fintech is changing the global financial landscape. In addition to increasing competition and driving innovation for traditional banks, insurers and asset managers, the rise of fintech activity is also spurring needed regulatory change.
Regulatory bodies in nations around the world are investigating and implementing banking policy modifications in order to attract established fintech players and encourage the growth of local fintech, both as a startup ecosystem and within traditional financial institutions. While fintech-friendly regulatory changes in Europe and Asia dominate the headlines, change is also coming to Canada.
This paper provides an overview of the evolution of Fintech and regulation across the globe, and the proposed impacts on the Canadian financial sector.