Canada’s federal Competition Bureau will host an event to examine the state of financial technology (fintech) innovation next month as part of its ongoing review of the fledgling fintech sector.
The Competition Bureau is hosting a workshop on Feb. 21 in Ottawa to discuss competition, innovation and regulation in the fintech sector that will focus on whether Canada offers an environment that allows fintech innovation; the risks that should be addressed by regulation; and the international best practices for fostering innovation in the sector.
The workshop is being held as part of an ongoing Competition Bureau initiative to study the fintech sector in order to guide regulators and other authorities on how to ensure that regulation does not needlessly impede innovation and competition in the sector.
“The fintech workshop will provide a forum for regulators, start-ups, banks and international experts to take stock of the technology-based changes that can be seen in Canada’s financial services industry,” says John Pecman, Canada’s commissioner of competition, in a statement. “Together, we will examine how to nurture an environment that allows Canada’s fintech companies to innovate, grow and compete globally.”
The Competition Bureau is aiming to produce a draft report this spring or summer, with a final report due this autumn.
Photo copyright: rawpixel/123RF