Fintechs Canada

On Monday, Alex Vronces was invited to speak to the Standing Committee on Industry and Technology to discuss credit card practices and regulations in Canada. In his opening remarks, he emphasized that credit cards enable commerce and provide accessible credit to Canadians. He cautioned against over-regulation, warning it could stifle financial innovation. Instead, he urged the government to boost competition by launching real-time payments and continuing the rollout of #openbanking to better serve consumers and merchants.

There are few people who know as much about mortgages as Rob McLister. So when he says Open Banking will help Canadians find better deals, we should all listen. "Open banking is a boon to mortgage competition and efficiency." https://lnkd.in/grxAwmDe

💸 Are Canadians getting fleeced by their banks? This week on the podcast, we sit down with Andrew Spence, author of Fleeced, to explore the challenges Canadians face with their banks. Andrew unpacks it all and shares his vision for a banking system that works for consumers. Also, don’t miss his op-ed in The Globe and Mail: https://lnkd.in/gvN69UM8 Watch the full episode here: https://lnkd.in/gc_DdNPx

Next week on the podcast, we’re joined by Andrew Spence, author of Fleeced, for a deep dive into Canadians vs. their banks. In this short clip, Andrew shares his insights on banking consolidation. Stay tuned for the full episode next week, and don’t forget to subscribe to our podcast!

❗ Last call to register. Only 1 business day left for payment service providers to complete their application for registration under the Retail Payment Activities Act. ⏰ Deadline: November 15 – don’t miss it! 🔗 Submit your application now on PSP Connect: https://bit.ly/3Ck2PI0 #FinTech #Payments

Trump’s return to the White House could have big implications for U.S. fintechs. With potential shifts toward lighter scrutiny from the Consumer Financial Protection Bureau, American fintechs may see fewer fines and reduced regulatory pressure, impacting the competitive landscape. Key initiatives, like Rule 1033 on data ownership and consumer protection, are expected to continue with bipartisan support. How do you think the election results will impact the fintech community in the U.S. and globally? https://lnkd.in/gmrxfxmG

Congratulations to our members, KOHO and Plooto, for making it on Deloitte's 2024 Technology Fast 50 ranking! We’re proud to see Canadian fintech innovators recognized for their incredible growth and contributions to the industry. https://lnkd.in/g9D4BD_G

The federal government is proposing legislation to phase out screen scraping in #openbanking, a data-access method used by many fintechs. If this change moves forward, it could reshape how companies access financial data. The U.S. and U.K., however, continue to allow screen scraping under their open banking frameworks. What are your thoughts on this approach? Is banning screen scraping too disruptive for businesses that rely on it or a necessary security measure? https://lnkd.in/gc6XVBjK

📣 SHARE THIS! 🚨 Attention, payment service providers! The application window for registration under the Retail Payment Activities Act OPENS TOMORROW, November 1. Check back here for the link to get started. https://bit.ly/4frP2O0 #FinTech #Payments #cdnecon

As the U.S. progresses with #openbanking, Canadian fintechs are still facing delays that limit growth and competition, especially for small businesses. “I struggle to make sense of the idea that subjecting financial data sharing to more regulatory oversight, as well as a range of privacy-protecting, security-enhancing, and liability-allocating requirements, will make things more risky,” said Alex Vronces executive director of Fintechs Canada. https://lnkd.in/gXcigWmM