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Legislation

Fintech caught in grey zone, stakeholders say, as feds study Bank Act

By Emily Haws      

The Canadian financial technology sector lags behind its peers, says an Ernst & Young report, and observers want banking regulations to come into the digital age.

Finance Minister Bill Morneau holds a closing press conference after meeting with provincial and territorial finance ministers in December. Finance Canada is currently looking at overhauling the financial regulatory framework to include the financial technology sector, known as 'fintech.' The Hill Times photograph by Andrew Meade
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As Finance Canada is in the midst of its review of the Bank Act, observers are saying the rules need to better accommodate the emerging financial technology sector—known as “fintech”—and bring banking regulations into the digital age so that Canada can catch up to its international peers. “Things in fintech are moving in weeks and months, not five-year increments,” said Neil Parmenter, CEO of the Canadian Bankers Association (CBA). “We’re really looking and hoping for modernization in some

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