Fintechs Canada

We're excited to announce the appointment of seven industry leaders to our board, bringing a wealth of experience, leadership and expertise. Meet our new board: •   Anne Butler, Chief Legal Officer at Peoples Group •   Jessica Oliver, Head of Government and Regulatory Relations at Wealthsimple •   Ben Harrison, Partner, Head of Partnerships and Policy at Sagard •   Laurence Cooke, Founder and CEO of nanopay Corporation •   Dominique Samson, Vice President of Corporate Affairs at Flinks •   Peter Aceto, Chief Banking Officer of KOHO •   Andrew Graham, Co-Founder and CEO of Borrowell https://lnkd.in/gvRpwdiw

Canada is the only G20 country without an updated payments system, putting Canadian businesses and consumers at a disadvantage. Interac Corp., under new CEO Jeremy Wilmot, is investing in technology and staff to modernize services, including the RTR project and enhanced fraud protection. Read the full piece in The Globe and Mail: https://lnkd.in/gpxbyynm

Our Executive Director, Alex Vronces will be joining Central 1's conference in Toronto. Grab your early-bird tickets now: https://lnkd.in/gRrSixru #Momentum2024

The government has published amendments to regulations under Canada’s Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime. These proposed changes are key for strengthening our financial crime framework, and consultations are open until August 5. Key changes include: 1. Sanctioned property reporting 2. MSB registration 3. White-label ATMs obligations 4. Real estate compliance 5. Casino disbursement reporting At Fintechs Canada, we’re committed to collaborating with the government to ensure AML/ATF regulations are effective and beneficial for Canada. https://lnkd.in/g4Dx3FJZ

There is a huge fintech opportunity in Canada. Watch Devon Kirk from Portage on BNN Bloomberg as she explores the growth of fintech in Canada and the transformative impact of AI.

If you've heard of fintech, you've likely heard of Sue Britton. This week, Alex sits down with Sue to discuss her career journey, the future of credit unions, fostering innovation, life in Victoria B.C., and the future of fintech in Canada. ⏯ Watch the episode here: https://lnkd.in/g5N2fReB 🎧 Listen to the episode: https://lnkd.in/g_9McPc3

Yesterday, Payments Canada announced the appointment of Susan Hawkins as their new President and CEO. This move highlights the organization’s alignment with Canada’s biggest banks. Our Executive Director, Alex Vronces, told BetaKit that for payments modernization, “you need someone who gets banks, who knows how to talk to them, who is trusted by them. Susan may well be that person.” We are hopeful that this announcement brings the necessary alignment to advance Canada’s payments modernization. https://lnkd.in/g6dpRzaR

Last week was a big one for Canadian fintech. After Bill C-69 received royal assent, the #openbanking framework is now part of Canadian law. This milestone reflects years of hard work and collaboration between Canada’s fintech community and the government. Bill C-69 and Bill C-59 now allow payment service providers to access Payments Canada’s systems and establish the foundational parts of Canada’s open banking system. This progress shows the power of a united effort to advocate for change.

After Bill C-69 received royal assent on Thursday night, the open banking framework is now part of Canadian law for the first time. You can read more about it in the link below. While we’re not at the finish line yet, it's important to acknowledge this significant milestone and the hard work that got us here. A massive kudos to my colleagues at Wealthsimple—Abdi H., Natasha Anzik, Jessica Oliver and Tom Johnson—for their tireless efforts over the past few years. Wealthsimple has been actively involved in all consultations and working groups, having countless discussions on what the best outcomes for Canadians should look like. There have been a lot of starts and stops, there has been a lot of resistance from the industry. Through this, we've built strong relationships with the team at Finance Canada / Finances Canada and, together with Alex Vronces at Fintechs Canada, have been advocating for a consumer-first framework. This will enable everyday Canadians to access lower-cost and higher-value financial service products. While there’s still work to be done to fully implement an open banking framework that benefits Canadians, this is a moment worth celebrating—even if just for the weekend. We'll remain laser-focused on achieving our goal. Read more: https://lnkd.in/gkc_EKx2