Competition Bureau probes fintech market
By Maria Church
Ottawa – In light of Canada’s rapidly evolving financial technology (fintech) market, the federal Competition Bureau has launched a study to understand how innovation is affecting the way consumers and businesses use financial products and services.
The study will examine e-wallets, mobile wallets and mobile payments, among other things.
The Bureau announced the market study in May, and invited stakeholders to participate by commenting on the study or issues related to fintech.
“The fintech market study that I am launching today will provide guidance to the Bureau and regulators, to nurture an environment that allows Canada’s fintech companies to innovate, grow and compete globally,” Commissioner of Competition, John Pecman, said in the Bureau’s release.
According to the release, the study will explore how fintech affects competition in the financial industry, entry barriers company face, and whether there is need for regulatory reform.