News Release

Study will examine innovation in the Canadian financial services sector

May 19, 2016 — OTTAWA, ON — Competition Bureau

The Competition Bureau launched a market study into technology‑led innovation in the Canadian financial services (FinTech) sector today.

FinTech companies are using technology to change the way that Canadians consume financial services, such as making payments or transfers, investing and borrowing funds. At the touch of a screen on your tablet or smartphone, FinTech innovation can reduce costs and facilitate direct transactions without the need for intermediaries. These innovations provide more choice by unbundling existing products and services and introducing new ones: they can result in more efficient services, lower fees and greater savings for Canadians.

The FinTech sector is evolving rapidly as new products and services are being unveiled and the number of start‑ups entering the industry grows. FinTech has the potential to disrupt the financial services sector, spur innovation and generate benefits for individuals and companies across Canada.

The Bureau’s market study will focus on how innovation is affecting the way consumers and businesses use financial products and services. The study will explore the competitive impact that FinTech is having on the industry, barriers to entry faced by companies, and whether there is a need for regulatory reform to promote greater competition while maintaining consumer confidence in the sector.

Interested stakeholders are invited to make a submission to the Bureau.