Center For Financial Services Innovation
Initiatives such as the OSC LaunchPad, CSA Regulatory Sandbox, the British Columbia Securities Commission’s Tech Team and the AMF’s FinTech Support Team are examples of progress. The Bureau applauds these efforts and encourages securities regulators to continue to incorporate a desire to improve competition and encourage innovation in their work.
Financial Services Innovation Centre
The 1997 paper highlighted that "many participants in the financial industry argue that the new competitive opportunities, and accompanying benefits for consumers, could be realized most fully only if they are able to have more direct involvement in the payments system." Canada is now in a similar situation with the emergence of FinTech. Broader access to the ACSS, altering the Payments Canada membership criteria and creating a regulatory framework based on the functions carried out by a PSP can help mitigate the competitive impacts noted above, and increase the level of competition and innovation in payment services to the benefit of consumers and business.
"Innovation in financial services is a huge opportunity to improve the financial system by leveraging the technology and new business models to increase access to financial services, increase the efficiency of the services that are being provided by replacing legacy systems, and perhaps creating a little bit more competition and more contestability of markets in the services, so that businesses and households can benefit from that. (…) With great opportunity comes the responsibility to manage the risks that are associated with new technologies and new services that are being provided so that they indeed do reap the benefits for households and for businesses."
Financial Innovations - Kiplinger's Personal Finance
Most of these countries are encouraging experimentation in a controlled environment and, at the same time, creating flexible regulatory frameworks proportional to the risks presented by FinTech innovation. For example, these other countries are increasingly establishing fora for regulatory experimentation and engagement between the private sector and regulators. Regulatory sandboxes, accelerators and innovation hubs can promote innovation and improve competition by reducing regulatory uncertainty as well as the sunk costs associated with navigating the regulatory framework, and by giving firms that would otherwise have abandoned entry in the early stages the ability to test their services and their ability to meet regulatory requirements. Numerous jurisdictions have also developed specialized regulatory frameworks or licensing regimes to reduce regulatory uncertainty and clarify how rules will be applied in the digital arena.
The Center Of Financial Innovation Is And Always Will …
The objective of is to establish an effective channel for the discussion and exchange of ideas between researchers, academics, research institutions and professionals involved in research on financial innovation with reference to all types of banks (commercial, investment, mortgage, retail, wholesale and central banks). aims to promote developments in the field of financial innovation, with particular reference to the development of incremental improvements to existing financial products/services/processes, and to the creation, diffusion and adoption of radical innovations in banking products/services and processes. The international dimension is emphasised in order to overcome cultural and national barriers and promote the discipline.
Financial Innovation for the SDGs | UN Global Compact
Many FinTech entrants told the Bureau that other jurisdictions have more welcoming and innovation‑conducive regulatory environments than Canada. The United Kingdom, the United States, Singapore, Germany, Australia and Hong Kong have been identified as leading FinTech hubs based on talent, funding availability, government policy and demand for FinTech. These countries have a unified financial sector regulatory framework. As such, many have been able to take a national, unified approach to encourage FinTech development.
In defence of financial innovation
provides a specialised forum for researchers, academics, research institutions and professionals working in the field of banking and finance, innovation management and technology management, through which to disseminate ideas, to collaborate and cooperate, and to encourage research from a financial innovation perspective.