Several factors, including a rigid regulatory system, impact the fintechs to flourish in Canada, yet the scenario is exciting:
Regardless of current regulations, which are often described as stringent, the fintech ecosystem in Canada can be said to be flourishing and given the innovations that are happening and the investments that are coming in, the scenario is quite exciting. The financial system in the country is now ready for disruption and this can invariably bring in benefits to not just the financial services institutions and fintechs but to the banking customers as well.
Fintechs in Canada have seen significant growth in the last few years and they are bound to keep growing spurred by increasing number of collaborations with financial institutions, better regulations and the new breed of tech entrepreneurs entering the space. The country is known for its financial hubs and is a place where technology talent is cultivated and promoted. It has also shown ways in taking up initiatives in realms of technology relating to financial services.
FINTECH STRATEGY LACKING
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