Canadian fintech industries, particularly digital payments, digital trading, robo-advising and open banking, continued to experience significant growth until 2022. The pace of innovation had been accelerated by expansive fintech-supportive regulation at the provincial and federal level, changing consumer patterns during the covid-19 pandemic, and investment in fintech start-ups and in-house ‘labs’ by leading Canadian financial institutions. While Canadian financial institutions have led the charge in many cases, fintech start-ups are now a key component of the fintech ecosystem across the country. Developments included major investments in AI-driven fintech solutions, blockchain, regtech, and – in the insurance industry where Canada is a significant global player – in insurtech.
Originally Published on Lexology GTDT - January 2023.
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