Fintechs Canada

On Monday, Alex Vronces was invited to speak to the Standing Committee on Industry and Technology to discuss credit card practices and regulations in Canada. In his opening remarks, he emphasized that credit cards enable commerce and provide accessible credit to Canadians. He cautioned against over-regulation, warning it could stifle financial innovation. Instead, he urged the government to boost competition by launching real-time payments and continuing the rollout of #openbanking to better serve consumers and merchants.

We had a great time at #Momentum2024 with Adeline Cheng (She / Her) and Daniel Saindon covering fintech and financial institution partnership models and diving into the state of these partnerships in Canada. Thanks for having us, Central 1!

Starting November 1, digital payment companies in Canada must register with the Bank of Canada to comply with new regulations. For many smaller companies, this is going to be a "pretty big pill to swallow" says Alex Vronces, Executive Director of Fintechs Canada. Larger firms may find the transition easier, but for smaller PSPs, adapting could be a hurdle. Ryan Yates, CEO of Apaylo, notes that the biggest challenge has been meeting the safeguarding requirements to ensure client funds are recoverable in the event of a bankruptcy. He added, “it’s almost like the regulatory guidance has matured faster than the product is available to support us, we’re getting creative to solve that.” Read the full piece in the The Globe and Mail from Mark Rendell: https://lnkd.in/g6WP27wQ

We are part of Fintechs Canada🚀, an esteemed association that drives financial innovation and competition across #Canada. As a member of Fintechs Canada, we’re committed to promoting security, innovation, and access to capital within the financial sector. Read more above 👇 #RextieCanada #FintechCanada #FinancialInnovation #Fintech

Happy Friday! If you have a moment this weekend, catch up on the latest in fintech: 🚀 Creating a winning culture with KOHO’s Chief Banking Officer, Peter Aceto: https://lnkd.in/enS2Zt2T 🏢 The importance of industry associations with Wealthsimple’s Jessica Oliver: https://lnkd.in/gs9uccP2 🔓 Unlocking bitcoin with Shakepay CEO Jean Amiouny: https://lnkd.in/gq7P4GWK

In this The Logic piece by Claire Brownell, she addresses a growing concern among fintechs that banks may force them to use Cor.Connect, potentially stifling competition and innovation. Alex Vronces, Executive Director at Fintechs Canada, has raised this concern with the Department of Finance. “What the government is trying to do with open banking would be undone by giving the biggest banks the freedom to impose additional terms and conditions on fintechs through back doors." At Fintechs Canada, we believe consumers should be empowered to share their financial information with other providers as they choose. This is critical to fostering a more competitive, innovative financial ecosystem.  https://lnkd.in/g8WBm2aX

Our Executive Director, Alex Vronces, will be speaking at Central 1’s Momentum 2024 conference on October 29 in Toronto. He’ll be joining a panel to discuss how partnerships between fintechs and financial institutions are transforming Canada’s financial landscape. The session will focus on how these collaborations can drive innovation and address emerging challenges in the sector. Alex will be speaking alongside Adeline Cheng (She / Her) and Daniel Saindon. Join us: https://lnkd.in/gqpSRE_v #Momentum2024

The Consumer Financial Protection Bureau has just released its #openbanking rules in the U.S., requiring large financial institutions to provide consumer data via standardized APIs by 2026, with phased compliance for others through 2030. According to the CFPB, consumers will be able to transfer their data between banks free of charge and without obstacles, and they will also be able to revoke access to their data immediately. Canada is expected to introduce the second part of its own open banking legislation this year. Connect with us to learn more about Canada’s progress toward its open banking framework. Read more: https://lnkd.in/g4YzJ7dG

🎙️ On the latest episode of our podcast, we sat down with Peter Aceto, KOHO’s Chief Banking Officer. In this clip, Peter shares his thoughts on the power of banking and its impact on everyday life. Watch the full episode on our YouTube channel or listen wherever you get your podcasts.

October is #CyberMonth2024! It’s never been more crucial to protect your financial assets and stay updated on the latest cyber threats affecting Canadians. Check out these valuable resources: https://lnkd.in/gpcPcf-9