News Summary

At the University of Toronto’s Munk School of Global Affairs and Public Policy, Canadian FinTech leaders highlighted the urgency for Canada to take decisive actions on open banking, payments modernization, and stablecoins. The event underscored the need for Canada to move beyond its historical caution and foster innovation to compete globally. Som Seif of Purpose Investments and Interac’s Debbie Gamble emphasized the potential and necessity for Canada to be proactive in the global market. Julien Brazeau from the Department of Finance acknowledged the challenges posed by Canada’s cautious approach, while Devon Kirk from Portage Capital Solutions warned of the risks of slow adaptation. The leaders expressed cautious optimism in Prime Minister Mark Carney’s leadership to advance these priorities, stressing the importance of a unified approach to influence governmental decisions. The industry awaits significant developments expected in the upcoming federal budget.