Uncategorized Regulators Are Standing in the Way of Fintech Innovation...

Regulators Are Standing in the Way of Fintech Innovation Finds Canada’s Competition Bureau


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The rising glitzy towers of Toronto suggests Canada is booming, but under the umbrella of its far bigger neighbor, America, which has descended into a fintech regulatory mess, they too might be falling behind to adapt.

A synergy of advances in numerous technologies is underway. Natural speech is now a thing. IoT robots are here. Wireless tech, sensors, blockchain tech, smart contracts, data analysis, algorithmic behavior, artificial intelligence, and the rest, are combining to potentially unleash a fourth industrial revolution. That’s not us saying it:

“We are on the brink of yet another industrial revolution. One that has the potential, once again, fundamentally to transform the structure of the global economy, and the way we live our lives.” Philip Hammond, Chancellor of the British Exchequer, at the inaugural International FinTech Conference in London, April 2017.

This transformation is underway globally, but regulators have been slow to adapt in some jurisdictions. America, among the developed nations, stands out in particular, but new research from Canada’s Competition Bureau suggests they are playing catch-up too. They say:

“We heard that our Canadian regulatory framework for financial services is complex and fragmented. There are many regulators with varying mandates and perspectives (e.g., consumer protection, market integrity, AML, stability and safety of the financial system and monetary policy) and there are differences in regulations across and within jurisdictions (between provinces and countries).”

There is a race underway and, frankly, America is losing. Fintech is booming in Europe. China has unveiled train speeds of some 1,000 kilometers per hour. While the balkanized regulatory system, which apparently transcends to Canada, a system where unaccountable, beige, dinosaur, bureaucrats order the deletion of some 20,000 videos, stifles the innovation of a new and very responsible generation. Again, it’s not us saying it. Canada’s Competition Bureau says:

“This cumulative regulatory burden and the lack of clarity around regulations’ application create an impediment for companies, consumers and investors.”

An extensive study wasn’t necessary to learn American, and apparently Canadian, bureaucrats are not keeping up or adapting. A quick google search could have revealed as much and perhaps more, but perhaps it is a step in the right direction for the snail moving beige halls.

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