FSxT: Your legal hub at the intersection of technology and financial services

Open banking, or “consumer-driven banking,” gives consumers greater control over their financial data while fueling innovation, collaboration and competition in the financial services industry. Canada has promised to unveil its open banking framework this year.

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The Retail Payment Activities Act aims to ensure that Canada’s payments ecosystem is safe for consumers while promoting innovation. To this end, Canada is introducing important new registration and compliance requirements for payment services in, or operating in, Canada.

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Artificial intelligence (AI) is revolutionizing the financial services sector, enabling advanced data analysis, personalized customer experiences, and improved risk management. At the same time, it presents a spate of new concerns regulators are just beginning to address.

Banking-as-a-Service (BaaS) is quickly gaining traction in Canada. Utilizing the digital channels that have become ubiquitous in financial services, banks are offering their financial products for distribution to fintech and non-financial companies alike.

Embedded insurance will become a game changer in the insurance industry.  Fueled by the digitization of insurance products, embedded insurance permits insurance companies to integrate their insurance offering in the purchasing journey of customers of other companies.  

Financial institution-fintech partnerships combine the technological capabilities of fintechs with the infrastructure of financial institutions. The future of banking will undoubtedly be shaped by these partnerships.

Privacy and cyber security are of utmost importance to players in the financial services space who are stewards of highly sensitive customer financial information. A number of new and proposed legislation is shaping public discourse around privacy in Canada, while regulators are increasing their focus on cyber security measures employed by institutions.

Blockchain, crypto and smart contracts are being used to develop emerging global markets, digitize traditional securities and other assets, and reshape legacy financial infrastructure. New types of tokens, cryptocurrencies and stablecoins are continuously being generated, and foundational law and regulation in this space is being written real-time.