Competition Bureau launches market study to explore impact of fintech startups
TORONTO – The Competition Bureau has launched a study that will explore whether new regulations are needed to govern the growing financial technology or “fintech” sector.
The market study will also look at the competitive impact that the startups are having on the financial industry and how technological innovation is affecting the way that people bank.
During TD Bank’s (TSX:TD) last two annual shareholder meetings, CEO Bharat Masrani has called on regulators to introduce rules governing financial technology startups.
Masrani contends that new technology entrants in the financial space enjoy an unfair competitive advantage because they do not have to abide by the same rules as traditional banks.
He also says that security breaches and solvency issues at a number of fintech startups have left customers at risk.
The Competition Bureau is inviting industry stakeholders to make submissions on the topic.
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