If you're running a challenger bank, neobank, or fintech in Canada and you're not popping champagne right now, you haven't been paying attention.
The Bank of Canada just handed out hall passes to 300 fintech companies. And unlike the bureaucratic paper-pushing exercises we’ve become numb to, this one actually matters.
November's federal budget is supposed to include the next legislative phase for open banking. If you're a Canadian fintech executive, you've heard this song before. The difference this time? Multiple sources, speaking to industry media under the condition of anonymity, say that government officials and lobby groups are telling them it's real. Phase 2 legislation (covering common rules and accreditation frameworks) is apparently ready for its debut on Nov. 4.
The next revolution in mortgage technology isn’t happening at the front end. It’s unfolding after the loan funds. The future of servicing will be defined by intelligent systems that manage themselves, connecting borrowers, lenders, and investors in real time through AI.