Canada's fintech industry has a problem, and it's not the legacy banking systems we love to criticize. It's the alarming shortage of qualified professionals needed actually to replace those systems.
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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.