After years of consultation fatigue and regulatory hesitation, Canada's federal government unveiled Budget 2025 on November 4, accompanied by fintech announcements that actually move the needle. If you're operating in the Canadian financial services sector and haven't fully grasped what just happened, buckle up.
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.
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 Bank of Canada finally said what Canadian fintech executives have been thinking for years: our payment infrastructure is embarrassing. But this time, they're proposing stablecoins as the solution.
With mortgage interest rates at their highest levels in recent years, the mortgage banking industry is facing a period of hesitancy among prospective borrowers and existing clients alike. This is a time when lenders and brokers must do everything in their power to ensure that the pace of mortgage applications does not slow down too much, but they also need to watch their mortgage pull-through rates.