Fintech potential in Canada faces mixed expectations
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Alex Vronces, executive director of Fintechs Canada, told The Logic that Prime Minister Mark Carney’s role in Canada's financial reforms will depend heavily on who he selects as finance minister. "He’ll set the direction for the government, but his finance minister, whoever that ends up being, will be in charge of the day-to-day financial sector policy," Vronces noted.
Carney, known for his fintech advocacy as former Bank of England governor, pushed for a level playing field for fintechs in 2016, and his actions helped fuel the rise of U.K.-based fintechs like Revolut and Wise. While his track record has led to hopes of similar innovation in Canada, critics worry that change may be slow due to ongoing political challenges.
Marie Walker, an open banking expert, remained optimistic: “Mark Carney is a positive force for financial innovation... he’s quite a strong personality that can get things done.”
Despite his background — including a board seat at fintech giant Stripe — financial regulation was absent from the Liberals’ campaign platform. “There’s so much volatility and turmoil right now,” said James Darroch, an expert on Canadian banking at York University. “I can’t see [Carney] wanting to inject any real uncertainty.”
While some in the sector hope for a push on long-stalled initiatives like open banking and the Real-Time Rail, others are skeptical. “Mark Carney is a banker,” said former Conservative innovation critic Rick Perkins. “I don’t think many Canadians think that bankers do the individual Canadians many favours.”
