Payments News


How Canada’s Banking Protections Stifle Innovation At Home, But Give Big Six Free Rein To Expand Abroad

“Canada has a reputation for having a relatively steady banking sector and the high degree of regulation is intended to keep the financial system safe. Yet the same rules keeping everything on an even keel could also have the unintended consequences of limiting competition and consumers’ choices. Current rules include restrictions around ownership and anti-money laundering practices, but there are also certain regulatory requirements for capital and other well-meaning standards that set a high bar to clear for any potential newcomers.”