FinTech means a whole lot of different thing to a whole lot of different people.
But really it is the application of technology in financial services, which really isn’t something new.
However the pace at which technology is changing financial services is increasing
and I think that is what is particularly important about FinTech today.
And I think, given the importance of financial services to Canada -
we heard this morning that it makes up 10% of our GDP - we have to be leaders in this space,
we have to be on top of the trends with respect to how technology is changing that space, to continue to prosper.
I think the big theme that you’re going to hear about, going forward,
about how to make sense of all this FinTech stuff is partnership.
And it’s partnership between regulators, incumbents and start-ups on the issues that they are facing
in terms of bringing new innovative solutions to market,
on how regulations are evolving given that so many of the rules were written in a time
when we didn’t interact with our financial institution on a mobile phone.
So a lot of that has to change.
And the more we can collaborate on the principles,
I think, the better we are all going to be as a result of that.
I want Canada to win.
I want us to become the friendliest place to build FinTech companies, both domestically and globally.
And I think a whole lot of change needs to happen to make that possible.
We need to embrace creating an innovative ecosystem where companies
can introduce new innovative solutions to market.
And we also need to work on how we take those great Canadian companies to the global marketplace.
I think if we can do those two things, it’s going to really great and really important for Canada.