Innovation in financial services is a huge opportunity to improve the financial system
by leveraging the technology and new business models to increase access to financial services,
increase the efficiency of the services that are being provided by replacing legacy systems,
and perhaps creating a little bit more competition and more contestability of markets
in the services to that businesses and households can benefit from that.
With great opportunity comes the responsibility to manage the risks that are associated with
new technologies and new services that are being provided
so that they indeed do reap the benefits for households and for businesses.
And what I saw from the panel is that we have a great group of authorities in Canada
who are striving to work together to make the necessary changes to both support innovation,
but also coordinate so that it’s manageable for those who need to comply with the regulation.
I would just like to underscore the importance of collaboration,
not only among authorities in Canada and internationally, but also with the private sector.
One of the things that we learned, not only from the session that I moderated today
but also from the earlier session, is the importance to really understand the business models
and the technologies from both sides so that when we do move forward
we move forward together and in the right direction.