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FinTech Market Study: Workshop Agenda

  • FinTech Market Study: Workshop — February 21, 2017 #FinTechCan

Driving competition and innovation in the financial services sector

February 21, 2017

Shaw Centre, Ottawa

8:15am — 9:00am
9:00am — 9:15am

Introduction and welcome remarks by the Commissioner of Competition

Opening remarks: The Innovation Agenda and the role of government

9:15am — 9:35am

Opening Keynote Address

The Honourable Kevin G. Lynch
Vice‑Chair, BMO Financial Group

9:40am — 11:15am

Panel 1 – The changing (inter)face of the financial services industry

Objective: To understand the drivers for change; the barriers to entry; the resulting benefits and risks; and the alignment of the regulatory responses to industry needs.

This panel will feature a mix of incumbent and start-up industry leaders from the three areas of focus of the FinTech Market Study: payments, lending, and advice. Panellists will be asked to comment on the changing nature of the competitive landscape in the industry. For example, emerging strategic partnerships between FinTechs and incumbent financial institutions will be discussed. Panellists will also discuss the risks to consider and address through regulation and the benefits sought from the passage of new and/or updated regulations. Panellists will be asked to share their opinions on what is slowing customer adoption of innovation beyond regulation and how FinTechs are overcoming this hurdle. They will also discuss what makes Canada’s financial ecosystem uniquely different from the rest of the world.

Key question: What is required from regulators in order to foster innovation and competition in the Canadian financial services sector?



Morning refreshments
11:30am — 1:00pm

Panel 2 – Regulation in the financial services sector: identifying and mitigating the right risks

Objective: To identify gaps that currently exist in Canada’s legal and regulatory framework, considering the rapid pace of change in the financial services industry.

This panel will explore the purpose of regulation (for example: consumer protection, prudential or conduct regulation); obtain the views of regulators as to when a regulatory response is required; the role and purpose of functional regulation as opposed to institutional regulation; what risks regulation seeks to eliminate or mitigate; when regulation is needed as opposed to letting the market work; and how existing regulations may inadvertently impede future innovation within the financial services sector.

Key question: What, if any, regulatory response is needed in the face of the rapidly changing financial services industry?



  • Leah Anderson, Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance Canada
  • Richard Bilodeau, Director, Supervision and Promotion Branch, Financial Consumer Agency of Canada
  • Pat Chaukos, Chief of OSC LaunchPad, Ontario Securities Commission
  • Gérald Cossette, Director, Financial Transactions and Reports Analysis Centre of Canada
  • Gerry Gaetz, CEO, Payments Canada
1:00pm — 2:15pm
1:30pm — 1:50pm

Keynote Address

Dr. Robert D. Atkinson
President, Information Technology and Innovation Foundation

2:20pm — 4:00pm

Panel 3 – The international experience with FinTech – bringing innovation and competition to market

Objective: To identify best practices internationally and how they may or may not apply to Canada.

This panel will explore how other jurisdictions have adapted their regulations in response to the rapid emergence of FinTech firms, initiatives, programs, and/or regulatory changes proposed or undertaken by these jurisdictions to address the changing marketplace. Panellists will touch upon the regulatory and non-regulatory barriers faced by FinTech firms in their respective countries; followed by an assessment of global regulatory actions to promote competition and innovation in the financial services sector to date, without adverse consequences to the safety of the financial system and stability of the economy.

Key question: What are the key experiences and lessons learned for Canada, from other jurisdictions seeking to leverage or maximize consumer and economic benefits associated with FinTech innovations in the financial services sector?


  • Dan Wilcock, Assistant Deputy Commissioner, International Affairs Directorate, Competition Promotion Branch, Competition Bureau


  • Colin Garland, Director, Remedies, Business and Financial Analysis, Competition and Markets Authority
  • R. Jesse McWaters, Project Lead, Disruptive Innovation in Financial Services, World Economic Forum
  • Sean Rodriguez, Senior Vice-President, Faster Payments Strategy Leader, Federal Reserve System
  • Gregory Smith, National Leader, Wealth and Asset Management, Ernst & Young
4:00pm — 4:15pm
Closing remarks

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