FinTech Market Study: Workshop Agenda
Driving competition and innovation in the financial services sector
February 21, 2017
Shaw Centre, Ottawa
Introduction and welcome remarks by the Commissioner of Competition
Opening remarks: The Innovation Agenda and the role of government
Opening Keynote Address
The Honourable Kevin G. Lynch
Vice‑Chair, BMO Financial Group
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?
- Mark Ripplinger, President and CEO, Everlink Payment Services Inc.
- Darren Hannah, VP Finance, Risk and Prudential Policy, Canadian Bankers Association
- Michael Katchen, Founder and CEO, Wealthsimple
- Donna Kinoshita, SVP Global Products and Solutions, Mastercard Canada
- Jeff Mitelman, CEO, Thinking Capital
- Jason Young, Head of Legal & Government Relations, PayPal Canada
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?
- Carolyn A. Wilkins, Senior Deputy Governor, Bank of Canada
- 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
Dr. Robert D. Atkinson
President, Information Technology and Innovation Foundation
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
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