On August 1, Fintechs Canada submitted its pre-budget recommendations to the House of Commons Standing Committee on Finance, urging the federal government to take decisive steps to modernize the country’s financial sector and boost affordability, competition, and productivity.
“Our financial sector is central to every part of the Canadian economy, but right now it’s falling short,” said Alex Vronces, executive director of Fintechs Canada. “Canadians are paying more, waiting longer, and getting less. It’s time to finish the job and deliver the reforms we’ve been promised.”
In its submission, Fintechs Canada outlined six key policy recommendations for Budget 2026:
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Make financial services more affordable by implementing consumer-driven banking (open banking) legislation without further delay.
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Get money into businesses’ hands faster by launching the long-awaited real-time rail by 2026 and ensuring access for all regulated payment providers from day one.
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Boost productivity by embedding competition mandates into the work of key financial sector regulators, including OSFI, FCAC, and the Bank of Canada.
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Protect Canada’s monetary security by regulating fiat-backed stablecoins and modernizing financial legislation.
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Make saving easier by capping registered account transfer-out fees and mandating a 10-day maximum for transfers.
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Improve affordability for international transactions by requiring clearer cost disclosures on cross-border payments.
The recommendations aim to close the growing gap between Canada and its international peers. As the submission notes, Canada remains one of the only G7 countries without a real-time payment system or a functioning open banking regime—both of which have the potential to cut costs, unlock growth, and give consumers more control over their financial lives.
Fintechs Canada’s recommendations are grounded in extensive research and consultation with its members, who represent a diverse cross-section of Canada’s financial technology sector—from startups and scale-ups to established global players. Together, they serve millions of Canadians and are driving the next generation of financial services.
To read the full submission, click here.
