Adriana Vega, Executive Director of Fintechs Canada, appeared yesterday before the Senate Standing Committee on Banking, Commerce, and the Economy to provide testimony on Bill C-15 and its proposed financial-sector reforms, including the Consumer-Driven Banking Act and the Stablecoin Act.
Vega emphasized that the measures in Bill C-15, the budget implementation bill, are big steps toward a more competitive and innovative financial sector. She noted that the country’s high level of concentration leaves consumers and businesses with less control over their finances and fewer ways to meet their financial goals.
“The reforms included in Bill C-15, concretely those introducing Canada’s open banking regime, are hugely welcome and long overdue,” Vega said. “But, the road ahead is still long.”
Bill C-15 contains changes that lay the groundwork for consumer-driven banking and federally supervised stablecoin issuance in Canada. The Consumer-Driven Banking Act will put Canadians in control of their financial data so that they can access more affordable and tailored financial services from non-bank providers. The Stablecoin Act came after industry calls for clear federal oversight, offering a foundation for responsible innovation to make payments faster and cheaper.
More work needs to be done before these measures can come into effect.
“Regulation still needs to be developed,” said Vega. “We now need to focus on striking the right balance that provides clarity and certainty for builders, and that preserves the pro-competition spirit of the law.”
To see Adriana’s full remarks, click here.
