OTTAWA, Nov. 5, 2026 — Fintechs Canada welcomes the government’s Budget 2026 commitments as a continued step forward to strengthening competition and innovation in Canada’s financial sector, building on progress made in Budget 2025.
“Budget 2026 sends a clear message that competition and innovation remain central to the future of Canada’s financial sector,” said Adriana Vega, Executive Director of Fintechs Canada.
“Putting competition into OSFI’s mandate, opening doors for challenger banks and making fraud prevention a shared responsibility are real gains that build on last year’s progress,” she added. “Now we need to bring that same ambition to the 2027 payments consultation. Canadians deserve more choice, more affordable services and greater control over their money. Our members are ready to help make it happen.”
Budget 2026, “Masters of our Destiny,” advances this agenda through several measures:
- Financial sector competition: Introducing a secondary competition objective for the Office of the Superintendent of Financial Institutions (OSFI), marking an important step toward placing competition more firmly at the centre of financial sector regulation. Additional measures include a one-year timeline for decisions on applications from new financial institutions, more proportionate supervision for smaller institutions and an increase in deposit insurance coverage to $250,000.
- Payments modernization: Confirming the November 9 launch of the Real-Time Rail (RTR), announcing a public consultation expected in early 2027 to guide the next phase of modernization, and proposing targeted amendments to the Retail Payment Activities Act (RPAA) to strengthen the Bank of Canada’s oversight of payment service providers. Fair, transparent access and widespread adoption will be essential to ensuring the RTR delivers faster, more efficient payments for Canadians and businesses.
- Supporting small-business financing: Advancing reforms to the Canada Small Business Financing Program (CSBFP), including transferring its administration to the Business Development Bank of Canada (BDC) and studying small businesses’ financing needs.. Combined, these measures could enable broader lender participation, increasing competition and expanding financing options for Canadian small businesses.
Budget 2026 also advances the National Anti-Fraud Strategy through a proposed Multi-Sector Anti-Fraud Framework, recognizing that preventing fraud requires coordinated action across financial services, telecommunications and digital platforms. Together, with ongoing efforts to eliminate certain account transfer-out fees, these initiatives reinforce the government’s commitment to strengthening competition and giving Canadians greater choice in financial services.
While Budget 2026 did not recognize the advantages of allowing eligible digital assets to be held directly as qualified investments in TFSAs and RRSPs, we hope to see progress toward more consistent tax treatment as oversight of digital assets evolves.
“This budget sets a strong foundation for the next phase of reform,” Vega added. “The focus now must be on implementation: clear timelines, fair access and practical regulation will be essential to ensuring these reforms translate into more competition, better financial services and tangible benefits for Canadians.”
Fintechs Canada looks forward to working with the government and regulators to advance the next phase of reforms, including accelerated write access under consumer-driven banking and transparent, non-discriminatory access to payment infrastructure.
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About Fintechs Canada
Fintechs Canada is the collective voice for Canada’s financial technology sector. Its more than 50 members serve millions of Canadians across the country. Learn more at fintechscanada.ca.
For media inquiries, please contact:
Hana Sabah
Director of Communications
Fintechs Canada
hana@fintechscanada.ca
514-834-8841