The Government of Manitoba is seeking input on how artificial intelligence (AI) and digital technologies can drive innovation and economic growth. To support this initiative, the Premier’s Business and Jobs Council has established a subcommittee to explore AI’s potential in areas such as business operations, economic development, and workforce training. As part of this effort, the Department of Economic Development, Investment, Trade, and Natural Resources has issued questions for stakeholders to provide feedback.
Fintechs Canada has responded to these questions, offering detailed comments. The association highlighted in its response that “AI usage in the financial sector is growing rapidly,” noting that 58% of financial institutions are now using AI and by 2026, 90% of finance operations are expected to employ AI solutions. “As open banking gains momentum and the financial ecosystem continues to expand, these trends will increasingly shape Canada’s financial landscape,” notes the submission.
To support the responsible and beneficial use of AI, Fintechs Canada recommended several key actions and policies for the Manitoba government to implement:
- Promote Innovation: Develop a regulatory environment that encourages innovation and global competitiveness while minimizing excessive compliance burdens.
- Invest in Education: Allocate funding for AI education and training programs to bridge skill gaps and prepare the workforce for the future of work.
- Targeted Regulation: Develop regulations that address specific risks without stifling innovation. These rules should focus on gaps in current laws and be tailored to specific AI applications.
- Leverage Existing Frameworks: Align Manitoba’s AI governance with established frameworks, such as those from NIST, to mitigate risks and promote responsible innovation.
To view Fintech Canada’s full submission, click here.
