As financial institutions turn to technology to improve their processes and reduce costs, financial technology or "fintech" companies have entered the marketplace to compete with these institutions.
Using technology to deliver financial services, fintechs are most active in the areas of lending, wealth management, data aggregation, credit reporting and point of sale. Typically performed online, fintech transactions are paperless and instantaneous.
Given their unprecedented growth in Canada, fintech companies need to ensure that they're fully compliant with all applicable Canadian laws and regulations in order to reduce their risk — and avoid the significant consequences of getting it wrong.
There is no comprehensive Canadian legislation governing the operation of fintechs. With industry-leading practices in both financial services and technology, Gowling WLG is ideally placed to guide fintech participants through this emerging legal area. We can keep you up-to-date on regulatory compliance and help you understand the various provincial and federal rules and regulations that may apply to your business.
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