A number of economic organisations have despatched a joint letter calling on Canada’s minister of finance to open up entry to the nation’s fee programs to native credit score unions and fee service suppliers.
The signatories – together with the Canadian Bankers Affiliation, Canadian Credit score Union Affiliation, Fintechs Canada and Funds Canada – say that the nation’s regulatory framework “has not saved tempo with international and home fee developments”.
Increasing entry to the nation’s funds programs will drive competitors, says the letter, including: “Wholesome competitors in funds is the catalyst for innovation and can assist Canada’s competitiveness globally, resulting in improved fee services for Canadians and Canadian companies.”