A new 40-member-strong fintech association in Canada has signalled its intention to lobby for a whole-of-government approach to supporting the industry as the country moves towards adopting an open banking framework.

FinTechs Canada, a not-for-profit organization formerly known as Paytechs of Canada, counts big names such as Mastercard, Square and Wise among its members. The group will focus on payments modernization, open banking, digitalisation of money, anti-money-laundering initiatives and terrorist financing law.

Unified voice

In a statement announcing its formation, FinTechs Canada said: “With new regulation needed, slow progress on innovation policy, and unbalanced representation in Ottawa, a unified voice for fintech in Canada has never been more important.”

The organization believes its rebrand will show intent to focus on the entire financial ecosystem rather than just payment technology. It wants to play “a major role in the conversations that will define the future of financial services in Canada”.

Other members include fintech firms Coinsmart and Wealthsimple, and so-called fintech friendly companies such as Equifax and Interact.