Nov. 14, 2016
FinTechs are permeating the financial services industry and could adversely impact the bottom line of Canada’s big banks, according to an article in Canadian Lawyer. In his article, Luis Millan explains the advantages FinTechs may have over larger, traditional financial institutions, and outlines where the banks may be in a more advantageous position. Kashif Zaman, a partner in Osler’s Banking and Financial Services Group, says one of those advantages boils down to the sheer size of the institutions.
“FinTechs frankly want to be nimble and not have a governance structure that slows down the decision-making process,” Kashif tells Canadian Lawyer.
“That is something that sets them apart from big institutions that for good reason are a lot more prudent about engaging in certain types of activities.”
Kashif later explains how navigating this heavily regulated space can be a complex task for both FinTechs and traditional institutions.
“One of the challenges any business has, and more so with FinTechs who have a smaller budget to allocate to compliance, is the nature of provincial regulations across Canada,” Kashif says.
Read more in Luis Millan’s article “FinTech” in Canadian Lawyer.