Ontario’s Financial Services Regulator and Fintech Cadence Partner to Support Fintech Innovation in Ontario
New partnership will help pave the way for the introduction of new or improved products and services to the financial services market in Ontario
Toronto, ON (Oct. 1, 2024) – Ontario’s financial services regulator (FSRA) and Fintech Cadence have announced a new partnership to foster fintech innovation in Ontario. This one-year partnership is supported through FSRA’s Innovation Office. It will empower and support fintech startups to identify opportunities and address barriers to help them bring innovative financial products and services to the province while maintaining consumer protection.
“We are here to help foster responsible innovation in Ontario’s financial services sector. In this highly competitive global economy, it is essential for regulators, like FSRA, to understand regulatory barriers and challenges to innovation that are being faced,” said Stephanie Appave, Director of FSRA’s Innovation Office. “This partnership is a step forward in ensuring that we remain accessible and connected to the innovation ecosystem.”
The collaborative efforts between FSRA and Fintech Cadence bring together FSRA’s unique vision as a regulator supporting innovation and Fintech Cadence’s financial technology sector-specific expertise.
“It has long been in Fintech Cadence’s DNA to work with regulators to support innovation and provide connectivity between regulators and founders looking to bring solutions to the market,” said Layial El-Hadi, Executive Director at Fintech Cadence. “This is why a partnership with FSRA is a significant development and a win for the fintech innovation ecosystem. It is with pleasure that we can work with FSRA to ensure startups and innovative products are built responsibly. We look forward to seeing these kinds of partnerships grow in the future and regulators being part of the support ecosystem across all fintech verticals and regions.” –
The partnership additionally provides an opportunity for fintech startups to learn more about and access FSRA’s Test and Learn Environment (TLE). TLE projects are custom designed to facilitate experimental business activities, which would typically be constrained by sector regulations. TLEs provide a real-market environment and safe parameters, affording innovators a limited-time opportunity to test their products or services confidently while ensuring consumer protections are in place.
Learn More:
- Find out more about FSRA’s Innovation Office and how it is enabling responsible innovation in Ontario’s financial services sector.
- FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.
About Fintech Cadence
Fintech Cadence is a non-profit organization established in 2017 that is dedicated to the Canadian fintech community by providing multiple initiatives from coast to coast. Their mission is to advance the financial system for the better through a three-tier mandate of educating fintech talent, supporting early-stage startups, and fostering collaboration amongst Canada’s fintech ecosystem of financial institutions, VCs, incubators, accelerators and universities. For more information, visit fintechcadence.com.
About FSRA
FSRA is an independent regulatory agency created to improve consumer and pension plan beneficiary protections in Ontario.
FSRA was established to replace the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). The agency is flexible, self-funded and designed to respond rapidly to an evolving commercial and consumer environment. In this capacity, FSRA will:
- Promote high standards of business conduct;
- Foster a sustainable, competitive financial services sector;
- Respond to market changes quickly;
- Promote good administration of insurance and pension plans; and
- Encourage innovation.
Learn more about FSRA and our approach to achieving safety, fairness and choice in non-securities financial services at www.fsrao.ca.
SOURCE: Financial Services Regulatory Authority of Ontario (FSRA)
Tags: Financial Services Regulatory Authority (FSRA), FinTech, Ontario, startup