In a more connected world, Canadian businesses need to compete harder and harder just to survive.
Canada is facing transformational shifts in the ways we move money and transact. These changes could represent the start of a new era of digital prosperity — but only if we take bold steps.
Interac is working hard to ensure Canada seizes the opportunity, in part by giving businesses the tools they need to make the leap into the digital future and lead in the global marketplace.
That’s what it means to be an Enabler.
Fatema Pirone, Head, Verification at Interac, recently sat down with entrepreneur Manjit Minhas to talk about what “digital prosperity” means, particularly to the small and medium-sized enterprises that drive the Canadian economy. Manjit agrees that Canadians have to take decisive steps to turn innovation into prosperity. As she observes, the best way to predict the future is to create it.
See below for an edited version of their conversation, or listen to the audio in full.
Enabling digital prosperity for Canada’s future
Fatema Pirone: If you had to describe your vision for digital prosperity in Canada, what would that look like?
Manjit Minhas: First and foremost, everybody has to be able to have access to digital tools, and that means that it’s affordable and that it’s simple. For businesses — small, medium and large; it doesn’t matter what size you are and it doesn’t matter who you are — technology is the basis of everything.
As a business owner, when I’m looking for digital technology, it has to be fast in order to keep up with the speed of my business. It has to be efficient and accurate.
Another essential is security. In this day and age, everybody’s scared of fraud, so we have to be able to trust [the solution we’re using]. It needs to feel secure.
Digital prosperity and Small businesses
Fatema: Entrepreneurs and small businesses are really the backbone of our economy. For them to thrive, digital prosperity has to mean giving them the ability to innovate. At Interac, we’re constantly asking ourselves how we can create platforms and solutions that help Canadian businesses innovate, grow, and compete — whether they’re small, medium or large.
An example is Interac Verified, a product I lead in the market. It’s a suite of solutions designed to help businesses unlock new digital opportunities. If a business can securely verify customers, speed up that onboarding and better manage fraud, they can grow entirely in new ways. We want them to grow faster and compete not just locally, but internationally and globally.
That’s the kind of infrastructure that really enables levelling the playing field and supports the prosperity we’re talking about.
Canada’s GDP challenge, and its strengths
Fatema: Our ambition [to help small businesses grow] is particularly relevant given recent economic findings. In 2025, the Organization for Economic Co-Operation and Development (OECD) found that while resilient, Canada’s GDP performance and productivity continue to lag.
What is currently working here in Canada, in your opinion, and what are some of the things that we think we need to change?
Manjit: First, there are a lot of great things that are working. We have some amazing talent, some homegrown talent, and some universities in this country that are bringing global talent to Canada. But like you said, there are things that aren’t working either. I do think that with government comes red tape and bureaucracy. It’s definitely harder to access capital in this country; sometimes we can be less risk-tolerant with capital.
Fatema: At the same time, we’re seeing there is a growing Canada-first mentality in our innovation spaces. I think this is the first time that Canada is getting very attuned to how much we are relying on others to create capabilities and technologies for us. And there is a matter of sovereignty. How do we build capability and solutions for Canadians, by Canadians, and keep that in Canada?
I would love to see the market really invest deeply here, both public and private sector, so that in five to 10 years, we are not so reliant on [foreign] and big tech.
Did you know? Interac has launched Konek — a Canada’s digital-only payment solution — in collaboration with leading financial institutions. Check it out.
Manjit: That’s an amazing vision. And I think that most individuals and businesses just never thought about it before — never thought to that depth as to who was creating what and where.
A simple example is Interac. Over the last few years, I started to learn more about Interac. That it’s a Canadian company. Most people are like, “What? Are you kidding me?” That is unfortunately surprising to many people, and I think that shouldn’t be. Most people should say, “Yes, of course it is.”
And [that’s how it is with] so many other great innovative companies who are helping us succeed and prosper.
By Canadians, for Canadians: The rise of digital sovereignty
Fatema: What’s the upside of the shift toward digital sovereignty, and what actions do Canadian businesses need to take to turn this momentum into results?
Manjit: Do you know the good old saying, “The best way to predict the future is to create it?” I think many of us are not just sitting on our laurels [or] saying, “We’re going to let somebody else do it for us.” Instead, we’re going to push to do it ourselves.
Many of us are learning more, whether it be about AI and how technology can improve our lives and our businesses, making us more competitive and helping us win for the future.
I’ve been in business 26 years now and things have changed but they also haven’t. I’ve always believed that innovation is the ability to see change as an opportunity, not a threat. And I have always truly believed that the future belongs to those who embrace innovation.
What is ‘digital sovereignty’? We believe it’s a vision for building and keeping prosperity here in Canada. Learn why.
Technology is important, but collaboration is critical
Fatema: Everything you said really resonates with me. What stands out, especially when you talked about the need to change, is that it’s not about having the best technology or the most tools; it’s about creating access, finding alignment, and building an economy that’s focused on a shared goal.
Our president and CEO, Jeremy Wilmot, often shares a powerful anecdote. He points out that countries surging ahead aren’t doing so just because they have better tech. They’re moving fast because they have alignment, they have urgency, a shared sense of purpose.
At Interac, we are in a unique position. We are really sitting at the centre of Canada’s digital payments ecosystem. That means that we can connect organizations, convene partners and foster alignment across sectors. That’s where our role as an enabler and a network comes in. We’re able to leverage our position in the Canadian economy to create less fragmentation and unlock opportunities that promote innovation and growth.
Manjit: I think that we all need that to get out of our bubble. I think that so many of us think that we’re alone. But no. You at Interac are helping everybody succeed on their own scale. And that helps us not only be more confident, but also engage in digital lives together. I think your vision at Interac is miles ahead of what any other entrepreneur or user of the technology can imagine.
Listen to the full audio of Fatema and Manjit’s conversation here.
And check out the next conversation in the series, exploring our role as a protector of Canadians’ digital lives.
