Advancing fintech innovation in Canada<\/h2>\n\n\n\n
Keeping up to date on fintech regulations is crucial for the Canadian fintech industry to grow and innovate, as well as to protect consumers and businesses.<\/p>\n\n\n\n
When our Emerging Regulation & Innovation function examines recent and emerging regulatory frameworks, they anticipate and address questions or concerns Canadian consumers and businesses may have. Their goal is to identify new trends, emerging technologies and regulations that can support the creation of beneficial value exchange services and economic opportunities\u2014all through the lens of fairness and trust. It is by being proactive on emerging technologies and regulatory changes that Interac can continue to play its pivotal role in preserving and protecting Canadians’ trust, privacy and security<\/a>.<\/p>\n\n\n\n The key here is collaboration. Working with a wide range of players across banking, fintech and government, collaboration is a central pillar in developing new approaches, solutions and systems that meet Canadians\u2019 unique needs and enable more secure and inclusive fintech innovations.<\/p>\n\n\n\n \u201cWe explore the latest big ideas and their future viability,\u201d says Phil Pellegrini, Assistant Vice President, Emerging Regulation & Innovation at Interac. \u201cThen we take what we\u2019ve learned and share those insights with the organization, Canadians and other key players in fintech about what\u2019s around the corner. So, in essence, we\u2019re always pulling the thread of curiosity for the greater good.\u201d<\/p>\n\n\n\n <\/p>\n\n\n\n The Emerging Regulation & Innovation function at Interac isn\u2019t tethered to Canada alone, though their home country is a priority focus. They monitor key fintech regulation developments unfolding at the federal and provincial levels, and in places like the U.S., the U.K., Asia and India. <\/p>\n\n\n\n \u201cEvery day, we look deeply at the \u2018technology du jour,\u2019 as I call it,\u201d says Phil, \u201cand we act as the sentinel to understand and explore new innovations and initiatives\u2014and what role they\u2019ll potentially play in the future, whether inside or outside of Interac. After all, what happens in fintech around the world echoes in Canada.\u201d <\/p>\n\n\n\n Take open banking<\/a>, for instance. It\u2019s one example of a fintech innovation that originated outside of Canada. The first country to implement regulations on open banking was the UK in 2017. The European Union followed suit in 2019. Then came Australia in mid-2019, and Brazil in 2020.<\/p>\n\n\n\n Canada joined the growing push for open banking in 2019, when the government launched its consultations. Today, the Government of Canada is designing and implementing key elements of a Canadian-made open banking framework<\/a>.<\/p>\n\n\n\n At the moment, the tech trends and innovations being tracked include artificial intelligence (AI), machine learning, verification, cryptocurrency, blockchain, tokenization and, of course, the most recent advancements in payment tech. Essentially, areas where Interac can innovate in data privacy, fraud mitigation, governance, authentication solutions, value exchange and more.<\/p>\n\n\n\n \u201cWith all new technologies or innovations, we have to explore how it can successfully, safely work in the industry,\u201d says Phil. \u201cParticularly in ways that build trust, as trust is a core tenet that we always think about first at Interac<\/a>.\u201d<\/p>\n\n\n\n Phil says that no two days in his role are the same. And, no two conversations with his colleagues are the same\u2014and that\u2019s a big part of what he likes about his work at Interac. Endless variety and nonstop change drive his collaborative work forward.<\/p>\n\n\n\n \u201cI have a legal background, but I work with a lot of engineers,\u201d says Phil. \u201cWe\u2019re a mixed bag of professionals and personalities, but everyone has one main thing in common: The ability to grasp concepts with incredible speed. This is crucial because that\u2019s the pace of innovation. The many different, inclusive lenses members of the team – whether from Innovation, Government Relations, Legal, Technology & Operations or the boarder Interac team – apply to any given focus is also super interesting to me.\u201d<\/p>\n\n\n\n Phil doesn\u2019t just collaborate internally. He also meets weekly with businesses, financial institutions, government entities and not-for-profit advocacy groups.<\/p>\n\n\n\n \u201cOur goal is leveraging internal expertise to work with others outside of Interac and discuss as a group how new initiatives like open banking should progress and find a common voice within the industry,\u201d says Phil, \u201cand to act as a connective bridge between bigger and smaller players throughout the fintech world.\u201d <\/p>\n\n\n\n By collaborating within Interac and across the broader digital economy, the Emerging Regulations & Innovation function works hard to stay ahead of the curve on the latest and upcoming regulations, market shifts and technologies revolutionizing the payments realm, the banking industry and the ways people exchange value.<\/p>\n\n\n\n In addition to contributing to a fairer, more inclusive fintech ecosystem, the Emerging Regulation & Innovation function at Interac looks out not only for Interac customers and partners, but also for the common good of all Canadians\u2014empowering citizens throughout the provinces to digitally transact safely and confidently.<\/p>\n\n\n\n For more information about how Interac is supporting the innovation ecosystem and economy in Canada, learn about our Innovation Partnerships team<\/a> and take a peek inside The Interac<\/em> Lab<\/a>.<\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" The Canadian economy is changing rapidly. Digital innovations are disrupting traditional systems. Consumer experiences are becoming more seamless and personalized. Canadians are interacting online at higher volumes. As these shifts happen at unprecedented speed, fintech regulations are also evolving quickly to keep pace. That’s why at Interac, we place emphasis on the latest regulation and…<\/p>\n","protected":false},"author":28,"featured_media":136244,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"content-tags":[952,294],"content-category":[189],"spokespeople":[],"in_the_know_post_format":[169],"class_list":["post-135921","content","type-content","status-publish","format-standard","has-post-thumbnail","hentry","content-tags-enterprise-and-government","content-tags-trends","content-category-business","in_the_know_post_format-article"],"acf":[],"yoast_head":"\n![\"\"](\"https:\/\/www.interac.ca\/wp-content\/smush-webp\/2023\/06\/PhilPellegrini_ITK-1-1024x1024.jpg.webp\")
<\/figure>\n\n\n\nExploring global regulatory frameworks<\/h2>\n\n\n\n
Additional innovations and trends on the team\u2019s radar<\/h2>\n\n\n\n
Collaboration through constant change<\/h2>\n\n\n\n
The future looks bright<\/h2>\n\n\n\n