Ontario’s financial services regulator and Fintech Cadence this week announced a new partnership designed to foster fintech innovation in the province.
A one-year partnership, supported through FSRA’s Innovation Office, 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, according to a statement from the provincial regulator.
“We are here to help foster responsible innovation in Ontario’s financial services sector,” stated Stephanie Appave, who functions as Director of FSRA’s Innovation Office.
“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,” Appave believes.
“This partnership is a step forward in ensuring that we remain accessible and connected to the innovation ecosystem,” the director continued.
The partnership provides an opportunity for fintech startups to learn more about and access FSRA’s Test and Learn Environment, which provides 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.
“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,” stated 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,” El-Hadi added. “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.”
Fintech Cadence, a non-profit organization dedicated to the Canadian fintech community through multiple initiatives, was established in 2017.
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