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ARTICLE · 16 FEBRUARY 2024

FinTech: 2023 Legal Year In Review

McMillan LLP
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Challenges and opportunities in the FinTech industry have attracted a massive regulatory response over the last few years.

CanadaFinance and Banking
Pat Forgione
Pat Forgione
Isabelle Guevara
Isabelle Guevara
Adam Chisholm
Adam Chisholm
Shahen Mirakian
Shahen Mirakian
Darcy Ammerman
Darcy Ammerman
Robbie Grant
Robbie Grant
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Financial Technology – colloquially known as "FinTech" – has undergone explosive growth in recent years. This was further amplified by the COVID-19 pandemic and the need for technological solutions to facilitate virtual transactions. Financial services that were once exclusively offered by brick-and-mortar financial institutions are now provided by all types of entities, from emergent start-ups to large conglomerates.

Challenges and opportunities in the FinTech industry have attracted a massive regulatory response over the last few years. At the same time, technological innovation and efficiencies have opened the door to more modernized processes in payments and the potential advent of open banking (now called, consumer-driven banking) in Canada. This article provides an overview of the significant regulatory developments from 2023 that impact the FinTech industry. Key developments include:

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

© McMillan LLP 2025

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