Evolving Legal Requirements For Fintech Lenders In Canada

From a niche industry trend, financial technology ("Fintech") has become a major disruptive force in the global financial landscape over the past 10 years. The concept of Fintech refers to new technologies that aim to enhance the delivery and use of financial services at a reduced cost while expanding the range of services offered and meeting the needs of a more diverse customer base¹. Today, Fintech encompasses multi-billion dollar companies that were initially associated with small start-up ventures. At the same time, the number of Fintech users around the world growing exponentially, particularly in the digital payments space, where global users are expected to surpass 3.5 billion by the end of 2024, could be seen as an opportunity for non-traditional lenders to penetrate the market².