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ARTICLE · 11 APRIL 2024

Fintech In Canada Q1 2024

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As we highlighted in our last quarterly Fintech update in 2023, a new regulatory framework under the Retail Payments Activities Act (RPAA) will soon affect all retail payment service providers...

CanadaTechnology
Matthew Flynn
Matthew Flynn
Simon Grant
Simon Grant
Kwang Lim
Kwang Lim
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As we highlighted in our last quarterly Fintech update in 2023, a new regulatory framework under the Retail Payments Activities Act (RPAA) will soon affect all retail payment service providers (PSPs) doing business in Canada.

PSPs will be able to register with the Bank of Canada from November 1 to 15, 2024, with compliance obligations to take effect in 2025.

The Bank of Canada recently released draft supervisory guidelines to help PSPs understand those compliance obligations (copies of which can be found on the Bank of Canada's website). The following drafts are open for public comment until May 21, 2024:

  • operational risk and incident response;
  • incident notification;
  • safeguarding end-user funds; and

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