Desmarais Scion Says Canada Fintech Lag Could Hurt Banks Abroad
- Regulations are holding back growth of industry in the country
- Single oversight agency, open banking model would help
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Canadian regulations are holding back the country’s financial technology industry and complicating top lenders’ foreign expansion plans, according to the Desmarais family scion in charge of Power Corp. of Canada’s start-up strategy.
With fewer partnership options at home, where it’s hard to nurture leaders in the automation of financial services, Canadian banks are at a disadvantage when trying to grow in the U.S. and beyond, said Paul Desmarais III, the executive chairman and co-founder of Power’s in-house venture fund Portag3.