Paytech Canada undergoes rebranding

The newest members of Fintechs Canada, a newly renamed Canadian fintech not-for-profit organization formerly known as Paytechs of Canada, were revealed on Tuesday. According to the press release, well-known corporations like Mastercard, Square, and Wise have chosen to back the most recent drive for a “whole-of-government” approach to helping the regional financial technology industry.

The organization presently has more than 40 members, including ‘fintech friendly’ businesses like Equifax and Interact as well as fintech companies like Coinsmart and WealthSimple. The newly formed association’s major objective is to encourage the modernisation of the payments sector in order to advance open banking, money digitalization, and AML protocols.

“With new regulation needed, slow progress on innovation policy, and unbalanced representation in Ottawa, a unified voice for fintech in Canada has never been more important,” Fintechs Canada representatives commented in a press release.

Canada is currently at a stage where its critical payments infrastructure needs a pressing upgrade. Following this multi-year financial overhaul, Fintechs Canada will be consulting on the a host of issues, including the need implement a framework that will further the reach of open banking activities.

The recent rebranding from Paytechs to Fintechs Canada is part of the firm’s effort to curb the perception that it is focused only on technologies in the payments industry, and to send a message that its focus spans across the entire financial ecosystem. The founders are resolved that the group will “play a major role in the conversations that will define the future of financial services in Canada.”

The management board of the organisation comprises of industry professionals representing financial services companies operating in the local market. They include Laurence Cooke, the Founder and CEO at Nanopay, Andrew Graham, the CEO and Co-Founder at Borrowell, Yves-Gabriel Leboeuf, the CEO and Founder at Flinks and others.