The AMF has created a FinTech working group to address the effect of technological innovation in the financial sector
The Autorité des marchés financiers, or AMF, has created a FinTech working group to analyze tech innovations in the financial sector. The group hopes to be able to anticipate regulatory and consumer protection issues, according to a news release.
“The creation of the FinTech Working Group demonstrates AMF’s resolve to serve as a go-to point of contact and reference for all industry stakeholders interested in financial sector technological innovations,” said Louis Morisset, president and CEO of AMF. “We want to broaden our understanding to ensure that over time, the regulatory environment in Quebec adequately addresses the many challenges and issues raised by FinTech.”
The AMF has already been studying the impact of technological advancements on consumers and the industry as a whole, according to the release. The new working group will analyze and make recommendations about the “ability of the current regulatory framework to support changes in commercial practices, business models and financial sector technologies,” while also attempting to maintain “a solid balance” between the needs of the market and those of the consumer.
The AMF stated that it also intended to “participate actively with its national and international peers in efforts to gain greater insight into technological innovations and their associated issues.”
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“The creation of the FinTech Working Group demonstrates AMF’s resolve to serve as a go-to point of contact and reference for all industry stakeholders interested in financial sector technological innovations,” said Louis Morisset, president and CEO of AMF. “We want to broaden our understanding to ensure that over time, the regulatory environment in Quebec adequately addresses the many challenges and issues raised by FinTech.”
The AMF has already been studying the impact of technological advancements on consumers and the industry as a whole, according to the release. The new working group will analyze and make recommendations about the “ability of the current regulatory framework to support changes in commercial practices, business models and financial sector technologies,” while also attempting to maintain “a solid balance” between the needs of the market and those of the consumer.
The AMF stated that it also intended to “participate actively with its national and international peers in efforts to gain greater insight into technological innovations and their associated issues.”
RELATED LINKS:
Competition is good says FinTech firm founder
Apple Pay embraced by Canada’s Big Five
