Canada’s Autorité des marchés financiers (AMF) has created a new fintech lab, complete with a working group and fully staffed unit in order to help reconcile and explore current and potential applications of new technologies amongst regulated entities domestically, according to an AMF statement.
The newly launched lab will enable the AMF to garner an in-depth perspective and working relationship with a wide range of new technologies, including market infrastructures in tandem with regulatory activities. In particular, the lab will be accessible to all AMF staff that contribute to the various projects of the Fintech Working Group.
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The group will maintain a diverse set of objectives, including updating the AMF of new technologies as well as exploring how the group can better utilize these new technologies to foster improved business practices and operations.
Moreover, the working group will also seek to provide advice and insight, filling a key role as a reviewer of the regulatory framework as it pertains to sandbox initiatives implemented by the Canadian Securities Administrators. The lab’s activities will be divided into several projects also drawing on a talented pool of university students in engineering and technology.
The AMF will also look to solidify its role in the domestic fintech community via several partnerships with key players in the financial sector and academia in order to monitor and facilitate developments in the sector and generate interest in its projects among students. This culminated in the inking of a new partnership with R3, a research firm focused on building platforms and applications for the financial sector.