Paytechs of Canada Rebrands, Gains Mastercard, Square and Wise Support

Fintechs Canada, a rebranded Canadian fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term not-for-profit group, previously known as Paytechs of Canada, announced the newest additions to its member list on Tuesday. According to the press release, big industry names like Mastercard, Square and Wise have decided to support the latest push for a 'whole-of-government' approach in supporting the local financial technology industry.

The entity currently gathers more than 40 members, including fintech firms like Coinsmart, WealthSimple and 'fintech friendly' companies, including Equifax and Interact. The main goal of the newly-created association is to support the modernization of the payments industry to grow open banking, money digitalization and AML procedures.

"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 now at a point where its critical payments infrastructure needs an important upgrade. Due to this multi-year financial overhaul, Fintechs Canada will be consulting on the possibilities of implementing a framework for more widespread open banking activities.

From Paytechs to Fintechs Canada

The latest rebranding from Paytechs to Fintechs Canada is meant to reflect that the organization is not just focused on technologies in the payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term industry, but across the entire financial ecosystem. According to its creators, it will play "a major role in the conversations that will define the future of financial services in Canada."

The organization's management board includes 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.

Paytechs of Canada activities began in 2019 and have expanded to include more industries. It is intended to reflect the growing number of members, opportunities in the financial markets and changes in consumer behavior.