The dominant position of Canada’s big banks has prevented fintech firms from disrupting financial services in this country the way they have elsewhere in the world, says Toronto corporate and commercial lawyer Marlin Horst.
The fintech sector, which includes startup firms focussing on financial technology in areas such as payment processing and alternative lending, has taken off globally in the last few years.
“In some areas of the world, they are causing a huge disruption to the status quo, particularly in Europe, where the banking system is in disarray,” says Horst, a partner in the Toronto office of Shibley Righton LLP.
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