New legislation announced to spur innovation in finance sector
Officials with the Alberta government say proposed legislation would help diversify the economy by making it easier for finance and fintech companies to develop new products and services in Alberta.
If passed, Bill 13, the Financial Innovation Act, is expected to create a regulatory sandbox for financial services and fintech companies. Regulatory sandboxes offer businesses temporary relief from certain legislative and regulatory requirements, making it simpler for them to test new products and services and expand their offerings to consumers.
Officials say this proposed legislation signals that Alberta is willing to work with innovators and businesses that are developing cutting-edge products and technologies. The sandbox would be the first of its kind in Canada, say government officials, meaning financial services and fintech companies will have a strong incentive to move to Alberta. It’s anticipated to also benefit Albertans by opening the door to a wider variety of products and services, which could lead to more competition and lower costs for consumers.
“The world of finance is rapidly evolving, and our government understands that we need to partner with businesses if Alberta is going to stay ahead of the curve,” said Travis Toews, President of Treasury Board and Minister of Finance, on Wednesday. “Cutting red tape and making it easier to do business in Alberta is a crucial part of our strategy to grow the economy, support job creation and make Alberta the best place to live, work and raise a family.”