Earlier this week, the Ontario Securities Commission (OSC) announced they will be launching a new fintech-focused hub called LaunchPad. This innovative hub brought forward by the OSC will help foster the growth of Financial Technology companies in Canada as they will be working directly with FinTech industry participants and addressing fundamental topics such as regulations, policies, and frameworks.
The chair of the OSC, Maureen Jensen, made the announcement at an event this past Tuesday acknowledging that with the rise of FinTech companies like Lendified “disrupting” the financial industry, many of these new business models do not fit with the current requirements and traditional frameworks. With the soon-to-be established fintech hub, the first of its kind established by the governing regulatory body for investors in Canada, Jensen hopes the OSC LaunchPad will collaborate with FinTech companies to tailor the regulatory framework.
A prime example of this collaborative process, Lendified just announced this past Wednesday that our subsidiary Vault Circle Inc. has officially received regulatory approval from the OSC, making us the first Canadian FinTech firm to do so in the marketplace lending space.
Vault Circle will be providing accredited investors the opportunity to invest in Canadian small businesses, which we believe is the backbone of the Canadian economy.
At Lendified, we’re thrilled with the OSC’s decision to establish the LaunchPad innovation hub and hope we’ve played a role in exemplifying how fintech companies and regulators can work together to promote progress for everyone. This move by the OSC will only help to drive growth in the Canadian FinTech space which has previously lagged behind markets like the US and the UK.
Founded by experienced banking executives with over 30 years combined financial services experiences, we understand the importance of working with and respecting our regulatory bodies such as the OSC, who are not there to impose boundaries on innovation but rather to ensure a secure and fair playing feel for all Canadians. We are excited to see how this development will help to shape the Canadian FinTech landscape in the months and years to come.