A Wealthsimple executive publicly criticized Canada’s protracted development of a real-time payment rail system at the recent Canada FinTech Forum, highlighting a significant gap between Canada's payments infrastructure and that of its global peers. This delay impacts Canadian FinTechs who are eager to innovate with faster payment capabilities and puts them at a competitive disadvantage compared to companies in other markets. It’s likely we will see continued pressure on Payments Canada and the government to accelerate the rollout, potentially through mandated participation.
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