Fintechs Canada launches campaign urging Ottawa to modernize Canada's financial sector

"Choose More" advocates for lower fees, more choices and faster payments for Canadians

OTTAWA, ON, Oct. 4, 2023 /CNW/ - Fintechs Canada today launched the "Choose More" campaign, an initiative to raise awareness of how our financial sector could better serve Canadian consumers and businesses. The campaign is a response to the significant financial strains Canadians are experiencing:

• Canadians are paying thousands of dollars in banking fees—too often exceeding what they're generating on their savings¹
• Canadian businesses lose $3-6.5 billion each year to fees²
• 63% of Canadians have abandoned their dreams of home ownership³

The "Choose More" campaign aims to give Canadians a way to participate in the national debate and demand change from the federal government. By fulfilling promises related to open banking and payments modernization, the federal government can put more money back into the pockets of Canadians.

"Canadians are really feeling the pinch across a range of sectors, and the financial sector is one of them. While our global counterparts are making their financial sectors work harder for their customers, Canadians are still waiting for their government to do the same," said Alex Vronces, Executive Director at Fintechs Canada. "We believe Canadians know what best suits their financial needs, and so this campaign raises awareness of reforms that give Canadians more choice."

The launch of "Choose More" stands as a testament to Fintechs Canada's commitment to driving change in the financial sector.

To join the campaign, visit www.choosemoreforyourfuture.com. The campaign website articulates myths vs. facts, offers insights into the current financial system, and provides a platform for Canadians to demand reforms.

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¹ https://globalnews.ca/news/4404502/chequing-account-bank-fees-ratehub-canada/

² https://www.payments.ca/sites/default/files/report_costs_of_payments_processing_eng_final_2018.pdf

³ https://www.ipsos.com/en-ca/six-in-ten-canadians-who-dont-own-home-have-given-up-on-owning#:~:text=While%20the%20majority%20(76%25),and%2063%25%20of%20those%20who 

About Fintechs Canada

Established in May 2019 as a not-for-profit member association, Fintechs Canada serves as the collective voice for fintechs in Canada. Our membership includes market-leading Canadian fintechs, fintech-friendly financial institutions, the technology companies powering Canada's credit union sector, and global fintech companies, among others. For more information on how Fintechs Canada is shaping the future of fintech in Canada, visit our website and LinkedIn page.

SOURCE Fintechs Canada

For media inquiries, contact Alex Vronces, Executive Director, [email protected]