Today is a good day for competition and innovation in Canada. The government announced the Fall Economic Statement, which shared measures including: ➡ Amendments to the Competition Act that include modernizing merger reviews, cracking down on abuse of dominance, and supporting the right to repair ➡ A "consumer-driven" (open) banking framework that will be tabled in Budget 2024 which will align with major trading partners including the US. ➡ Amendments to the Payments Act to make payment service providers supervised by the Bank of Canada eligible for membership in Payments Canada, so they have fair access to payments systems. 🔗 FES 2023: https://lnkd.in/eAqPk7pe Canada will have stronger competition laws and our small businesses will have a fairer shot. And by 2025, Canada will have its own consumer-driven banking framework come into force. Sincere kudos to my colleagues in Finance for spearheading these changes on banking and payments, as well as a broad array of measures to improve the economy. And also to the innovation community and many advocates who have engaged on these issues over the years. Supporting structural changes like these is exactly why I jumped from the tech sector into government - to help shift the marketplace frameworks of our economy to better support innovation and productivity. More to come. #policy #government #buildinginpublic
Love the changes to the Competition Act. This is a necessary step to bring down prices and increase Canadian productivity.
Jaxson Khan thanks for sharing
Amazing work Jaxson!!!
Jaxson Khan these steps are so welcome by Wealthsimple. We will work hard to leverage these measures to deliver better products and lower fees to our 3 million+ clients and all Canadians. Thank you for this step forward. 🙏