The monetary policy authority estimates over 2,500 firms will fall under its new powers, Ron Morrow, executive director of retail payments supervision, said in prepared remarks at a Toronto event on Wednesday. The new rules will apply to companies that process transactions, offer digital wallets and transfer money. (The Logic)

Talking point: The Liberal government moved to give the central bank oversight of payments in April 2021; it picked Morrow to run the effort two months later, and has since recruited a team of former regulators to enforce its new authority. It will also approve participants in Real-Time Rail, the repeatedly delayed instant-settlement system domestic fintech firms have been eagerly awaiting. Morrow’s Wednesday speech added some colour to the Bank of Canada’s approach, noting it will tailor its actions to the risks that providers pose to consumers and the system, but won’t step in to stop them failing. Fintech is growing quickly, he said, but “it’s like the more money we come across, the more problems we see.” The Notorious B.I.G. battling the Illustrious B.o.C.—now that’s a Verzuz I’d pay to see.