A report from the FinTech Growth Syndicate, a consulting firm for the industry, found that creation of new Canadian fintechs has steadily declined in the last five years. In 2014, 101 new fintechs were created. By 2018, that number was down to 28. (BetaKit)

Talking point: The report cites traditional banks releasing competing fintech products as a real concern for new entrants. For example, just this month, Meridian launched a digital bank that allows users to get lines of credit and loans. Fintechs are calling for legislation that would make them more competitive; open banking—which would make it easier for consumers to share financial data with third parties—is currently under review by the Canadian government. In its own submission to the government supporting open banking, the FGS says the current banking model limits consumer access to fintechs, but open banking would allow fintechs to offer more personalized products to consumers.