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Ottawa rejects fintechs’ proposal for distributing COVID-19 aid for businesses

Finance Minister Bill Morneau speaks to reporters after a meeting with provincial and territorial finance ministers in Ottawa on Tuesday, June 26, 2018.
Finance Minister Bill Morneau speaks to reporters after a meeting with provincial and territorial finance ministers in Ottawa in June 2018. The Canadian Press/Patrick Doyle
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The federal government rejected multiple proposals from Canadian fintechs looking to distribute aid to businesses affected by COVID-19, The Logic has learned. 

The Canadian Lenders Association (CLA), PayPal and Wave all offered to help. Small Business Minister Mary Ng championed the fintechs’ proposals within government, but Finance Minister Bill Morneau’s office blocked them, according to four sources with knowledge of the situation.

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