In July 2016, Ferst Digital hosted a presentation titled Regulation 101: What your FinTech Startup Needs to Know at our Montreal studio.
We thought, “Maybe 10 people will show up? After all, how many people could possibly care about FinTech regulation in Canada?”
We were blown away. Nearly 50 people showed up and another 400 live streamed via Facebook Live.
How did this happen?
We started Ferst Digital and joined the global movement working to reinvent business banking for the modern entrepreneur.
We’re building a better business banking experience for Canadian businesses. We’re in the process of partnering up with a fully licensed Canadian deposit-taking institution and creating a fully branchless, beautifully designed, and intelligent business banking service. Throughout this process, our team is carefully considering everything, from the design to our business model, around the specific needs and pain points of entrepreneurs. And we believe that’s the way it should be.
The idea of building a hassle-free banking experience sounded great to us and the many entrepreneurs around us. It sounded a little less awesome when we recognized that like most FinTech companies in Canada, we were about to enter a highly complicated and ambiguously regulated environment.
We challenged ourselves to navigate the landscape of Canadian regulation. Three months of research later, we developed an expertise in this field as it relates to FinTech startups.
This wasn’t easy. At times, we were pulling our hair.
In the process, we realized that if we were this frustrated, there must be other FinTech companies that were also feeling the pain. This was an opportunity not only to support other entrepreneurs by lessening their burden but also deliver on our mission. We collected our 3 months of research and shared it with the Montreal and Facebook community.
Building on our initial Regulation 101 presentation, we’re taking things a step further by sharing our knowledge with you so that you are empowered with the information that will set your company up for success.
We will be publishing our research in a 5 part series called Your Canadian FinTech Startup’s Regulatory Survival Handbook. We hope it provides helpful information to other FinTech startups that are daunted by the regulatory challenges they face.
Let us know what you think. We’d love to hear from you, the challenges you’re facing and what you’re doing about them. Let’s keep this conversation going.
Thanks for reading! 🙂
Special thanks to Sadia Rafiquddin for her help