AMF Creates a NEW FinTech Lab

Blockchain, FinTech, Innovation, News, Regulation | April 27, 2017 By:

The Autorité des marchés financiers, the regulatory and oversight body for Québec’s financial sector, has created a new FinTech Lab. It will enable the AMF to explore the current and potential applications of new technologies among regulated entities (including market infrastructures) and in its regulatory activities.

The Lab will be accessible to all AMF staff who contribute to the various projects of its FinTech Working Group. The group’s objectives include expanding knowledge of new technologies, developing those technologies to work with business processes, review the regulatory framework and anticipate the AMF needs on expertise and computer systems.

The FinTech Lab’s mandate is to study new technologies rather than the business models that are based on them. It will therefore serve as a think tank, equipped with exploration tools, whose purpose is to provide the AMF with the knowledge it requires to fully carry out its role as a regulator in an increasingly digital environment.

The AMF will also draw on university students in engineering and technology as interns assigned to its Lab projects, under the supervision of one or more members of the FinTech Working Group. The first two interns will take up their duties in May.

The AMF also intends to form partnerships with key players in the financial sector and academia in order to closely monitor developments in the sector and generate interest in its projects among students. The first such deal is a partnership agreement with R3, an innovation firm focused on building platforms and applications for the financial sector. R3 has established a consortium of financial institutions for developing and applying blockchain technology in the financial services industry. The firm has also invited regulators to join the consortium in order to address the regulatory issues of the new technologies adopted by these institutions.