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COVID-19 Updates: Taking steps to return to normal.
The Financial Innovation Act (Bill 13) helps diversify the economy by making it easier for finance and fintech companies to develop new products and services.
Status: The Financial Innovation Act received Royal Assent on April 29, 2022
Ministry Responsible: Treasury Board and Finance
The Financial Innovation Act (formerly Bill 13) diversifies Alberta’s economy by fostering innovation and attracting new investment in the financial and financial technology (fintech) sectors.
The Financial Innovation Act establishes a regulatory sandbox for financial services and fintech companies. A regulatory sandbox is a “safe space” in which companies can test innovative products or services, without immediately meeting all regulatory requirements. It also assists companies in collecting information on new products and services to determine if they have value for customers.
Alberta is the first province in Canada to establish a regulatory sandbox for the finance and fintech sectors, giving them new ways to build their business and create jobs. The province is also a growing destination for financial services and financial technology companies, and a regulatory sandbox increases our standing in this part of the global economy.
Alberta’s regulatory sandbox signals that Alberta is willing to work with and support innovators with cutting-edge products, like blockchain technologies and cryptocurrencies. Financial services and fintech companies will have a strong incentive to move to Alberta and Albertans will benefit by opening the door to a wider variety of products and services, which could lead to more competition and lower costs for consumers.
The Financial Innovation Act:
Alberta’s Regulatory Sandbox will operate in the following manner.
The Financial Innovation Act came into force when it received Royal Assent on April 29, 2022. It’s expected we would start accepting sandbox applications on or about July 1.
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