Canada, popular for its stunning landscapes, maple syrup, and ice hockey, is a highly developed country. One of the most globalized economies and the world’s tenth-largest economy (as of 2020), the country is characterized by low income disparity and citizens with significant disposable income. The largest six banks in Canada, which account for 90% of the market, power the domestic banking sector. Entry barriers are high, and foreign banks can enter only as subsidiaries or international branches.
The COVID-19 pandemic has accelerated digital adoption across multiple fields, including FinTech. Contactless payments are increasingly gaining acceptance. Canadian banks and other financial institutions in the country are now partnering with new startups or innovating to meet the demands of the ‘new normal.’ Sophisticated wealth management too …