It depends on what fintech vertical we're talking about. Right now a lot of fintechs in this country are going to be regulated under something called the Retail Payment Activities Act. Any fintech company that engages in any kind of retail payment activity will have to answer to the Bank of Canada. There will be requirements around how they safeguard end-user funds. There will be requirements on how they notify their customers of any breaches or anything like that. They'll have to meet a wide range of operational standards.
The same will happen with open banking. Some fintechs are regulated quite heavily right now at the provincial level. This space is not a wild west. There is a lot of regulation. Fintechs invest a lot in compliance, and as these initiatives finally cross the finish line, I think we'll see more of that.