I don't think a winning solution is pro-fintech or pro-bank. It's pro-consumer and what consumers need. What Canadians need right now are lower fees and more productivity. The financial sector, right now, the way it's structured, is a drag on Canadian productivity. It's a drag on affordability. If you are a small business, it's very hard to access a loan. If you can access a loan, you're paying more for it than many of your peers in other jurisdictions. To a greater extent, you're also required to pledge personal collateral, like your house. The loans are very expensive.
We can't grow this economy if we're not investing in our businesses. By making banks work harder for their customers, and by letting new fintech entrants into the system to put competitive pressure on banks, we'll generate better outcomes for consumers and merchants. If we go the other route and regulate interchange fees, we'll generate a bunch of unintended consequences like we've seen around the world.