Fintechs Canada says it will work with policymakers to push for competition and innovation in a country dominated by a handful of giant banks.

The association launches with more than 40 members, including fintechs such as WealthSimple and Coinsmart, and "fintech friendly" FS players like Interac and Equifax.

Among the areas that the new group will focus on are payments modernisation, open banking, the digitalisation of money, and AML and terrorist financing law.

Canada is in the midst of a major multi-year payments infrastructure overhaul and has also begun slowly consulting on bringing in an open banking framework.

Says the group: "With new regulation needed, slow progress on innovation policy, and unbalanced representation in Ottawa, a unified voice for fintech in Canada has never been more important."