Desmarais Scion Sees 'Friction' Behind Canada's Fintech Lag

The transcript discusses Canada's fintech challenges, including regulatory issues and market friction. It highlights the impact of unicorns and regulations on fintech growth, with a focus on Wealthsimple's growth and IPO plans. The conversation also covers market volatility, investment perspectives, and entrepreneurial opportunities in Canada, emphasizing the potential for success and the challenges in the pot industry.

What is one of the main reasons Canada is behind in fintech according to the discussion?

• Lack of technological innovation

• Absence of open banking and a single regulator

• Limited access to international markets

• High taxation rates

How does regulatory friction affect fintech companies in Canada?

• It creates hurdles in moving accounts and accessing data

• It reduces the need for customer service

• It makes it easier to acquire new customers

• It increases their profit margins

What was a regulatory challenge faced by Wealthsimple when it started?

• Requirement for a voice call with every new account

• Mandatory in-person meetings with clients

• Prohibition on digital marketing

• Restrictions on international investments

What is the speaker's view on market volatility?

• It is detrimental to all investors

• It is a sign of a failing economy

• It helps differentiate between winners and losers

• It should be avoided at all costs

What is the speaker's perspective on entrepreneurship in Canada?

• It is only successful in urban areas

• It offers tremendous opportunities and backing

• It is challenging due to lack of support

• It is limited to a few sectors