Feb 3, 2024
Canadian banks have been protected in ways no other industry has, even when free trade agreements relaxed some of the ownership restrictions. Even in the middle of the great depression, now almost a hundred years ago, no Canadian banks failed. Our big banks still dominate the financial services industry, so much so that as new and innovative financial services appear, many of them find they can't compete in Canada. But the world is changing and markets are changing and we wonder whether Canada’s financial system can keep up and be competitive on the world stage. Jim Love has a conversation with Phil Levy, CEO of Exact Payments, a company based in Vancouver that is from a different part of this new financial system, making their mark in the new digital financial world and they've been emerging all around the world and pushing even at our giant banks.