The Globe and Mail reports in its Thursday edition that the Bank of Canada has appointed Ron Morrow as its first executive director of retail payments supervision, where he will lead the introduction of the bank's new mandate to oversee digital payment systems in Canada.
The Globe's Mark Rendell writes that in June, the BOC assumed responsibility for monitoring on-line payment systems, such as digital wallets, run by fintech and paytech companies. The new system will see the BOC keep a registry of retail payment providers in Canada, and monitor the strength of their risk-management protocols.
Larger payment providers, such as banks and credit unions, are already subject to regulatory oversight and will not be part of the new system.
Mr. Morrow will be in charge of designing and implementing the new framework. He will report directly to Governor Tiff Macklem.
Mr. Morrow previously worked as an adviser to the governor and as managing director of the central bank's financial stability department, and its funds management and banking department. The COVID-19 pandemic has accelerated the adoption of digital payment systems, but until now, fintech start-ups have largely operated in a regulatory void.
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