Canada’s financial technology (fintech) sector is heading into one of the most important periods of the 21st century as the nation prepares to host the 2026 World Cup.

Debates about open banking, regulation and governance have created an uncertain financial landscape. The outcome will be crucial for online gambling. The best sports betting apps in Canada featured on comparison platform bettingtop10.ca will be inundated with World Cup bets.

Digital payments play an integral role in the sector, with bettors eager to use fintech solutions for their deposits and withdrawals. Research carried out by payment giants Paysafe has highlighted the importance of reliable fintech options in the betting industry.

Almost half of Ontarians are expected to bet during the World Cup, and many them will do so for the first time. That influx of new users will lead to a longer-term increase in betting activity, providing a stern test of Canada’s payments infrastructure, digital wallets and open banking rails.

<h2>Canadian Fintech Sector set for World Cup Boom</h2>

Quick transactions and trusted brands are consistently considered the most important criteria when punters choose a sportsbook. Canadian fintech companies stand to benefit massively.

The 2026 World Cup will cram millions of transactions into a five-week window, meaning operators must facilitate card payments, instant bank transfers and digital wallets at scale.

Canada’s fintech players across payments, security, identity verification, data analytics and other areas must now prove they can handle global events reliably and quickly. 

Success at the 2026 World Cup would immediately translate into long-term customer trust, international partnerships and expanded use beyond betting.

However, this increased activity comes at a time when the regulations around open banking are yet to be fully resolved. Canada is committed to building a national open banking framework, but questions about governance have not been answered. 

The bone of contention is whether an industry-led entity or a regulatory-led body with direct government oversight should oversee open banking.

That distinction is not straightforward for fintech firms. An industry-led model backed by Canada’s powerful banking sector guarantees speed and familiarity. 

Canada has a long history of bank-backed utilities successfully running core financial infrastructure, and proponents argue that banks are better custodians of consumer data.

Under this model, APIs and data-sharing standards can be rolled out even faster, leveraging existing tech and relationships. However, speed could come at the cost of competition. 

Banks are naturally protective of their customer relationships and may prioritise data-sharing frameworks that limit disintermediation. Even if they receive access, it may not necessarily cover the depth and breadth of data third parties need to innovate.

<h2>Time is Running out for Canada to Get its Fintech House in Order</h2>

In a World Cup where digital payments will boom, restrictions could impede the fintech sector’s ability to build personalised, data-rich products that capitalise on real-time user behaviour.

However, a regulatory approach should be neutral and standardised. Government oversight could level the playing field, establishing clear rules for participation, data access, privacy and security.

This approach is considered the safer bet for consumers because it is more protective and transparent. It could pave the way to fairer access to financial data for fintech firms while reducing the risk of being locked out.

Regulation does come with risks attached. National programmes in Canada tend to be slow to adapt, and sometimes fail to anticipate what the industry needs. 

A regulatory-led open banking framework could lead to heavy compliance burdens being placed on smaller fintech companies, forcing them to undertake bank-level obligations around cybersecurity. This framework can deter innovation even though the market is on the cusp of its next growth phase. 

The timing of the debate is also quite important. The World Cup will boost customer adoption of digital payments, wallets and pay-by-bank solutions. Once users begin to experience fast, reliable and flexible payment options, there is no turning back. Expectations shift permanently. 

Fintech companies that combine open banking data with frictionless payments will redefine customer experience, not just in betting but across financial services.

Open banking’s impact on Canadian fintech will depend less on who governs it and more on how inclusive and forward-thinking it proves to be.

Fintech firms simply want a model that prioritises competition, interoperability and consumer choice, allowing them to ride the World Cup wave when it comes through Canada.