This includes partnerships with businesses in industry verticals and mergers and acquisitions between market players to gain a competitive advantage, particularly for the embedded insurance industry.
For embedded lenders, the focus is on introducing innovative offerings and latest technologies to drive the growth of the market.
SMEs that can depend on informal sources of financing and credit and fintech have an opportunity to fill the gap.
For example, Shopify is offering funding to its Canadian merchants through its Shopify Capital solution. The report expects more ecommerce platforms to follow.
Embedded payment solutions is also anticipated to see growth with global market players expected to partner with Canadian firms.