But we must not lose sight of the fact that the financial sector is an important contributor to economic growth in Ontario. An efficient financial sector will continue to be a competitive advantage for this province, both in maintaining efficiency in our own market, and in providing an opportunity to export expertise around the world.
To date, our financial systems have experienced rapid financial innovation, driven mainly by advances in information and communication technology. Both the banked and unbanked public can move money and effect payments much faster and with greater convenience. Of all the innovations, mobile money growth has developed and proliferated across the region at such a remarkable pace that it should attract keener regulatory oversight.