Establishing Canada’s Financial Sector as a Leader in Artificial Intelligence
Phase II of the Financial Industry Forum on Artificial Intelligence (FIFAI II) advanced the AGILE framework for responsible AI adoption. This report translates that framework into concrete institutional and systemic action to strengthen the resilience of Canada’s financial system.
Proposed actions are based upon international best practices, including:
- Designating critical AI providers as essential financial infrastructure (EU, UK);
- Deploying advanced digital identity infrastructure with cryptographic verification (Estonia, EU);
- Establishing universal AI literacy as a foundational competency (Singapore, Hong Kong);
- Establishing a national AI innovation and defence program with shared capabilities (Australia, Japan, UK, Singapore);
- Creating regulatory innovation zones with accelerated approval pathways (UK, Hong Kong);
- Accelerating financial crime intelligence coordination with real-time response capability (UK, Singapore); and
- Implementing unique oversight for agentic AI systems (Singapore, UK, China, U.S.)
Implementation of even a subset of these strategic actions within the next 3-5 years would position Canada among global leaders in comprehensive AI governance for financial services.