CIBC opens Waterloo data lab

CIBC opens Waterloo data lab

The Canadian Imperial Bank of Commerce (CIBC) is backing a new data hub in the city of Waterloo, posting a team of data scientists at the spot to work with local students and fintech startups.

CIBC is the official bank partner for the 19,000 square foot data hub, which is being set up by non-profit Communitech with backing from the City of Waterloo and Quantum Valley Investments.

The bank is basing four data scientists at its studio along with three co-op students, promising to tap into the local startup environment and work with "key partners" in the fintech space.

Jose Ribau, chief data officer, CIBC, says: "Being part of a collaborative ecosystem at Communitech means we can identify new ways to harness the power of data to deliver leading insight, advice and solutions for our clients."

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