28 July 2017
visit www.avoka.com

Strengthening Toronto fintech ecosystem should be top priority - report

16 May 2017  |  6454 views  |  0 toronto

Toronto has the potential to be a strong fintech hub but, without a clear strategy and private and government support, the Canadian city could also see its position in the global pecking order slide, suggests a new report written by Accenture and McMillan.

The report, produced for the Toronto Financial Services alliance (TFSA), found that the Toronto/Kitchener-Waterloo corridor today benefits from a strong core of financial institutions, top-tier research facilities at local academic institutions, a strong talent base and relatively low business operating costs compared with other global fintech ecosystems.

However, the TFSA says that strengthening this fintech ecosystem must be an imperative for the country's financial services sector and governments in order to maintain and grow the region's international market position.

Currently, the Toronto region ranks in the middle of the pack in fintech ecosystems, alongside Hong Kong and Berlin but well behind the tech centre of Silicon Valley, attractive investment climate of New York and government-backed London and Singapore.

New centres, such as nearby Chicago and state-backed Dubai are emerging, threatening to leave Toronto further behind unless a concerted effort is made by the public and private sector, with the report setting out six key calls to action.

First, established financial institutions, startups and the VC community must improve collaboration; second, access to capital needs to be made easier; third, the regulatory burden on startups should be reduced; fourth, research should be better commercialised; fifth, more effort should be made to attract top talent; and sixth, the region's global fintech profile should be actively built up.

Janet Ecker, CEO, TFSA, says: "We have a strong fintech and financial services cluster in this region, and much is being done by industry and government to build our global leadership.

"But the evidence is clear: We are still in the middle of the pack. Other global centres are not standing still, and neither can we. Strengthening the fintech ecosystem will be critical to the continued success of our global financial industry."

Read the full report:

» Download the document now 2.9 mb (Chrome HTML Document)

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Robo-advisor Wealthsimple raises C$50m

Robo-advisor Wealthsimple raises C$50m

11 May 2017  |  5711 views  |  0 comments | 11 tweets
London and Singapore remain world's top fintech hubs

London and Singapore remain world's top fintech hubs

10 April 2017  |  14240 views  |  0 comments | 34 tweets | 30 linkedin
Scotiabank opens Digital Factory in Toronto

Scotiabank opens Digital Factory in Toronto

27 January 2017  |  5402 views  |  0 comments | 9 tweets | 7 linkedin
RBC partners University of Toronto on accelerator

RBC partners University of Toronto on accelerator

06 April 2016  |  4909 views  |  0 comments | 5 tweets | 4 linkedin
Toronto failing to create proper fintech ecosystem - report

Toronto failing to create proper fintech ecosystem - report

06 November 2015  |  7480 views  |  0 comments | 13 tweets | 7 linkedin
Toronto opens fintech cluster

Toronto opens fintech cluster

18 February 2015  |  14117 views  |  0 comments | 20 tweets | 5 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.finastra.comvisit www.ncr.comvisit www.worldpaymentsreport.com

Who is commenting?

Top topics

Most viewed Most shared
UK judge blocks £14bn class action suit against MastercardUK judge blocks £14bn class action su...
11296 views comments | 7 tweets | 7 linkedin
Yet more deals announced in payments sectorYet more deals announced in payments secto...
10359 views comments | 7 tweets | 21 linkedin
Machines could take over 30% of bank jobs: McKinseyMachines could take over 30% of bank jobs:...
10262 views comments | 30 tweets | 29 linkedin
US firm to implant employees with RFID chipsUS firm to implant employees with RFID chi...
9014 views 16 comments | 33 tweets | 38 linkedin
Credit scoring startup Aire raises $5m; wins Zopa dealCredit scoring startup Aire raises $5m; wi...
8092 views comments | 9 tweets | 8 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job