Montréal should create fintech hub - report

Source: EY

Montréal has what it takes to grow its FinTech ecosystem and drive technological development in the sector, states the report, which features four recommendations to make the most of the potential.

Above all, Montréal needs to create a hub of excellence to foster the development of young FinTechs. By concentrating development in a single entity, Montréal will consolidate its industry position in Canada and raise its profile as a FinTech magnet worldwide, states a new report from EY.

"Investment in FinTech has been growing steadily," notes Sébastien René, Partner, Québec IT Advisory Leader. "But the province is lagging because consumers are unaware that solutions exist. Making Montréal's FinTech ecosystem successful means creating an environment Québec's energetic, creative and innovative entrepreneurs can thrive in."

The report, Accelerating development in Montréal's FinTech ecosystem, offers four recommendations to foster FinTech growth and make Montréal a Canadian reference for innovation and new financial technologies:

Create a FinTech hub to develop Québec's FinTech ecosystem through a shared vision among stakeholders and support existing or development stage firms.

Implement a formal mentoring program for FinTech entrepreneurs supported by all Québec financial institutions

Work with regulatory authorities to implement a sandbox environment and experiment with new technologies

Develop a standardized university curriculum in several Québec universities promoting professional careers in tech and financial services

"Montréal is known for entrepreneurship and innovativeness," remarked Mario Albert, Chief Executive Officer of Finance Montréal. "The City is a fertile environment for young FinTech businesses to develop in, but we have to give them more support. And Québec's major financial institutions are eager to access innovative approaches for their transaction and IT systems. So we need to work together to make the most of Montréal's FinTech potential and create the jobs of the future in our local financial services sector."

While business culture, available talent and accessible capital favour Montréal's position, strong and sustained demand is critical for successful FinTech development.

The recently published EY FinTech Adoption Index confirms that while demand for FinTech solutions and services is still in its early stages in Canada, it has seen constant growth and is expected to triple over the next 12 months. 

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