Ontario: an emerging fintech hotbed
Fintech is the convergence of Information Technology (IT) and Financial services. Examples include mobile payments, cybersecurity , trading analytics and the list goes on. Global investment in fintech ventures reached $24.7 billion in 2016 and is projected to grow at a CAGR of 54.83% between 2016 and 2020. Canada’s financial services industry , centered in Ontario, spent $9.2 billion on Information Technology in 2013. The industry here isn’t just thriving – it’s expanding.
This is where IT decisions get made
Industry growth is creating huge opportunities for financial technology companies, particularly those with offices in Ontario. Why? Because when it comes to Canadian financial services, Toronto, Ontario is where key technology decisions are made.
Canadian financial services companies spend more money on ITthan in any other sector . Major developments have been made in risk management and financial IT systems.
Toronto is unique among international financial hubs for its combination of globe-spanning financial firms and leading-edge information technology companies.
For growing financial technology companies, this is where you will find both market opportunities and a rich talent pool. Our talent doesn’t just know the technology; it also knows how customers use it.
Grow in a global hotspot for financial technology
Toronto, Ontario is the largest city in Canada and the fourth largest metropolis in North America. It is unique among international financial centres for its combination of global financial firms and in nvative IT companies – a fast-growth mix for financial technologies.
Toronto is North America’s second largest financial services hub after New York City in terms of industry employment. Canada’s largest city is also ranked second only to New York in North America, and eighth in the world, as a top international financial centre. The city is Canada’s financial services capital and headquarters for:
One of the world’s soundest banking systems(/banking#welcome)
Canada’s four largest banks
Over 80% of the foreign banks operating in Canada
More than half of the world’s top 10 banks by market capitalization
Eight of the 10 largest Canadian asset managers
The Toronto Stock Exchange (TSX), the world’s ninth largest equity exchange in terms of market capitalization
Ontario is turning heads due to its high concentration of IT firms and industry-leading talent:
281,700 people work in 20,000 IT firms in Ontario, which is roughly half of Canada’s IT workers
The Toronto and Kitchener-Waterloo regions in Ontario are largely considered two of the largest start-up ecosystems in the world
7 fintech companies on Deloitte’s Canadian Technology Fast 50 list are based in Ontario.
The concentration of global technology leaders, strong financial institutions and top-notch talent provides an excellent opportunity to develop, test and showcase new technologies
Ontario is already attracting world leaders in financial technology:this unique combination of financial services and IT has attracted recent investors including Square, Oberthur Technologies and L&T Info Tech Financial Services.
Mobile payments
In the MasterCard Global Mobile Payments Readiness Index, Canada ranks second only to Singapore among countries worldwide. From A TMs to online banking, Canadians have been early adopters of financial technologies. Within Canada, non-cash payments account for 90% of the total value of consumer payments. Now, they’re embracing mobile payments:
81% of the over 22 million Canadian mobile subscribers have smartphones and of those approximately 8 million are NFC enabled smartphones
28% of Canadians use their mobile device to conduct banking activities, and 18% have used their mobile device to pay for products or services
Canada’s financial services and financial technologies sectors are ramping up their mobile capabilities. That’s creating huge opportunities for companies like yours.
We have what you need to take your mobile payments solutions to the next level:
leading firms in IT , finance and mobile application development
strong smartphone penetration and use of near field communications (NFC) technology
wide adoption of NFC-enabled terminals
a highly collaborative environment
Time-to-market for m-commerce innovations has gotten shorter , which creates a big advantage when you’re rolling out products first in Canada then internationally .
Leaders in mobile payments are discovering Ontario
World leaders in mobile payments, such as global solutions providers Square, MasterCard, VISA, Gemalto, Ingenico and
Giesecke & Devrient, have operations here and the list of top companies continues to expand.
