Canada has all the necessary ingredients to be a global FinTech powerhouse: a stable banking system, an educated and skilled workforce, and innovative startups. However, FinTech adoption in Canada is low among digitally active Canadians. Lukewarm government support, the lack of a national FinTech strategy and a recognizable Canadian FinTech champion also complicate the sector’s outlook. But the opportunity is definitely there for Canada to seize.
This Spotlight covers these issues and more to define what ingredients a sustainable path for the future of FinTech in Canada includes, and what must be done to support this key sector of the future economy.
Event Alignment: The Canadian FinTech 2.0 Summit
Presented by BDC’s IT Venture Fund in collaboration with MaRS Discovery District.
Key Takeaways & Calls to Action
- While Canada does have some FinTech assets, we are extremely behind in building our FinTech base and FinTech adoption, and this creates challenges in terms of reaching consumers with innovative FinTech products.
- It is easier for a FinTech company to reach a greater percentage of the Canadian market because of its landscape dominated by a few large incumbents.
- In order to support innovation, the Canadian government and private sector should prioritize buying from Canadian entrepreneurs.
- Educational institutions must integrate digital disruption and technical coding skills into their curricula for all majors.