Spotlight on FinTech
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.
The Established Player
Derek Colfer
Head of Technology and Digital Innovation - Visa Canada
“While there are many opportunities south of the border, there are massive efficiencies in Canada with regards to partnering with banks.”
The Business Accelerator
Sue Britton
CEO & Founder - FinTech Growth Syndicate
“There will be two types of players in financial services in the future: producers of the best products and platform providers providing the best client experience.”
The Innovation Hub
Jeff Hindle
Managing Director, Finance and Commerce - MaRS Discovery District
“Financial literacy is a challenge in Canada and people need to understand options so they can make appropriate decisions. That is important for both incumbents and the FinTech space.”
The Youth Leader
Justin Tang
Co-President - Ivey FinTech
“Due to changing demographics, more and more financial services customers are going to be millennials who champion mobile-first and technology.”
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