Spotlight on FinTech

Published on October 29, 2018

Paul Desmarais III / Co-Founder & Executive Chairman - Portag3 Ventures

Matthieu Cardinal / VP, FinTech Development & Corporate Affairs - Finance Montréal

David Souaid / Co-Founder & President - Evolocity Financial Group

Michael Katchen / Co-Founder & CEO - Wealthsimple

The opportunity FinTech represents for Canada’s future economy is immense. And we have all the necessary building blocks – a strong talent pool with world-class technological and financial capabilities – to create the next global FinTech champions. But we must adjust the policies and regulations shaping the industry and our entrepreneurs’ mindsets. Canada’s FinTech sector must set itself up for global growth.
This Spotlight explores what must be done to achieve such a large vision. It dissects what government, regulators, entrepreneurs, investors and the large Canadian financial service incumbents must do to make Canada the global FinTech champion it must strive to be.

Event Alignment: 2018 Canada FinTech Forum

Organized by Finance Montréal

October 29-31, 2018 – Montreal

Key Takeaways & Calls to Action

To support the growth and competitiveness of our FinTech sector, Canada needs Open Banking, data protection regulations and real-time payment rails that all financial services companies have access to.
The relationship between financial institutions and FinTechs has changed from a predatory one to a symbiotic one. FinTechs are now seen as complementary to financial institutions because they are more agile, nimble and rapid.
The conservatism of Canada’s financial system has protected it from various shocks, but it has made it harder for FinTechs to enter the market, innovate and scale up.
The government must develop the policies and regulatory framework that make Canada the best place in the world to start a FinTech company. Then it must shout it from the rooftops; let the world know that if you want to start an innovative financial company, Canada is the place to do it.

Watch and Read the Experts’ Full Interviews:

The Investor Paul Desmarais III Co-Founder & Executive Chairman - Portag3 Ventures "Until new FinTech players can access infrastructure directly rather than via a bank, they will only be able to be as good as their partner who has no real incentive to allow the emerging player to shine."

The Connector Matthieu Cardinal VP, FinTech Development & Corporate Affairs - Finance Montréal "Canada is close to having 600 FinTechs and almost all of them have started up over the last five to seven years."

The Entrepreneur David Souaid Co-Founder & President - Evolocity Financial Group "While our financial conservatism has been a strength of the Canadian market, it has perhaps meant that we have moved a little bit slower than our counterparts."

The Next Generation Michael Katchen Co-Founder & CEO - Wealthsimple "The necessity to innovate is real now. Historically, we did not need to innovate at the pace at which we do now, in order to be successful."