Canada: Regulatory support needed for Toronto FinTech sector

Areport published for the Toronto Financial Services Alliance (TFSA) has identified that the Toronto/ Kitchener-Waterloo corridor has the potential to be a leading FinTech hub, but the FinTech ecosystem needs improvement to reach this potential.

The TFSA has stated that strengthening the FinTech ecosystem is imperative to the country’s financial services sector to enable the region’s international market position to grow.

Toronto is considered suitable for FinTech development due to a strong core of financial institutions, top-tier research facilities, and a strong talent base, plus low business operating costs when compared to other global FinTech ecosystems. However, in the absence of a clear strategy and private and government support, Toronto could struggle against other cities.

The report states that London and Singapore are leading the globe on FinTech development thanks to aggressive government policy aimed at fostering innovation and reducing regulation that harms competition.

Janet Ecker, CEO, TFSA said, “We have a strong FinTech and financial services cluster in this region, but the evidence is clear, we are still in the middle of the pack. Other global centres are not standing still, and neither can we. Strengthening the fintech ecosystem will be critical to the continued success of our global financial industry”.

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