By Daphne Gordon in partnership with Toronto Finance International
Technology is driving profound change in every area of society and business, and the financial sector is experiencing a seismic shift. Innovative financial technology startups (FinTech) are emerging in Toronto, striving to establish themselves in an industry traditionally characterized by large institutions. Meanwhile, established financial companies are using new technologies to find more effective ways of doing business, and more efficient ways of delivering service. Both large and small players are focused on meeting consumer demands for more convenient access to a wider range of financial services - without sacrificing security or privacy.
Amidst the disruption, Toronto is poised to become a global FinTech leader, thanks to excellence in five key areas:
- a strong core of financial institutions
- top-tier research facilities at local academic institutions
- a large and skilled talent base
- low operating costs compared to other FinTech hubs
- global leadership in AI, blockchain and cybersecurity
Today, approximately 140 FinTech companies are located in the Toronto Region, and many success stories have helped the region thrive.