As the Canadian fintech sector looks to rebound from challenges brought on by the pandemic, its future global strength will depend, in part, on the willingness and ability of all ecosystem players to foster innovation, collaborate and expand internationally.
A new report from Accenture titled Collaborating to Win in Canada’s Fintech Ecosystem benchmarks four Canadian technology hubs against 16 other leading and emerging fintech hubs around the world.
Overall Canada performed well with Toronto ranking 8th, Vancouver 12th, Montreal 14th, and Calgary 16th out of 20.
The report also examines global investment growth trends across all hubs, noting that that Canada punches above its weight in terms of number of deals closed while total deal value is more subdued compared to leading global hubs.
According to the report British Columbia is currently home to over 120 fintechs, with Vancouver itself fast becoming a well-rounded technology hub.
Accenture uses Silicon Valley’s Chime and the establishment of their first international office in the city in 2020 as an example of Vancouver’s prowess. The challenger bank cited the city’s natural north-south disposition to American hubs as well as talent quality, factors which Canadian executives and founders interviewed for Accenture’s report reiterated.
“We are optimistic about the future potential of the Canadian fintech ecosystem and the role of startups and other institutions in how they embrace change that will benefit the overall financial services industry in Canada,” said Robert Vokes, senior managing director and financial services lead at Accenture in Canada.
“Canada has much to learn and much to contribute to our global peers, including those who are developing open banking, digital identity and data portability solutions. Our ecosystem of Canadian fintechs, major financial institutions and policymakers are coming together to transform and reinvent business models that address the changing digital habits of Canadians – they are shaping and developing future standards that will support the industry while preserving the strength of our financial system.”
Check out the complete report online.