Strengthening fintech in the Toronto region must be an imperative for the country’s financial services sector and governments to maintain and grow the region’s international market position, reveals a new report from the Toronto Financial Services Alliance (TFSA), researched and written by Accenture and McMillan LLP. TFSA is a public-private partnership that promotes the Toronto region as an international financial services centre.
The research report includes a survey and interviews with executives in financial services, government and fintech, and finds that the Toronto–Kitchener-Waterloo corridor benefits from a strong core of financial institutions, top-tier research facilities, a strong talent base and relatively low business operating costs compared with global fintech.
However, the report also identifies the need to develop a clear, consistent, policy-driven Canadian fintech strategy focused on fostering innovation among all participants to address ongoing challenges. If not addressed, these challenges could put the Toronto region behind other international financial centres.
For example, the report notes the challenges due to “the fragmented and siloed nature” of financial services regulation in Canada, and sets out six key calls to action, including reduced regulation and collaboration among fintech startups.
Read the full TFSA report.