The Toronto Financial Services Alliance (TFSA) released a statement this week welcoming Ontario’s support for the Fintech sector. The announcement by TFSA followed Ontario releasing its budget containing a strategy for advancing Fintech in the region.
The TFSA is a private/public partnership whose goal is to “enhance and promote the long-term competitiveness of Toronto region as a “top ten” international financial services centre.” Members of the alliance include financial service companies like banks, brokers, fund managers, and insurance companies, as well as groups from other sectors like accounting, law, and academia.
In the release, the TFSA supports the three goals of Ontario’s fintech budget strategy which are:
- Enhance Ontario’s role as a global leader in the financial services industry
- Promote growth in Fintech through job creation and increased investment in the industry
- Maintain a high level of consumer protection and security
President and CEO of TFSA, Janet Ecker, speaking of fintech in Toronto, was quoted in the release:
In North America, Toronto is the second largest financial centre, and we have the third largest concentration of technology companies. This unique ecosystem has created a perfect environment for Toronto to become an international FinTech hub. This initiative recognizes Ontario’s global strength as a cybersecurity leader. Canada ranks 4th in the world as a cybersecurity hub.
The TFSA also supports the government’s announcement of creating a cybersecurity innovation and research hub as well as the investment of over $190 million over the next three years to help create work-related learning opportunities.
Some key facts about Toronto from the release:
- Toronto is the 2nd largest financial centre in North America by employment
- Toronto is the 3rd largest technology centre in North America
- Toronto ranks as the 8th most significant global financial centre according to The Banker publication
- Toronto is home to a host of globally recognized accelerators and incubators such as Communitech, MaRS, OneEleven, as well as DMZ which was ranked 3rd globally and 1st in North America as a leading university-based incubator
- The University of Waterloo and the University of Toronto are both ranked globally for their strengths in cutting edge technology, start-ups, accelerator programs and tech talent
Ontario’s budget strategy for Fintech can be found here.