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Fintech is the convergence of Information Technology (IT) and financial services. Examples include mobile payments, cybersecurity, trading analytics and the list goes on. Global investment in fintech ventures tripled from $4.1 billion in 2013 to $12.2 billion in 2014 and that is expected to grow over $11 billion by 2018. Canada's financial services industry, centered in Ontario, spent $9.2 billion on Information Technology in 2013. The industry here isn't just thriving – it's expanding.
Industry growth is creating huge opportunities for financial technology companies, particularly those with offices in Ontario. Why? Because when it comes to Canadian financial services, Toronto, Ontario is where key technology decisions are made.
Toronto, Ontario is the largest city in Canada and the fourth largest metropolis in North America. It is unique among international financial centres for its combination of global financial firms and innovative IT companies – a fast-growth mix for financial technologies.
Toronto is North America's second largest financial services hub after New York City in terms of industry employment. Canada's largest city is also ranked second only to New York in North America, and eighth in the world, as a top international financial centre. The city is Canada's financial services capital and headquarters for:
Ontario is turning heads due to its high concentration of IT firms and industry-leading talent:
The concentration of global technology leaders, strong financial institutions and top-notch talent provides an excellent opportunity to develop, test and showcase new technologies.
Ontario is already attracting world leaders in financial technology: this unique combination of financial services and IT has attracted recent investors including Square, Oberthur Technologies and L&T InfoTech Financial Services.
In the MasterCard Global Mobile Payments Readiness Index, Canada ranks second only to Singapore among countries worldwide.
From ATMs to online banking, Canadians have been early adopters of financial technologies. Within Canada, non-cash payments account for 90% of the total value of consumer payments. Now, they're embracing mobile payments:
Canada's financial services and financial technologies sectors are ramping up their mobile capabilities. That's creating huge opportunities for companies like yours.
Time-to-market for m-commerce innovations has gotten shorter, which creates a big advantage when you're rolling out products first in Canada then internationally.
World leaders in mobile payments, such as global solutions providers Square, MasterCard, VISA, Gemalto, Ingenico and Giesecke & Devrient, have operations here and the list of top companies continues to expand.
Other Ontario-based mobile financial service companies include Moneris Solutions, Telepin Software, SecureKey, and DonRiver.
Find the specialized skills and experience your company needs with an exceptional talent pool in both information technology and financial services.
Ontario's steady economic growth is part of the reason why an increasing number of global companies have chosen Ontario for new investments, as noted by leading publications including Forbes, Area Development and Site Selection magazines.
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All figures are in Canadian dollars unless otherwise noted. Information is accurate at the time of publication.