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Z/Yen Group, the same body responsible for producing the Global Financial Centres Index (GFCI), recently conducted a global survey of more than 300 unique respondents. The report, Trends and Innovations in Financial Services 2017 rates Toronto the world's fifth leading fintech centre and the fourth leading fintech centre of the future, ahead of both Singapore and Hong Kong.
Commissioned by the Toronto Financial Services Alliance (TFSA), the survey probed ten prevailing trends in financial services, including Brexit, increased concern over data protection, regulatory pressures and transparency in asset and wealth management. The questionnaires also examined a number of specific fintech areas including cybersecurity, blockchain and new payment and transaction systems. It also assessed how different financial centres may fare in light of such innovations taking place.
Highlights from the report:
Related: Global IT firms are relocating to Toronto - Here's why
According to Reuters, venture capital financing for Canada's fintech sector jumped by 74% to $317.9 million from 2015 to 2016. Global leaders in financial technology are already taking advantage of the Toronto-Waterloo fintech corridor, recognizing it as one of the world's most dynamic fintech hubs. In fact, recent Ontario fintech sector investors include Square, PayPal, Oberthur Technologies and L&T InfoTech.
Toronto is the second largest financial centre in North America, and Ontario has the second largest concentration of technology companies. This unique ecosystem has created a perfect environment for a promising international fintech hub to emerge
– Janet Ecker, President and CEO, TFSA
Learn more about Canada's emerging hotbed of fintech innovation
January 19, 2017
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All figures are in Canadian dollars unless otherwise noted. Information is accurate at the time of publication.