By: Luke Jones, Published on April 29, 2017 03:39 PM, Last Update on April 29, 2017 12:41 PM
The Toronto Financial Services Alliance (TFSA) says Ontario’s government should be praised for its fintech strategy in the wake of the official 2017 budget this week.
In a response to the budget, the TSFA says the primary goals of the province for growing fintech solutions are worthy of support. Fintech, or financial services technology, refers to an area of industry reserved for innovators, entrepreneurs, and financial services companies. This sector helps create new tools, products, and solutions for consumers by leveraging new and emerging technologies.
The TSFA says is supports the following primary goals:
The provincial government has said it will soon announce collaborations with service providers and fintech companies to help reach its goals. Ontario will look to leverage the power of Toronto as a fintech centre to drive growth.
“In North America, Toronto is the second largest financial centre, and we have the third largest concentration of technology companies,” said TFSA president and CEO Janet Ecker. “This unique ecosystem has created a perfect environment for Toronto to become an international fintech hub.”
Additionally, TSFA praised Ontario’s plan to develop a specific cybersecurity and innovation centre, which will serve as a research hub. The province says the hub will provide facilities to develop and adopt modern technology solutions and help reduce cybersecurity threats. The initiative will be propelled by a collaboration between Ontario SMEs and the financial providers in the province.
“This initiative recognizes Ontario’s global strength as a cybersecurity leader. Canada ranks fourth in the world as a cybersecurity hub,” Ecker commented.
In its response, TSFA says it also supports Ontario’s proposal for a $190 million investment to create 40,000 new work-related learning opportunities. The funds will push towards the goal over a three-year period.