Fintech in Canada: The Good, The Bad & The Ugly

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CrowdfunInsider | JD Alois | Mar 14, 2018

Last week during the National Crowdfunding and Fintech Association of Canada’s annual event, FFCON2018, there was a single presentation that provided a state of Fintech in Canada. Professor Michael King,  from the Scotiabank Digital Banking Lab @ Ivey Business School, delivered an excellent synopsis of what’s working and what’s not.

Entitled “the Current State of Fintech in Canada: The Good, The Bad and The Ugly,” King’s deck bulleted out both the high and the low.

So what is working out well up North?

Canada is growing Fintech startups. There is more than 800 today which is pretty respectable for a smaller country.

Areas of prominence include Blockchain, AI, Payments, peer to peer and more.

See: CSE aims to be Canada’s first blockchain platform for trade clearing and settlement

There is an increasing number of incubators and accelerators to promote sector growth, plus recognition by universities and other support sectors that Fintech is of strategic importance.

What is not so good, or perhaps kind of bad?

Traditional financial institutions have been slow to adopt Fintech innovation or partner with emerging disruptive financial firms. King provided a painful, but probably not a unique example, where a traditional bank required 120+ signatures to partner with Fintech firm.

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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada.  For more information, please visit:  www.ncfacanada.org

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