Accenture Report (Mar 2021): Collaborating to win in Canada’s fintech ecosystem
Accenture | Vikas Shreedhar | Mar 15, 2021
The Canadian fintech ecosystem
Despite the challenges brought about by the global pandemic, 2020 remained an exciting year for Canadian fintech. New partnerships were forged while international recognition continued to rise. Although investment slowed relative to 2019’s record highs, venture capitalists remain optimistic about future industry prospects, particularly given the country’s strong talent base and cross-border appeal.
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The Greater Toronto area continued to lead other Canadian hubs in terms of 2020 fintech deal and dollar volume, with hubs such as Montreal and Calgary accelerating their growth as well. Incumbents and startups alike found innovative ways to use their platforms to assist clients and the public at large during the pandemic as digital adoption among Canadians grew. As leading fintech hubs around the world roll out their innovation frameworks, Canadian policymakers and industry players continue to discuss a prudent and appropriate path forward.
Global fintech ecosystem benchmarking
Among 20 international fintech hubs examined, Canadian cities ranked amongst the fastest growing in the world in terms of investment. Our global benchmarking study found that Canadian hubs are also leaders when it comes to the primordial elements necessary to grow and sustain a successful innovation ecosystem, such as accommodative government business policies and strong talent.
Key themes for future ecosystem growth
- Coming Together to Win: working together at the intersection of respective strengths, developing shared standards, and investing in talent.
- Advancing the Innovation Agenda: investing in programs to encourage the growth and commercialization of Canadian innovation, while reducing and streamlining potential barriers.
- Striving for Global Ambitions: capitalizing on increasing global interest in Canadian fintech, and approaching the future with a “borderless” mentality.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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