Microsoft Announces New Canadian Headquarters in Downtown Toronto

Share

CNW release | Microsoft

TORONTO, Sept 11, 2018 /CNW/ - Today, Microsoft announced a massive new investment in Canada, with plans for a state-of-the-art new headquarters located in the heart of downtown Toronto. With a move-in date set in Sept 2020, the facility, located at 81 Bay Street, is just one of a series of significant investments Microsoft is making. These investments will enable an expansion of Microsoft's Canadian operations, including increasing staff, modernizing its real estate, and growing its research lab in Montreal that is focused on artificial intelligence.

Microsoft says moving to a new facility at 81 Bay Street (CIBC SQUARE) will enable the company to better serve its customers, collaborate with its technology partners and to attract top talent to a central location, one well served by transit and more accessible to universities and innovative new tech start-ups.

"Increasingly, Canada is being recognized as a global leader in technology and the investments we are making today and into the future will help ensure Canada continues to be a hotbed of innovation," said Microsoft Canada President Kevin Peesker. "By relocating our headquarters to downtown Toronto, we will be able to better serve our customers and attract top talent to continue to drive innovation and growth for our Canadian customers and our large partner ecosystem."

Comprising 132,000 square feet over four floors of the 81 Bay Street building now under construction, the new Microsoft Canada headquarters is a significant investment in Toronto's tech cluster. Currently, Microsoft employs more than 2,300 employees across Canada, and supports an extended ecosystem of more than 14,000 trusted partners who sell, service or deploy Microsoft products. The company expects that given the pace of technology and the investments it is making that the Microsoft ecosystem could account for more than 60,000 new jobs by the time its new headquarters opens in two years.

"Our Government's Innovation and Skills Plan is working. Leading tech companies are setting up offices across Canada, hiring Canadian talent, and investing in Canada's enormous potential as an innovation and tech hub. Microsoft's latest investment in Canada – totaling $570 million – will create hundreds of new jobs and benefit several cities, from Vancouver to Toronto to Montreal. I know our highly-skilled, diverse workforce will continue to attract tech investment in record numbers – growing our economy and creating new opportunities for Canadians across the country," said Justin Trudeau, Prime Minster of Canada.

"This announcement by Microsoft offers yet more evidence of the strength of Toronto as a global technology centre, and as a desirable home for major corporations. By choosing South Core as its new home, Microsoft is embracing one of the hottest new areas of downtown and Toronto welcomes them with open arms," said Toronto Mayor John Tory.

See:  $57.9B deployed into fintech so far this year, Canada one to watch

Investment in Canada

Microsoft has had a headquarters in Canada since 1985, and during that time has injected billions of dollars into the Canadian economy including, most recently, the opening of two datacentres (Toronto and Quebec), an innovation hub in Vancouver, and an artificial intelligence lab in Montreal. Other investments since 2015, include:

  • $111M in Azure credits into the startup ecosystem by supporting 5,700 start-ups
  • donating more than $178 million in cash, software and technology services to Canadian non-profits; and
  • enabling employees to contribute up to 100,000 person-hours annually of volunteer time in support of worthy causes, representing an equivalent dollar value of $10million

In addition to today's announcement, Microsoft Canada intends to:

  • grow staff by more than 500 full-time employees, with an additional 500 co-ops/internships by 2022
  • invest $21 M in Azure credits to the Canada's Supercluster initiative
  • invest $10M over 5 years into Cascadia innovation corridor which is formed between Washington and British Columbia to create new economic opportunities
  • invest more than $570M in next 3 years in fixed assets in the country, including relocation and expansion of its research and development lab in Montreal, relocation of its Vancouver sales office, renovation and redesign of its Ottawa, Calgary and Montreal sales offices, and the relocation of its Canadian Headquarters

Construction of the new Microsoft Canada headquarters at 81 Bay Street (CIBC SQUARE) is underway with occupancy expected for September 2020. CIBC SQUARE is a project by Ivanhoé Cambridge and Hines.

Continue to the original release --> here


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org

Wharton | University of Pennsylvania | Jan 16, 2019 Open banking, a collaborative model in which banking data is shared with third-party players, is expected to revolutionize the financial services ecosystem. For consumers, the opening up of banking data could mean better control over their finances. At the same time, the trend has also raised concerns over data privacy and security. In a conversation with Knowledge@Wharton, Jane Barratt, chief advocacy officer at MX, a Utah-based company that provides data to financial institutions and fintechs, talks about how open banking will impact  legacy institutions as well as nimble startups. Knowledge@Wharton: What is open banking? What are some of the factors that have led to the opening up of banking data to make it shareable via secure APIs [application programming interface] with third parties? Jane Barratt: Over the past decade or so, we have seen open government and other open initiatives. There’s an expectation now of increased transparency. The idea of people sharing their data — their financial data — is not a new one. It’s happening, and it’s happening with methods that aren’t necessarily private or secure or transparent. People don’t really know where their data is going. Open banking is basically accessing the ...
Read More
Why Open Banking Represents a Seismic Shift for Fintech
Complancex | The Compliance Exchange | Jan 15,2019 HSBC has settled $250 billion (£194.15 billion) worth of forex trades using blockchain in the last year, it said on Monday, suggesting the heavily hyped technology is gaining traction in a sector until now hesitant to embrace it. The bank has settled over three million forex trades and made over 150,000 payments since February using blockchain, it said in a statement. HSBC would not give data on forex trades settled by traditional processes, saying only that those settled by blockchain represented a “small” proportion. Still, the data marks a significant milestone in the use of blockchain by mainstream finance, which has until now been reluctant to start using the technology at any scale. Blockchain is a shared database that can process and settle transactions in minutes. Originally conceived to underpin the cryptocurrency bitcoin, the technology does not require third-parties for checks and its entries cannot be changed, making it highly secure. See:  IBM will use blockchain to prevent counterfeiting of Seagate’s hard drives Cybersecurity, Blockchain And The Industrial Internet Of Things Banks and other financial firms have invested hundreds of millions of dollars in the technology, hoping it will simplify and slash ...
Read More
HSBC settles FX deals worth $250 billion on blockchain in last year
Reuters | Pete Schroeder | Jan 14, 2019 The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) are exploring granting federal bank-like licenses to tech-driven firms that offer financial services, such as money transfers and lending. The plan is part of a broader push by President Donald Trump’s administration to boost small businesses and promote job growth. Federal licenses would allow fintech firms, which currently operate under a patchwork of state rules, to reduce their regulatory costs and expand into new regions and products. However, fintech firms say they are reluctant to invest heavily in nationwide expansion without access to the payment systems, settlement services, and other Fed tools and the central bank has yet to decide whether to let those lightly-regulated players in. Many Fed officials fear these firms lack robust risk-management controls and consumer protections that banks have in place. See:  MoF Consultation (Deadline Feb 11): Department of Finance Canada Launches Consultations on Open Banking “They probably do want access to the payments system, but they don’t want the regulation that would come with that access,” St. Louis Fed President James Bullard told Reuters in November. “I am concerned that fintech ...
Read More
Fintech firms want to shake up banking, and that worries the Fed
Investment Executive | James Langton  | Jan 14, 2019 The regulator will look to scrap outdated rules, streamline disclosure requirements and make operational changes to enhance or speed up its dealings with the industry OSC Staff Notice Purpose Seek suggestions on ways to further reduce unnecessary regulatory burden. Announce a March 27, 2019, roundtable discussion on reducing regulatory burden. Introduction The Ontario Securities Commission (the OSC) has a statutory mandate under the Securities Act (the Act) to provide protection to investors from unfair, improper or fraudulent practices; to foster fair and efficient capital markets and confidence in capital markets; and to contribute to the stability of the financial system and the reduction of systemic risk. Under the Act, one of the fundamental principles guiding our work is that business and regulatory costs and other restrictions on the business and investment activities of market participants should be proportionate to the significance of the regulatory objective sought to be realized. See:  NCFA Submission to Ontario Ministry of Finance: Urgent Need for Regulatory Change 11-780 Statement of Priorities – Request for Comment Regarding Statement of Priorities (the “SofP”) for Financial Year to End The OSC has several ongoing projects to reduce regulatory burden ...
Read More
Staff Notice 11-784:  OSC establishes task force to reduce regulatory burden
Toronto Foundation | January 2019 Toronto Foundation has long been dedicated to supporting positive social and environmental change to make life more equitable for everyone. Now, for the first time in our history, we are excited to offer Social Impact Investments to the public through an open call for proposals. These one-time investments, made in partnership with MaRS Centre for Impact Investing, will range from $250,000 to $1,000,000 and will go to approximately five Ontario-based organizations that are creating positive social and environmental change for people across Ontario. A total of approximately $1.6M will be invested. The 2019 Social Impact Investment call for proposals is now open and will close at 5 p.m. on Wednesday, February 20, 2019. Access the submission guidelines (here) and application form (here).  If you have questions about applying, please direct them to Jaymin Kim at jkim@marsdd.com with subject line “Question: Toronto Foundation Social Impact Investment” by 5pm on Friday, January 25, 2019. Answers to all questions received will be posted on Toronto Foundation’s website on Wednesday, January 30, 2019. See:  How Fintech Is Transforming Microfinance What is Social Impact Investing? Social impact investing, also known as social finance or impact investing, is designed to generate both a ...
Read More
Toronto Foundation is investing in social and environmental change in Ontario
Data Driven Investor | Roberto Iriondo | Oct 15, 2019 Why do tech companies tend to use AI and ML interchangeably? Unfortunately, some tech organizations are deceiving customers by proclaiming using AI on their technologies while not being clear about their products’ limits The term “artificial intelligence” came to inception in 1956 by a group of researchers including Allen Newell and Herbert A. Simon [9], AI’s industry has gone through many fluctuations. In the early decades, there was a lot of hype surrounding the industry, and many scientists concurred that human-level AI was just around the corner. However, undelivered assertions caused a general disenchantment with the industry along the public and led to the AI winter, a period where funding and interest in the field subsided considerably. Afterwards, organizations attempted to separate themselves with the term AI, which had become synonymous with unsubstantiated hype, and utilized different terms to refer to their work. For instance, IBM described Deep Blue as a supercomputer and explicitly stated that it did not use artificial intelligence [10], while it actually did. See:  The Age of Artificial Intelligence in Fintech How Data-driven Strategies Can Improve Impact Investing Outcomes During this period, a variety of other ...
Read More
Differences Between AI and Machine Learning and Why it Matters
Gaming Post | By Ben Hamill  | Jan 7, 2019 In the latest industry news headlines, local Canadian company Ubique Networks has teamed up with Sri Lanka Telecom (SLT) in order to launch a brand new eSports platform powered by blockchain. The agreement was officially inked on November 14 last year at the residence of the Sri Lankan-based Canadian High Commission. SLT’s eSports Platform is set to be powered by Ubique Networks’ Swarmio technology. This is a decentralized gaming platform with competitive undertones, which will enable virtual sports fans to organize and play in competitions on latency-optimized servers. Swarmio is the very first third-party Dapp created using the firm’s Q Network, and services more than 25,000 eSports players across the world. CEO of Ubique, Vijai Karthigesu, has noted that the SLT Platform will allow gamers in Sri Lanka to ‘raise their profiles’ to global levels. According to him, SLT is using the Swarmio platform and its Q Network to supply a strong solution to local Millennials. He also added that the company has further begun a project to construct a 5G mobile IoT (Internet of Things) for Smart Cities using the very same network. 5G Mobile IoT On the Way The ...
Read More
SLT Launch New Blockchain eSports Platform
Fineqia Release | Bundeep Singh | Jan 9, 2019 LONDON, Jan. 9, 2019 /CNW/ - Fineqia International Inc. (the "Company" or "Fineqia") (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) is pleased to announce its subsidiary Fineqia Limited, ("Fineqia Ltd") has partnered with Nivaura Limited ("Nivaura") to use its white-label capital markets platform to perform a fully automated tokenised bond issuance and administration, registered and cleared on a public Ethereum blockchain, to conduct its test for issuing crypto asset backed bonds. Fineqia Ltd's test is required as part of its acceptance into the U.K. Financial Conduct Authority's ('FCA') Sandbox Regulatory Program announced in July 2018. It was amongst 29 companies accepted out of 69 applicants that met the FCA Sandbox eligibility criteria. The test is set to take place in Q1 of 2019, with results also to be obtained in the first quarter. It will enable owners of crypto currencies such as Bitcoin and Ethereum to borrow fiat funds via the issuance of crypto asset backed bonds. The product has found appeal among institutional owners of crypto assets, such as miners, funds and exchanges, seeking liquidity but not keen on selling their crypto currencies. Fineqia's partnership with Nivaura allows for such institutional ...
Read More
Fineqia Signs Up Fintech Firm Nivaura for Crypto Asset Bond UK Regulatory Test
Montreal in Tech | Steve La Barbera  | Oct 29, 2019 Montreal’s newest startup accelerator isn’t afraid to try new things.  The Holt accelerator, established earlier this year, has teamed up with Form Fintech and Lab Zed to produce what they are calling the first exhaustive map of Canada’s FinTech ecosystem. “We’re pretty well connected with the Canadian fintech community and we hadn’t seen anyone build anything like this, so we decided hey, let’s do it” says Jan Arp, Managing Partner and founder at the Holt Accelerator. “It’s an ecosystem map. There’s also some analysis in there so people can start to see who’s doing what across Canada. It’s what everyone’s been talking about, but we haven’t seen anything as comprehensive as this yet”. “The idea is that the more we can add the data and metrics, then the more interactive of a platform it can become for users” added Geraldine Holliday, Head of Digital Product at Form Fintech, who was part of the team building the map. “You’ll be able to see what stage each company is at, how much money have they raised… have they been part of different accelerators or incubators and so on…”. Her partner on this ...
Read More
Form Fintech & Holt Accelerator Create Map of Canadian FinTech Ecosystem
Department of Finance Canada, Ottawa | Jan 11, 2019 Note from NCFA:  the department of Finance is seeking consultations on the merits and risks on the prospect of Open Banking in Canada.  The UK and Australia are already piling ahead.  We encourage key stakeholders to either submit inputs to NCFA for aggregation to info@ncfacanada.org by Jan 31, 2019 and/or submit directly to the submission details that can be found below. January 11, 2019 – Ottawa, Ontario – Department of Finance Canada Canadians deserve a financial sector that is globally competitive and promotes consumer choice, while also delivering financial stability and economic growth. They must also have confidence that it operates with the highest regard for privacy and security. To this end, the Department of Finance Canada today released a consultation paper on the merits of open banking. The release of the paper and the launch of public consultations marks the next step in the Government's review of open banking, following the appointment of the Advisory Committee on Open Banking in September 2018. Open banking has the potential to offer a secure way for Canadian consumers—including small businesses—to consent to sharing their financial transaction data with financial service providers, allowing them ...
Read More
MoF Consultation (Deadline Feb 11):  Department of Finance Canada Launches Consultations on Open Banking

 

Share