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CPAs Are Seeing Fintech Innovation Across Many Canadian Provinces

CPA | Margaret Craig-Bourdin | Aug 17, 2022

CPAs and Fintech innovation - CPAs Are Seeing Fintech Innovation Across Many Canadian ProvincesFor several years now, fintech has been driving considerable growth both globally and here in Canada. To gain an understanding of where the industry currently stands, we spoke with Rajeev Shankar, partner, finance transformation & financial services, with KPMG Canada. Shankar has a wealth of experience in implementing large-scale transformation initiatives and has consulted with clients across industries ranging from retail and financial services to oil and gas and telecommunications.

Here, Shankar outlines some of the major fintech trends in Canada and elsewhere, and how they affect CPAs.

CPA Canada:  As the fintech industry grows, we’ve seen a number of subsectors spring up—from wealthtech (digital solutions that facilitate the processes of wealth management) to insurtech (insurance technology). Do you expect this to continue?

See:  How Fintech Transformation Will Impact Accountants

RAJEEV SHANKAR (RS):

  • Yes, definitely. But if you go back to the origins of the industry, it’s interesting to see that financial services were the first to foster—and I would even say incubate—the innovation that arose within this space.  A number of digitally savvy players started playing with technology and looking at how it could serve as an enabler in the financial services ecosystem. That was effectively how fintech was born.
  • Then, over the years, different segments such as insurance and payments and even agriculture began to leverage the same technology. That’s when we began to see the emergence of categories such as insurtech, paytech and even agritech.
  • I think we will continue to see new types of firms develop as time goes on. That’s the beauty of the innovation that comes with the whole fintech space.

The Toronto-Waterloo region is known as a fintech hub. Is the area continuing to grow?

  • Yes, absolutely. At the same time, we've seen fintech innovation across many of the provinces. For example, a number of successful fintechs have grown up in Calgary, Edmonton, Atlantic Canada, Vancouver, Montreal and Quebec City – these are all fintech ecosystems in Canada.
  • And that’s exciting because anytime you’re talking about fostering innovation, it's an exciting proposition.

Are you seeing many CPAs moving into fintech?

  • Yes. Many people I have worked with—especially Gen Z—are drawn to organizations such as fintechs, because they feel this will give them the opportunity to apply their knowledge in a direct and practical manner. They like the idea of being nimble and creative and innovative in helping drive the growth of these organizations. And I think that trend is only going to increase.

See:  Fintech Fridays EP55: Global Hiring Trends: How Gen Z Talent Thrives

  • Fintech is also for those that are passionate about technology and CPAs are becoming more and more engaged in new technologies.
  • Fintech simplifies financial transactions for consumers and business. CPAs with their skillset are able to easily adapt.

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NCFA Jan 2018 resize - CPAs Are Seeing Fintech Innovation Across Many Canadian ProvincesThe 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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