So yes, your hunt is over for your perfect development partner. At Nimble AppGenie, we are experts in FinTech App Development. We have helped several financial institutions achieve their goals.
The Bank of Canada recently announced that they would be issuing CBDC (Central Bank Digital Currency) as part of its contingency planning. However, the bank is concerned about underinvestment in safety by FinTechs. The bank is planning to introduce separate taxes and subsidies to encourage safety in the FinTech ecosystem.
Quick facts:
Image Source: PWC
Reasons Why Fintech is Flourishing in Canada?As Mukul Ahuja, the leader of financial services, insurance strategy, and AI with Deloitte, pointed out that FinTech is a broad industry. Considering the current financial technology adoption, there are ten areas in FinTech that range from personal finance management to insurtech.
The Canadian market is exciting as it has followed the global market trends, with the recent pace of adoption picking up steam. The market holds around a thousand FinTech companies, and every day there is a new one popping up.
The following are some of the reasons why there are considerable scope for Fintech in Canada:
PAYTECH IS NO. 1With around 25% market share, PayTech is the leader of the FinTech industry in Canada. The term PayTech involves FinTechs, mainly focused on savings and payments, deposits, which are often tied to banking and financial giants in Canada. Needless to mention that PayTechs are not involved in insurance, mortgages, wealth advisory services, and lending.
PayTech players in the Canadian market include Koho, Paytm Canada, etc. Koho offers a no-hidden-fees bank account with full digital banking services, whereas Paytm Canada is a dynamic mobile payments app.
Moreover, the traditional banks have also started creating their own version of FinTech. For instance, Meridian Credit Union launched Motus Bank as its own challenger to cater for digital-savvy customers. Also, the CIBC rebranded themselves as a virtual bank – Simplii.
TORONTO IS THE HUBCanadian FinTech growth is considered to be fueled by the Toronto-Kitchener-Waterloo corridor. A report in 2019 by TFI (Toronto Finance International) states that this region holds 20-plus incubators/accelerators and 194 startups, boasting a CAGR of 118%, which is among the world’s highest.
Many Canadian financial institutions are headquartered in Toronto. This makes Toronto the best place for FinTechs to do business, whether the intention is to either compete with the financial institutions or complement them directly.
Wealthsimple and League are among the homegrown exceptional FinTechs companies dealing in online brokerage and health-insurance respectively. Both of these FinTechs made themselves to the FinTech 100 list for three consecutive years – 2016, 2017, and 2018.
AI DRIVES FINTECH — AND CANADA IS THE HOTBEDEmerging technologies such as Artificial Intelligence (AI) and advanced data analytics are among the most used advanced technologies that drive FinTech innovation. At the same time, Canada is the powerhouse for AI and, therefore, an excellent fit to reap the benefits of AI in FinTech. On the one hand, Montreal is the host to the most extensive concentration of deep learning students and researchers globally. On the other, Toronto is home to the highest AI startups globally.
Hence, the advent and growth of AI-powered FinTech startups is natural in Canada. Companies can build breakthrough solutions by utilizing emerging technologies.
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