The air might be getting colder in Toronto, but things are heating up for the city’s Tech and Banking sectors. At the end of 2016 we shared eight reasons Toronto is poised to be the next major fintech hub. A year later it’s clear that it’s not just Toronto—Ontario as a whole has earned its place among the world’s leaders in finance and technology.
Between 2008 and 2103 the World Economic Forum ranked Canada’s banking system as the soundest in the world. In 2014, Moody’s ranked it number one in the world for financial strength. In the last ten months Toronto hosted not one but two Mobey Forum events that brought fintech thought leaders together for two days of innovation. Ontario’s provincial government is not only investing intentionally in tech, but opening access to fintechs from Europe—many of whom no longer see the US as a hospitable or viable option for their North American headquarters.
Ontario may be a contender as the future home of a new Amazon HQ—which would bring a projected 50,000 jobs and investments of up to $5 billion to the host city. Our province’s bid is built on “the Toronto-Kitchener corridor’s ability to grow tech talent with public education, attract foreign skilled workers, and keep them in the region with internationally recognized virtues including ethnic diversity, culture, sports, public safety, urban vitality and a clean environment.”
Meanwhile, the city is already on its way to becoming the world’s most integrated city, thanks to a partnership with Google’s parent company, Alphabet. Alphabet subsidiary Sidewalk Labs has announced a partnership with Toronto to develop 800 acres of the city’s waterfront into “the world’s first neighborhood built from the internet up.”
Turns out Toronto’s tech star has risen even higher than we could have predicted.
And when, the world’s premier banking conference, Sibos, chose to hold this year’s event in Toronto, it was yet another seal of approval. It was a sign that Toronto can play alongside major global financial hubs like London and Sydney—the two previous Sibos host cities.
Last week as many as 8,000 executives, decision makers and thought leaders gathered in the city to talk about the future of money—global finance, payments, securities and trade. Carta was thrilled to be there, showcased as a Canadian innovator, alongside other local tech leaders and global powerhouses.
Along with blockchain and other distributed leger technologies, the topic of open banking was a steady thread through Sibos—which, as an innovation engine powering payments for banks around the world, we couldn’t be more excited about at Carta.
To be in the center of so many ideas and so many ideamakers, and to be able to share our own leaps of innovation in the midst of it—that’s why we make our home in Ontario. The momentum and possibility of this region are palpable and we’re thrilled to be a part of it.