Canadian Fintech Industry Set to Witness Strong Grow: Report

The Canadian fintech industry has seen tremendous growth in recent years and is expected to continue to expand exponentially as collaborations between fintechs and traditional financial institutions, new and improved regulations, and leadership in the financial services space continue to stimulate fintech innovation in Canada, according to a new report by Global Risk Institute titled An Overview of Fintech in Canada. According to the report, the number of financial institution-fintech partnerships in Canada is much higher than in most other countries. 62% of financial institutions declared they are actively involved in partnerships with fintech companies, and 88% said they would increase partnerships going forward. Across the various types of fintech products found in Canada, money transfers and payments are the most-used at this time. Roughly a quarter of the fintechs in Canada provide money transfer and payment services.

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