Is Toronto the world’s next Fintech hub?
The PaymentGenes global footprint is expanding daily, through our personal approach to recruitment and our increasing network of clients, who trust us to grow their business with the most vital building blocks: people. With this in mind, we decided to launch a new office and the hunt began for a new location in which we could spread our wings.
The Fintech world is in a constant state of flux, and while the major hubs around the world have established themselves over the last decade or so (think London, New York, Singapore), there are a host of new hotspots that are looking to welcome new innovations to their central business districts. Places like Israel, South Africa, India, the Netherlands, France, and Ireland are all picking up the pace and becoming key players in the future of this bustling industry.
One place, in particular, caught our eye, a place which has been going about its business in an unassuming manner, growing stronger each year in the shadow of its much more powerful southern neighbor. Canada may not be the first place you think of when it comes to Fintech, but the east-central province of Ontario and in particular the provincial capital Toronto, is set to become the next Fintech powerhouse, as well as the home to a new PaymentGenes office!
Canadians have always been early adopters of financial technologies, from ATMs to online banking. Non-cash payments account for 90% of the total value of consumer payments in the country and now they are also rapidly they’re embracing mobile payments:
- 81% of Canadian mobile subscribers have smartphones and of those, approximately 8 million (out of over 22 million) are NFC enabled smartphones.
- 28% of Canadians use their mobile device to conduct banking activities
- 18% have used their mobile device to pay for products or services.
Looking at the financial services world, Toronto is second only to NYC in terms of industry employment and is also ranked eighth in the word of top international financial centers.
The World Economic Forum ranks Canada’s banking system as one of the world’s soundest, and Toronto is home to the country’s four biggest banks, as well as over 80% of the foreign banks operating in the country.
Furthermore, Ontario is attracting huge numbers and high concentrations of IT firms and the talent that they bring along.
Almost 300,000 people work in over 20,000 IT firms in Ontario, a staggering number which is approximately half of Canada’s IT workforce. It is also home to 7 Fintech companies listed on Deloitte’s Canadian Technology Fast 50.
The combination of solid financial institutions, the presence of leading technology companies and a second-to-none tech workforce make Ontario the perfect melting pot for testing, growing and developing new businesses.
Various ratings and sources named Canada:
- 2nd best place in the world to start a business (The World Bank 2017)
- 3rd in the 2018 global entrepreneurship index (Global Entrepreneurship & Development Institute)
- 2nd best place to locate a global HQ (US News and World Report 2018)
Interestingly, of the multiple Fintech products found in Canada, payments & money transfers are the most used, making up almost a quarter (24%) of the Fintech companies in the country.
Taking all of this into consideration, we are excited about the opportunity that Toronto brings. 5 years ago, PaymentGenes started as an adventure and as of 2020, this adventure expands into the new world. We look forward to meeting you in person in the new Silicon Valley, Toronto.
With this new entity, we will be able to expand our services even further and provide North America with the specialist knowledge, care, speed and personal attention that our other global partners have enjoyed for the past half-decade.
Keep an eye out for more information about our new office. We look forward to helping you with your recruitment, consultancy and marketing needs in Canada & the US from next year!