WHY FINTECH IS THE WAY FORWARD FOR CANADA

Canada is one of the leading countries when it comes to fintech, especially in Toronto, Ontario. In the greater Toronto area alone, there are over 40 leading Fintech companies and over 100 startups. Due to people’s thirst and dependency on fintech, you can certainly see why it’s the second largest fintech hub in North America….

Canada is one of the leading countries when it comes to fintech, especially in Toronto, Ontario. In the greater Toronto area alone, there are over 40 leading Fintech companies and over 100 startups. Due to people’s thirst and dependency on fintech, you can certainly see why it’s the second largest fintech hub in North America.

In addition to its large amount of businesses, you can simply see just how popular fintech is in Toronto with a simple browse at the latest events happening in the area. If you do this, you will witness many conferences, panel discussions, informal events and more.

If you don’t know already, fintech means financial technology. Those are two sectors which are already?BOOMING?in themselves. Now, put them together, and there is just so much scope for innovation and new business.

Other than its popularity, there are more reasons why it’s become the new normal for Canada.

The presence of artificial intelligence is high in Canada

Canada is?full?of AI public and private ecosystems, particularly government funding, venture capital and sponsorship from the private sector.

In particular, Montreal is renowned for having the most significant amount of researchers and learners of deep learning. Similarly, Toronto has a large amount of AI start ups compared to other cities across the world.

As a result, this revolutionizes how companies are run, especially regarding accounts and finance. There are more practical solutions and software emerging that have fewer risks and fewer chances of human error.

This is why at Orbit Money, we base our services online as not only do we want our customers to benefit from the fastest system, but we also want their money to be safe and have fewer risks of it being tampered.

Blockchain based startups are in Toronto

One of the safest methods of storing and sending data is via top technology known as blockchain in today’s world. If you are not familiar with blockchain, this technology allows large amounts of data to be hosted across the world on a range of different servers.

At the same time, it allows others to see others’ entries in real time. Plus, it makes it hard for anyone to take over or control the network, making it safer than others.

More than half of the Blockchain startups headquarters are in Toronto, and it’s also home to the Blockchain Research Institute and Collider X, the world’s first open source, crowdsourced Blockchain Institute.

Therefore, at Orbit Money, we are in the center of it all and intend on adopting the most innovative blockchain technology onto our platform to protect our user’s data and finances.

Many leading financial institutions are in Canada

Canada houses many international and national banks. In Toronto itself, major banks are incorporating blockchain technologies such as security keys and adapting to using paytech. This means switching a lot of their face to face banking services into a virtual one in the form of an app or website.

Like Orbit Money, banks are trying to incorporate similar technology to make their services more accessible and simple.

Toronto is the center for fintech and has lots of room to grow

As?mentioned?by the TFI in 2019, Toronto has more than 20 incubators/accelerators and has a yearly growth rate of 118%, one of the highest in the world.

Plus, most Fintech companies begin in Canada before migrating to the U.S and then eventually going global. Because of this, there are lots of frameworks continually being revised to help business models and allow quick access to seed funding. Similarly, there’s more collaboration with other countries to help change Fintech policies.

It’s clear from the growth and zest for startups and major companies in the banking sector that fintech is the way forward. Canada is full of innovators and researchers, continually developing the speed, efficiency and accessibility for fintech services.

At Orbit Money, we’re proud to be based in Ontario. We can regularly be informed about the latest updates to AI and blockchain technology and news from Canada’s Fintech industry. Being the first to know allows us to evolve and update our services, ensure accessibility, and your data and financial safety remain our number one priority.