Canadians slow to adopt fintech

Toronto-based Ontario Centres of Excellence Inc. (OCE) and Boston-based FinTech Sandbox signed a memorandum of understanding (MOU) on Friday to collaborate and expand the FinTech Sandbox model into Ontario.

As a part of the agreement, OCE, a member of the Government of Ontario-funded Ontario Network of Entrepreneurs, will provide initial access to FinTech Sandbox in Ontario for qualifying financial technology (fintech) small and medium enterprises (SMEs) and start-ups at no cost, including those located at incubators and accelerators throughout the province.

The partnership between OCE and FinTech Sandbox, a nonprofit that promotes fintech innovation globally, will establish a shared resource to promote fintech. It will also provide the Ontario-based fintech start-ups and SMEs that meet eligibility criteria to participate in the FinTech Sandbox with free access to data feeds for development, cloud hosting and an opportunity to engage with a diverse network of fintech entrepreneurs and finance professionals.

“This new partnership between FinTech Sandbox and OCE is a unique opportunity that will give the growing fintech ecosystem in Ontario access to data, networks, platforms and events that will help accelerate growth and support the creation of high-quality jobs in the province,” says Tom Corr, president and CEO of OCE, in a statement. “Signing this MOU with FinTech Sandbox will allow OCE to continue building on our programs and offerings in fintech innovation in Ontario.”

For entrepreneurs in financial services, accessing data and infrastructure can be prohibitively expensive and complicated. FinTech Sandbox accelerates product development by making these resources available to qualified start-ups for free at the point when access is most impactful. FinTech Sandbox participants, in return, are expected to collaborate, sharing learnings and advancements that benefit the fintech ecosystem. Participants in the Sandbox program pay no fees and no equity is taken.

FinTech Sandbox will open its program in Ontario, which will provide quality data products from 32 industry-leading partners, to qualified start-ups in Ontario.

“We are thrilled to be able to work with great start-ups in Ontario who are enabling incredible technologies for the financial services sector,” says Jean Donnelly, executive director of FinTech Sandbox, in a statement.

“Innovative organizations like FinTech Sandbox recognize that Ontario is both a start-up hub and a leading global financial services centre,” says Reza Moridi, Ontario’s minister of research, innovation and science, in a statement. “This collaboration highlights the important role that a well-developed fintech ecosystem can play in driving prosperity and competitiveness.”

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