Why does Orbit Money originate in Ontario?
Have you ever thought about what factors influence the positioning of a business headquarters?
Let us share with you; it’s more than just paying rent or purchasing an office, commuting to work, or the weather.
Well, that goes for all of us at Orbit Money anyways.
Yes, we may be a global service, but we mainly operate from Ontario in Canada.
You might be wondering…
Why Ontario?
We strategically picked Ontario behind New York; this province is one of the best financial hubs and the second largest next to New York. In addition to this, Ontario is a happening hotspot for technology, particularly the fintech (financial tech) sector.
More importantly, Toronto is often noted as a start-up hub and a leader in financial services, one of the top 10 cities in the world that does this.
For this reason alone, it was a no brainer to position the headquarters of Orbit Money here.
How big is the Fintech industry in Ontario?
To give you an idea of just how big the Fintech industry is, Ontario has the following:
- Over 600 Fintech firms
- Over 12000 Financial services firms
- Over 300 AI organizations
These are just a few snippets of what lured us in. Most importantly, Ontario has four of Canada’s largest banks, which is essential for us to be near to. In addition to this, around 80% of international/foreign banks are based in Ontario. Plus, it has over 50% of the world’s largest banks there too.
It’s for these reasons alone; we feel it’s essential that we’re near to banks. After all, our service is based on transfers and currency exchange. Therefore, to deliver our promise of accessibility, we have to be in touch with your banks frequently and respond to and fulfill your queries.
Blockchain in Ontario
If you’re not aware of blockchain, it’s a cryptocurrency that allows you to store data safely. Ontario has a think tank, known as the Toronto-based Blockchain Research Institute (BRI). This institute gathers the world’s best researchers to conduct research that revolutionized the way blockchain works and betters the technology we use.
Thus, the leading banks based in Ontario are testing this technology on their cross border payments. This was another reason we chose to be in Ontario. So we, too, can bring the latest tech innovations to Orbit Money and evolve our services by always finding ways to make them safer and quicker, thanks to the research on our doorstep.
The tech sector in Ontario does not just stop there…
Due to the development of tech, most of Canada is transitioning to cashless payments. As mentioned by investinontario in 2019, 90% of Canada’s consumer payments were made via their card or mobile.
As a result, it’s causing leading firms to innovate their mobile application development. Plus, to collaborate with other companies to find a better and effective solution for mobile payment.
Many global companies such as MasterCard, VISA, Ingenico, Gemalto, Giesecke and Devrient have set up offices here.
Coming back to Orbit Money
Why do we originate in Ontario? Well, Ontario contains 4 of Canada’s and 50% world’s largest banks. Couple the best banks with technology, there’s a blockchain think tank, AI firms, and many fintech companies that are trying to innovate mobile and web development when it comes to sending money.
Which comes to our core value of accessibility.
We want you to have the best; that’s why we place ourselves in the middle of the best banks and the best minds in tech to help you have a reliable and accessible experience when you undergo a money transfer.
