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.
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 that 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.
Table of Contents
The Role of Artificial Intelligence in Fintech
Strong AI Ecosystem in Canada
Montreal: Hub for Deep Learning Research
Toronto: Home to Numerous AI Startups
Revolutionizing Financial Services with AI
Blockchain: Secure Data Storage and Transfer
Toronto: A Center for Blockchain Startups
Understanding Blockchain Technology
Benefits of Blockchain: Security, Transparency, and Decentralization
Orbit Money's Commitment to Blockchain Adoption
Traditional Financial Institutions Embracing Fintech
Canada: Home to Many Leading Banks
Major Banks Integrating Technology Like Blockchain
Shift Towards Virtual Banking Services
Similarities between Orbit Money and Traditional Banks
Toronto's Promising Future in Fintech
Rapid Growth and Room for Expansion
Toronto: A Starting Point for Global Fintech Companies
Supportive Framework for Business Models and Funding
International Collaboration in Fintech Policy Development
Conclusion: Innovation and Growth Drive Canada's Fintech Future
Commitment to Continuous Improvement at Orbit Money
Prioritizing Accessibility, Data Security, and Financial Safety
Social Media Calls to Action
Facebook: Exploring the Positive Impact of Fintech in 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 startup’s 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 at 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 of 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.
Conclusion: Innovation and Growth Drive Canada's Fintech Future
Canada's thriving fintech ecosystem, fueled by advancements in AI, blockchain, and a supportive environment, positions the nation as a leader in financial technology. From established institutions embracing new technologies to the abundance of startups in Toronto, the future of Canadian fintech is brimming with potential.
At Orbit Money, we are committed to continuous improvement, prioritizing accessibility, data security, and your financial safety. We leverage our location in Ontario to stay at the forefront of innovation and adapt our services to meet your evolving needs.
Join the conversation:
Facebook: Fintech is changing Canada for the better; even the banking sector is adopting strategies like us at Orbit Money, find out here.
Twitter: Innovation is happening fast in Canada, and more people are following fintech. Find out about why Fintech platforms are the future here.
