We are at time where there is incredible transformation in technologies and business models,: that’s innovation.
Part of that is in the financial services: that’s FinTech.
It’s just as important to be innovative in financial services as it is in manufacturing,
as it is in the search engine that you use.
And Canada - which has a very strong financial services sector, I think -
can be equally strong in FinTech, which is the evolution of a more traditional financial service provision.
One of our challenges in Canada - and I think it’s true in FinTech as well -
is that we are very good at starting companies up.
We do, per capita, just as well as the United States.
What we don’t do is scale up, and create global champions in the new space.
So the challenge in FinTech is not starting new companies
but actually taking them to global scale and global success.
I think the key for all of us looking at FinTech is: how can Canada be a leader?
We’ve done very well in the financial services sector.
We have a very strong regulatory system and we avoided the worst of the financial crisis.
Now we’re looking at building global opportunities, and how do we become a world leader in FinTech.
That’s an issue for regulators and it’s a question for FinTech startups.
But it is an opportunity for Canada to win globally.