Just a week ago in the National Crowdfunding and Fintech Association of Canada’s yearly occasion, FFCON2018, there was one long presentation about the current status of Fintech in Canada. Professor Michael King, from the Scotia bank Digital Banking Lab @ Ivey Business School, conveyed a superb summary of what’s working and what’s not. The summary titled as “the Current State of Fintech in Canada: The Good, The Bad and The Ugly,” The professor gave a detail on both the good and bad points. So, what is happening in Canada?
All About Fintech’s Introduction To Canadian Market:
Canada is developing Fintech new businesses. There are in excess of 800 today which is a respectable amount for such a small country. For example, Blockchain, payments and Artificial Intelligence and such more are the areas of business blooming today.
Accelerators and incubators, along with acknowledgment by colleges and universities help to improve Fintech massively. Because it helps to increase more knowledge related to Fintech and helps to remove any common misconceptions people may have regarding with the Fintech revolution.
So, What Is So Bad About Introducing the Fintech In the Canadian Market?
The usual institutes of Finance are adapting the Fintech lifestyle in a very slow manner. And they are also lagging behind on partnering with other innovative firms. King has given a very common example in which a bank requires more than 120 signatures so that it can work together with Fintech. This is what makes Canadian Market difficult to adapt to, and it will take its time to come up with the latest advancements, if not at the earliest.
And what is the worst part, other than the regular drawback that there is no proper strategy of Canada, no proper goal that the Canadian Government wants to achieve effectively. Basically, no champion for Fintech. When it comes to not having a proper direction, Canada is not alone. Many companies have successfully adapted to the Fintech goal such as Australia, Singapore, Canada and UK. When it comes to adapting to the worldwide revolution, Fintech comes at the very least.
But that does not mean that we should give up. There are many success stories of Fintech in Canada as well. One must work very hard, keep a sense of direction intact and take major strides in order to achieve the goal about coping up oneself to the technology revolution that is called Fintech.
