Fintech is a hot sector right now in Greater Montréal, with businesses and industry experts coming to the city to tap into its pool of top tech talent and cutting-edge financial knowledge.
According to a recent study by the prestigious Brookfield Institute, titled “The State of Canada’s Tech Sector, 2016,” Greater Montréal has the highest concentration of tech jobs among Canadian cities. The Global Financial Centres Index 2017 also ranked Greater Montréal third among North American international financial centres, ahead of Chicago, Boston and San Francisco, and 12th worldwide.
One of the main pillars of Greater Montréal’s fintech ecosystem is the city’s strong financial industry, which employs close to 100,000 people, including 25,000 financial specialists, in over 3,000 companies. With state-of-the-art universities providing affordable education, the industry has a wide pool of skilled talent to draw on. All areas of finance, including banks and other financial intermediaries, insurance firms, investment dealers, pension funds, investment consulting firms and fund management companies, are well represented in the sector. Greater Montréal also boasts 91,000 skilled Information and Communication Technology workers and close to 5,000 ICT companies. What’s more, the city has the most competitive operating costs for financial companies and software development companies among North America’s 20 largest metropolitan areas, with a 33% and 27% cost advantage respectively. The targeted incentives it offers are also quite attractive.
Artificial intelligence plays a key role in the tech revolution as it drives the innovation that generates disruptive technology—and Greater Montréal is at the forefront of that technology, with the best researchers in the field. The city has been attracting industry giants like Google, Facebook and Samsung, helping to strengthen its ecosystem and stimulate innovation.
The Caisse de dépôt et placement du Québec and Desjardins Group recently announced the creation of an investment fund dedicated to fintech and artificial intelligence applied to finance. The venture fund will support the growth and development of new fintech companies in Quebec and Canada.
With its innovative start-up and business community, rich pool of talent and access to capital, Greater Montréal has truly established itself as a major player in the North American fintech arena.