According to the most recent ranking published by Z/Yen Group, Montréal is now the 14th largest financial centre in the world (based on a survey of 88 centres), up one spot from last year and seven spots from 2015. London still tops the list, ahead of New York City and three Asian cities: Singapore (3rd), Hong Kong (4th) and Tokyo (5th). European cities Luxembourg, Geneva and Paris are ranked 18th, 20th and 29th, respectively.
The Global Financial Centres Index (GFCI), compiled and published twice a year since 2007, evaluates the competitiveness of financial centres worldwide and is often cited as reference.
This year’s result shows that Montréal inspires confidence and provides a stable and secure banking system for finance professionals, in addition to a dynamic ecosystem, advanced infrastructure and a large pool of skilled workers. A world-class financial hub, Greater Montréal has close to 100,000 finance jobs in 3,000 companies, 25,000 financial specialists and nearly 2,500 professionals who are members of CFA Montréal. What’s more, the region boasts close to 250 pension funds of various sizes and a pension research centre.
The emergence of fintech also boosts development opportunities in the sector. According to a recent study published by EY, Greater Montréal has all the key elements to support fintech ecosystem growth. It definitely helps to have a community of innovative startups in the field and benefit from impressive information and communication technologies (ICT) venture capital investments ($501 million in Québec in 2016, up by 76% compared to 2013).
The city is also a world-renowned centre of excellence for AI and big data, in addition to being home to a thriving ICT sector with 91,000 skilled workers in 5,000 companies.
Québec’s 2017–2018 budget comes at a good time to foster fintech development. Finance Montréal, the city’s financial cluster, will get $1.5 million over two years to establish a centre of excellence in fintech. The centre will strengthen Greater Montréal’s position as a global financial centre and stimulate innovation in the industry in the years to come.