Financial services and information and communications technologies (ICT) are well represented in Greater Montréal’s economy. The financial services industry has always played an important role in Montréal’s economy, as evidenced by the fact that Montreal ranks 16th in the list of the world’s largest financial centres. Greater Montréal’s ICT sector is a world leader in software development, multimedia and IT services.
As financial services have become increasingly IT-based, interaction between these two key sectors of Montréal’s economy have led to the development of a major cluster FinTech hub in the region. The FinTech Montréal 2014 Forum, organized by Finance Montréal, will be an opportunity to reaffirm this industry’s importance to the local economy.
Montréal ranks 16th in the list of the world’s largest financial centres
FinTech expertise serving businesses
Montreal’s FinTech sector is a globally recognized IT development centre that aims to meet the specific needs of large financial institutions. Greater Montréal has a creative and qualified labour pool. More than 93,000 people work in the ICT sector, which includes 35,000 software developers.
Greater Montréal’s status as a major data hosting centre is further bolstered by Ericsson’s decision to set up one of its biggest ICT centres in the region. Canada’s legal framework protects the confidentiality of financial services firms – and their clients.
A critical mass of financial sector clients
The dynamism of Montréal’s finance sector and the quality of the specialized IT services offered have attracted a number of international financial groups such as Morgan Stanley, BNP Paribas and Société Générale.
There are a further 3,000 financial organizations based in Montréal, including the headquarters of several Canadian banks and financial cooperatives, the Caisse de dépôt et placement du Québec and the Montréal Exchange.
A strategic position in North America
Greater Montréal is located in the heart of northeastern North America and is in the same time zone as New York City, Boston and Toronto. The metropolitan region is less than 90 minutes by air from major financial centres with direct connections to 130 international destinations. Greater Montréal gives direct access to North American markets, specializes FinTech workers, provides a major international presence and offers the support of its economic promotion agency, Montréal International, to help you with your expansion projects.
Industry support that pays off
Québec’s tax scheme for the software development and international financial services industries is one of the world’s most generous. To support the growth of financial services, multimedia and e-business, the Québec government offers companies favorable tax terms that meet real industry needs. Such tax incentives have over the past few years spurred many foreign financial services and software development companies to open and expand subsidiaries in Montréal.
Find out more:
Visit our special FinTech page