The Toronto Financial Services Alliance (TFSA) has issued a response to Ontario’s budget reveal yesterday, praising the provincial government’s proposed fintech strategy.
Financial services technology (Fintech) refers to a sector of financial services firms, innovators, and entrepreneurs that is creating innovative tools, products, and services for consumers using the latest in current technologies.
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The TFSA, in particular, supports the three primary goals of the province’s fintech strategy, which are to:
- Enhance Ontario’s position as a global leader for financial services
- Promote growth in Fintech that produces jobs and investment in the sector
- Maintain a high level of consumer and privacy protection
Ontario will soon announce details about its collaboration with the financial services and fintech sectors to achieve these goals.
“In North America, Toronto is the second largest financial centre, and we have the third largest concentration of technology companies,” said TFSA president and CEO Janet Ecker. “This unique ecosystem has created a perfect environment for Toronto to become an international fintech hub.”
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TFSA has also applauded the government’s announcement of the development of a cybersecurity innovation and research hub. Through the initiative, the province’s financial institutions will be coordinating with Ontario SMEs to develop and facilitate the adoption of technological solutions that will reduce cybersecurity risks.
“This initiative recognizes Ontario’s global strength as a cybersecurity leader. Canada ranks fourth in the world as a cybersecurity hub,” Ecker commented.
TFSA also supports the province’s plan to invest almost $190 million over three years to help create 40,000 new work-related learning opportunities.
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