Utilizing a proprietary benchmarking mannequin, he in contrast the 4 cities with world friends primarily based on 5 key metrics:
- Authorities help;
- Maturity of the enterprise ecosystem;
- Fintech exercise and financing;
- Expertise pool and innovation; and
- Availability and adoption of expertise.
Canada scored comparatively excessive on authorities help due to high-quality regulation and relative ease in beginning a enterprise within the nation. However Canadian expertise hubs have lagged behind their world counterparts in attracting overseas direct funding; The COVID-19 pandemic, Accenture famous, has negatively impacted fintech transactions in 2020, suggesting the necessity to promote and retain cross-border investments.
Expertise and innovation proved to be a brilliant spot, with Toronto coming in second to Berlin, though Accenture prompt this might enhance with higher collaboration between academia and business may assist. to advertise the commercialization of native expertise. The 4 nations ranked lowest in total FinTech exercise and funding, whereas challenges of high-speed Web connectivity pushed Canada under a lot of its US friends and Asian.
Total, Toronto took eighth place among the many 20 cities assessed. The remainder of Canada’s tech hotspots didn’t make the highest 10, with Vancouver taking twelfth, Montreal 14th and Calgary sixteenth out of 20.
“As we glance past the pandemic, the Canadian monetary providers ecosystem continues to be poised to develop,” stated Vikas Shreedhar, Managing Director and Cloud Chief at Accenture in Canada. “Canadian fintechs are adopting a borderless mindset, attracting the curiosity of worldwide traders, whereas monetary establishments are adopting the mindset of tech firms greater than ever.