capabilities & insights
what we do
who we are
news & announcements
contact us
subscribe
FinTech in Canada:
A Global Comparison
Click to begin
FinTech Disruption Globally
Globally, traditional financial institutions increasingly believe they are at risk of losing business to stand-alone FinTech companies. This trend is most noticeable in North America, where the proportion of traditional financial institutions who believe stand-alone FinTech companies will take part of their business has risen by 13 points in just one year.
Proportion of traditional financial businesses who believe their business is at risk
Do you believe that part of your business is at risk of being lost to stand-alone FinTech companies within the next five years?
2016
2017
Source: PwC Global FinTech Survey 2017
continue
FinTech Activities Globally
Payments, fund transfers and personal finance top the list of activities traditional financial businesses believe their customers are already using FinTech companies for in 2017.
Activities traditional financial businesses believe FinTech companies are already being used for
What financial activities do you believe your customers are already conducting with FinTech companies?
Source: PwC Global FinTech Survey 2017
continue
Global Mobile Activity
At 29%, Canada lags behind most countries in being “Mobile First,” which is a major contributing factor to FinTech adoption rates. By comparison, the global average of mobile web traffic sits at 50%. This comparison can, however, be deceiving. While most developed nations have had prevalent access to the Internet in the form of desktop computers and laptops for some time, most developing nations have not. For developing nations, Internet access has often been a privilege, and mobile technology is the first and only accessible form of Internet access large portions of the population have ever known, greatly increasing the share of mobile web traffic and inflating the global average.
Mobile share of web traffic in January 2017
Source: Hootsuite, Statcounter, Jan. 2017
continue
Global FinTech Adoption
Even among its already digitally active population, at 18%, Canada’s rate of FinTech adoption also falls well below the global average of 33%.
FinTech users as a proportion of the digitally active population
Source: EY FinTech Adoption Rate Index 2017
continue
FinTech Hubs around the World
Despite its relatively low mobile share of web traffic and FinTech adoption rate, Canada is still home to three of the world’s top-ranked FinTech hubs, with Toronto ranking in the number 7 position. This can be attributed to its high scores in the categories Government Support, and Talent and Innovation. These high rankings reveal Canada is well-positioned to be a potential future leader in the FinTech space.
Global ranking of FinTech hubs
Rank FinTech Hub
1 Silicon Valley
2 New York
3 London
4 Boston
4 Shanghai
6 Singapore
7 Toronto
7 Hong Kong
9 Vancouver
10 Dubai
10 Berlin
12 Tel Aviv
13 Montreal
14 Sydney
Silicon Valley
New York
London
Boston
Shanghai
Singapore
Toronto
Hong Kong
Vancouver
Dubai
Berlin
Tel Aviv
Montreal
Sydney
Overall Score
72
55
50
47
47
45
42
42
41
40
40
39
38
37
Source: Toronto Financial Services Alliance, 2017 “Sizing the Opportunity: Building the Toronto Region into a Global FinTech Leader”
continue
FinTech Activities in Canada
Taking a closer look at FinTech activity within Canada, Lending, Payments and Insurance dominate. Together, these activities make up 41% of the FinTech services used by Canadians.
FinTech services used by Canadians
Source: First Capital Partners, September 2017
continue
FinTech in Toronto
The Toronto region (including Waterloo) appears especially well-positioned for future FinTech growth. Toronto is both the second largest Financial and Tech sector in North America, with a strong base of financial services workers and tech equity value.
Financial Sector
#2 Largest Financial Centre in North America
250,000+ workers
Technology Sector
#2 Tech Sector in North America
$14Billion+ in Equity Value
Source: Toronto Financial Services Alliance, 2017 “Sizing the Opportunity: Building the Toronto Region into a Global FinTech Leader”
continue
FinTech Start-ups in Toronto
The focus of FinTech start-ups in the Toronto region appears to be following the trend of FinTech services in Canada as a whole, with payments, lending and banking back office services accounting for 52% of their offerings.
Distribution of FinTech start-ups by financial service offerings in the Toronto region
Source: Toronto Financial Services Alliance, 2017 “Sizing the Opportunity: Building the Toronto Region into a Global FinTech Leader”
continue
Big Bank Support for FinTech
Canadian big banks are getting more and more involved in the FinTech sector as well by supporting incubators to get in on the ground floor of future FinTech innovations.
TD Labs
CIBC Live Labs
Insurtech Accelerator
The Next Big Idea in FinTech
Tech Start-up Accelerator
Disruptive Technology Ventures
Source: Toronto Financial Services Alliance, 2017 “Sizing The Opportunity: Building The Toronto Region Into A Global Fintech Leader”
continue
How can we help?
With the FinTech sector in Canada primed to take off in the coming years, Financial Services businesses need all the information they can get to truly understand this rapidly growing industry.

Find out how Environics Research can help with our 2018 Canadian FinTech Syndicated Study today.
Share our Infographic
FinTech Disruption Globally
FinTech Activities Globally
Global Mobile Activity
Global FinTech Adoption
FinTech Hubs around the World
FinTech Activities in Canada
FinTech in Toronto
FinTech Start-ups in Toronto
Big Bank Support for FinTech
How can we help?