Leveling the FinTech Playing Field
Thursday, May 30, 2019
A report recently released by Accenture highlighted the significant growth in investment in Financial Technologies around the world - increasing dramatically from $930 million in 2008 to more than $12 billion by early 2015.
No longer the exclusive playing field of traditional institutions, Financial Technologies – or FinTech – is an exponentially growing market driven by rapidly changing technologies and customer expectations. Today FinTech is a decentralized sector of disruption affecting every business that deals with financial services. Or in other words, pretty much any company doing business today.
So how do FinTech companies compete in this exciting new space? Simple – they find a location with the right people and the right infrastructure. A location where people and companies are already leading the charge in technologies such as Blockchain, Cyber Security, Artificial Intelligence, Robotics Process Automation, and Data Analytics.
A location like Nova Scotia.
A deep pool of highly skilled workers
Nova Scotia, Canada, is Canada’s University Capital with the highest number of post-secondary graduates per capita than any other province. We have 60,000 employed in financial, business and related occupations, and over 26,000 employed in information communications technology.
Our capital city, Halifax, is on the rise for a technology-enabled workforce. We now have the second highest concentration of data analytics and machine learning developers in Canada. Dalhousie University in Halifax has seen a 50% growth in computer science enrolments over the past two years and Nova Scotia has the highest number of graduates per capita in tech-related fields of study in Canada. In international comparisons, Halifax often has the highest intensity of student population among comparable jurisdictions. All of these contribute to a skilled and developing workforce to serve the fintech eco-system.
The cable landing point for North America
In the global trading market, the time it takes for information to travel from Europe to North America matters. Milliseconds can be worth millions of dollars on Wall Street. Hibernia Atlantic, the cable landing point for North America, is located just outside Halifax, Nova Scotia. That makes Halifax crucial to the global financial community because it is located on the quickest data route between Europe and North America.
Nova Scotia companies on the forefront of technology
Blockchain - Award-winning innovators BlockCrushr Labs develop products and services related to blockchain technology in FinTech and cryptocurrencies.
Cyber Security - Track Group Analytics and BeyondTrust are just a few Nova Scotia companies offering cyber security services. Mimir Networks works to change how carriers, enterprise and government protect their critical networks and internet facing applications from all forms of cyber-attacks.
Robotics Process Automation - Focusing on Robotic Process Automation (RPA) technologies (software that mimics human behaviours), EY Canada announced the launch of a new EY Global Centre of Excellence in Halifax, Nova Scotia – the first Centre of its kind to open in Canada.
A commitment to technology
Nova Scotia offers one of the most competitive business climates, particularly in technology industries. Operating costs are among the most cost-competitive in North America for companies working in the digital services industry and Halifax offers an approximate 10% cost advantage over Vancouver, Montreal, and Toronto for software development. Our province is also home to one of the highest digital media tax credits in Canada (approximately 50%).
Given our smaller size,we are flexible, agile, and responsive to opportunities. We work strategically with our partners to pitch a “Team Nova Scotia” approach. During a site visit, clients are able to meet with key contacts in just a day or two – from our Premier, Halifax’s Mayor, immigration lawyers, accountants, deans from universities, and companies to speak to the local eco-system. We understand that time is valuable to our clients and we deliver accordingly.