As the industry of fintech evolves, Canada is quickly becoming a significant player in this new economy. No need to worry as the good folks of Tampa Bay are definitely keeping an eye on the situation.
So what is luring Fintech talent from Florida to Canada right now?
The Canadian government has put in place several programs to limit the risks that come with this rapidly developing industry. This includes establishing financial institutions that are accessible for everyone.
Canada’s fintech sector is growing at a rapid pace with many organizations realizing it’s massive potential.
Whether you are looking for a payday loan in Hamilton or bank loan in Toronto, Fintech is now playing a major role in everything.
What is Fintech?
Fintech is a loosely defined term that includes digital financial services that uses technology to enable transactions, or to provide access to credit.
The fintech industry was worth $3.7 trillion by the end of 2016 globally. At the moment, it is expected to reach $10.7 trillion by 2027.
For a long time, banks have had an edge over other financial service providers because they were able to offer services more efficiently and with less hassle than their competitors,
However, technology has leveled the playing field for fintech companies. Not just that, they have improved things dramatically.
In recent years, fintech has been used as a term for FinTech startups that are developing new digital solutions in the fields of banking, insurance, investing and payment processing. With the goal of disrupting traditional banking institutions.
Blockchain is Fintech 2.0
Blockchain is a decentralized, distributed ledger that allows for the secure and efficient transfer of digital assets between peers. This technology has been in use since 2009 but is increasingly being used by a wider range of industries, including finance aka Fintech.
The ease with which transactions can be made over blockchain has led to the development of new fintech applications including cross-border payments, crowdfunding, and digital asset management. Blockchain is putting a whole other twist on the Fintech space and we couldn’t be more excired.
Blockchain technology is revolutionizing how financial transactions are done all across the world. It works to streamline financial processes such as commodity trading and payment transfers by making them more transparent and efficient.
Future Of Fintech
Fintech is a relatively new industry that is rapidly growing. As a result, traditional financial institutions are forced to change to keep up with the demands of the market.
Especially in the developing world like Africa and South America.
As the first Fintech hub in Africa, the continent has led the way in terms of versatility and innovation. The first bank to offer mobile banking services was founded in Kenya in 2010 and today we have more than 20 Fintech startups that are revolutionizing banking services across Africa.
This region is set to grow exponentially and is expected to become a $3 trillion market by 2025. It’s also predicted that there will be a million new jobs created by 2020 and many of these will be related to the changes happening in the financial sector
There are many countries that have been traditionally known for their heavy reliance on cash.
It is these countries that are now using fintech to improve their economy and create a digital economy.
Power of Fintech
Fintech is a financial technology that has a wide range of applications. It is a way of delivering financial services that are convenient for the people and have lower fees. One of the most popular Fintech apps is Venmo, which allows users to make cash payments with their mobile phones.
The power of fintech is undeniable and with the help of AI, it will be even more powerful in the future. Already, we can see AI algorithms making quite a few decisions in relation to finances with companies like Wealthfront and Acorns leading the way.
Fact is whether you are in Canada or an emerging economy, Fintech is changing the world and it’s happening fast. When we are all taken care of, we all win.
So it looks like some great things are ahead.
Can Tampa Bay compete? Looks like they already are but the space is definitely getting competitive. However, the spirit of Floridians love crushing the competition with innovation and ingenuity, so let’s see what happens.