This work group focuses on the needs of the financial and information technology (IT) sectors, to develop innovative tools that will mark accelerated growth in the financial sector. The objective of the work group is to position Montréal as a key player on the world stage with respect to the technologies applied to finance, including financial intermediation and insurance. Growth vectors have been identified, including the following:
- Make Montréal a financial software hub by attracting software developers
- Attract back and middle office operations for which Montréal already has a competitive advantage, such as mobile payment, clearing and transaction settlement
The penetration of the outsourcing model for IT business processes in the financial industry is significant and expected to grow over the next 10 years. This growth will stem not only from new processes becoming possible through relocation, but also from outsourcing more complex tasks that require a higher level of competencies.
Montréal is well positioned to capture some of this growth, thanks to its deep and sophisticated talent pool in IT, and the relatively low operating costs for businesses compared with other North American cities. To bolster the output of this work group, the Montréal FinTech Forum is one-day event organised by Finance Montréal featuring conferences to promote the development of financial apps to local and international decision makers in financial services and IT. The event also furthered the discovery of new talent and ideas, encouraged networking and showcased Montréal’s know-how in financial technology.
The Finance and Technology work group is led by Mr. Guy Cormier, President and Chief Executive Officer, Desjardins Group.
"The numerous technology firms already located in Montreal represent an important force that we should use in order to stimulate the emergence of a dynamic and prosperous Fintech sector.
Finance Montréal’s Fintech work group enables us to involve different participants in important projects that have a tangible impact on this sector. Both well established financial institutions as well as up and coming financial firms have an interest to encourage the technological transformation of financial services. We believe that this constitutes an important growth factor for Québec’s financial hub."
- Guy Cormier, President and Chief Executive Officer, Desjardins Group, Leader of the Finance and Technology work group, Governor of Finance Montreal