A new financial technology cluster based in Toronto has announced backing by one of the most influential payment industry players in the country. According to the cluster based at the Mars Discovery District innovation hub in downtown Toronto, debit payment group Interac will come on board as a strategic partner and follows similar deals with the Canadian Imperial Bank of Commerce or CIBC, PayPal, Moneris and mobile wallet company Ugo.
Mark O’Connell, president and CEO at Interac said,
“In a time of rapidly advancing payments technology, our participation in the innovation ecosystem at Mars enables us to engage with the brightest minds from Canada’s fintech startups while exploring the latest innovative and secure payment solutions.”
With a long track record of new innovation in payments (although not always successful in deployment), the new fintech community will allow for significant innovation within payments and banking in Canada and potentially across North America. While the deal with Interac is important, the combination of strategic partnerships with a range of important payment players like PayPal and Moneris will ensure the fintech community in Toronto is given the tools and expertise to thrive.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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