The Unleashing Innovation: Fintech Forward symposium highlighted the critical role fintech plays in driving our region’s economic growth, modernizing financial services, and enabling small and medium businesses to scale.
Canada’s financial sector is strong, but it lags behind global fintech adoption rates. Only 13% of Canadian businesses use fintech, compared to 32% in the U.K. and 42% in the United States. Meanwhile, 70% of Canadian SMEs report difficulty accessing financing, and 40% say because of this they don’t expect to survive past five years.
Companies are demanding faster payments, seamless digital finance solutions, and AI-driven decision-making tools. If Canada wants to grow businesses competitiveness, policymakers and industry leaders must accelerate regulatory modernization and invest in a fintech-first financial ecosystem.
Regulatory Agility is Key
- Regulation must keep pace with technological advancements and peer jurisdictions to ensure Canada’s most promising fintech firms can scale and succeed domestically. A modernized, competition-friendly framework will foster innovation while maintaining financial stability and consumer protection.
AI Integration is No Longer Optional
- Fintech isn’t a niche—it’s the future of financial services. From AI-driven financial decision-making to embedded payments, companies that don’t modernize will be left behind.
Unlocking Growth for SMEs
- Canada’s 98% SME-driven economy needs better access to capital, faster payment solutions, and frictionless fintech tools to scale.
$108b
The contribution of financial services to Canada’s GDP in 2023
300,000
High-value, well-paying jobs in Toronto’s financial sector
13%
Canadian fintech adoption rate vs. 32% in the U.K. and 42% in the U.S.
70%
SMEs struggling to access credit and loans
Canada’s financial system works well for big players, but SMEs—the backbone of our economy—still face unnecessary hurdles in accessing capital and financial tools. At Float, we’re committed to changing that by providing businesses with the fintech solutions they need to grow, compete, and succeed in a rapidly evolving financial landscape. Our goal isn’t just to build better products—it’s to help create the next generation of Canadian success stories.
– Andrew Dale, Chief Financial Services Officer, Float
In Canada, we’ve built a system where regulatory capture can stifle innovation, limits access to capital and slows the entire industry down. The capital here is lazy. We’ve set a tone for what innovation should be, and it’s holding us back. We need a complete mind shift in financial services—one that rewards risk-taking, fuels growth, and positions Canada as a fintech leader instead of a follower.
– Som Seif, CEO, Purpose Investments
Canada is one of the world’s top AI talent hubs—we’re home to the fifth-largest AI talent pool globally, and Toronto is at the centre of that. But we haven’t done enough to ensure that local innovation translates into local success. Too many Toronto-born startups are acquired by global players instead of scaling here. We need to make local matter more.
– Shelby Austin, CEO, Arteria AI
The Board is committed to advancing Canada’s fintech sector and supporting policies that enable growth, innovation, and global competitiveness.
