The Toronto Financial Services Alliance (TFSA) is teaming up with Ontario Centres of Excellence (OCE) Inc. in a bid to drive the development of innovative technology for the financial sector.
The TFSA and OCE signed an agreement Thursday to create a partnership that aims to help connect financial companies with academics and technology companies in order to solve technology challenges for both individual businesses and the financial industry in general, such as enhancing cybersecurity.
“In an increasingly competitive global market place we want to ensure that the region’s financial industry has access to the most innovative technologies,” says Janet Ecker, president and CEO of the TFSA. “We believe that by effectively tapping into local solutions Toronto’s financial services sector will not only continue to grow as a world leader, but the financial technology ecosystem being created will attract businesses, jobs and investment into the region.”
At the end of February, the organizations will hold their first event under this agreement that will include discussions between financial institutions, academia, technology start-ups and business incubators about challenges and opportunities the sector faces and ways to address them.
“OCE is pleased to be working with the TFSA to find made-in-Ontario solutions to address current and future issues, opportunities and threats,” says Dr. Tom Corr, president and CEO of OCE. “Every day we work with leading innovators, educators and technology companies, and we know that they have the skills and knowledge needed to assist the modern financial services industry.”
“Combining Ontario’s academic and start-up expertise with Toronto’s financial services knowledge is a catalyst for the development of new, cutting-edge technologies for the financial technology sector that will bolster Ontario’s position as a global financial hub,” says Reza Moridi, Ontario’s minister of research and innovation and minister of training, colleges and universities. “This collaboration will help us innovate the next generation of technologies and will create an environment to stimulate job creation and economic opportunities across the board.”