The BC Technology Industry Association has announced a strategic collaboration with PayPal Canada to launch a financial technology cluster in British Columbia.
The partnership seeks to establish Vancouver’s first formalized fintech hub, including programming to support tech companies innovating and disrupting the traditional financial services industry in areas such as emerging payments, alternative lending, peer-to-peer money transfers and crypto-currencies.
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“We are incredibly excited about this opportunity,” said Bill Tam, BCTIA President and CEO. “There has been a quiet, natural growth in Vancouver’s fintech cluster for several years, mostly under-the-radar, and through our collaboration with PayPal, we will begin to showcase the possibilities that exist for Vancouver-based technology to significantly disrupt the financial industry as we know it today.”
The announcement was made during a kick-off event held at the BCTIA Innovation Hub.
“The BCTIA is the right choice of a strategic partner to help us achieve our goal of supporting startups to create powerful digital commerce experiences,” said Alexander Peh, Head of Market Development and Mobile at PayPal Canada. “Working together to formalize a FinTech cluster in Vancouver is a wonderful opportunity to strengthen our relationships in BC. We look forward to energizing startups in BC by offering them mentorship, giving them direct feedback on how to make money and connecting them with successful startups and industry leaders.”
A similar fintech cluster exists out of MaRS in Toronto.