Around the world, financial services technology is evolving rapidly and the pace of change is accelerating.
The BMO Financial Group wants to ensure that the next big idea gets the support it needs to make it a reality and benefit Canadian consumers.
BMO today announced a partnership with the DMZ at Ryerson University that will help identify those innovative minds that will create these new technologies and then provide support to their fintech startup.
RELATED: The Fintech Five powered by PayPal
The program, called BMO Presents: The Next Big Idea in Fintech, will provide up to six selected startups with a four-month placement at the DMZ, an opportunity to pilot their technology with BMO, and introductions to venture capital groups.
At the end of the four months, the startups will participate in a “Demo Day” event where three of the six companies will be selected and awarded prizes of $25,000, $15,000 and $10,000 for 1st place, 2nd place and 3rd place, respectively.
“The evolving needs of customers are driving a push for innovation and an acceleration of the development of new technologies,” said Cameron Fowler, Group Head, Canadian Personal and Commercial Banking, BMO Financial Group. “Talented entrepreneurs need opportunities, resources and the right environment for their ideas to succeed. We look forward to collaborating with DMZ and these new leaders of Canada’s innovation industry.”
Fintech companies from across Canada are invited to apply before May 20 for one of the six placements, which will be awarded to the companies judged to be most likely to benefit from a period of incubation at the DMZ.