Government Of Ontario Announces Plans For Fintech Accelerator Office

MT
McCarthy Tétrault LLP

Contributor

McCarthy Tétrault LLP provides a broad range of legal services, advising on large and complex assignments for Canadian and international interests. The firm has substantial presence in Canada’s major commercial centres and in New York City, US and London, UK.
On May 2, 2018, the Government of Ontario formally announced plans to open the Fintech Accelerator Office (FAO).
Canada Technology

On May 2, 2018, the Government of Ontario formally announced plans to open the Fintech Accelerator Office (FAO). The development of the FAO will be overseen by the Toronto Financial Services Alliance, Ontario Centres of Excellence, and the OneEleven startup accelerator.  The target launch date for the FAO is November 2018.  The Government of Ontario had previously announced plans for the FAO and a Fintech Regulatory Super Sandbox.

The FAO's objective will be to help Fintech startups develop and scale their businesses by connecting them with regulators, global financial institutions, and  other Fintechs. This will be beneficial to Fintechs looking to navigate regulatory requirements, obtain access to business support programs, and explore opportunities for financing and demonstrating proofs of concept. The FAO could also be beneficial to policymakers by providing feedback to the Government. The Ontario Government's announcement indicates the FAO will help inform government policies in future.

The Federal Government has also indicated interest in assisting emerging Fintech companies. In a recent Consultation Paper, the Department of Finance proposed establishing an advisory service for small payment service provider firms. This service could help qualified firms navigate the registration process and interpret regulatory requirements for their specific business model.

Other jurisdictions are also developing Fintech Accelerators. The Bank of England launched its  Fintech Accelerator in 2016 and has helped Fintechs complete proofs of concept in respect of Distributed Ledger Technology, Data Storage, Machine Learning, and Cybersecurity. The Government of Singapore has partnered with the private sector to create a joint venture accelerator program. State governments in Australia have also sponsored Fintech accelerators. 

There are also a number of private sector accelerators both in Canada (such as the DMZ-BMO Fintech Accelerator) and abroad.  These programs assist the growth of cohorts of startup teams by providing them with mentorship and support within a set time frame.

To view the original article click here

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More