News & Media Releases
New report introduces innovative framework to grow Canada’s cyber talent supply
The world is facing a cyber talent deficit that is limiting our ability to harness the full potential of emerging technology. However, Canada has an opportunity to lead by taking a strategic "human" approach to tackling the problem, according to a new report released today by Deloitte in collaboration with the Toronto Financial Services Alliance. The changing faces of cybersecurity: Closing the cyber risk gap sheds light on the severity of the issue globally, with a focus on Canada, where demand for cyber talent is estimated to be increasing by 7% annually. At a sector-level, 74% of the FS executives we surveyed are challenged to find the right mix of technical, analytical and soft skills for cybersecurity roles within their organizations. This report introduces a human-centric cyber talent framework that seeks to help tackle that problem, providing a common reference point to better plan within a rapidly evolving technological environment.
Full Press Release
Announcement of Ontario FinTech Accelerator Office led by TFSA
Ontario is opening a new FinTech Accelerator Office this November to connect startups to businesses and provide support that will help grow the province's financial technology (fintech) sector. The Toronto Financial Services Alliance will partner with the Ontario Centres of Excellence and OneEleven to develop the FinTech Accelerator Office.
Full Press Release
Major Tech Conference Collision Moves to Toronto in 2019
North America's fastest growing tech conference will be moving to North America's fastest growing tech region when Collision heads to Toronto next year. The move secures Collision in Toronto for the next three conferences happening in 2019, 2020 and 2021, building on the Toronto region's momentum as a hub for technology and innovation and leveraging the strength of Ontario and Canada as diverse and inclusive.
Full Press Release
Leading Finance Centres Agree Action Plan for Green & Sustainable Finance
For the first time, a significant number of the world's leading financial centres have agreed a shared strategy for accelerating green and sustainable finance. TFSA President and CEO Jennifer Reynolds attended the inaugural meeting of the international network of Financial Centres for Sustainability (FC4S) which brought together 16 member centres - Astana, Casablanca, Dublin, Frankfurt, Geneva, Hong Kong, Liechtenstein, London, Luxembourg, Milan, Paris, Shanghai, Shenzhen, Stockholm, Toronto and Zurich - as well as a wide range of observers and partner organisations.
TFSA Welcomes Announcement of Expert Panel on Sustainable Finance
The federal government announced on April 12th, 2018, the creation of the Expert Panel on Sustainable Finance which will consult members of the business community about the opportunities associated with sustainable finance.The Expert Panel will also explore the opportunities and challenges for companies facing voluntary standards for corporate disclosure of the financial risks associated with climate change. "Canada's financial sector is playing a strong role in supporting actions to address climate change," said Jennifer Reynolds, President & CEO, Toronto Financial Services Alliance (TFSA).
Full Press Release
Toronto Financial Services Alliance Welcomes the Government of Canada's Support to Create More Student Work Opportunities for Post-Secondary Students in Financial Services
The Government of Canada is providing almost $2.1 million over a three-year period to Toronto Financial Services Alliance (TFSA) for ASPIRE, our work-integrated learning pilot project in financial services (FS), which aims to attract, up-skill and retain post-secondary students developing in-demand skills in the fields of Science, Technology, Engineering, Arts, and Mathematics (STEAM). TFSA is leading the project on behalf of the FS sector. The funding is part of the Government's Student Work Placement Program, which will distribute a total of $73 million over the next four years to recognized industry associations that represent the interests of businesses in key sectors across the country. TFSA will use the funds to scale up ASPIRE, which was designed in collaboration with our industry and academic members, and launched last April. The Government's support will enable us to increase employer and academia engagement, and offer more students more opportunities to gain...
Full Press Release
Unlocking the human opportunity: Future-proof skills to move financial services forward
Given that Toronto is the second largest financial centre in North America, employing over 270,000 people, it is critical for companies in the financial services sector in Toronto to ensure they have the right people and skills to succeed in the future. To do this, financial institutions need to understand the key trends shaping the financial services sector, how trends are changing the nature of work, and the impact any changes will have on the demand for specific skill sets. This report seeks to build a better understanding across each of these areas in an effort to provide business leaders with insights and practical recommendations to move their organizations forward, while also giving people looking to enter the sector a view into areas of opportunity and the critical skills they need to thrive.
Ontario Students' Perceptions of Financial Services Careers
To provide insight into Ontario post-secondary students' perceptions of the Financial Services sector as a career destination, Toronto Financial Services Alliance (TFSA) commissioned data from Univerum, a leading researcher of student viewpoints. As the early-stage talent strategies of Canadian Financial Institutions continue to respond to emerging technology and related trends impacting their businesses, recruiters are stepping up their efforts to attract students with a broader range of in-demand skills, including those being developed within Science, Technology, Engineering, Math, and Liberal Arts programs. To support these recruitment efforts, this report examines students' career goals and values, and the characteristics of their employers of choice, through the comparative lens of "future" and "lost" talent.
Toronto’s Financial Services Sector will be key player in global public-private partnerships to address infrastructure gap
Toronto’s financial sector is uniquely positioned to help governments across the globe leverage public-private partnerships (P3) to address the growing infrastructure gap in Canada, finds a new report from the Toronto Financial Services Alliance (TFSA) in collaboration with KPMG in Canada. The report, Knowing When to Partner, ranks Toronto’s financial services sector only behind New York and London in its strength and ability to provide the expertise and funding to deliver on these large-scale capital projects.
World Economic Forum in Davos needs to foster spirit of openness on free trade by BMO CEO, Darryl White
Next week, businesses, government leaders and researchers will be participating in the annual World Economic Forum in Davos, where the topic is "Creating a Shared Future in a Fractured World." This gathering in Europe takes place while the next round of North American free-trade agreement negotiations - widely expected to be one of the most consequential and where a U.S. termination is a real risk - occurs in Montreal.
Frankfurt, Geneva, Shenzhen, Toronto and Zurich join International Network of Financial Centres for Sustainability
As world leaders gather in Paris for the One Planet Summit, hosted by France's President Emmanuel Macron, five new cities - Frankfurt, Geneva, Shenzhen, Toronto and Zurich - have joined the International Network of Financial Centres for Sustainability.Mobilizing the world's financial centres will be essential to make progress on climate change and sustainable development, and the latest cities to join add momentum to this process.
Time to let the world know Canada is a financial giant
While the prominence of Canada's financial sector continues to grow, it is noteworthy that it is also very often underestimated on the international stage. The fact that Toronto is the second-largest financial centre in North America and the 7th most significant globally generally comes as a surprise to people outside of Canada.
Financial Services Sector plays key role in helping Canada's small and medium sizes business prosper and grow
Small and medium enterprises (SMEs) make up 99.7 per cent of all businesses in Canada and they often rely on financial institutions to provide additional services beyond core banking and insurance functions to help them expand their markets, reduce volatility, manage costs and reduce risks, according to the Conference Board of Canada's fifth annual report card on the financial services sector released today.
Fintech helping Canada power its way from being an exporter of raw materials and manufactured goods to a service export powerhouse
As Canadians and Canadian firms work to develop global-ready products and services, exporting of financial technology, or fintech, is one of the country's strong points. According to research by the Conference Board of Canada, even two years ago finance and insurance services were Canada's largest and fastest growing services sold internationally. Fintech is helping Canada power its way into moving from being an exporter of raw materials and manufactured goods to a service export powerhouse. Already by 2015, services accounted for 44 per cent of Canada's exports and 43 per cent of foreign affiliate sales.
Ontario Improving the Delivery of Financial Services Technology
Ontario has established a team of financial services and information technology experts, including TFSA's President & CEO Jennifer Reynolds, with the goal of strengthening consumer protection and helping promote business growth and development in the financial technology (fintech) sector. Over the coming months, these individuals will continue to help shape a fintech strategy that enhances Ontario's position as a global leader and promotes growth that produces jobs and investment in the province.
NEWS & EVENTSMORE NEWS
Sign up for our free email newsletter. Every quarter we‘ll send you important news and information about the financial services industry in Toronto. See past issues.