2015 News & Media Releases
Opening up New Trade Routes for Financial Services: Canada’s Priorities
Canada should focus on five priority trade deals to open markets and benefit its financial services sector, according to a new report by the C.D. Howe Institute. In "Opening up New Trade Routes for Financial Services: Canada's Priorities," authors Daniel Schwanen, Dan Ciuriak and Jeremy Kronick provide, for the first time, a ranking system to assess the best potential markets for Canadian financial services firms to either deliver services directly across borders or deliver them by investing and operating in those markets.
Canada ready to become the Islamic Finance hub of North America
Thomson Reuters, the world's leading provider of intelligent information for businesses and professionals, and the Toronto Financial Services Alliance (TFSA), a public-private partnership dedicated to growing Toronto's financial services cluster, today unveiled a major study, the Canada Islamic Finance Outlook 2016, during the World Islamic Banking Conference (WIBC) held in Bahrain.
The Financial Services Sector: A Source of Growth for Canada's Economy
The financial services sector directly accounted for 780,000 jobs and 6.8 per cent of Canada's gross domestic product (GDP) in 2014, according to a new Conference Board of Canada report released today."The financial services sector has been a strong source of growth for the Canadian economy over the past decade," said Michael Burt, Director, Industrial Trends, The Conference Board of Canada. "The sector's employment, financial results, and international trade and investment performance, have outpaced the average for all other sectors."
Toronto Region's Fintech Sector Poised for Growth But "Siloed" Resources and Players Preventing Formation of a True Ecosystem
Today The Innovation Policy Lab at the University of Toronto's Munk School of Global Affairs, released a report on the region's financial services technology ("Fintech") sector and its impact on the region's future economic success. The report, which was commissioned by the Toronto Financial Services Alliance (TFSA), states that although there is great potential in the region, there is no true Fintech ecosystem and various factors are inhibiting its development - this comes at a cost to the region's overall economic growth.
New Success Story: OPERIS
"Toronto won hands down against other North American cities. There's more P3 activity in Toronto, costs are more reasonable and work permits were easier to arrange."
View Success Story
HSBC Becomes First Custodian Bank in Canada to Service a Canadian RQFII
HSBC today announced that it has become the first custodian bank in China to service a Renminbi Qualified Foreign Institutional Investor (RQFII) based in Canada. HSBC is providing local custodian services to CI Investments, which has secured regulatory approval to become the first Canadian investor in China under the RQFII programme, which is designed to open up China's onshore securities markets to overseas investors using renminbi (RMB).
TFSA signs MoU with Luxembourg
Today, Luxembourg for Finance and the Toronto Financial Services Alliance (TFSA) have signed a Memorandum of Understanding to establish a partnership framework to develop their respective financial services industries.
Validus Risk Management Opens New Office in Toronto
Validus, a specialist financial risk advisor to Alternative Investment Funds and Corporates across the globe continues to expand its activities in North America. The new office in Toronto will serve to reinforce Validus' longstanding relationships with existing clients as well as expand the service offering in both Canada and the USA.
Toronto Financial Services Alliance Reassured Provincial Budget Expects to Meet Deficit Target Plan; But Concerned New ORPP Will Have Significant Unintended Consequences
The Ontario Government announced today in its budget that it will maintain its plan to balance the budget by 2017-18. The Toronto Financial Services Alliance (TFSA) welcomes the deficit target plan and the Province's continued investment in infrastructure, but continues to have significant concerns for the proposed Ontario Retirement Pension Plan (ORPP).
TFSA 2014 Annual Report Now Out
Check out TFSA's annual report to see what we were up to last year!
Ontario Fintech at Money2020 (2 spots remaining!)
Ontario will be at Money2020 in Las Vegas with 8 tech companies (only 2 spaces remain).
Increasing Trade Between Canada & China with a Currency Hub
The first Renminbi clearing bank in the Americas opened its doors in Toronto. The move is aiming to facilitate increased trade and business development between Canada & China. For more, BNN is joined by Janet Ecker, President and CEO of the Toronto Financial Services Alliance.
TFSA Congratulates Launch of Canadian Renminbi (RMB) Clearing Bank
Toronto, March 23, 2015 - The Toronto Financial Services Alliance (TFSA) congratulates the Industrial and Commercial Bank of China (ICBC Canada) on being designated the first and only RMB clearing bank in the Americas. The bank hosted an inauguration ceremony today to commemorate their new role and both federal and provincial finance ministers were present to offer congratulations and support.
Trading hub for Chinese currency opens for business in Toronto
Canada's trading hub for China's currency was to make its first transactions after a high-profile launch in Toronto late Monday. The opening was also expected to kick off a battle between Canadian banks for a share of the potentially lucrative new business of facilitating transactions in Chinese renminbi.
Ontario Fintech delegation at CIAB 2015 (São Paulo – Brazil) 3 spots left
The Government of Ontario in Brazil is putting together a delegation for CIAB (http://www.ciab.org.br/pt#), the largest Fintech/ICT trade show and congress in Latin America, taking place in São Paulo, between June 16-18. The event has been running for 25 years and attracts a highly qualified public of both Brazilian and international IT and Financial institutions. In 2014 there were approximately 15,000 people at the fair and 2,000 at the Congress.
Trinidad and Tobago IFC and TFSA Partner for Financial Services Sector Development
For the past 14 years, TFSA has worked toward developing Toronto as a "top ten" global financial centre. Its growth has outpaced many other international centres with financial services employment increasing by more than 30 percent since the year 2002. The MoU between TFSA and the Trinidad and Tobago IFC illustrates an important step toward collaboration that includes participating in forums and other joint initiatives aimed at encouraging Canadian firms to access the Latin American and Caribbean markets.
Financial innovation collaboration forum focuses on big data analytics, cybersecurity and the customer experience
More than 150 financial executives, researchers, academics, government officials and representatives of "start-up" technology companies and innovation incubators came together February 26th to discuss ways to work together for mutual benefit. The event was the first outcome of the new partnership between the Toronto Financial Services Alliance (TFSA) and Ontario Centres of Excellence (OCE), launched earlier this year.
Financial Innovation Collaboration Forum
For more information about the forum and speakers, please see the event booklet.
Report Rates Canada as Top Regulatory Environment for Financial Services
Today, the Toronto Financial Services Alliance (TFSA) and Z/Yen, a leading UK think-tank, released a report that ranked Canada and Singapore as the top regulatory jurisdictions for financial services. Based on a survey of financial services professionals and other research, the results showed the following rankings in terms of the regulatory environment for financial services: Tier 1 - Canada, Singapore; Tier 2- Switzerland, Hong Kong, UK, USA; Tier 3- EU, Dubai.
Financial Institutions, Ontario Academics and Technology Start-Ups to Become Partners in Innovation
The Toronto Financial Services Alliance (TFSA)announces partnership with the Ontario Centres of Excellence that will connect companies and institutions in the country's largest financial services cluster with Ontario's innovation ecosystem including its academic community and technology companies, to address individual businesses and industry challenges.
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