– by guest author Jonathan Dunnett, a team Atlantic FinTech expert
The relationship between Europe and Atlantic Canada dates back hundreds of years, with many strong linkages of a geopolitical, business and personal nature.
As a region, Atlantic Canada has a long, storied history of financial services and innovation. Both the Bank of Nova Scotia and The Royal Bank of Canada started in the region, collectively representing $31.3B CAD / €21.2B EUR and $47.1B CAD / €31.97B EUR in revenues in 2020, respectively.
As a country, Canada has a stable geopolitical environment, which is extremely attractive for businesses around the world. In addition to a stable business environment, Atlantic Canada is well located as a time zone, and is accessible for business travel with multiple international airports throughout the region.
Fintechs grown in Atlantic Canada tend to be well-proven, thoughtful and innovative solutions. By working with innovators in Atlantic Canada, you further expose yourself to unique solutions that can help you meet your business needs across a number of domains, including payments, cybersecurity, compliance and more.
While banks globally have a variety of needs, it is important to consider how best to partner with fintechs, as well as who to partner with as part of your strategy. Global modes of partnering with fintechs have been well documented (and those are consistent with Atlantic Canada); whether you want to use a channel partner, supplier, M&A, white label or other form of partnership strategy, understanding your specific business constraints and assets will help inform what will work best. It is also important to consider the maturity of the company and technology when evaluating a fintech, as some models may work better at different points of maturity. If you are seeking guidance to help determine the best mode of partnership with our client companies, please contact us for a discovery conversation.
While the global data and privacy picture continues to evolve, having partners who are equipped to understand GDPR is important. Nationally, Canada has been influenced by GDPR and others, with revitalization coming to data and privacy through the pending Digital Charter and modernization of the federal privacy act. The movement towards a more progressive system will create further alignment and opportunities between Canada and Europe.
Further, ensuring alignment on culture and goals, personalities, standards and norms and more is vitally important for the success of any partnership. In this century, distance does not preclude great connections, like recent example, SnapAP. Should you have any questions regarding more about the fintech industry in Atlantic Canada, please feel free to contact me.