13 Apr 2016 BC’s Growing Financial Technology Sector Gets Vital Support from Western Canada’s First FinTech Program
VANCOUVER, BC (April 13, 2016) – The BC Technology Industry Association (BCTIA) today announced a strategic collaboration with Central 1 Credit Union, Coast Capital, and FICANEX Services Limited Partnership to bolster its FinTech Program in British Columbia. This is an extension to the programmingpreviously announced in partnership with PayPal (NASDAQ:PYPL) to create Western Canada’s firstFinancial Technology (FinTech) Program.
“We announced our plans to build a FinTech program in late-2015, as consultations with local techcompanies revealed the need for advanced support within our province,” said Bill Tam, BCTIA Presidentand CEO. “Vancouver’s FinTech cluster has grown to nearly 100 companies, and with global FinTechinvestments soaring to more than $12 billion in 2014, that presented a significant opportunity toconnect BC-based FinTech companies with market leading partners in Canada and around the world.”
Following the community consultation, the BCTIA developed a report highlighting that nearly one-thirdof BC’s FinTech companies are less than 5 years old. In light of this, the BCTIA FinTech program isdesigned to support growth-stage companies, and includes quarterly “FinTech Days”, MasterclassWorkshops, Peer Learning, and Connection Days to foster relationships between tech companies,financial institutions, investors, and partners.
“Our mission has always been to make BC the best place to grow a tech company,” added Tam, “andnow, with the support of our Founding Partners, we’re uniquely positioned to provide BC’s growingFinTech cluster with the access and support they need to compete on a global scale.”
As FinTech programs begin to emerge in other markets, the BCTIA FinTech Program has chosen to take auniquely “West Coast” approach, focusing on BC’s strength in credit unions and Tier II Banks, as well asthe expertise of one of Vancouver’s original financial technology companies.
“Credit unions have a long history of innovating to serve their members and we are continuing to leadthe way with new FinTech developments,” said Oscar van der Meer, Chief Technology and PaymentsOfficer at Central 1 Credit Union. “We are developing banking technology services such as DepositAnywhere that make it easier for people to conduct financial transactions and meet their financial goals,wherever they are at any time of day.”
“At Coast Capital Savings, we’re all about helping to improve our members’ financial well-being byoffering simple, easy-to-access financial services,” explained Jeff Wong, Chief Business TransformationOfficer at Coast Capital. “As a founding partner, this venture puts us at the cutting edge of new andinnovative financial technology that will continue to allow us to deliver superior member experience,while also supporting local entrepreneurs on their path to success. With one in ten small businesses inBC currently banking with Coast Capital, we understand the power entrepreneurial incubators like theBCTIA FinTech program have in fostering the growth of local businesses, and in turn a strong economy.”
“FICANEX has 16 years of experience delivering value-driven and customer-centric solutions in the advancing technology space,” said Andrew Obee, President and CEO of FICANEX. “With a history linked to the introduction of ATM transaction processing in Canada in the early 1980’s, we are excited to contribute our expertise to the growing FinTech community, while providing cutting edge innovation to members of THE EXCHANGE Network.”
The BCTIA FinTech Cluster launched in 2015 with the announcement of a collaboration between BCTIA and PayPal Canada.
“Vancouver is a hotspot for FinTech startups,” said Alexander Peh, Head of Mobile and Market Development at PayPal Canada. “At PayPal, we have been leaders in the FinTech space with a 10-year history in Canada and 18-years globally. Teaming up with BCTIA, we want to help FinTech innovation on the west coast of Canada by investing heavily in coaching, mentoring and knowledge sharing. Wherever appropriate, we will also help FinTech startups to get paid by powering payments for those that need a strong digital wallet or mobile payments solution.”
PayPal Canada will host the first BCTIA FinTech Day in June 2016. To learn more about the program, and to sign up for updates, visit the Fintech Programs page.
The BC Technology Industry Association (BCTIA) is guided by our vision to make BC the best place to grow a tech company. For more than 20 years, the BCTIA has helped to grow our province’s tech cluster to over 9,000 companies that employ nearly 90,000 people, and that now outpaces the resource industry in terms of economic contribution to the province.
Our mission is to help tech companies grow, and it is supported by our core values: Be of Service, Succeed Together, and Pay it Forward. www.wearebctech.com
About Central 1
With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $14.9 billion in assets. We provide wholesale financial products, trust services, payment processing solutions and direct banking services to more than 300 credit unions and institutional clients from coast to coast.
In addition, Central 1 is the primary liquidity manager, payments provider and trade association for our 42 member credit unions in B.C. and 75 Ontario member credit unions. Our members represent a consumer-oriented, full-service retail financial system that serves 3.3 million members and holds more than $106.3 billion in assets. For more information, visit www.central1.com.
About Coast Capital
Coast Capital Savings is Canada’s largest credit union by membership. A recipient of the 2015 “Outstanding Corporation” Giving Hearts Award, the credit union invested $5 million into local communities in 2015, focusing on empowering and engaging youth. Coast Capital is one of Canada’s 10 Most Admired Corporate Cultures™, a member of Canada’s Best Managed Companies Platinum Club, and an Imagine Canada Caring Company. It has 50 branches serving its 532,000 members in the Metro Vancouver, Fraser Valley, Vancouver Island and Okanagan regions of British Columbia. Product innovations include Canada’s first free chequing account from a full-service financial institution. To learn more, visit coastcapitalsavings.com.
About FICANEX Services
FICANEX® is a limited partnership formed under the laws of the Province of British Columbia. FICANEX® manages The Canadian EXCHANGE® Network by licensing entitlement to use the intellectual property associated with the Network. FICANEX® was formed in 2000 to both secure a brand for existing users and increase the scope through new users of THE EXCHANGE® Network in Canada. Representing 173 Financial Institution participants, over 3300 ATM’s nationwide, and over 5.5 million cardholders, THE EXCHANGE® Network has been a key player in the financial services landscape for over 16 years. More information is available at www.ficanex.ca.
At PayPal (Nasdaq:PYPL), we put people at the centre of everything we do. Founded in 1998, we continue to be at the forefront of the digital payments revolution. In 2015, 28% of the 4.9 billion payments we processed were made on a mobile device. PayPal gives people better ways to connect to their money and to each other, helping them safely access and move their money and offering a choice of how they would like to pay or be paid. With our 173 million active customer accounts globally and 6.4 million in Canada, we have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online, in stores and on mobile devices. PayPal is a truly global payments platform that is available to people in more than 200 markets, allowing our users to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies. Interested to know more, visit www.paypal.ca.