The Boston based company Fintech Sandbox and the Ontario Centres of Excellence (OCE) signed a memorandum of understanding (MOU) to work together to bring the Fintech Sandbox model into Ontario and eventually the rest of Canada.
The President and CEO of OCE, Dr. Tom Corr, spoke on this MOU:
“This new partnership between FinTech Sandbox and OCE is a unique opportunity that will give the growing fintech ecosystem in Ontario access to data, networks, platforms and events that will help accelerate growth and support the creation of high-quality jobs in the province. Signing this MOU with FinTech Sandbox will allow OCE to continue building on our programs and offerings in fintech innovation in Ontario.”
Fintech Sandbox is a nonprofit organization concerned with the promotion of global financial technology innovation. They provide Fintech startups with free critical data and resources to assist them with their business development. By providing this service for free, new Fintech companies can avoid the expensive cost of accessing large, relevant data. In return for this free information, startups collaborate and share what they learn in order to benefit the whole Fintech market.
OCE is a government funded organization that works with the commercialization of new and relevant innovations that can potentially shape future markets, thus ensuring that Ontario will be a global competitor. They work closely with industries, universities, colleges, research hospitals, investors, and governments in order to help cultivate these new ideas. OCE’s investments include advanced health, digital media and information communications, advanced manufacturing and materials, and cleantech energy, environment, and water.
With this MOU, Fintech Sandbox will provide data products from 32 industry partners to startups through their new program in Ontario.
The Executive Director of Fintech Sandbox, Jean Donnelly, said:
“We are thrilled to be able to work with great start-ups in Ontario who are enabling incredible technologies for the financial services sector. OCE is a critical player in the ecosystem and we are pleased to be able to partner with an organization that is helping startups, and that creates growth within the community.”
This partnership between the two organizations will see OCE promoting Fintech Sandbox to the Ontario Fintech community. Fintech Sandbox will work as a catalyst to Fintech qualified companies, providing them with free data feeds for development, cloud hosting, and the ability to engage in the Fintech community around them.
Ontario’s Minister of Finance, Charles Sousa, commented on this partnership:
“This partnership is an exciting step that will help grow our economy, create jobs and give Ontario a competitive edge in an increasingly competitive financial services industry. Ontario Centres of Excellence will provide an important contribution to the fintech sector, which is poised to grow and thrive in Ontario.”