Ontario Centres of Excellence (OCE) and Boston-based FinTech Sandbox formed a new partnership on June 23 by signing a memorandum of understanding to collaborate and expand the Fintech Sandbox model in Canada.
"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," says Dr. Tom Corr, president and CEO of OCE. "Signing this MOU with FinTech Sandbox will allow OCE to continue building on our programs and offerings in fintech innovation in Ontario."
Free access to data and resources
FinTech Sandbox is non profit and provides free access to data and resources to fintech start-ups. Those who participate in FinTech Sandbox then share learnings and advancements in the industry. There are no fees and no equity is taken.
"We are thrilled to be able to work with great start-ups in Ontario who are enabling incredible technologies for the financial services sector," says Jean Donnelly, executive director of FinTech Sandbox. "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."
Increasingly competitive financial services industry
"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," says Charles Sousa, Minister of Finance of Ontario. "Ontario Centres of Excellence will provide an important contribution to the fintech sector, which is poised to grow and thrive in Ontario."