The B.C. Technology Industry Association (BCTIA) is partnering with PayPal Canada to launch the province’s first “formalized” financial technology (FinTech) cluster.
The partnership, announced Thursday evening (October 22) at the BCTIA’s Innovation Hub in Vancouver, includes the development of training programs to help early stage FinTech companies innovate.
FinTech companies provide services such as alternative lending, peer-to-peer money transfers and access to crypto currencies like Bitcoin.
PayPal said it would provide startups attending BCTIA workshops with mentorship and direct feedback about how to make money.
"The BCTIA is the right choice of a strategic partner to help us achieve our goal of supporting startups to create powerful digital commerce experiences," said Alexander Peh, PayPal Canada’s head of market development and mobile, in a statement.
"Working together to formalize a FinTech cluster in Vancouver is a wonderful opportunity to strengthen our relationships in B.C.”
The BCTIA did not respond to multiple calls and emails by deadline when asked what the difference would be between a formalized FinTech cluster and the Vancouver FinTech community as it exists now.
Vancouver is home to about 30 startups specializing in FinTech, including Control, which partnered with PayPal Canada in August to develop a mobile app for merchants.
Meanwhile, Payfirma and Koho have both raised millions in capital venture in recent months.
Payfirma CEO Michael Gokturk told Business in Vancouver in May he would like to take the company public sometime within the next year.
But Vancouver-based Mogo Finance Technology’s $50-million initial public offering was met with disappointed in June when its opening share price of $10 dipped 5% on the opening day of trading.
Mogo shares were trading at $3.99 as of Monday morning (October 26).
