Canadian Imperial Bank of Commerce and Bank of Nova Scotia are stepping up their involvement with fintech firm Thinking Capital, the latest example of deepening ties between Canada’s big banks the financial technology firms that are increasingly challenging them on their own turf.
Fintech was supposed to disrupt the financial old guard, but their stocks are tanking, and the market hasn’t been impressed with their performance so far.
Technology firms have turned several industries on their head. The way people buy books, hail a ride home from the bar or find a room for the night while on vacation have all changed.
And now financial technology or fintech firms are turning their sights on the banking industry, but Canada's big banks aren't going to give up their dominant position without a fight.
Financial technology, or FinTech, is where technology meets financial services to provide alternatives for everything from bill payments to borrowing. The sector has come a long way from Interac, ATMs, and telephone banking, and now includes Bitcoin and Apple Pay.
Midas Letter author James West writes about what he thinks are three publicly-traded ‘baby unicorns’ that have great potential to become success stories.
