Boston’s FinTech Sandbox expands to Ontario to help startups scale with access to data

The Ontario Centres of Excellence (OCE) and Boston-based FinTech Sandbox, a nonprofit that aims to promote FinTech innovation, have signed a memorandum of understanding (MOU) to expand FinTech Sandbox’s model into Canada.

As part of the expansion, FinTech Sandbox will open its first program in Ontario to provide the province’s FinTech startups with access to data, cloud hosting, and other resources. OCE said it will provide the initial access to FinTech Sandbox’s resources to qualified FinTech small and medium-enterprises, including those located at incubators and accelerators across the province.

“Innovative organizations like FinTech Sandbox recognize that Ontario is both a startup hub and a leading global financial services centre.”

“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,” said 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.”

FinTech Sandbox aims to help FinTech startups accelerate product development by providing access to data, infrastructure, and other resources for free. While participating startups are not required to pay any fees and no equity is taken from the companies, they are expected to collaborate, and share their insights and progresses within the FinTech ecosystem.

“We are thrilled to be able to work with great startups 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.”

OCE said that through the partnership, OCE and FinTech Sandbox will establish a shared resource for Ontario’s FinTech community and curate FinTech companies for FinTech Sandbox’s services, and work together to invite qualified Ontario FinTechs that to participate in FinTech Sandbox’s program.

“Innovative organizations like FinTech Sandbox recognize that Ontario is both a startup hub and a leading global financial services centre,” said Reza Moridi, minister of research, innovation, and science. “This collaboration highlights the important role that a well-developed FinTech ecosystem can play in driving prosperity and competitiveness.”

Amira Zubairi

Amira Zubairi

Amira Zubairi is a staff writer at BetaKit. As a fourth-year journalism student who has written primarily about entrepreneurship, Amira has developed a growing interest in Canadian startup, business, and tech news. In her free time, Amira enjoys reading, baking and watching legal shows.