Record-breaking year for AI based fin-tech sector in Canada: New-age technologies are essential for financial and fiscal systems. We are living in a technological era, and it’s inevitable to have technological development.
Along with other industries, the financial ecosystem has reacted appropriately to technological advancements.
Broadly, financial technology (fin-tech) may be assigned to different aspects. What could be described as financial technology? Innovation that can change the transact business ecosystem. When the business and economic system get an advantage with technological improvement, then it can be defined as fin-tech. The revolution of financial technology is inevitable, and economic entities are aware of it.
2019 was the best year for Canada in terms of fin-tech. The Canadian government has shared the latest data about the success of 2019. Insights delivered from “CB insights Canada” shows the financial ecosystem has benefited more than $4.1 billion in the second half of the year. What happened in the second part of the year? What was the turning point for business entities to invest so much in the fintech industry?
The turning point of 2019 – attention-grabbing data from the digital gaming industry
Under the digital charter of Justin Trudeau, Canadian business entities operating in the digital gaming industry have transformed their approach. The community of digital gaming has implemented the fin-tech systems, and the first half of 2019 was very successful for the industry. People need secure platforms to trust their funds, and the fin-tech revolution can be secure. That’s what changed in the digital gaming community, and the perks of being open for innovations could get industry from regular to attention-grabbing.
In 2019, Canada entered the list of top 10 countries with the influential gambling sector. With the help of innovative financial technologies implemented, we saw the rise of the digital casino, betting, and lotto platforms. After the changes made in 2019, Canadian online casino venues are associated with the secure platform, fin-tech revolution, and innovative approach. Local Canadian casino platforms have implemented every possible financial technology that leads to secure transactions of funds. Adding cryptocurrencies as an alternative payment option will give you extra interest and revenue in a long-term strategy.
After the attention-grabbing success of digital gaming in the first quarter of 2019, business entities in other industries started to focus more on fin-tech. With the data of 2019 in hands, experts made a bold prediction about the digital gaming sector. It’s believed that the industry will reach 500 billion in revenue by 2023. Attractive revenue numbers were a main indicator for other business entities to invest in fin-tech.
What happened in the second half of 2019?
From the third quarter of the year, big business entities based in Canada started to focus more on fin-tech. The country’s government saw a rise in investments in technologies based on Artificial Intelligence and Crypto assets. Justin Trudeau should be proud because the main points of the digital charter are entirely related to AI and Crypto revolution.
In the second half of the year, Canadian venture capitals have set record-breaking $4.1 billion investments. In 2019, business entities that are focused on Artificial Intelligence saw a rising interest from angel investors. Official data shows that in the second half of the year, the number of AI-based companies doubled in Canada.
Compared to 2014, AI-based fin-tech industries have seen massive success. Only $47 million investments were made in the sector in 2014 while we saw a record-breaking period in the second half of 2019, getting billions from angel investors.
