6044910841_f8bda02f01_z

Paypal Helps Launch Fintech Cluster in Vancouver

November 5, 2024         By: Ryan Kennedy

As financial technology incubators and accelerators pop up around the global, PayPal and the BC Technology Industry Association have announced a collaboration project to launch a fintech cluster in Vancouver, Canada.

The cluster, like an accelerator or incubator, will serve as Vancouver’s first formalized fintech hub and provide local companies with guidance and access to an array of international exposure.

Both BCTIA and PayPal have stated that the primary focus of the cluster will be emerging payments, traditional banking disruption services, alternative lending, peer-to-peer money transfers and crypto-currencies.

Although these are the main focuses, the partnership also announced that it would welcome any fintech startup into the cluster. “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, Market Development Head at PayPal Canada.

Both organizations have touted the other as the perfect partners for the project. The announcement of the fintech cluster was made at a kick-off event held at the BCTIA Innovation Hub, with many startups and industry insiders in attendance.

“We are incredibly excited about this opportunity,” said Bill Tam, BCTIA President and CEO. “There has been a quiet, natural growth in Vancouver’s fintech cluster for several years, mostly under-the-radar, and through our collaboration with PayPal, we will begin to showcase the possibilities that exist for Vancouver-based technology to significantly disrupt the financial industry as we know it today.”