The UK and Canada’s fintech sectors will benefit from Mark Carney’s re-election
The UK and Canada’s fintech sectors will benefit from Mark Carney’s re-election as he looks to prioritise closer economic ties with allies like Britain, say leading audit, tax and business advisory firm, Blick Rothenberg.
Melissa Thomas, head of Canada desk at the firm said: “Mark Carney has stated he will prioritise partnerships with ‘reliable allies’ like the United Kingdom. Toronto and London are world leaders in the fintech sector, and programs like the Canadian Technology Accelerator Program (CTA) which in 2024 supported Canadian businesses to strengthen their connections with the UK’s fintech market shows there is appetite for collaboration, which Mark Carney is no doubt aware of.”
She added: “Canada seeks to diversify its trade relationships and move away from reliance upon the US. The fintech sector can support this by improving existing financial infrastructure and innovating new technologies, allowing for easier collaboration between Canadian businesses and their trading partners overseas. But to do this they will need a helping hand from programs like CTA.”
Melissa said: “Mark Carney’s previous role as governor of the Bank of England gives him an unparalleled understanding of the UK’s financial landscape and has a proven track record in managing economic challenges, including the Brexit transition. This experience could help to smooth regulatory cooperation between the UK and Canada, which would aid the fostering of new fintech investment partnerships.”
She added: “Both countries are also looking to build on the successful 2021 UK-Canada Free Trade Agreement, which ensures 99% duty-free access for goods. Since the UK’s departure from the European Union, trade between the two nations has soared, with goods and services exchanges increasing by more than 60%.”