As Canada's top financial hub and one of the top 10 financial centres in the world , the Greater Toronto region is positioned to be a leader in fintech, or financial technology, innovations that are rapidly reshaping the financial services sector.
Firms like FundThrough, Koho, Purpose Investments and OneVest - all founded or co-founded by University of Toronto alumni - are contributing to the region's fintech ecosystem and delivering a range of services for businesses and customers.
Now in its seventh year at U of T's Rotman School of Management, the Financial Innovation Hub in Advanced Analytics (FinHub) , provides an ideal forum for researchers, students, startups and industry to develop the expertise needed to drive ongoing innovation in the sector and leverage cutting-edge research to tackle practical industry challenges.
Susan Christoffersen, dean of the Rotman School, spoke to business leaders about the university's contribution to the region's financial services sector at the Toronto Region Board of Trade's (TRBOT) Feb. 4 fintech summit .
U of T News recently caught up with Christoffersen ahead of the event to learn more about how the sector is evolving, the importance of collaboration, how Rotman and FinHub are preparing industry-ready students - and what comes next.
What is fintech and what impact is it having on consumers and businesses?
Fintech uses digital technologies to provide financial services. It can be viewed in two ways. First, as a customer-facing technology that provides an array of services and opportunities for users and bank customers. For instance, mobile banking allows customers to manage their bank accounts on a mobile device. Robo-advisers use algorithms to manage investments. Open banking gives customers control over their financial data.
Second, fintech is about the development of new technologies and the transformation of the financial services sector. Artificial intelligence (AI) is reshaping the sector by enhancing efficiency, improving decision-making, managing risks and driving innovation. While technology has always played an important role in the sector, there's been significant acceleration in the past decade.
There are more changes on the horizon. From how financial transactions will be performed to the role of financial institutions and the emergence of intermediary service providers. So, whether students want to work in commercial banking, capital markets or at fintech firms, Rotman and FinHub are preparing them for the technologies that will come along, the tools that they need and the structural changes they will see, so they can adapt and succeed.
With Toronto being North America's second-largest financial centre, in what ways does Rotman benefit from - and contribute to - the region's fintech sector?
Being in a large financial centre like Toronto presents a significant opportunity to create a robust fintech ecosystem. This is especially true when you couple the industry expertise of our financial institutions with exceptional talent, research and innovation coming from universities.
Because of our location, our researchers can easily connect with academics and professionals in a wide range of fields to tackle industry challenges. Through FinHub, we have been able to partner with several banks, OPTrust, the Bank of Canada and the Global Risk Institute to name a few.
While Toronto's financial services sector faces numerous technological and economic challenges, Rotman has incredible instructors who are both technologically savvy and have a deep understanding of financial markets. Much of Toronto's AI and tech talent was nurtured and trained at U of T. Regulatory agencies and financial institutions can draw upon this knowledge and talent by collaborating with us to support the sector and ensure Canada doesn't fall behind.
FinHub is a collaboration between three U of T divisions - Rotman, the Faculty of Applied Science & Engineering and the department of computer science in the Faculty of Arts & Science. Why is collaboration critical for researchers, students and industry partners?
FinHub is intentionally collaborative because the technological problems we're trying to solve are complex, requiring multi-faceted expertise. We provide a forum for academics, researchers, students, investors and industry from many disciplines to converge and collaborate. This collaborative culture helps us achieve the highest aspirations of a business school, which is to solve real-world problems.
Recent projects by FinHub researchers include the use of large language models to scan the news for information on financial markets to predict macro trends. It also includes improving options hedging with AI, redesigning payment markets with blockchain and advising the Bank of Canada on a central bank-issued digital currency.
The Creative Destruction Lab (CDL) is another example of an initiative started at Rotman based on this spirit of cross-disciplinary collaboration. CDL significantly contributes to Toronto's fintech ecosystem by focusing on innovation and helping businesses scale. FinHub's proximity to CDL helps spark collaboration between researchers, industry and innovators in AI and blockchain. It also helps attract people to the ecosystem, which generates new ideas. That's where the magic happens.
As vice-dean, you led the creation of Rotman's master of financial risk management program. How is this program evolving to meet the needs of industry and students?
Our Master of Financial Risk Management (MFRM) program was established in response to the 2008 financial crisis. A few years after the program launched in 2016, AI was taking off and fintech was emerging, too. Guided by our advisory board comprising industry specialists, we integrated AI, machine learning (ML), blockchain, regtech and coding into the curriculum. Although a relatively new program, it was important that we adapt the program to meet the needs of industry and students. In 2025, the program was ranked first in Canada and 18th in the world by QS .
Internships are a key part of the MFRM program. Students can work with risk managers at regulatory bodies, banks, and pension funds, to support their learning. Recently, fintech companies have shown interest in working with our students on specific problems, highlighting the demand for talent.
The Toronto Region Board of Trade says the region is poised to become an even more significant financial centre on the global stage. What is needed to achieve this ambition?
Toronto is a strong financial centre, with the expertise and talent needed to drive the sector's continued growth. However, we can't be complacent. Other jurisdictions are heavily investing in AI and other emerging technologies, making fintech services available to customers and integrating technology into market design.
To maintain Toronto's robust fintech ecosystem, policymakers must work to remove barriers and advance policies that encourage investment, retain and build our home-grown talent and support entrepreneurs to stay in Canada.
For those interested in learning more, FinHub is hosting " Unlocking the Future of Finance " on March 31st to explore how AI, ML and other emerging technologies are transforming the sector.
