CANADA ’ S KNOWLEDGE HUBS GRADUATE TO HOSTING EVENTS WITH DISTINCTION
CMW EXPLORES HOW CANADA IS USING ITS VAST FINANCE AND INSURANCE ( F & I ) EXPERTISE , INCLUDING ITS INNOVATIVE APPROACH TO FINTECH , TO COMPLEMENT ITS NATURAL BEAUTY AND ATTRACT BUSINESS EVENTS TO ITS KNOWLEDGE HUBS .
Stunning landscapes , mesmerising wildlife and cultural diversity are some of the more typical reasons that travellers are attracted to Canada . On the other hand , the country ’ s global leadership in the finance and insurance ( F & I ) sector has traditionally been less of a consideration for most visitors . For meeting planners keen to tap into local expertise and knowledge capital , however , this is a significant draw . Combine this industry expertise with the natural wonders and unforgettable experiences that the country is famous for and it is clear why F & I events are flocking to Canada .
Event planners may already be aware of what makes the country ’ s F & I sector so strong , particularly its fintech subsector , but let us examine these strengths in a bit more detail .
Canada has one of the strongest traditional F & I service sectors in the world comprised , in part , of its impressive array of banks , trust and loan companies , finance and leasing businesses , and vast professional ranks of fund managers and brokers .
According to the World Economic Forum ’ s Global Competitiveness Index ( GCI ) 2019-2020 , Canada ’ s banking system ranks second among the G20 and sixth among 141 other countries . This platform for success is built on the thriving economic hubs across the country , all of which help fuel growth , innovation and investment .
Canada ’ s economic resilience throughout the global recession a decade ago and during the Covid-19 pandemic , in comparison to most other developed parts of the world , has further provided clear illustration of the strong fundamentals of the country ’ s financial institutions .
KEY PLAYERS
Canada is home to some of the world ’ s most successful financial institutions . The ‘ Big Five ’ ( the Royal Bank of Canada , Toronto-Dominion Bank , Bank Nova Scotia , Bank of Montréal and the Canadian Imperial Bank of Commerce ) – Canada ’ s leading
Right : Virginie De Visscher , Senior Director of Business Development , Economic Sectors , Destination Canada Business Events banking quintet – are all ranked in the global top 100 largest banks .
Likewise , Canada is also a major player in the international insurance game with its companies holding assets worth US $ 797.6 billion in total . Three of Canada ’ s top life and health insurers rank among the 15 largest in the world ( Manulife , Canada Life and Sun Life ). Canada ’ s F & I sector has put down and nurtured firm roots throughout the global marketplace and spread its influence worldwide .
One of the key elements in these international foundations is Canada ’ s long held belief in innovation and entrepreneurship . This forward-thinking country offers one of the most open societies in the world – ideal fertile ground for fostering innovation and hothousing ideas and technological success stories so that they can be transferred quickly to impact society .
These principles , specifically within the F & I industry , have driven vast flows of venture capital through the heart of the Canadian economy . Venture capital provides crucial start-up financing for companies and small businesses that are believed to have longterm growth potential . Indeed , Canada ranks second in total venture capital funding among the Organisation for Economic
CONFERENCE & MEETINGS WORLD
3