New Jersey Governor Phil Murphy, alongside leaders from Stevens Institute of Technology and Finance Montréal, witnessed the signing of a Memorandum of Understanding (MOU) aimed at strengthening fintech connections between the financial centers of Montréal/Quebec and New York/New Jersey. The MOU was signed during the Canada Fintech Forum, an annual event organized by Finance Montréal, where Governor Murphy addressed attendees.
“Our unmatched talent pool, access to capital, and digital infrastructure that sets the stage for innovation is why New Jersey is home to more than a quarter of the world’s top 100 fintech companies,” said Governor Murphy. “Through our investment in innovation hubs and by building partnerships with other leading hubs like Montreal's fintech ecosystem, New Jersey will remain at the forefront of innovation in the fintech space.”
Stevens Institute of Technology is a prominent research and teaching university based in New Jersey with significant investments in financial sciences and technologies.
"With its leadership in Quebec's financial sector and its mission to promote innovation in fintech, Finance Montréal is a strategic partner for Stevens as we expand the impact of our fintech programs,” said Stevens President Nariman Farvardin. “Our leadership of the federally funded Center for Research towards Advancing Financial Technologies (CRAFT) and our partnership in the New Jersey Fintech Accelerator at Stevens (NJFAST), powered by Plug and Play, position us at the forefront of fintech innovation and education. This international relationship will create a strong linkage between our respective regional financial centers, fostering knowledge exchange, growth, and innovation in the rapidly evolving fintech landscape."
Finance Montréal serves as Quebec’s financial hub, established in 2010 by innovators in the financial services industry at the invitation of the Quebec government.
“Finance Montréal is proud to collaborate with Stevens Institute of Technology and the State of New Jersey to advance the development of financial technology and Quebec fintech," stated Jacques Deforges, CEO of Finance Montréal. "Fintech is an essential pillar of what Finance Montreal does and over the years, Fintech Station Montréal has become Canada's most important fintech hub. There is momentum to sustain, and we believe that helping our start-ups strengthen their international ties is key to our success. There is no doubt that through co-development programs, research partnerships, and expanded networks of experts and venture firms, this collaboration will positively impact both Montreal/Québec and New York/New Jersey global financial centers.”
Stevens also leads NJ FAST (New Jersey Fintech Accelerator at Stevens Institute of Technology), supported by various partners including Prudential Financial and Plug and Play. This initiative provides opportunities for innovative fintech startups to receive equity investments through an accelerator program.
Additionally, Stevens co-leads CRAFT (Center for Research Towards Advancing Financial Technologies), which focuses on fintech research with several university partners and over 20 industry members.
Finance Montréal aims to develop Quebec’s financial services industry into a competitive global business hub focusing on fintech innovation, sustainable finance, talent development, and attracting foreign financial companies to Montréal.
“This collaboration represents a significant step in strengthening the fintech connections between Quebec and New Jersey,” remarked Wesley Mathews, President & CEO of Choose New Jersey. “By combining our resources, expertise, and innovation we can drive economic growth and create new opportunities for both regions in the rapidly evolving fintech landscape.”
For more information on the New Jersey Canada economic mission or inquiries about this initiative contact Mahen Gunaratna (mahen.gunaratna@nj.gov) or Ingrid Austin (iaustin@choosenj.com).
