Stevens, Finance Montréal sign MOU to expand fintech partnerships, opportunities

Leaders from Stevens Institute of Technology and Finance Montréal signed a Memorandum of Understanding on Tuesday in Montreal intended to strengthen the connections between fintech developments in the Montréal/Quebec and New Jersey/New York global financial centers.

The signing came during the Canada Fintech Forum, an annual event organized by Finance Montréal.

Gov. Phil Murphy, who addressed the crowd, sang the praises of the state — and Stevens.

“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,” he said.

“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 has long been a premier New Jersey-based research and teaching university with extensive institutional investments in the fields of financial sciences and technologies. It’s why the school is the lead academic partner of NJ FAST (New Jersey Fintech Accelerator at Stevens Institute of Technology), a recently launched initiative supported by the state to create a fintech innovation hub.

Stevens President Nariman Farvardin said the university is eager to work closely with Finance Montréal.

“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,” he said.

“Our leadership of the federally funded Center for Research towards Advancing Financial Technologies and our partnership in the New Jersey Fintech Accelerator at Stevens, 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, established in 2010 by innovators in the financial services industry at the Quebec government’s invitation, aims to bring together governing members, partners, associates and numerous volunteer professionals from Quebec’s financial sector.

Finance Montréal is at the heart of the development and promotion of Quebec’s financial services industry and its positioning as a growing, competitive, attractive and innovative global business hub. Finance Montréal focuses on fintech and innovation, sustainable finance and talent development. Its International Financial Center team also works to attract foreign financial companies to Montréal.

Its CEO, Jacques Deforges, said Finance Montréal is eager to do more with Stevens — and New Jersey.

“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 the Quebec fintech,” he said. “Fintech is an essential pillar of what Finance Montreal does and, over the years, the Fintech Station Montréal has become the most important fintech hub in Canada. There is a momentum to sustain, and we believe that helping our startups strengthen their international ties is key to our success.”

Those international ties, he said, go to the New York City metro area.

“There is no doubt in our minds that, through the co-development of programs, research partnerships and with access to expanded networks of experts and venture firms, this collaboration will positively impact both the Montreal/Québec and the New York/New Jersey global financial centers,” he said.

Choose New Jersey CEO Wes Mathews said announcements such as these show the global strength of the state — especially when it comes to fintech, an area New Jersey has taken a lead in.

“This collaboration represents a significant step in strengthening the fintech connections between Quebec and New Jersey,” he said. “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.”