Financial Services
Alberta's financial services sector has demonstrated impressive growth, outpacing the national growth rate with a 38.7% increase from 2011 to 2021.
Fueled by consumer demand, the ongoing technological revolution in the global financial services industry is poised to gain momentum in the coming years. Alberta is set to lead the charge in this transformative shift. With its favorable business environment and a significant influx of capital from corporate headquarters, Alberta stands out as an exceptionally hospitable destination for financial companies. Here, you'll encounter a blend of established financial giants and dynamic fintech startups, all propelled by a highly skilled workforce. Being one of Canada's most entrepreneurial provinces, Alberta is actively facilitating connections between pioneering fintech enterprises and the essential capital for their expansion, ultimately reshaping the financial landscape.
Calgary is establishing itself as a major global finance center, housing over 1,400 financial services companies and evolving into an emerging fintech hub. The city's appeal to financial firms is driven by a strong corporate presence, high individual wealth, and a significant volume of business deals. Additionally, Calgary has extensive global market integration, with 75% of the top 20 global investment banks maintaining branch offices in Alberta.
The financial sector's strength in Alberta, combined with the growing trend toward digitalization, has spurred substantial growth in the fintech industry. The province plans to invest more than $1.5 billion in digital transformation for financial services from 2021 to 2024. Fintech companies in Alberta specialize in various areas, including blockchain, cryptocurrency, insurtech, paytech, capital markets, wealthtech, and software development.
The presence of capital-intensive industries has generated a high need for a cutting-edge, inventive financial services sector. Consequently, the province has cultivated exceptional proficiency in specialized areas like asset management, trading, mergers and acquisitions, corporate banking, and equity issuance, establishing itself as a global leader in these domains.
Edmonton plays a key role in asset management and banking entrepreneurship, hosting four of Western Canada's largest financial institutions, including one of the country's largest institutional investment fund managers.The emerging fintech sector in Alberta has attracted attention from investors and is home to three fintech unicorns, highlighting its capacity to innovate and secure the necessary capital for expansion.