nTrust, a Canadian online and mobile payments services provider, has joined a fintech innovation network created by MaRS Discovery District, a non-profit organization set up to promote technological innovation.
Mutually Beneficial Relations
The network, called the FinTech Cluster, aims to put startups in the financial technology niche in touch with financial service providers that are aware of the disruptive potential of technology for today’s financial sector and are willing to take advantage of it, fostering mutually beneficial relationships.
The FinTech Cluster involves tech innovators in the fields of payments, financial services, peer-to-peer lending, and cryptocurrencies. One of its goals is to help Canada gain a more prominent position as promoter of fintech.
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Specialization is needed to respond to changing consumer demand
nTrust’s President Rod Hsu said: “As the use of money rapidly changes, fintech innovation and development is paramount. Specialization across the industry and partnerships amongst both fintech innovators and with traditional financial services are essential to close the gap between the incumbent system and changing consumer demand and preferences.”
Joining the network will allow nTrust to get in touch with “likeminded stakeholders and innovators,” Hsu added.
nTrust’s services include sending money directly to people, to a bank account, paying for goods and services via a mobile device and loading money into prepaid cards that can then be used to pay for goods both online and in brick-and-mortar stores.