The UK and Canada’s FinTech industries are poised to benefit from closer collaboration following the re-election of Mark Carney, according to leading audit, tax and advisory firm Blick Rothenberg.
Melissa Thomas, Head of the firm’s Canada desk, said Carney’s pledge to prioritise economic ties with “reliable allies” such as the United Kingdom could open the door to deeper cooperation between two of the world’s leading FinTech hubs: London and Toronto.
“Toronto and London are world leaders in the FinTech sector,” Thomas said. “Initiatives like the Canadian Technology Accelerator (CTA) programme — which in 2024 supported Canadian firms engaging with the UK FinTech market — demonstrate strong appetite for collaboration, which Mark Carney is no doubt aware of.”
Carney’s return to public office signals a shift in Canada’s global trade strategy, with increased focus on diversifying economic relationships beyond its traditionally dominant US trading partnership. Thomas said that the FinTech sector is well placed to drive that strategy, offering innovative solutions to modernise financial infrastructure and ease cross-border business.
“But to do this,” she added, “they will need a helping hand from programmes like CTA to foster meaningful connections and support rapid scaling.”
Carney’s deep understanding of both economies is expected to ease regulatory cooperation. As a former Governor of both the Bank of Canada and the Bank of England, he brings rare insight into the UK’s financial ecosystem and a proven ability to manage macroeconomic shifts — including Brexit.
“This experience could help to smooth regulatory cooperation between the UK and Canada, which would aid the fostering of new FinTech investment partnerships,” Thomas said.
She also pointed to the momentum from the successful 2021 UK-Canada Free Trade Agreement, which guaranteed 99% tariff-free access for goods. Since the UK left the EU, bilateral trade between the two nations has increased by more than 60%.
With both countries looking to expand their digital economies and build future-proof trade relationships, Carney’s re-election could serve as a catalyst for a new era of FinTech collaboration between Canada and the UK.
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UK and Canada’s FinTech sectors set to benefit from Mark Carney’s re-election