Montréal, Friday, November 6, 2020 ‒ The Strategic Forum on financial services held as part of the Relaunch MTL movement, powered by the Chamber of Commerce of Metropolitan Montreal and its partners, shone a spotlight on the issues facing the financial services sector, which mobilized to meet the needs of businesses and individuals in recent months. Over 250 participants attended the Forum and had a virtual discussion with more than 25 pillars of the industry, who were in attendance to discuss avenues for solutions and initiatives to foster the viable, prosperous growth of the sector.
During the event, strategic partners from different branches of the industry identified issues and challenges that affect financial services. The impact of the pandemic has been felt in all spheres of the sector, and the Government of Canada emergency wage subsidy program mitigated some of the effects. Beyond the repercussions of the current crisis, participants expressed profound concern about issues related to climate change, inclusion, and cyberrisk in the financial sector.
As part of the Forum, participants identified opportunities and decisive action to strengthen services to businesses and individuals. Positioning Greater Montréal as a North American centre for sustainable finance and attracting and training talent against the backdrop of a technological shift are industry priorities. According to participants, governments must, as a matter of priority, review measures to assist businesses to make them more targeted and structuring, and present a clear, long-term vision of the economy to rally efforts in the financial community and encourage investment.
These solutions were identified following a situational analysis presented in the Action Plan to Strengthen the Financial Services Sector, co-developed by the Chamber and Finance Montréal, in cooperation with KPMG. The plan noted the generalized drop in interest rates, which reduces borrowing costs for consumers and businesses, the resilience of the financial system in Quebec, and measures that financial institutions deployed during the health and economic crisis to support businesses and households.
“We are witnessing a wave of mobilization from all actors in the community,” said Michel Leblanc, president and CEO of the Chamber of Commerce of Metropolitan Montreal. “There are many opportunities to ensure a sustained economic relaunch of the financial sector. Accelerating the digital shift is not only necessary during the pandemic, but also the pivot that will enable the sector to look toward the future. There is no doubt that Montréal can position itself competitively on the international stage in the fields of sustainable finance and cybersecurity. We also want to leverage the large pool of talent found in the city. The Chamber will continue to support Finance Montréal in its efforts to position Montréal as a centre of finance.”
“In Quebec, the finance and insurance sector, while resilient, has not been spared,” said Jacques Deforges, CEO of Finance Montréal. “More than ever, one of the keys to the recovery lies in discussions between different industry actors and the ability to build networks in key fields for the future of finance. Sustainable finance, fintech, and talent development are major levers for growth to position Montréal and Quebec at the forefront as part of an ambitious, sustainable relaunch.”
The action plan enhanced with input from a participative session held as part of the Forum will soon be available on the Chamber of Commerce of Metropolitan Montreal website. While awaiting the updated version, you can find the action plan here.
About the Strategic Forum on financial services
The Strategic Forum on financial services, which is part of the Relaunch MTL movement, is jointly developed by the Chamber of Commerce of Metropolitan Montreal and Finance Montréal, in cooperation with Fondaction, Intact Insurance, and La Capitale Insurance and Finance Services.
About the Relaunch MTL movement
The Relaunch MTL movement is powered by the Chamber of Commerce of Metropolitan Montreal, the Government of Canada, the Government of Québec, the Communauté métropolitaine de Montréal and the Ville de Montréal, in association with Investissement Québec and the Palais des congrès de Montréal, and in cooperation with the Caisse de dépôt et placement du Québec, CN, the Fonds de solidarité FTQ and KPMG. The movement is also created with the support of Air Canada, CGI, Desjardins, Hydro-Québec, La Presse, Montreal Gazette, RBC Royal Bank and Rio Tinto, and in partnership with Aéro Montréal, AluQuébec, the Association de la construction du Québec, the Quebec Film and Television Council, CargoM – Logistic and Transportation Metropolitan Cluster of Montréal, the Conseil québécois du commerce de détail, Culture Montréal, Écotech Québec, Femmessor, Finance Montréal, the Fonds de recherche du Québec, La Guilde du jeu vidéo du Québec, mmode – the Metropolitan Fashion Cluster, Montréal International, Montreal InVivo, Numana, Propulsion Québec and Tourisme Montréal. More details on the movement at www.relaunchMTL.ca.
About the Chamber of Commerce of Metropolitan Montreal
With a network of over 8,000 members, the CCMM is active on two fronts: being the voice of the Montréal business community and delivering specialized services to businesses and their representatives. With its finger on the pulse of current events, it acts on issues that are decisive for the prosperity of the city’s businesses. With the support of the Acclr experts, the CCMM’s goal is to accelerate the creation and growth of businesses of all sizes, at home and around the world.
To continue the discussion: #RelançonsMTL
Source: Chamber of Commerce of Metropolitan Montreal
Information: Caroline Des Rosiers, 514-880-2881, firstname.lastname@example.org