Mercer Times

During a recent economic mission to Canada, New Jersey Governor Phil Murphy joined leaders from the Stevens Institute of Technology and Finance Montréal to sign a memorandum of understanding. This agreement aims to strengthen ties and development in fintech between the financial centers of Montreal/Quebec and New York/New Jersey. The signing took place at the Forum Fintech Canada, an annual event organized by Finance Montréal, where Governor Murphy addressed the audience.

Governor Murphy stated, "Our unique talent pool, access to capital, and digital infrastructure pave the way for innovation," explaining why New Jersey hosts more than a quarter of the world's top 100 fintech companies. He added that investments in innovation hubs and partnerships with leading ecosystems like Montreal's fintech sector will keep New Jersey at the forefront of fintech innovation.

Stevens Institute of Technology is a leading research university based in New Jersey with significant institutional investments in financial sciences and technologies. Nariman Farvardin, President of Stevens, said, "Finance Montréal is a strategic partner for Stevens as we expand our impact on fintech programs." He emphasized their leadership within CRAFT (Center for Research towards Advancing Financial Technologies) and collaboration with NJFAST (New Jersey Fintech Accelerator at Stevens), positioning them at the forefront of fintech innovation and education.

Finance Montréal serves as Quebec's financial cluster since its creation in 2010 by industry innovators invited by Quebec's government. Jacques Deforges, Director General of Finance Montréal, expressed pride in collaborating with Stevens Institute of Technology and New Jersey to advance financial technology development. He noted that this partnership would positively impact global financial centers through joint program development and expanded networks.

Stevens also partners with NJ FAST to create a fintech innovation hub supported by state initiatives involving Prudential Financial and Plug and Play. Professors and students will work alongside innovative fintech startups participating in an acceleration program offering potential capital investment opportunities.

Additionally, Stevens co-leads CRAFT, funded federally as the first U.S.-focused research center on fintechs now entering its fourth year with multiple academic partners and over 20 industry members.

Wesley Mathews, CEO of Choose New Jersey, remarked on this collaboration's significance: "By combining our resources...we can stimulate economic growth...for both regions."

For further information about the New Jersey-Canada economic mission, journalists may contact Mahen Gunaratna or Ingrid Austin or visit choosenj.com/CanadaMission.