CIBC and MaRS to collaborate on fintech

CIBC will create a corporate innovation hub at MaRS Discovery District in Toronto, expanding a partnership that will see the bank join MaRS' new FinTech cluster as a founding partner. Once the new facility is completed this fall, CIBC will boost its focus on financial technologies by collaborating to develop new banking innovations. The deal follows an agreement between the Ontario Centres of Excellence and Toronto Financial Services Alliance in which financial firms partner with academic-based researchers and tech companies to develop common intellectual property and new spin-offs (R$, January 26/15). Toronto's financial sector is the second largest in North America behind New York....