Finance Montréal launches new fintech hub
Fintech industry group Finance Montréal has announced the launch a new fintech hub in the centre of the city in the aim of supporting the development of new financial technology firms, whilst also helping more traditional financial firms to accelerate their digital transformation initiatives.
“This project will make it possible to develop Québec's FinTech community and help bolster Montréal's position as an innovative financial hub," added Louis Lévesque, Chief Executive Officer of Finance Montréal,” said Louis Lévesque, Chief Executive Officer of Finance Montréal.
The facility, named the Montréal Fintech Station, has been financially backed by the Government of Quebec, receiving $1.5mn upfront whilst a further $9mn will be received over the following five years.
“Technology occupies a central and growing place in the financial sector and in this context, it becomes essential to pool our forces around a dynamic and well-structured pole in order to take advantage of the great expertise developed in the city, which attracts attention everywhere on the planet, especially when it comes to artificial intelligence,” said Quebec Minister of Finance, Carlos J Leitão.
Despite having been opened the hub will officially launch later this year, as the operators will spend the initial 12 months looking to establish connections and recruit participating fintech startups.
Finance Montréal has revealed that approximately 20 to 30 startups will begin working at the centre beginning late 2019.
“We hope to make the Montréal FinTech Station a state-of-the-art space that is dialed in to the global trends revolutionizing financial services. At the Station, financial sector players of all sizes will solve real business problems,” said Matthieu Cardinal, Head of the Montréal FinTech Station.
“Together, we will help create the financial solutions of tomorrow, to the benefit of companies and citizens.”
Intelliwave SiteSense boosts APTIM material tracking
“We’ve been engaged with the APTIM team since early 2019 providing SiteSense, our mobile construction SaaS solution, for their maintenance and construction projects, allowing them to track materials and equipment, and manage inventory.
We have been working with the APTIM team to standardize material tracking processes and procedures, ultimately with the goal of reducing the amount of time spent looking for materials. Industry studies show that better management of materials can lead to a 16% increase in craft labour productivity.
Everyone knows construction is one of the oldest industries but it’s one of the least tech driven comparatively. About 95% of Engineering and Construction data captured goes unused, 13% of working hours are spent looking for data and around 30% of companies have applications that don’t integrate.
With APTIM, we’re looking at early risk detection, through predictive analysis and forecasting of material constraints, integrating with the ecosystem of software platforms and reporting on real-time data with a ‘field-first’ focus – through initiatives like the Digital Foreman. The APTIM team has seen great wins in the field, utilising bar-code technology, to check in thousands of material items quickly compared to manual methods.
There are three key areas when it comes to successful Materials Management in the software sector – culture, technology, and vendor engagement.
Given the state of world affairs, access to data needs to be off site via the cloud to support remote working conditions, providing a ‘single source of truth’ accessed by many parties; the tech sector is always growing, so companies need faster and more reliable access to this cloud data; digital supply chain initiatives engage vendors a lot earlier in the process to drive collaboration and to engage with their clients, which gives more assurance as there is more emphasis on automating data capture.
It’s been a challenging period with the pandemic, particularly for the supply chain. Look what happened in the Suez Canal – things can suddenly impact material costs and availability, and you really have to be more efficient to survive and succeed. Virtual system access can solve some issues and you need to look at data access in a wider net.
Solving problems comes down to better visibility, and proactively solving issues with vendors and enabling construction teams to execute their work. The biggest cause of delays is not being able to provide teams with what they need.
On average 2% of materials are lost or re-ordered, which only factors in the material cost, what is not captured is the duplicated effort of procurement, vendor and shipping costs, all of which have an environmental impact.
As things start to stabilise, APTIM continues to utilize SiteSense to boost efficiencies and solve productivity issues proactively. Integrating with 3D/4D modelling is just the precipice of what we can do. Access to data can help you firm up bids to win work, to make better cost estimates, and AI and ML are the next phase, providing an eco-system of tools.
A key focus for Intelliwave and APTIM is to increase the availability of data, whether it’s creating a data warehouse for visualisations or increasing integrations to provide additional value. We want to move to a more of an enterprise usage phase – up to now it’s been project based – so more people can access data in real time.