The Canadian Imperial Bank of Commerce (CIBC) is teaming up with MaRS Discovery District to create a corporate innovation space. The global financial institution and urban innovation hub will support future innovation through the MaRS FinTech cluster.
The financial technology 'cluster' connects those in the financial services sector with new ventures involved in creating technology in the ares of alternative lending, financial services, new payment methods and peer-to-peer transactions.
The permanent facility will be ready this fall and will enable CIBC teams to work alongside the leading talent in tech to develop the next banking ideas. Salim Teja explains the corporate innovation space will help the bank lead while also helping "industry leaders leverage startup talent to boost creativity and innovation in Canada's financial services sector."