A Tech Giant from India Plans a Big Dream in Canada
Canada has a few exceptional features. It gives a hope that one need not worry about any investment or taxes. The experts are watching the flight of capital to the US.
Paytm, is a Indian technology unicorn. It’s estimated worth is nearer to $ 10 billion. It has selected Toronto as the first point of entry abroad. Toronto has several modern experts who are interested in machine learning and the Paytm Labs presently employs 70 professionals. In 2017, the company has introduced a mobile app for the use of Canadians which permits them to pay their bills right away in a single place. Presently, it also has a rewards program for attracting more customers.
There are many data scientists who work out of Canadian office when compared to any other office of the company. Having access to varied skills offers a competitive advantage. Canada boasts of a thriving financial sector and many universities located in a concentrated area.
Leaders of promising tech firms describe Toronto as a great fin tech hub which is indeed a fine discovery. The government has a specific agency Invest in Canada which has a mandate to ensure that the country has more exposure in the world.
There are tax policies which are attracting entrepreneurs into the country. Prominent Indian firms prefer Canada, ignoring the presence of negativity seen in the Indian trip of Canada PM in February.
There is a review of the complaints regarding the regulatory system of Canada. Moreover, there is talk regarding crypto currencies and fin-tech, and there is a feeling that Canadian authorities are not keeping up with the speed of changes in the financial sector.
Ease of work
In Canada needed the permission of very less authorities only, to commence its operations. On the contrary, in the US there is a need to obtain around 40 separate licenses.
Canada can serve as a fine testing ground, for making cashless payments. Canada still has the practise of using shiny coins and pretty polymer notes.
In contrast in Mumbai, a shopper can pay through the app at every place. The logo of the company is omnipresent like the as MasterCard and Visa. In Toronto, not only many sellers do not favor using the credit cards but also many Canadians have no intention of quitting cash. These are the reasons which make policy makers, to feel pressure to decide about crypto currencies.
Paytm, has financial muscle and an experience and can make a difference in Canada. The app for Canada designed by the Indian fin tech company has a rewards program. It shows that many Canadians are fond of their points, but not of cash or credit cards.
The strategy for Paytm is not to carry cash in Toronto. They have set a target to do so in 2019.