MaRS, CIBC to Open Innovation Space for Financial Technology Startups

CIBC this week announced a partnership with MaRS Discovery District to create a new corporate innovation hub and join MaRS’ new financial technology cluster to support future innovations.

As part of CIBC’s new partnership with MaRS, the bank will be constructing a permanent corporate innovation space for financial technology.

“Partnerships and innovation are the key to building the bank of the future, which is why we are excited about the opportunity to further our commitment to innovation with MaRS,” said Aayaz Pira, Vice President, Digital Channels, CIBC. “The opportunity to have our team work alongside top design talent and entrepreneurs in a collaborative environment will further our leadership in developing the innovations that will change the way Canadians bank.”

The new facility is expected to be ready this fall.

CIBC’s Apple Watch App was conceived by CIBC team members based at MaRS, where development was accelerated through CIBC’s ability to prototype the watch with business and technology teams working side by side.

“MaRS is committed to building bridges between corporations and best-in-class entrepreneurs,” said Salim Teja, EVP, Venture Services, MaRS. “Having just launched our new FinTech cluster, we are thrilled to have CIBC as founding partner of MaRS’ corporate innovation hub.”