Murphy at FinTech Forum in Montreal: We must use technology/innovation to chart better path forward

Saying the impact of technology in the world is a turning point, Gov. Phil Murphy — speaking Tuesday at the FinTech Forum in Montreal — urged leaders in New Jersey and Quebec to work together.

“At a moment when the world has been jolted by disruptions — from inflation to climate change to two full-on wars — we must chart a better path forward,” he told an overflow audience in a keynote address that started the two-day conference.

Murphy told the audience the world of technology is at a turning point.

“With every passing day, we see new realms of innovation — from generative AI to quantum computing — evolving at a breakneck pace,” he said. “And disruption is, increasingly, becoming our new normal.

“So, at this pivotal moment in world history, New Jersey and Quebec — as well as Canada, more broadly — have a golden opportunity to unite together and harness our shared strategic advantages to build a better, more sustainable and more prosperous planet for all.”

Murphy said the two areas are logical partners.

Murphy noted the historical breakthroughs of both areas: New Jersey being the birthplace of the light bulb, the transistor and the motion picture industry, while Quebec claims the discovery of radon at McGill University in Montreal.

The governor also noted the numerous business ties: Both Quebec and New Jersey are located at the heart of their nations’ financial systems, noting New Jersey is a hub for some of the top names in finance (he rattled off Prudential Financial, Barclays, ADP, JPMorgan Chase, BNY Mellon and Fiserv) before remarking the state also was the “home away from home” for some of Canada’s largest institutions in information technology and finance, namely, CGI and TD Bank.

There also was a mention of the highly educated workforce and leading universities in both areas.

“Your province, as well as our state, attract brilliant changemakers from every corner of the globe — and bring them together to discover new possibilities,” he said.

“New Jersey and Quebec can write the next chapter in the story of Canada’s alliance with America. We can embrace the spirit of collaborative innovation — to reshape the world of finance and technology, and, in the process, lift up generations of working families.”

Murphy said that effort began Tuesday with the signing of a Memorandum of Understanding between Stevens Institute of Technology, one of the leading institutions of fintech study in the world, and Finance Montréal, the financial nerve center of Québec.

“New Jersey and Quebec have a chance to draw from our shared innovation legacies and unite together in support of our shared values,” he said. “With partnerships like the one we are celebrating this morning — between Finance Montréal and the Stevens Institute of Technology — we can pioneer a new century of discovery and prosperity all across the globe.”

Murphy said the impact of the agreement needs to go beyond fintech.

“Frankly, this is not just about seizing an economic opportunity for our workers and entrepreneurs, it is about upholding our responsibility to future generations, as well,” he said.

“In the face of a world in peril, it is imperative that allies, like the United States and Canada, strengthen our bonds of partnership — and work together to build a more sustainable future.”

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