Supporting the Next Generation of Innovators

Written by Chuck Farmer Environment, Social & Governance Lead
Supporting the Next Generation of Innovators

The future of banking lies in the hands of the next generation of innovators. As the financial services industry embraces the digital age, the divergent thinking our industry needs to move forward will come from new, diverse and emerging talent.

As a global fintech, we have a responsibility to support young talent and create opportunities for those that will shape the future of finance and ensure it is open for everyone. With this goal in mind, Finastra is working with the Children’s Aid Foundation of Canada (CAFC) to fund the education and career development of young, financially disadvantaged Canadians.

At the heart of this relationship, our shared goal is to empower the next generation of innovators. For the past 40 years, the CAFC has worked tirelessly to improve the lives of “youth in care,” the thousands of young Canadians in the nation’s child welfare system. It raises and grants funds to deliver a wide range of high-impact programs and services in partnership with 77 children and youth-serving agencies across the country. A key pillar of this program provides educational funding to youth, who otherwise would not have the financial means to obtain college degrees.
The scope of the need is vast: more than 67,000 Canadian children are currently living in permanent foster care. While each individual has their own unique story, many have faced similar experiences such as financial and emotional instability, neglect and even abuse. The statistics paint a troubling picture of the education and career potential for youth in the child welfare system. Less than 50 percent of youth in the foster care system graduate from high school and even fewer go on to pursue higher education degrees.
Finastra is honored to work with the Children’s Aid Foundation of Canada to help bring educational opportunities for these children.  Our Global ESG Director, Jay Mukhey commented, “Finastra is delighted to be partnering with CAFC over the next two years on this exciting project to support the education and development of young, diverse talent across Canada. Finastra has a large number of employees and customers in Canada, and we remain passionate and committed to unlocking the potential of all our people and communities in Canada and beyond.”

Starting this year, Finastra will award five students with scholarships and bursaries to complete their four-year post-secondary education. In the second year of our partnership with CAFC, Finastra will provide six students with financial assistance to obtain their four-year degrees.  

As a global entity, Finastra works with 8,500 financial institutions across 130 countries worldwide. Our technology is used by firms in many developing regions where traditional banking services and software are not widely available or accessible. As a trailblazer in our industry, we place great importance in promoting financial inclusion, social innovation and creating opportunities for new talent. Technology is only as powerful as its users, and we encourage the relationship between our people, stakeholders and technology through a collaborative approach to environment, social & governance. We are proud to be an organization that is committed to the communities we engage with, as well as sharing our success with customers, partners, nonprofits and charities globally.

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