Several BMO representatives recently participated in the World Trade Center Utah’s Canada Trade Mission, an invitation-only delegation of business leaders, academic and research institutions, and government agencies. The mission focused on economic development and innovation policy with the goal of discussing subnational partnerships in areas such as critical minerals and energy production.  

The mission also emphasized the growing relevance of artificial intelligence (AI) across industries, including fintech, and how Utah and Canada can learn from each other’s leadership in a field that’s rapidly become a critical engine for economic growth.  

Given BMO’s longstanding presence in both the U.S. and Canadian markets with insights into binational business ecosystems, we were thrilled to have the opportunity to discuss cross-border trade. And because we’re deeply invested in AI-driven financial innovation, we were excited to exchange ideas about this paradigm-shifting technology. 

Given the current focus on trade relations between the two countries, the event provided an opportunity to discuss the importance of relationships, particularly between Utah and Ontario.  

Canada is Utah’s second-largest export market, with $1.7 billion in goods moving from Utah to Canada annually. The Beehive State also imports more than $3 billion in goods each year from Canada. Additionally, Utah has access to 40 of the 50 minerals deemed critical by the Department of the Interior, and they partner closely with Canada on processing these minerals.  

Canada has emerged as a global AI leader. Similarly, Utah’s Legislature plans to invest $100 million into a facility where businesses and universities can collaborate on AI.

Among the key insights:  

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  Collaboration across the public, private and academic sectors is important for AI success; and 

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  Cross-border relationships can help accelerate innovation, promote responsible growth and foster mutually beneficial regulatory frameworks.  

Sharon O’Sullivan, BMO’s Global Head of Technology Research and Innovation, and Geoff Langdon, Head of BMO’s Wealth Technology Transformation, hosted a roundtable discussion about the synergies between Utah’s emerging AI ecosystem and Canada’s deep research and innovation landscape. They also highlighted BMO’s firsthand insights in AI, including BMO Insurance’s new AI-powered digital assistant for underwriters that’s designed to accelerate decision-making. They also noted that BMO itself has adopted AI tools to help employees make better-informed decisions and improve efficiency. 

Given our longstanding presence in both the U.S. and Canadian markets, our cross-border expertise, and our integrated North American banking platform, we are grateful to have been a part of the discussion about cross-border trade and advancing AI thought leadership.