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CFTC Commissioner: Average Retail Investor Protection Should Be Different Than Millionaires

Decrypt | Alys Key | Dec 1, 2022

Pixabay geralt investor protection - CFTC Commissioner:  Average Retail Investor Protection Should Be Different Than Millionaires

Image: Pixabay/geralt

The CFTC chief has proposed that the average crypto investor should get different protection from professional and high-net-worth individuals.

  • In remarks prepared for a conference in Singapore, Commodity Futures Trading Commission (CFTC) commissioner Christy Goldsmith Romero said the current regime’s definition of a “retail investor” is too broad, covering everything from average households to millionaires and hedge funds.
  • She added that she was not seeking to cut off the average investor’s access to the markets altogether but would seek public input on what kinds of extra protections should be afforded to these users. Initial ideas include easy-to-understand disclosures and limitations on leverage.

See:  CSA releases 2022-2025 Business Plan focused on investor protection

  • She was critical of the shift towards giving users direct access to the markets via trading apps, saying that a broker traditionally adds an extra layer of protection for the customer.  I caution against market structures that remove a broker’s duties to retail customers without a full assessment of what will be lost,” she said.
  • Romero also called for her agency to invoke “heightened supervision” of crypto exchanges, adding she had been calling for such a move internally for months.

Continue to the full article --> here


NCFA Jan 2018 resize - CFTC Commissioner:  Average Retail Investor Protection Should Be Different Than MillionairesThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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OSC Seeks Feedback on 2023-24 Statement of Priorities by December 22

AUM Law | Nov 30, 2022

OSC statement of priorities feedback - OSC Seeks Feedback on 2023-24 Statement of Priorities by December 22The Ontario Securities Commission (OSC) has released its most recent draft statement of priorities (SoP) in OSC Notice 11-797 – Request for Comments Regarding Statement of Priorities for Financial Year to End March 31, 2024.

The draft SoP is open for comment until December 22, 2022, and describes the OSC’s key priority initiatives, broken down into one of the following four strategic goals for the year:

  • Building Trust and Fairness in Ontario’s Capital Markets;
    • A key priority under the first goal relates to advancing work on environmental, social, and governance (ESG) disclosures for reporting issuers.
  • Strengthening Investor Safeguards;
    • set out in the draft SoP is to strengthen investor safeguards. One key priority under this goal relates to the Ombudsman for Banking Services and Investments (OBSI). As indicated earlier this year by press release, the CSA is developing a proposal that will provide OBSI with binding decision making authority.

See:  ISED Launches Competition Act Review: Consultation on the Future of Competition Policy in Canada

  • Adapting Regulation to Align with Innovation and Evolving Markets; and
    • The first key priority continues to refer to the crypto asset sector. Actions next year will involve continued application of regulatory obligations to crypto firms while completing the registration or approval process, including obtaining pre-registration undertakings from firms pending completion of the registration or approval process. Actions also include implementing and refining the program for ongoing oversight of crypto asset trading platforms. A stated action may also specifically impact investment funds, as the regulators intend to develop a regulatory framework with appropriate safeguards for how investment funds invest in crypto assets.
  • Enabling the Organization to Deliver Effective Regulation.
    • enabling the organization to deliver effective regulation, the OSC continues to review strategies to attract and retain talent, execute on its inclusion and diversity strategy, and integrate data and processes to support effective decision making and risk monitoring.

Continue to the full article --> here


NCFA Jan 2018 resize - OSC Seeks Feedback on 2023-24 Statement of Priorities by December 22The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Imminent Litigation Challenges of the Metaverse

Blakes | Karine Russell and Christopher DiMatteo | Nov 23, 2022

Image Unsplash Javier Peñas virtual reality - Imminent Litigation Challenges of the Metaverse

Image: Unsplash/Javier Peñas

While a virtual-reality parallel universe is likely several years away, entirely new areas of law have developed to address the online world. Cyberattack or data breach class actions have become common.

  • Privacy litigation:  If the metaverse develops as anticipated, it will involve the collection of an unprecedented amount of data about users. Platforms could (as they do now) collect data about what users buy in the metaverse, what they look at, and their conversations with other users. However, because a user’s access to the metaverse would be through a headset, much more data could be collected – for example, relating to user movements, physiological responses and perhaps even brainwaves – that will give platforms a deeper understanding of their users’ thought patterns and behaviours.
    • Tort of intrusion upon seclusion where a defendant intentionally intrudes into the plaintiff’s private affairs in a manner that would be highly offensive to a reasonable person.  In addition to a data breach scenario, it is possible to envision other metaverse cases of intrusion upon seclusion. If it is possible to buy virtual real estate in the metaverse, for example, a defendant could be liable for snooping in a plaintiff’s virtual home.
    • Could a metaverse operator be liable for negligently failing to prevent a cyberattack that resulted in the compromise of user data?
    • If a metaverse user breaches the privacy of another user, could the platform be liable for failing to prevent the breach?

See:  Proof of Humanity: Aftermath Islands Metaverse Launches Blockchain-based Facial Recognition

  • Product liability: The metaverse is projected to result in a vast market for virtual and physical products available for purchase and use by customers.  Accordingly, developers, manufacturers, licensors, vendors and others in the industry may be at risk of metaverse-related product liability claims brought by metaverse participants and users of these products.
    • claims could result from scenarios where individuals sustain personal injuries while immersed in the virtual or augmented reality of the metaverse world
    • property damage or economic loss claims could arise where participation in the metaverse or use of related hardware gives rise to an incident that destroys property.  Metaverse users may also be sued by other users for their conduct in the metaverse as it relates to another person or avatar.

Continue to the full article --> here


NCFA Jan 2018 resize - Imminent Litigation Challenges of the MetaverseThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Time Document Management For Conversion Of PDF Files Online

Dec 6, 2022

Laptop and device not art its science - Time Document Management For Conversion Of PDF Files Online

The Portable Document Format, also known as PDF, is widely used. A PDF is an excellent format for distributing documents all over the world. The Portable Document Format (PDF) is extremely useful, allowing papers to be accessed from any device. Furthermore, it mixes written papers, images, and technological elements such as links, scales, graphs, and other critical components into a unified format. When there are photographs in a document, however, making changes becomes more time-consuming for the user, which is where TIFF comes in.

TIFF, or Tag Image File Format, is an archaic bitmap image format. Aldus Corporation developed it as an unofficial standard for scanned documents in the 1980s. These photos are viewable and usable on all platforms. Many people are opting to convert PDF to TIFF for free online, and you can click to convert your files with a few simple steps. Technology has made things more uncomplicated than ever, and your files will experience the most satisfactory conversion procedure.

Why Choose An Online Tool For Conversion?

The quantity of file conversion applications available on the market nowadays is mind-boggling. Because of the increased interest, the availability of these instruments has been brought to light, broadening their range of potential applications. However, there are numerous more benefits to utilizing a PDF to TIFF converter. Without further ado, let's take a quick look at a couple of them.

  • As discussed earlier, PDF converters are quite a viable source of getting TIFF files. Multiple files can be converted with just three simple clicks: upload, select an option, and finally, download.
  • Many PDFs to TIFF converters have the option to download offline version applications, which could easily convert the files without the internet. Additionally, this makes the process even more secure, and your files remain safe and sound.

The Goodness Of TIFF Files

Popular among graphic designers and photographers, TIFF files are prevalent for their high quality, flexibility, and compatibility with almost all devices. Many documents or photographs are usually saved as PDFs, but it becomes essential to convert them into TIFF files for various professional reasons. The formats are kept intact to avoid the originality of the files. TIFF can be used for the following purposes:

High-Resolution Photographs

Most people convert PDFs into TIFF files to keep the originality of the file intact which means detailed images without the fear of losing quality due to compression. Some examples of these files are word processing, scanning, image manipulation, character recognition, and much more.

High-Quality Scans

As the process of conversion takes place from PDF to TIFF, it creates the pathway for high-resolution scanned images and other documents. As the converted files have high resolution, the scanned images come out crisper and sharper.

As A Container For Files

Not only does the converter helps in converting PDF into TIFF high-resolution images, but it acts as a container that can store several low-resolution JPEGs together. Additionally, they can be used for storing high-resolution images for editing later.

Image software menu - Time Document Management For Conversion Of PDF Files Online

Explore The Ways To Convert PDFs Into TIFF

The conversion of PDF files into TIFF does not take much time. All you need is to know the right tool and way to do the process. If we sit and explore the possibilities, there will be innumerable ways to convert files; however, we will look at some easier ones.

Export PDF To TIFF With Online Tools On Mac

A dedicated program like PDF converter OCR for Mac is available to convert PDF files into TIFF on Mac. The user simply needs to drag and drop the file, choose the output method as TIFF or any desirable format, click on convert, and the converted files are on their way.

Export PDF To TIFF With Online Tools On Windows

Like any other operating system, Windows has a dedicated batch converter for files. If you need to convert PDF to TIFF, you can download the PDF converter which can be used for multiple purposes.

Security With Quality

It is highly essential to have a thorough study of the available converters before choosing one. Safety and security are necessary along with quality.

See:  The 4 Tech Tools You Can Use to Save Your Business Money

Popular PDF to TIFF converter tools maintain credibility and your data remains safe. Whether Mac, Windows, or Android, keep an eye on the safety aspect and choose wisely.


NCFA Jan 2018 resize - Time Document Management For Conversion Of PDF Files OnlineThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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US Subcommittee on Covid Releases Staff Report: How Certain Fintechs Facilitated Fraud in the Paycheck Protection Program

US House Subcommittee on Covid | Release | Dec 1, 2022

Fintechs and covid payments fraud investigation - US Subcommittee on Covid Releases Staff Report:  How Certain Fintechs Facilitated Fraud in the Paycheck Protection ProgramToday, the Select Subcommittee on the Coronavirus Crisis, chaired by Rep. James E. Clyburn, released a staff report detailing the poor performance of many financial technology companies (fintechs) in administering the nation’s largest pandemic relief program, the Paycheck Protection Program (PPP)—may have themselves committed PPP fraud

  • In May 2021, the Select Subcommittee initiated an investigation into the role of fintech companies Kabbage, Inc. and Bluevine and partner banks Cross River Bank and Celtic Bank in facilitating PPP fraud following public reports they were linked to disproportionate numbers of fraudulent loans. The investigation was expanded in November 2021 to include fintech start-ups Blueacorn PPP, LLC, and Womply, Inc., after an analysis determined significant percentages of PPP loans facilitated by the companies had indicators of fraud.
    • The investigation was expanded in November 2021 to include fintech start-ups Blueacorn PPP, LLC, and Womply, Inc., after an analysis determined significant percentages of PPP loans facilitated by the companies had indicators of fraud.

See:  Consumer Protection: Fintech Complaints Have Been Rising

Chairman Clyburn released the following statement about today’s report:

“As today’s report details, many fintechs, while promising to help disburse billions of Paycheck Protection Program dollars to struggling small businesses efficiently and expeditiously, refused to take adequate steps to detect and prevent fraud despite their clear responsibility to safeguard taxpayer funds. Even as these companies failed in their administration of the program, they nonetheless accrued massive profits from program administration fees, much of which was pocketed by the companies’ owners and executives. On top of the windfall obtained by enabling others to engage in PPP fraud, some of these individuals may have augmented their ill-gotten gains by engaging in PPP fraud themselves.

“We must learn from this inexcusable misconduct to erect guardrails that will help ensure that federal programs—including emergency assistance programs in future crises—are administered more effectively, efficiently, and equitably while keeping waste, fraud, and abuse to an absolute minimum. Based on our initial findings, I have asked the SBA and SBA OIG to conduct further investigation into these companies and pursue all appropriate remedies, and I have informed DOJ that some of our findings may warrant its attention.”

See:  UK Alternative Lenders Funding Delivery Performance to Small Businesses During COVID

  • Today’s staff report is entitled “‘We Are Not the Fraud Police’: How Fintechs Facilitated Fraud in the Paycheck Protection Program” and is available in full here.   The report reveals the following key findings: Fintechs and Lenders Observed Significant Fraud in the PPP, Which They Attributed to Program Mismanagement as They Sought to Evade Responsibility
    • Blueacorn Took Only Minimal Steps to Prevent Fraud in Its Facilitation of Billions of Dollars in PPP Loans, While Abusing the Program to Enrich Its Owners
    • Womply’s PPP Fraud Screenings Failed to Prevent “Rampant Fraud”—and Were Accompanied by Questionable Business Practices—Despite Generating Over a Billion in Profits
    • Capital Plus, Harvest, and Other Fintech-Partnered Lenders Conducted Little Oversight over Womply and Blueacorn’s Activities, Allowing Fraud to Infiltrate The PPP
    • Kabbage’s PPP Activities Illustrate that the PPP Lacked Incentives for Fintechs to Implement Strong Fraud Prevention Controls or Appropriate Borrower Servicing
    • Bluevine Initially Faced Significant Fraud Rates, but Its Longstanding Partners Intervened to Improve Fraud Prevention Over the Course of the Program
  • Based on the findings, the report includes 11 recommendations to address PPP fraud and improve future programs.
    • It urges the SBA to consider carefully whether businesses like fintechs that are not subject to traditional financial regulations should be permitted to play a part in future federal lending programs, and recommends that Congress take these factors into account in considering future legislation.

View the original release --> here

Download the 130 page PDF full Staff Report --> here


NCFA Jan 2018 resize - US Subcommittee on Covid Releases Staff Report:  How Certain Fintechs Facilitated Fraud in the Paycheck Protection ProgramThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Canada’s Open Banking Journey: Interview with Steve Boms, Executive Director Financial Data and Technology Association – North America “FDATA”

NCFA Canada | Mahi Sall | Dec 5, 2022

NCFA OB Series Steve Bom FDATA  - Canada’s Open Banking Journey:  Interview with Steve Boms, Executive Director Financial Data and Technology Association - North America “FDATA”

Thought Leadership Series of Expert interviews and insights related to a made-in-Canada open banking regime

The National Crowdfunding & Fintech Association of Canada (NCFA), true to its mission of providing education, industry stewardship, networking, growth, and funding opportunities for innovative financial technologies and related sectors, is pleased to launch a brand new thought leadership series on Open Banking led by Berlin-based NCFA ambassador and independent expert in Fintech-Bank Partnerships Mahi Sall.

NCFA is proudly contributing this thought leadership series to help shape a system that will bring profound changes in how financial services will be created, distributed, and consumed in Canada over decades to come.  Our hope is that Canada’s Open Banking system will improve economic outcomes, improve market efficiencies and competitiveness, and enable consumers to access new and innovative financial services in a way that is secure, efficient, and consumer-centric.

The series is called ‘Canada’s Open Banking Journey’ and aims to aggregate international and domestic perspectives of Open Banking/Finance expert practitioners from around the globe to advance dialogues, key considerations, and explore potential solutions for the development of a made in Canada open banking regime with the following timeline:

  • Sep 2018:  Canada’s Open Banking journey officially began when the government established a multi-stakeholder Advisory Committee tasked to conduct a review into the merits of Open Banking
  • Apr 2021:  Advisory committee publishes final recommendations
  • Mar 2022:  Government appoints Abraham Tachjian – PwC Canada as Canada’s Open Banking lead responsible for convening industry, government and consumers in designing the foundation of the system of Open Banking for a launch in 2023.
  • Oct 2023:  Phase 1 implementation expected

NCFA Canada's Open Banking Journey Series:


 


 

Interview Begins

 

”As the government advances critically important initiatives to modernize Canada’s financial services market, including open banking and payment modernization, the voices of consumers and small businesses must be at the center of the conversation”.

-- Steve Boms, Executive Director Financial Data and Technology Association - North America “FDATA”

 

Mahi Sall:  Please tell us about yourself and FDATA North America

Steve Boms: Steve Boms, Executive Director FDATA North America, Founder & President of Allon Advocacy LLC.

FDATA North America was founded in early 2018 by several financial firms whose technology-based products and services allow consumers and small and medium enterprises (“SMEs”) to improve their financial wellbeing.

We are a regional chapter of FDATA Global, which was the driving force for Open Banking in the United Kingdom, and which continues to provide technical expertise to policymakers and to regulatory bodies internationally that are contemplating, designing, and implementing open finance frameworks. With chapters in North America, Europe, Australasia, Latin America, and India, FDATA Global has established itself as an expert in the design, implementation, and governance of open finance standards and frameworks globally since its inception in 2013.

We count innovative leaders such as the Alliance for Innovative Regulation, APImetrics, Basis Theory, Betterment, BillGO, Codat, Direct ID, Equitable Bank, Envestnet Yodlee, Experian, Finansytech, Fiserv, Flinks, Hank Payments, Interac, Intuit, Inverite, Kabbage, Mogo, Morningstar, M Science, MX, Petal, Plaid, Questrade, SaltEdge, Trustly, ValidiFi, Vaultree, VoPay, Wealthica, and Xero, among others, as our members.

 

Mahi Sall: Chief among the factors affecting the take-off of Open Banking is low adoption by consumers.  What could Canada do differently than other jurisdictions in order to pre-empt this risk?

Steve Boms: I would respectfully disagree with the premise of this question. Millions of Canadians are already using open finance tools today offered by dozens of FDATA North America member companies. At last count, in excess of five million Canadians were utilizing open finance tools offered by just our members in Canada. Moreover, open finance is not itself the product; it is the rails upon which products and services are offered to consumers. Said another way: Canadians are already benefiting from open finance. The implementation of a formalized open finance regime is a means of providing ubiquitous access to open finance tools regardless of the financial institution with whom one banks.

 

Mahi Sall: Speak about Open Banking limitations and the most common misconceptions people have about it?

Steve Boms: Open finance’s ability to spur innovation and competition is almost entirely limited by how policymakers design, implement, and ultimately govern their open finance systems. The technological barriers to consumer control of data are minimal and decreasing by the day, particularly as APIs and other modern data communication systems are rolled out across various sectors of the economy. That’s basically why FDATA exists- to be a strong, vigilant advocate for open finance’s potential to the very policymakers who will determine its form and function.

Perhaps the most common misconception of open finance is that it will inherently present a cybersecurity risk to banks and data holders. However, we have stressed since our inception that this risk has so far been entirely speculative, and there are no examples of data breaches in open finance frameworks – formalized or otherwise – due to a third-party data sharing relationship with a fintech. To further address this concern, we have also repeatedly advocated, mostly through comment letters to regulatory agencies, that third party fintech providers should be entirely responsible for all elements of cybersecurity, due diligence, regulatory compliance and consumer protection- and are perfectly capable of doing so. In fact, we are opposed to the idea of banks and data holders retaining responsibility or liability for such damages, since this provides them the pretext to arbitrarily limit data access, and cut it off in some extreme cases. The details of how third party providers must go about ensuring privacy, data, and cybersecurity will be properly developed through an accreditation process. Once such process is devised, any accredited third party financial provider should have continuous access to customer-permissioned data from any and all Canadian banks that participate in the open finance system.

 

 

 

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Mahi Sall: In the early days of Open Banking some European banks provided in addition to APIs a Modified Customer Interface (MCI) as alternative means for third party providers (TPPs) to get access to customer data. Would you foresee the need for Canadian banks to deploy fallback options? If so, what could be some of the alternatives?

Steve Boms: Yes. Any realistic view of open finance in Canada must consider the need for fallback options.  The vast, overwhelming majority of customer-permissioned financial data sharing in Canada currently occurs via credential-based screen scraping. While all stakeholders in the market would prefer to transition to token-based APIs, it is unrealistic to imagine that 100% of data access will quickly transition to this data access method. Accordingly, fallback options will need to remain.

The harsh reality is that Canada’s financial system is not yet ready to eliminate existing technological methods of accessing customer data without massive detriments to consumer financial health. This is a lesson clearly learned from other, more advanced markets like the United Kingdom, which retain screen scraping as a connectivity method either as a fallback option or for data not available through APIs. In the absence of a fully developed, robust API environment, screen scraping is a necessary tool to enable universal consumer and SME data access.

 

“ Regulatory certainty and clarity will be key to ensuring that this new open finance marketplace develops to its maximum potential.”

 

Mahi Sall: What must be thought of and accounted for at this early stage of Open Banking in Canada in order to ensure compatibility and interoperability at regional/international level?

Steve Boms: Regulatory certainty and clarity will be key to ensuring that this new open finance marketplace develops to its maximum potential. We have been working with Canada’s independent banking regulator the Office of the Superintendent of Financial Institutions (OSFI) to ensure that their efforts to modernize third-party risk management do not interfere with open finance development. Since the open finance accreditation standards in Canada will almost certainly include cybersecurity requirements for third-party providers, harmonization of efforts between the Department of Finance’s open finance work and OSFI’s approach to third-party cybersecurity risk will therefore be essential. We’ve also urged OSFI to clearly distinguish between what it considers to be bank third party providers under its supervisory guidelines from what will soon be accredited open finance participants to avoid any confusion.

 

“Half of Canadians feel stress when interacting with Canada’s financial services sector.”

 

Mahi Sall: Any final thoughts?

Steve Boms: We recently commissioned a landmark survey of Canadian consumers along with Paytechs of Canada to measure attitudes toward the existing financial services marketplace and open banking. It found that more than half of Canadians feel stress when interacting with Canada’s financial services sector and believe they would benefit from increased competition and transparency in the financial services market. The findings indicate this is especially true among women, young people, and new Canadians. Among the biggest sources of dissatisfaction are high fees and a lack of choice.

As the government advances critically important initiatives to modernize Canada’s financial services market, including open banking and payment modernization, the voices of consumers and small businesses must be at the center of the conversation. These first-of-their-kind surveys clearly demonstrate Canadians’ hunger for a more competitive, transparent, and innovative Canadian financial system.

 

# # #

Links you may be interested in:

 

Mahi Sall is an Ambassador of the National Crowdfunding & Fintech Association of Canada “NCFA”, and an Expert on Fintech-Bank Partnerships. He is based in Berlin, Germany.

 


NCFA Jan 2018 resize - Canada’s Open Banking Journey:  Interview with Steve Boms, Executive Director Financial Data and Technology Association - North America “FDATA”The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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CBDC Adoption in Africa and Caribbean is Slow. India Piloting CBDC Anyway

TechMonitor | Afiq Fitri and Greg Noone | Dec 5, 2022

CBDC adoption Africa and Caribbean - CBDC Adoption in Africa and Caribbean is Slow. India Piloting CBDC Anyway

Image: Google play store / TechMonitor

CBDCs are on the march

  • From China to the UAE, the Bahamas to Nigeria, countries around the world have started trialling the use of central bank digital currencies as a way to translate their national fiat currencies into a means of digital exchange.
    • One of the drivers of these state-backed digital currencies is the dramatic decline of physical cash usage which, according to McKinsey, has plunged by approximately one-third in Europe between 2014 and 2021.
    • As the popularity of physical money diminishes, central banks are eager to introduce CBDCs to reassert their roles as the anchors of capital.
  • Reserve Bank of India (RBI) to officially begin piloting its own CBDC, the e-rupee, last week. The product of two years of research by the central bank, the RBI explained in a concept note published in October that the project would ‘bolster India’s digital economy, enhance financial inclusion, and make the monetary and payment systems more efficient.’

See: 

According to CBDCTracker, these Central Banks have Launched a CBDC or Pilot Initiative as of Today

X-Border Payments: European Central Bank Report says CBDCs Could Be ‘Holy Grail’

  • Adoption with CBDCs low in Africa and Caribbean thus far:
    • an estimated 17% of Jamaicans and 18% of Bahamians remain unbanked. Even so, only 3.4% of the former's citizens have downloaded the Lynk app, while this figure is even lower for downloads of the DCash and the Sand Dollar.
    • In Jamaica, for example, on-boarding merchants has proven embarrassingly difficult, while at the start of the year, DCash went offline for two months after the certificate for the network which hosts the CBDC distributed ledger expired.
  • China's e-CNY is the only CBDC performing above expectations thus far:
    • Since launching in September 2021, transactions using the CBDC have surpassed $13.9bn, a success that some have attributed to its introduction into an economy where digital payments have almost eclipsed those using cash and where cryptocurrencies are vigorously suppressed.
    • Active promotion by the central government also hasn't hurt - a campaign outwardly premised on the role the digital yuan could play in reducing systemic risk in the national payments system
    • Some have speculated, on the fact that it provides another opportunity for the state to peer into private individual transactions.
  • Crypto is booming in India despite 30% tax on oncime
    • Indian government has attempted to use all the powers at its disposal to crush crypto, imposing a 30% tax on income derived from trading cryptocurrencies (an outright legal ban was quashed by the Supreme Court in 2018.) Despite this, India remains a global leader in cryptocurrency adoption, ranking fourth globally according to Chainalysis and trading some $172bn of BTC, ETH and other coins in the year leading up to June 2022.

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