Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Advancing Competition in a Changing Marketplace
Competition Bureau | Oct 10, 2018
Speech
Remarks by Interim Commissioner of Competition Matthew Boswell
Global Series 2018
October 10, 2018
Ottawa, Ontario
Thank you. I’m pleased to be here to speak with you today.
Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today.
Every day we see the world evolving at a rapid pace, thanks to innovation. Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps. And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us.
Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018.
On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication.
See: Canada’s ‘innovation economy’ has been over-hyped and needs a reality check
From there, the news gets a little grey. Overall, we rank 17th among 47 high-income countries. That’s like getting a B-minus report card.
We score lower on three measures: Knowledge and Technology Outputs, Business Sophistication and Creative Outputs.
In other words, there’s a gap between what we put in and what we get out of our innovation efforts.
So why the gap?
At the Competition Bureau, we’ve asked ourselves that question and have considered carefully what we can contribute to help solve this innovation dilemma. After all: innovation in the economy is a priority for the Government of Canada. It’s an all-hands-on-deck challenge.
So for the Bureau, our innovation focus is on building our knowledge base and strengthening our enforcement capacity.
Why we do this is what’s really important to understand.
Imagine a well-functioning economy as the Starship Enterprise, with innovation thriving thanks to strong, unimpeded competition. Captain Kirk will take risks, forge ahead and break new ground – sometimes in a disruptive fashion. Mr. Spock, on the other hand, ensures rules are followed, in a logical and predictable fashion. Just like Spock and Kirk, competition and innovation work better together.
Competition drives businesses to innovate and helps spread the gains they make throughout the economy. On the other hand, if competition is impeded, the economy may be harmed. Conduct or mergers that may harm competition are like roadblocks that could hold back innovation.
The Bureau helps clear those roadblocks. We do that by administering and enforcing the law. Fairly. And predictably. That means:
- taking action against anti-competitive behaviour and deceptive marketing practices;
- reviewing mergers to ensure they don’t hurt competition; and
- empowering consumers and businesses.
And what about innovation? Why do we care so much about it? You don’t have to look far to find the answer.
See: NCFA: Canada Needs a Harmonized Securities Environment as Current Provincial Approach is a Fintech Innovation Killer
The huge gains made from innovation create a lucrative race to the top. Those that innovate are often rewarded with a larger market share. We see plenty of examples in businesses worldwide about how to do that.
In Amazon’s early days, Jeff Bezos channelled company profits back into research and development, fuelling innovation there. Chatting with Alexa and having groceries shipped to your door are just two of many outcomes.
Apple famously steered their way back from bankruptcy by pledging to “innovate our way out of this.” By executing on that pledge, they changed the way we think about mobile phones and computers.
In the music industry, Spotify launched a freemium streaming application in 2008. Today, music streaming is the norm in how we listen to music online and share it legally with others.
We’ve never before been this deeply connected across the country and around the world—doing more with data and turning it into knowledge. Globally we’ve never before seen such overall improvements in education, life expectancy and quality of life as we have in just the last forty years.
The Government has a role in creating the right climate for bold ideas to take root and grow. One way this is done is by passing and enforcing competition and intellectual property laws.
Let’s take a minute and talk specifically about the Bureau’s approach to enforcement and advocacy for competition, innovation and intellectual property.
First, we reduce barriers to entry. That means those entering the market are less likely to be shut out by bigger existing firms. And those who are thinking of entering don’t see roadblocks that deter them from giving it a shot.
See: Competition Bureau weighs in on fintech: urgent action required
Next, we make it easier for those newcomers to grow and for incumbents to innovate. That sometimes means preventing mergers that would otherwise significantly lessen or prevent competition. That way, incumbents have an incentive to invest in innovation so that they can compete on the strength of their product or service.
At the Bureau, we support those businesses who seek to compete by legitimate means. Here are a couple of recent examples that support our approach.
...
Addressing FinTech
Another area of study for the Bureau has been on FinTech. We studied the industry for 18 months and published a Market Study report in December 2017. There, we made 30 recommendations to Canada’s regulators and policy makers. Eleven of these focused more broadly on how to strike the right balance in regulation to ensure Canadians are protected while also promoting innovation.
One of these recommendations was that regulation should be tech neutral and device agnostic – not, for example, limited to one type of device. Many consumers still face instances where service providers require face-to-face interactions to collect personal information and verify identity.
But the Internet and mobile computing have changed how consumers wish to consume services—and how providers provide them.
In practice, we saw the B.C. Securities Commission release a consultation in February 2018 on its Securities Law Framework for FinTech Regulation which focused on a number of regulatory challenges.
See: Nov 20, 2017: NCFA Canada Welcomes Competition Bureau’s recommendations to encourage competition and innovation in Canada’s financial services sector
In our submission to their consultation, we applauded the BCSC’s consideration of automation to meet compliance obligations for “know-your-client” assessments.
This signals a shift away from relying on face-to-face conversations to ensure compliance. It paves the way for automation and artificial intelligence to improve the quality and efficiency of investment advice that is tailored to each customer.
This is only one example of the changes we’ve seen since the release of our Market Study Report.
Making the case for humility on what we regulate
Advances in technology make the future hard to predict. Recent history has shown us plenty of examples of seemingly unassailable products that have been overtaken by innovative new products, such as Canada’s BlackBerry. These advances illustrate the increased importance of an evidence-based approach.
In 2015, former FTC Chair Maureen Ohlhausen warned against prescriptive regulation. She said: “We need to make every effort to tolerate complex phenomena and to develop institutions that are robust in the face of rapid innovation.”
In my view, this means we must take a careful approach to how we address certain issues. As I’ve said before, our focus should be to do no harm and not to overreach. At the same time, we are guided by the strength of our institutions in setting sensible rules and enforcing them.
Antitrust enforcement does not and should not address all problems.
Continue to the full article --> here
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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Crypto | Sep 22, 2023 The cryptocurrency landscape is no stranger to innovation, and the latest entrant is a testament to that. The birth of AstroPepeX (APX). An anonymous Ethereum developer has recently unveiled a unique approach to creating digital tokens: using artificial intelligence. The developer, known by the Twitter handle @CroissantEth, has combined OpenAI’s ChatGPT API with a custom script, enabling the chatbot to autonomously create an ERC-20 tokenthat's rapidly gaining traction across various DeFi and centralized exchanges. The developer's AI tool doesn't just create any token; it crafts an ERC-20 token using Open Zeppelin standards. Open Zeppelin is a renowned open-source framework for constructing secure smart contracts. These contracts are written in Solidity, Ethereum's programming language. The AI determines the token's name and other parameters based on values provided by GPT in the code's constructor. The first public token launched using this tool is AstroPepeX (APX). See: Fund Tokenization: Fractional Issuance, Streamlined Redemption, and Servicing Benefits Launched on September 20, 2023, APX has seen an impressive ascent. Impressively, within just 24 hours of its introduction, AstroPepeX accumulated a staggering $12.9 million in trading volume. The token's name wasn't arbitrarily chosen. ChatGPT generates names based on real data from ...
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Regulatory Insights | Sep 21, 2023 A recent speech by Victoria Saporta at the Bank of England conference sheds light on the Prudential Regulation Authority's (PRA) vision and its commitment to bolstering the UK's position as a global financial hub focusing on international competitiveness and growth. Victoria Saporta, Executive Director, Prudential Policy highlighted the PRA's new secondary objective, which emphasizes facilitating the UK economy's international competitiveness and growth over the medium to long term. This objective aligns with international standards, ensuring that the UK remains a key player on the global stage. The PRA's approach to this objective isn't entirely new. They initiated a conversation about a year ago with a Discussion Paper that outlined their policy approach. Saporta's speech in February further solidified the PRA's stance, proposing regulatory foundations that would guide their approach. Three Pillars of Competitiveness and Growth See: Canada’s Competition Problem: 7 Reasons Saporta outlined three main foundations that the PRA believes are crucial for harnessing the UK’s strengths: Trust: A strong emphasis on maintaining trust in the PRA and the UK's prudential framework. Effective Processes: The need for streamlined regulatory processes and proactive engagement. Responsiveness: A commitment to addressing UK-specific risks and opportunities head-on. A ...
Carbon Markets | Sep 21, 2023 Solid World, KlimaDAO, and SCB Group announce partnership to deploy prepaid carbon liquidity using blockchain technology, enhancing efficiency and transparency in the carbon market. With global climate challenges on the rise, there's a pressing demand for clear, efficient, and adaptable carbon market strategies. The new alliance between KlimaDAO, SCB Group, and Solid World highlights the next phase in carbon market dynamics, shedding light on the potential impact and direction of this collaboration. KlimaDAO is at the forefront of blockchain-based carbon credit solutions, dedicated to fostering a sustainable future. With a vision to revolutionize the carbon market, KlimaDAO provides cutting-edge market infrastructure, ensuring transparency and efficiency in carbon trading. Solid World (an NCFA Industry Partner) offers innovative infrastructure solutions pioneering the next generation of carbon market platforms. Solid World's infrastructure stands out for its ability to create a liquid market for prepaid carbon credits that are yet to be issued. This is a game-changer for the Voluntary Carbon Markets, offering predictability of funding and reducing payback times for project developers. The introduction of the CRISP framework further augments the confidence in such projects. The new prepaid credit pool has launched with 54,050 tonnes of carbon and ...
Sep 21, 2023 When it comes to warehousing solutions, businesses often stand at a crossroads, wondering whether to invest in fancy permanent storage facilities or go for those temporary warehouse buildings. This decision can really shake up a company's piggy bank and its overall way of doing things. So, let's dive into the cost-benefit stuff of temporary vs. permanent storage solutions, and we'll throw in some interactive and engaging examples to keep things interesting. The Lowdown Storing goods is a big deal for lots of industries, from selling stuff to making stuff to clicking stuff online. Warehouses, those big storage places, they're like the backbone of making sure things stay organized. When you're deciding between temporary and permanent storage, you've got to think about a bunch of things. Let’s check the basics about each storage solution. Temporary Warehouses Before we get all serious about costs, let's talk about temporary warehouse buildings, also known as portable or semi-permanent structures. They have gained popularity for their flexibility and cost-efficiency. These structures are typically made of durable materials like steel or aluminum and can be erected quickly without the need for a concrete foundation. This makes them an ideal choice for businesses looking ...
Mobile Wallet | Sep 20, 2023 Major American banks like JPMorgan Chase, Bank of America, and Wells Fargo are gearing up to launch "Paze", a mobile wallet that will connect directly to the credit and debit card accounts of 150 million customers. The rise of mobile wallets and digital payment solutions by tech companies has been meteoric. Apple Pay, for instance, has seen its user base grow from 60 million to over 500 million in just five years. Such numbers are not just impressive; they're a clarion call for banks to innovate or risk being sidelined. See: Bank CEOs Defend P2P Payments Network Zelle in Senate Hearing Over Consumer Fraud Handling As banks are increasingly leaning towards partnerships with fintechs, there are rising concerns from regulators. They are wary of the potential risks these collaborations might introduce, especially in terms of customer data and security. Paze - Collaboration Over Competition Paze is not just another mobile wallet. It's a strategic initiative by giants such as JPMorgan Chase, Bank of America, and Wells Fargo. Designed to connect directly to the credit and debit card accounts of a whopping 150 million customers, Paze aims to be the go-to mobile wallet for the ...
Payments | Sep 20, 2023 At the 2023 Sibos conference held in Toronto, Swift and Wise announced a strategic partnership aiming to enhance the global cross-border payment options available to financial institutions and their end customers. Enhanced Cross-Border Payments The partnership will allow financial institutions to route Swift payment messages directly to the Wise platform via Wise's Correspondent Services Solution. This integration ensures that Swift customers can leverage the benefits of Wise without undergoing major system overhauls. Wise will utilize Swift's advanced features, including cloud and API connectivity and Payment Pre-validation. The hallmark features of Swift GPI, such as the payment status tracker, will be updated by the Wise Platform to ensure a comprehensive end-to-end view across both networks. See: Swift’s Blockchain Breakthrough Boosts Global Tokenization Steve Naudé, Managing Director of Wise Platform: We know that banks face a number of challenges when it comes to enhancing their international payments, including that this often requires them to embed technology which is incompatible with legacy infrastructure. By simultaneously leveraging existing payments architecture and optimising payouts using Wise's global network, we are empowering banks to innovate effortlessly. Our network, combined with Swift’s extensive reach and trackability, will make international payments more convenient, ...
Crypto | Sep 20, 2023 Bitbuy, a subsidiary of WonderFi Technologies Inc., has announced a strategic partnership with Localcoin, Canada's largest Bitcoin ATM provider. This collaboration aims to enhance cryptocurrency adoption and accessibility across Canada. Expanding Access to Crypto Localcoin, established in 2017, has been a pioneer in the cryptocurrency ATM sector in Canada. With 920 ATMs, it captures 33% of the cryptocurrency ATM market share in the country. Localcoin chose Bitbuy for its scale, commitment to the Canadian market, and robust regulatory positioning. Bitbuy's digital asset services will soon power nearly 50% of Canada's Bitcoin ATMs. This is a testament to the scale and reach of the partnership. See: Bitbuy to Offer Stock Trading to Its Users Bitbuy is on track to surpass 900,000 registered Canadian users by the end of the month, making it one of the country's largest crypto-trading platforms. The platform caters to a diverse user base, including retail and advanced traders, high-net-worth individuals, and institutional clients. This partnership solidifies both companies' positions as leaders in the Canadian cryptocurrency space. This collaboration ensures that Canadians have more touchpoints to access cryptocurrencies, making it easier for both novices and experts to buy or sell digital assets. Improving ...
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