Category Archives: FinTech and Alternative Finance

Wealthsimple launches its first spending account

Wealthsimple | Press Release | Jan 21, 2020

wealthsimple account - Wealthsimple launches its first spending accountWealthsimple Cash offers 2.4% interest rate and lets Canadians save and spend through a mobile app and metal card

TORONTO, Jan. 21, 2020 /CNW/ - Wealthsimple has launched its first hybrid saving and spending product: Wealthsimple Cash. The new account offers users the ability to save and spend with one of Canada's highest non-promotional interest rates of 2.4% - in addition to a host of features that help people earn more on every dollar in their Cash account.

Wealthsimple Cash combines a saving and spending account to give Canadians the power to have both an account that allows for everyday purchases while also providing a safe place to grow their money. Cash clients will benefit from no monthly account fees, no low balance fees, no foreign transaction fees worldwide, and ATM fee reimbursements - all through a sleek, metal card designed to make spending responsibly easy.

"Canadians are used to the status quo when it comes to everyday banking - multiple accounts, high fees and low interest," said Michael Katchen, CEO and co-founder, Wealthsimple. "With Wealthsimple Cash, users can enjoy the power of a high interest savings account for all of their day-to-day spending needs. And they can do so while enjoying the full benefits of a Wealthsimple account: simple, affordable and transparent."

Today, one million Canadians use Wealthsimple products for investing, saving, trading, tax filing, and now spending. The launch of Wealthsimple Cash brings the company one step closer to being its clients' primary financial relationship through a more holistic, end to end financial experience.

See:  Wealthsimple to spin out advisory service into separate company

Wealthsimple Cash will have the following features:

  • 2.4% interest rate (non-promotional)
  • No monthly account fees
  • No low balance fees or account minimums
  • No exchange fees on foreign currency transactions worldwide
  • ATM fee reimbursements at Visa ATMs in Canada
  • Tungsten metal Wealthsimple Cash card
  • Direct deposits
  • Bill pay
  • Apple Pay and Google Pay support

Canadians can open a Wealthsimple Cash account today to start saving and be first to access spending features as they are rolled out over the coming months, including the Wealthsimple Cash card.

View original release:  here


NCFA Jan 2018 resize - Wealthsimple launches its first spending account 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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Maureen Jensen to step down from OSC

Investment Executive | James Langton | Jan 21, 2020

Maureen jenson osc - Wealthsimple launches its first spending accountGrant Vingoe will take over as acting chair following Jensen’s departure on April 15

Maureen Jensen, the head of Canada’s largest securities regulator, is stepping down as chair and CEO of the Ontario Securities Commission (OSC) 10 months early.

The OSC announced that Jensen will leave the helm of the commission on April 15. She has headed the OSC since 2016, and was reappointed to a second term that began in 2018 and was to run until February 2021.

OSC vice chair Grant Vingoe will take over as acting chair in April.

Prior to becoming head of the OSC and its first female chair, Jensen was executive director and chief administrative officer of the commission from 2011 to 2016.

“It has been an honour to serve Ontario investors and market participants,” Jensen said in a statement.

“These past nine years have been the most meaningful in my career. I have enjoyed every moment working alongside my respected colleagues and leadership team, and contributing to Ontario’s vibrant, healthy and internationally recognized capital markets.”

As head of the OSC, Jensen championed improved retail investor protection. That effort culminated most recently with the adoption of the client-focused reforms (CFRs), which will be phased in over the next couple of years.

See:  OSC makes doing business easier for market participants

However, Ontario’s government has resisted regulators’ other major effort to enhance investor outcomes by eliminating deferred sales charge (DSC) mutual funds. Late last year, the rest of the Canadian Securities Administrators — excluding Ontario — said they planned to eliminate DSCs.

Jensen also led the OSC’s recent project to reduce regulatory burdens. In November, the commission published a report setting out over 100 recommendations for cutting the costs of compliance.

“The OSC is well on its way to becoming a more modern regulator, committed to continuously improving how we regulate,” Jensen said.

Jensen has also helped champion efforts to improve gender equality in corporate boardrooms and executive suites.

A geologist by training, she started her career in mining and spent 20 years in that sector before shifting to finance and regulation — including stints at the Toronto Stock Exchange, Market Regulation Services Inc. (RS) and the Investment Industry Regulatory Organization of Canada (IIROC).

“Maureen is an exceptional leader who has demonstrated integrity and dedication. She cares deeply about this agency and Ontario’s investors and capital markets, and leaves behind a strong legacy that will endure,” said OSC lead director Lawrence Haber.

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NCFA Jan 2018 resize - Wealthsimple launches its first spending account 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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Manager and machine: The new leadership equation

McKinsey & Company | By Martin Dewhurst and Paul Willmott | Sep 2014

Man vs machine - Wealthsimple launches its first spending accountAs artificial intelligence takes hold, what will it take to be an effective executive?

What would it take for algorithms to take over the C-suite? And what will be senior leaders’ most important contributions if they do? Our answers to these admittedly speculative questions rest on our work with senior leaders in a range of industries, particularly those on the vanguard of the big data and advanced-analytics revolution. We have also worked extensively alongside executives who have been experimenting most actively with opening up their companies and decision-making processes through crowdsourcing and social platforms within and across organizational boundaries.

See:  The Enterprise Automation Imperative—Why Modern Societies Will Need All the Productivity They Can Get

Our argument is simple: the advances of brilliant machines will astound us, but they will transform the lives of senior executives only if managerial advances enable them to. There’s still a great deal of work to be done to create data sets worthy of the most intelligent machines and their burgeoning decision-making potential. On top of that, there’s a need for senior leaders to “let go” in ways that run counter to a century of organizational development.

The contrast with the command-and-control era—when holding information close was a source of power, and information moved in one direction only, up the corporate hierarchy—could not be starker. Uncomfortable as this new world may be, the costs of the status quo are large and growing: information hoarders will slow the pace of their organizations and forsake the power of artificial intelligence while competitors exploit it.

The Human Edge

If senior leaders successfully fuel the insights of increasingly brilliant machines and devolve decision-making authority up and down the line, what will be left for top management to do?

Asking questions:  Asking the right questions of the right people at the right times is a skill set computers lack and may never acquire. Algorithms and artificial intelligence may broaden this kind of analytical complexity beyond the financial world, to a whole new set of decision areas—again placing a premium on the tough questions senior leaders can ask. Penetrating this new world of analytical complexity is likely to be difficult, and an increasingly important role for senior executives may be establishing a set of small, often improvisatory, experiments to get a better handle on the implications of emerging insights and decision rules, as well as their own managerial styles.

Attacking Exceptions:  Senior leaders will have to draw on a mixture of insight—examining exceptions to see if they require interventions, such as new credit limits for a big customer or an opportunity to start bundling a new service with an existing product—and inspiration, as leaders galvanize the organization to respond quickly and work in new ways. Exceptions may pave the way for innovation too, something we already see as leading-edge retailers and financial-services firms mine large sets of customer data.

Tolerating ambiguity:  While algorithms and supercomputers are designed to seek answers, they are likely to be most definitive on relatively small questions. The bigger and broader the inquiry, the more likely that human synthesis will be central to problem solving, because machines, though they learn rapidly, provide many pieces without assembling the puzzle. That process of assembly and synthesis can be messy and slow, placing a fresh premium on the senior leaders’ ability to tolerate ambiguity.

See: 

Employing ‘soft’ skills:  Humans have and will continue to have a strong comparative advantage when it comes to inspiring the troops, empathizing with customers, developing talent, and the like. Sometimes, machines will provide invaluable input, as Laszlo Bock at Google has famously shown in a wide range of human-resource data-analytics efforts. But translating this insight into messages that resonate with organizations will require a human touch. No computer will ever manage by walking around. And no effective executive will try to galvanize action by saying, “we’re doing this because an algorithm told us to.”

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NCFA Jan 2018 resize - Wealthsimple launches its first spending account 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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FT Partners Report (Jan 2020): The Rise of Challenger Banks: Are the Apps Taking Over?

FT Partners | Jan 2020

FTP rise of challenger banks research - Wealthsimple launches its first spending accountExecutive Summary:

The banking sector is experiencing a major shift globally, as Challenger Banks are becoming increasingly formidable competitors to traditional banks and have begun to capture significant market share. Furthermore, the lines between banks and other consumer financial services providers are blurring, with several alternative lenders and robo-advisors beginning to offer banking products to their customers. E-commerce / internet giants are also jumping into the fray with Google and Amazon, among others, beginning to offer banking products. In response to the emergence of Challenger Banks, a number of incumbent banks have launched their own FinTech brands, and traditional financial institutions will likely turn to FinTech solution providers in order to defend their turfs.

 

Download this Jan 2020 FT Partners Fintech research (216 page PDF) -> Now

 


NCFA Jan 2018 resize - Wealthsimple launches its first spending account 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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Hong Kong hits major fintech milestone as half the city’s population signs up for HKMA’s Faster Payment System

South China Morning Post | Enoch Yiu  | Jan 13, 2020

Faster payment system adoption grows in HK - Wealthsimple launches its first spending accountHong Kong residents can expect to benefit from cheaper and better banking services with the launch of more virtual banks this year, according to high-profile speakers at the Asian Financial Forum.

Their comments came as it was revealed the Hong Kong Monetary Authority has hit an important milestone in its efforts to promote financial technology (fintech). Half the population of the city has now signed up to its Faster Payment System, which enables the free transfer of money between bank accounts via mobile phone.

The development shows Hong Kong is moving quickly into a new era of branchless banking, a shift that brings up challenges for traditional lenders which must innovate to cope with the competition, said officials at the annual conference held by the Hong Kong government.

“The Faster Payment System is an important move for the city to develop its fintech. The system has been very popular with the Hong Kong public,” said James Lau, Secretary for Financial Services and the Treasury during a panel discussion at the forum on Monday.

See: 

The electronic interbank payment system introduced by the HKMA in September 2018 now has half of the local population registered and average daily transaction volumes of between HK$2.4 billion (US$308.82 million) and 38 million yuan, Lau said. The system allows anyone to sign up with their mobile phone number or email address and transfer money between different bank accounts. They can also make payments at shops and restaurants using QR codes on their smartphones.

“The next major development is the launch of more virtual banks in the first quarter of this year in Hong Kong, which will provide more online banking services to the public,” Lau said.

The Hong Kong Monetary Authority has issued eight virtual bank licences since March last year. The first virtual lender, ZA Bank, started operating in December.

“The banking industry will need to innovate and upgrade its technology to cope with the many challenges amid the US-China trade war, geopolitical tension and the global economic slowdown,” said Arthur Yuen, deputy chief executive of HKMA

in another panel discussion at the conference.

Yuen said the launch of virtual banks will benefit the public as a whole because it allows people who have never had a bank account to finally enjoy banking services.

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NCFA Jan 2018 resize - Wealthsimple launches its first spending account 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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Exclusive: China’s Ant aims for $200 billion price tag in private share sales – sources

Reuters | Julie Zhu, Kane Wu, Zhang Yan | Jan 17, 2020

Ant Financial new - Wealthsimple launches its first spending accountHONG KONG/BEIJING (Reuters) - Ant Financial [ANTFIN.UL] shares are being offered privately at levels which value the Chinese financial giant at $200 billion, two people with knowledge of the discussions said, lifting it up the ranks of the most valuable unlisted companies.

Alibaba affiliate Ant, which had an implied valuation of $150 billion during a 2018 fundraising, is preparing to step up plans for eventually going public in Hong Kong and mainland China, three other sources told Reuters.

See:  Exclusive: Ant Financial shifts focus from finance to tech services: sources

Speculation has grown that Ant, the world’s largest so-called “unicorn” — a newly-formed unlisted tech firm valued at $1 billion or more — is working toward an IPO this year.

Its advisers have recently approached potential buyers of the unlisted shares, the first two people said, as Ant seeks to tidy up its shareholder base ahead of any listing.

An Ant Financial spokesman said the company does not have a plan or timetable for an intial public offering (IPO).

Small holdings of Ant shares were traded in the secondary market at a $200 billion valuation late last year, another person familiar with the situation said. All of the people declined to comment due to confidentiality restrictions.

Investors worldwide are scrutinizing valuations for “unicorns” more closely after last year’s collapse in value of the once-hyped office space provider WeWork.

Some Ant investors packaged their shares into wealth management products so may not technically still hold them all, potentially complicating regulatory approval for an IPO.

Some executives are also selling some of their shares which are held via limited partnership schemes controlled by Alibaba founder Jack Ma, one of the first two sources said.

Under listing rules for domestic IPOs, the controlling shareholder or the actual controller of a company is subject to a three-year lock-up period.

See:  A $7 Credit Limit: Jack Ma’s Ant Lures Hundreds of Millions of Borrowers

Hangzhou-based Ant runs Alibaba’s payment business Alipay and offers savings and credit products to Alipay users. Last year Alibaba switched its rights to 37.5% of Ant’s pre-tax profits for a one-third shareholding.

Alibaba says Alipay and its local e-wallet partners have about 1.2 billion annual active users, of which 900 million were in China.

FLUID PLANS

Ant has quietly brought back together many of its corporate finance team, some of whom had moved to other roles in recent years. The moves are seen as a sign it wants to progress with preparations for a float, two people close to the company said.

And during a recent meeting with the China Securities Regulatory Commission (CSRC), China’s market regulator, Ant discussed its IPO prospects along with other matters, two people with knowledge of the matter said.

But any plans are still extremely fluid, seven sources with knowledge of the process said.

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NCFA Jan 2018 resize - Wealthsimple launches its first spending account 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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Open Banking In Canada: Navigating The Future Of Money

Borden Ladner Gervais LLP | Stephen J. Redican, Robert Dawkins, Ross McGowan and Alexandra Nicol | Jan 9, 2020
Open Banking in Canada - Wealthsimple launches its first spending accountThe Canadian financial services industry is at the threshold of change. Regulatory overhaul, the ubiquity of online services, and technological innovation and disruption will affect all players—from banks to FinTech start-ups.

Open banking will introduce new opportunities and business models for the financial services industry and new services from FinTech entrants to the market—but these opportunities come with unprecedented risks and operational requirements for a banking system that prides itself on stability. Given Canada's unique financial system and constitutional structure, the implementation of open banking won't look the same as it has in the U.K., the EU or Australia, where its introduction is already underway.

See:  Why Canada must be open to open banking

We spoke with a diverse group of leaders from across the Canadian financial services industry to understand open banking's current and emerging issues: What do you see changing? How will your organizations fit into the new landscape? What might a made-in-Canada model of open banking look like for consumers and industry?

Roundtable Participants

Anne Butler
Chief Legal Officer and Head of Policy and Research, Payments Canada
"If there isn't trust in the security and integrity of the system, especially among consumers, open banking will not succeed."

Lisa Ford
Senior Counsel, RBC Law Group, Enterprise Payments and Open Banking
"Open banking has existed in some form since the turn of the century and now technology and other changes are fuelling a more public debate."

Andrew Boyajian
Head of Banking, North America, Transferwise
"A concept like, "We're a known bank, we've been around for hundreds of years and therefore we're better equipped," doesn't necessarily make sense. Instead, it comes down to the contents and adherence to risk policies, and the importance that institutions give to cybersecurity."

Oscar Roque
AVP, Innovation, Research & Emerging Solutions, Interac Corp.
"...it's not just about the security of the technology, but also governance structure, accreditation, and making sure that the proper controls are in place so that it's not just anybody accessing that system."

Tanya Postlewaite
VP Compliance and Governance, Corporate Secretary, Chief Compliance Officer and CAMLO, Concentra
"We hope open banking will bring FinTechs into the same realm of regulation as other financial institutions, to ensure everyone is operating on the same playing field and that the integrity of the entire system is protected."

Andrew Boyajian, TransferWise

Andrew Boyajian is the Head of Banking, North America, for TransferWise, an international money transfer service headquartered in the U.K.

For a FinTech like TransferWise to grow in the Canadian market, we needed to address both operational and regulatory issues. From our experience in other markets, we find Canadian payments infrastructure can be a bit guarded. And this is a challenge not only to us, but to the entire FinTech ecosystem. As an example, in Canada only a select group of financial institutions can participate in payment systems. But Canada also goes one step further. To be a direct clearer, the current rules require financial institutions to handle a specified percentage of the gross payment volume in Canada. While this is slated to change, it can limit the system to a few big banks and financial institutions. For a company whose primary role is to provide payment services to customers, this is a challenge. First, we need to find a bank that's willing to actually onboard us as a customer. And second, we're going to rely on that banking relationship as part of our business continuity.

See:  Big Tech takes aim at the low-profit retail-banking industry

Fortunately, we've seen some progress overseas with central banks becoming more open to including non-traditional financial institutions in payment systems. TransferWise was one of the first non-banks in the U.K. to hold a settlement account with the Bank of England, which supported our direct participation in the Faster Payments Service. And more recently we learned that the Bank of England is considering even broader access rights for non-banks, in terms of holding deposits. We're seeing some progress in Canada, too, where Payments Canada is considering roles like associate memberships in the payment schemes, including the proposed real time rail. All of this movement is good, but until it's a reality there is an over-reliance on financial institutions to properly support FinTechs and their customers.

On the regulatory side, some laws and regulations are antiquated. In general, frameworks are written with the idea that businesses are physically present, with face-to-face settings for their customers. Unfortunately, we don't always see policymakers thinking about how to modernize these regimes for digital companies. But when they do look to modernize frameworks, it's important that they do so in a way that is technology agnostic. So, instead of references to specific file types, ".pdfs" as an example, we encourage policymakers and regulators to think about principles that transcend today's technology to future-proof them as much as possible.

One example of regulation that is already changing for the better is the move to safeguard customer funds held by payment service providers. It's a protection that doesn't currently exist for Canadian consumers. If you hold a balance with a FinTech, there isn't a live regulatory framework to ensure that the balance is protected, set aside, and guaranteed for the consumer. It's in a similar vein to CDIC or provincial schemes to protect deposits at financial institutions. Fortunately, the Department of Finance, as part of their overhaul of the retail payment system, saw this gap and is taking steps to put in place safeguarding methodology for Canadian consumers. It will mean protection and transparency for consumers, so they can know they're getting the same level of service from FinTech providers as they are with banks.

Often banks or regulators may feel that money transmitters, payment service providers, or FinTechs pose a higher risk for money laundering. But if we think about the topics of money laundering or financing of terrorism, those can occur through any channels — whether it's a FinTech or a bank. So, we don't think the argument of higher AML risks is a reason to exclude FinTechs from direct access to payment systems. The challenges in addressing AML are the same for FinTechs as for banks — laws do not really differentiate between the type of provider.

See: Inflection point:Seven transformative shifts in US retail banking

We can see more validity in the argument that keeping a smaller number of entities with that clearing access could promote stability. Generally, a regulator should be thinking about sound capitalization or business models and then the operational risk policies that entities have. Those concepts are broad and universally applicable. If one institution or entity is capable of meeting them in the same fashion that a defined depository financial institution is, we really don't see the difference and need to create a division in access rights between the two.

In the U.K., while TransferWise has been in a position where we have advised policy makers relating to the implementation of open banking deriving from PSD2, we have instead focused more on transparency in fees. That said, we can certainly see areas where there are benefits. For example, with any payment method other than payment cards — like direct debit — there is quite a bit of information that could be obtained about a customer to help inform a merchant whether or not those funds are actually going to settle, as well as the overall risk profile of the individual with whom they're engaged in business. One of the benefits that I can see in open banking is the ability for consumers to share that information in a standardized way.

Some technology already exists through a screen-scraping service, where a consumer might choose to enter an online bank ID and password in a third-party application. That application essentially logs in to that customer's online bank account and scrapes the screen to obtain this data and then provides that data back to a platform. But that's brittle. If a bank decides to change its interface or implement two-factor authentication, for example, that could easily break the service. Also, depending on the bank, that could be a violation of the terms of use for the account because the account owner has granted access or authorization to a third party. Open banking can be a way to simplify these protocols and allow that same data set to be universally applied. And, more importantly, it gives consumers an active role in deciding with whom and how to share that information.

In today's world, where digital information is increasingly being passed through digital channels, cybersecurity is an area that we need to deal with. And the payments industry saw that with payment cards — as things began to move from point-of-sale to card-not-present, the idea of security and how these payment instruments are being authenticated and validated became important. It's a matter of the market adapting to understand how data is being stored and transmitted, identifying where the vulnerabilities are, and knowing that responsibility is not housed within any particular provider or role in the payment chain. Instead, it's universal.

See: How Jack Ma’s $290b SME credit engine is changing Chinese banking

Whether the industry is using cloud services or their own infrastructure, they're all susceptible to possible attacks by any type of bad actor. That's not something that's exclusive to a FinTech. So, all entities need to have robust plans for fraud, cybersecurity, and data protection. Meanwhile, regulators should understand that these aren't always challenges defined by entity type, but rather by entity preparedness. A concept like, "We're a known bank, we've been around for hundreds of years and therefore we're better equipped," doesn't necessarily make sense. Instead, it comes down to the contents and adherence to risk policies, and the importance that institutions give to cybersecurity.

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NCFA Jan 2018 resize - Wealthsimple launches its first spending account 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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