Category Archives: FinTech and Alternative Finance

Tech CEOs call on political parties for policy action to drive digital economy

National Post | Andy Blatchford | Oct 5, 2019

liberal trudeau and innovation - Tech CEOs call on political parties for policy action to drive digital economyThe letter was drafted by a lobby group representing signatories run domestic firms that employed more than 35,000 people last year and generated more than $6 billion for the economy

OTTAWA — More than 110 Canadian tech CEOs have signed an open letter urging political parties to take action to strengthen the country’s innovative economy, and avoid falling further behind international peers.

So far, major parties have put forward pledges in areas like affordability, first-time home-buyers and climate change, but the campaigns have offered few promises designed to drive economic growth in the digital age.

“We’re writing because Canada’s productivity is lagging and our future economic prosperity is at risk,” reads the letter addressed to Liberal Leader Justin Trudeau, Conservative Leader Andrew Scheer, NDP Leader Jagmeet Singh and Green Leader Elizabeth May.

“You can help by developing economic policies that advance innovative Canadian companies, including increasing their access to skilled talent, growth capital and new customers.”

The letter was drafted by the Council of Canadian Innovators, a lobby group representing some of the country’s fastest-growing companies. Combined, its signatories run domestic firms that employed more than 35,000 people last year and generated more than $6 billion for the Canadian economy.

See:  Advancing Competition in a Changing Marketplace

The industry’s push comes with just over two weeks left in the election campaign. To date, major political parties have sprinkled pledges related to the sector, including vows to support clean technologies, bolster data privacy for citizens and clear away regulatory entanglements.

Canada's productivity is lagging and our future economic prosperity is at risk

The Liberals have promised to impose a three per cent tax on revenue generated in Canada by foreign tech giants, including Facebook, Amazon and Google. Other parties have also said or signalled that they would tax these companies, which, unlike domestic firms, have not been subject to taxation in Canada.

But Canada’s homegrown industry warns that far more needs to be done.

The industry has been calling for the creation of a national data strategy and more efforts to ensure Canada reaps the full benefits of its intellectual property.

The top concern is a big shortage of skilled labour in Canada, the council said. It cited a recent study that found one in four graduates from science, technology, engineering and mathematics programs have left for the United States.

Ian Rae, CEO of Montreal big-data firm CloudOps, said his engineers receive unsolicited job offers, usually with big salaries and mostly from U.S. tech firms.

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“We need to be thinking in Canada about the future economy and the fact that the globe seems to be in this enormous shift towards the globalized digital economy,” said Rae.

He said deep-pocketed foreign investors have also had their eyes on Canadian firms with potential. The risk, he said, is that these companies are bought out before they can grow and generate wealth and employment returns in Canada.

“A lot of these U.S. companies are cherry-picking Canadian scale-ups before they scale up, so that the ultimate net benefit tends to flow outside of the Canadian economy,” Rae said.

Tech CEOs have said the Liberal government’s efforts in recent years to support high-growth firms have offered little for emerging scale-up companies that have already outgrown the start-up phase.

David Ross, CEO of Ross Video, said a recent study by the University of Toronto found that Canada was an international laggard when it came to scaling up private firms to the billion-dollar mark, companies also known as unicorns.

The study showed Canada was last among the 36 advanced economies of the Organisation for Economic Co-operation and Development.

“The situation is so bad that even if we were to create four times as many unicorns, we would still be in last place,” said the study from the university’s Impact Centre.

Ross, whose Ottawa information and communications technology company has 650 employees, said the performance “should be a bit of a crisis for our politicians.”

“Canada should be more than rocks, trees and oil,” Ross said.

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NCFA Jan 2018 resize - Tech CEOs call on political parties for policy action to drive digital economy 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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Vanguard Developing Blockchain Platform for $6 Trillion Forex Market

Coindesk | David Pan | Oct 9, 2019

Vanguard ForeX blockchain platform - Tech CEOs call on political parties for policy action to drive digital economyMutual fund giant Vanguard has partnered with Nasdaq Ventures-backed blockchain startup Symbiont to develop a trading platform for the $6 trillion currency market, the companies said.

With the new platform, Vanguard, which manages $5.2 trillion, aims to lower transaction costs for the trillions of dollars worth of currencies it trades annually by boosting peer-to-peer trading for investors, connecting them directly via blockchain technology.

Symbiont CEO Mark Smith told CoinDesk the company teamed up with Vanguard to build the currency platform, confirming a Bloomberg report that cited an anonymous source.

The platform has been operational for two months and completed its first trades during the time, according to the report.

A Vanguard spokesperson told CoinDesk:

“Vanguard is currently piloting a project focused on improving the efficiency and reducing risk of FX hedging.”

The new platform is part of the fund manager’s commitment to lowering the cost of investing for all investors, the spokesperson said. Neither company would provide further details of the pilot.

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The project, if successful, would be another important milestone for Wall Street courtesy of Vanguard, which created the first index fund in 1975.

New York-based Symbiont actually worked with Vanguard on project related to its index funds before the currency trading platform, helping the fund manager in 2017 streamline its index fund data collection process with its patented smart contract technology.

The blockchain firm is focused on its smart contracts platform for institutional applications of its blockchain platform Symbiont Assembly to help build networks where multiple independent entities can share data and logic in real time.

The startup touted that it has been one of the most successful among its peers in the enterprise blockchain space when compared to Hyperledger, R3, Digital Asset and ethereum variants.

“I would argue that we are the only enterprise blockchain solution,” Smith previously told CoinDesk. The others either aren’t really blockchains, have privacy and security shortcomings or haven’t produced anything beyond ideas, he argued.

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NCFA Jan 2018 resize - Tech CEOs call on political parties for policy action to drive digital economy 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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Swiss National Bank and BIS use innovation hub to explore digital central bank money and DLT

Finextra | Oct 8, 2019

Switzerland - Tech CEOs call on political parties for policy action to drive digital economyThe Swiss National Bank (SNB) is working with the Bank for International Settlements (BIS) on an innovation hub in Switzerland that will initially focus on research into digital central bank money and distributed ledger technology.

The SNB is working with SIX on the research, embarking on a proof of concept to explore how digital central bank money could be used in the settlement of tokenized assets between market participants.

The project is making use of the SIX Digital Exchange (SDX) platform, which is currently being built and promises to be the world's first end-to-end exchange for digital assets when it launches next year offering listing, trading, settlement and custody service.

See:  Mark Carney’s Trojan Unicorn — Are Central Banks Considering Stealth Nationalization in Sovereign Digital Currencies?

The SDX system will be used to explore technical possibilities for integrating digital central bank money into DLT platforms. Options include the connection of the existing Swiss Interbank Clearing System or the issue of digital Swiss franc tokens by the SNB for financial market participants.

Jos Dijsselhof, CEO, SIX, says: "We are pleased to contribute to this initiative and, through SIX Digital Exchange, to explore the technological possibilities with which the SNB could support token-based financial ecosystems in the future by providing digital central bank money for financial market participants."

The new innovation hub will also work on a second research project, looking into the rise in requirements placed on central banks to be able to effectively track and monitor fast-paced, automated electronic markets.

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NCFA Jan 2018 resize - Tech CEOs call on political parties for policy action to drive digital economy 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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The future of fintech: lending + services

Andreessen Horowitz |

fintech lenders in disguise - Tech CEOs call on political parties for policy action to drive digital economyIn 2006, LendingClub introduced a then-novel business model: the ability to offer online personal loans to millions of underserved customers. The peer-to-peer lender was a media and investor darling, hailed as a tech-enabled alternative to traditional banks. When LendingClub went public in 2014, it was valued at $8.5 billion, the year’s single largest US tech IPO. Now, five years later, that fintech pioneer has lost 85 percent of its market value.

Meanwhile, mobile upstart MoneyLion launched in 2013, also providing online personal loans—a direct competitor to LendingClub. Today, MoneyLion claims more than 5 million users and is valued at nearly $1 billion.

See:  Peer to Peer Lending: The Future of Fintech is Now

LendingClub had significant competitive advantages, from low customer acquisition costs—back then, personal loans keywords weren’t nearly as competitive on Google and Facebook was actively promoting LendingClub as an early F8 partner—to improved underwriting (the company provided lenders with access to customers’ credit score, total debt, income, monthly cash flow, and social data). So why is LendingClub experiencing growing pains while MoneyLion sees significant growth? Though the latter started out solely as an online lender, it quickly morphed into an all-in-one lending, savings, and investment advice app.

A new wave of fintech startups understand that regularity and rhythm are the basis of any good relationship. Take Tally, for example, which is building a large-scale lending business via automating credit card payments. Or Earnin, which provides ongoing value by granting customers access to an earned wage advance, say, every two weeks. Credit Karma hooks users by offering regular updates on your credit score. The services these companies provide to users—conveniently packaged in app form—go beyond loans. And by driving continued engagement, these companies don’t have to pay to reacquire customers.

In addition, the business (in this case, providing or facilitating loans) actually improves the customer experience and the overall product. Credit cards are a classic example. By using them to make payments, the consumer earns rewards—improving the experience and the product—while the credit card company makes money via the interchange. Likewise, for Credit Karma members, taking a personal loan can reduce credit card debt, thereby improving their credit score. Another example outside fintech is Google Ads (formerly Google AdWords). When useful results are returned, it actually improves the utility of Google Search, giving consumers a reason to re-engage with the broader product. Thus, a flywheel is created between customer retention and monetization.

See:  Lending Loop Surpasses $50 million Milestone and helps thousands of Canadian Businesses and Investors

In the coming years, fintech companies will continue to duke it out for dominance in various core verticals, whether that’s financing a home, paying off student loans, or managing credit card debt. But the real test of who will own the money button on your phone will be in who can build enduring customer relationships. By being holistic, fintech companies can earn a place in users’ regular app rotation—then cross-sell into new product areas. Even as businesses like LendingClub and Prosper are losing ground, peer-to-peer lending remains a $138 billion market. The next wave of lenders, though? They’re pocket-sized financial assistants.

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NCFA Jan 2018 resize - Tech CEOs call on political parties for policy action to drive digital economy 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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Inflection point:Seven transformative shifts in US retail banking

McKinsey & Company | Oct 2019

7 transformative shifts in US retail banking banner - Tech CEOs call on political parties for policy action to drive digital economyTen years ago

10 years ago, the US retail banking industry was in the depths of the global financial crisis, with many one-time leading institutions struggling to survive.

Since then, after bringing in billions in fresh capital, US banks have made a return to stable ground and greater liquidity. Despite this progress, aggregate return on equity is at the lower bound of sustainability, and the industry’s price-to-book value is about 1.4, not far above where it stood in 2009.

Customer trust has improved from the downturn but is still well below pre-crisis levels. Though most banks were able to avoid unsettling challenges in the following ten years, few were able to break out and significantly outperform the industry.

Now, however, several major forces are accelerating the evolution of the US banking industry–the encroachment of new competitors, rising expectations from customers on service levels and corporate responsibility, and an intensifying war for talent—and promising to make doing business more challenging in the coming ten years.

Further, US banks have yet to go through the restructuring that has already swept European and Asian markets, where a majority of services are delivered digitally. In this report, we describe seven transformative shifts reshaping US banking. The current state of US retail banking can be thought of as an inflection point for the industry.

Coupled with the difficult macroeconomic environment, and political and economic uncertainty, the seven shifts will decisively alter the operations, economics, and efficiency of US retail banking.

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Banks face a steep climb

To rank the relative performance of companies, McKinsey uses the Power Curve, which measures value created in terms of economic profit (defined as firms’ returns less their cost of capital). From 2010 to 2017, we assessed close to 2,400 companies across multiple industries on the Power Curve and found two surprising results. First, companies ranking in the top 20 percent generated more than 30 times the profit of those in the middle 60 percent, while the lagging firms made only marginal economic profit. Second, the curve is broadly stable over time, and a company’s position on it is persistent: between 2010 and 2017, only 1 in 12 companies rose from the middle ranks to the top of the Power Curve, while approximately 40 percent of companies in the bottom third stayed there.

7 transformative shifts in US retail banking - Tech CEOs call on political parties for policy action to drive digital economy

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Download the 15 pg PDF McKinsey & Company research -> here

 

 


NCFA Jan 2018 resize - Tech CEOs call on political parties for policy action to drive digital economy 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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Canada Update: Alberta Updates Crowdfunding Regulations but Where Does Canada Stand in the National Harmonization of Rules? What about Fintech Development?

Crowdfund Insider | | Oct 7, 2019

Canadian flag2 - Tech CEOs call on political parties for policy action to drive digital economyLast week, the Alberta Securities Commission (ASC) adopted a “Blanket Order” for “Startup Crowdfunding Registration and Prospectus Exemptions.” In effect, the ASC was seeking to improve access to capital for smaller firms – a good thing- but the move also highlights the disparity between the provinces and a greater need for national harmonization of online capital formation rules. Financial services in Canada are all regulated at the provincial level thus there exists a degree of disparity regarding rules.

While a smaller country by population, Canada has consistently ranked high in entrepreneurship and innovation. According to a recent KPMG report, the Canadian Fintech ecosystem is thriving but, like any other country, more can be done.

Crowdfund Insider reached out to Denise Weeres, Director, New Economy at the ASC and Craig Asano, Executive Director and founder of the National Crowdfunding and Fintech Association of Canada (NCFA). The NCFA has long led the charge advocating on behalf of Canada’s emerging Fintech market and various securities crowdfunding platforms.

The New Economy Division of the ASC works closely with staff to coordinate efforts to facilitate capital-raising by new economy companies entering the capital market. The Division also strives to anticipate and act on issues and opportunities relating to emerging financial technologies (Fintech).

Our discussion with the two innovation proponents is shared below.


The ASC update to rules is in advance of national harmonization. Why update now?

Denise Weeres: It takes a while to get a national instrument in place.  We wanted to allow Alberta businesses and investors to be able to participate in this regime now.

What is the status of harmonization?

Denise Weeres: All of the CSA [Canadian Securities Administrators] jurisdictions are working cooperatively on the national instrument  – we are looking at harmonizing and exploring targeted amendments to improve upon the existing regime.

The maximum raise amount appears to be low in contrast to some other jurisdictions. Are there any expectations for this amount to be raised?

Denise Weeres: The maximum raise is consistent with the other participating CSA jurisdictions start-up crowdfunding regimes.

Start-up crowdfunding is intended for the very early-stage businesses.  It requires a very simple offering document – and significantly doesn’t require financial statements.

A funding portal that is not registered as a dealer can be used too.  The limits reflect the fact that investors likely won’t get all the information they would typically (both at the time of the offering and thereafter) and they may be using a funding portal that isn’t registered and wouldn’t get the protections associated with a registered dealer.

But start-up crowdfunding is not the only way to crowdfund in Canada.  It’s just one of a number of options available.

See:  Sep 22, 2019: NCFA Response to ASC Consultation Paper 11-701: Energizing Alberta’s Capital Market

For example, businesses can crowdfund through a registered dealer funding portal under the offering memorandum [OM] exemption where there is no limit at all on the maximum raise and much higher amounts for the amount that individual investors can invest;

  • $10K for anyone,
  • $30K for an “eligible investor” e.g., someone who had had and expects to have $75K net income or has $400K net assets
  • up to $100K for an eligible investor who also gets advice from a dealer that the investment is suitable for them and
  • no limit for accredited investors.

Under the offering memorandum exemption, the offering document has more detailed disclosure – more similar to the offering document used for U.S. crowdfunding – and like other jurisdictions, it involves a funding portal that is registered as a dealer.

In #Canada, businesses can crowdfund through a registered dealer funding portal under the offering memorandum (OM) exemption where there is no limit on the max raise & much higher amounts for the investors

Craig, how is the Canadian ecosystem evolving, in your opinion?

Craig Asano: The Fintech ecosystem in Canada is growing, albeit not fast enough!  ‘slow and steady’ compared to high competition, fast iterations and market depth of UK/US markets but Canadian tech is starting to attract the interest of US funds and international Fintech brands are taking notice too of which many are planning to include Canada in their rollout plans (ie Revolut).

New Fintech startups are launching all the time in a growing number of private and public incubators, accelerators, innovation hubs and grassroot event ecosystems that include a wide range of AI/data, Regtech (KYC, compliance automation), peer to peer debt/equity platforms, digital asset, crypto, DLT, NEO/challenger bank, Insurtech, personal finance, wealth management and alternative investing models.

Although the ecosystem is evolving the average consumer is conservative with lower Fintech awareness and adoption rates (similar to the US) than comparators in Europe and Asia.  Incumbents are strong and many Fintechs have partnered with institutions to tap capital resources, customers, data and global expansion infrastructure.  Canadian markets are smaller than the US and while it’s easy to launch it’s challenging to achieve sustainable business with significant compliance costs to operate across the country while acquiring customers not yet fully accustom to switching financial products.  There have been many successful fintech startups that are scaling from Lending Loop to Wealthsimple to Borrowell and FrontFundr who are all providing consumer-centric, simple to access, low cost, and tech-enabled financial products and services for new economy.

Open Banking is a juggernaut of an opportunity for data-driven Fintechs and consumers looking for choice, lower fees and innovative products but conversations are at a standstill until after the upcoming election.  The Ministry of Finance in Ottawa and appointed open banking advisory committee are no doubt watching the implementation challenges of PSD2 in Europe along with the progress being achieved in countries like Australia who are advancing national innovation initiatives like Open Banking ahead of Canada (and the US for what it’s worth).  Will these delays put Canada behind the eight-ball, or will we be able to catch-up quickly (leapfrog) and marry our robust tech sector with a historically strong banking system and begin to replace outdated infrastructure?

Specific to crowdfunding regulation in Canada, there’s still a long way to go to remain globally competitive in terms of caps, operating costs and the appropriate amount of regulation for the risk while making it feasible for licensed dealers and funding portals to have a sustainable practice.  The lack of harmonization and overly complex set of rules initially caused quite a backlash to the reputation of industry.

At present, there are far too few crowdfunding platforms and we need more operators to increase market volumes and reignite transactional interest among service providers, funding specialists, securities lawyers, and both retail and accredited investors.  Peer to peer lending is now proven and helping hundreds of companies’ access growth-orientated loans but needs its own set of proportionate regulation to level up further.  I look forward to next year to full harmonization which the CSA staff mentions will be out next year (ideally with the changes NCFA has been advocated for on behalf of industry for years).

Open Banking is a juggernaut of an opportunity for data-driven #Fintechs and consumers looking for choice, lower fees and innovative products 

How has NCFA’s collaboration with provincial regulators helped to move things along?

Craig Asano: We’ve developed a mutually beneficial relationship with regulators from the start which has been informative for both parties.  NCFA bridges the gap between stakeholder wants and needs and helps regulators better understand emerging innovations that are essential for Canada to remain competitive and current with the times.  The association polls its wide network of industry practitioners and aggregates feedback to regulators through comment letters, committee participation and bespoke submissions and calls.

We work with other agencies and encourage regulators to recognize a competitive perspective in their difficult role of regulating fair and efficient capital markets while protecting investors.  NCFA also gathers a significant amount of global market intel and research on how other jurisdictions are performing and shares with market participants and regulators alike in effort to bridge gaps and help stakeholders understand varied perspectives.  Regulators are regularly invited to NCFAs annual conferences where they participate to provide updates on emerging regulatory initiatives, challenges and concerns while providing education and resources for industry, companies and investors.

NCFA is appreciative of the challenge facing regulators and positions itself as an educational resource and network for the various provincial commissions to rely on at anytime.  While we advocate for specific asks on behalf of industry, we do so in ‘Canadian style’ which is a collaborative effort.

NCFA bridges the gap between stakeholder wants and needs and helps regulators better understand emerging innovations that are essential for Canada to remain competitive and current with the times #Fintech

What are your expectations for 2020?

Craig Asano: I expect to see more growth and investor appetite while regulators continue to reduce the burden which is overly burdensome now.  This means small wins for the industry but doubtful for large scale national initiatives like Open Banking to reach implementation by 2020.

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NCFA Jan 2018 resize - Tech CEOs call on political parties for policy action to drive digital economy 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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Facebook faces EU grilling over Libra ‘cryptocurrency’ after losing PayPal backing

TNW Hard Fork | Yessi Bello Perez | Oct 7, 2019

Facebook Libra and EU committee - Tech CEOs call on political parties for policy action to drive digital economyAs Facebook deals with the loss of PayPal‘s backing for its ‘cryptocurrency‘ Libra, the tech giant must now get ready to answer EU regulators’ questions about the potential risks posed by the project.

The European Commission has requested that Facebook and the Libra Association – the body tasked with supervising the digital currency – answer questions relating to financial stability, money laundering, and data privacy risks.

According to the Financial Times, which saw the commission’s questionnaire last week, this is all part of EU financial commissioner Valdis Dombrovskis’ efforts to asses whether projects such as Libra should be regulated in the EU, if new regulation is required, or whether the ‘cryptocurrency‘ should be allowed to operate at all.

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The news couldn’t come at a worse time for Facebook, which has faced increasing scrutiny and opposition from regulators in recent months.

Just last month, Libra‘s founders were subject to questioning by 26 central bank officials in what was the first encounter between the technology giant and regulators.

Prior to that, in August, Brussels’ antitrust body raised concerns about Libra potentially causing competition restrictions.

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NCFA Jan 2018 resize - Tech CEOs call on political parties for policy action to drive digital economy 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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