Category Archives: Research

China’s Draft Anti-Monopoly Guidelines on Platform Economy

Paul | Weiss | Nov 18, 2020

Antitrust - China’s Draft Anti-Monopoly Guidelines on Platform EconomyChina’s competition regulator, the State Administration for Market Regulation (“SAMR”), issued a consultation draft of the Anti-Monopoly Guidelines on the Sector of Platform Economies (the “Draft Guidelines”) on November 10, 2020. This marks China’s first major step in formulating a comprehensive regime to regulate competition among platform businesses operated on the Internet (the “Platform Economy”) and signals SAMR’s changed regulatory priorities with a focus on anti-competitive behavior in the Platform Economy.

The Draft Guidelines attempt to address perceived shortcomings in applying traditional antitrust analysis to the Platform Economy. SAMR has drawn upon the experience of regulators and academics in this emerging area and attempted to consolidate the lessons learnt in various jurisdictions. The Draft Guidelines set out in detail the considerations that may be taken into account and the defenses that may be available, providing some guidance to platform businesses on how to achieve compliance.

See: 

China Stops Jack Ma’s $35 Billion Ant IPO From Going Ahead

DOJ files antitrust lawesuit challenging Visa’s $5.3 billion acquisition of Plaid

While the Draft Guidelines are brief in length, only 23 provisions in total, they are wide‑ranging in their scope. Rather than an exhaustive review of the Draft Guidelines, this note examines selected provisions. If implemented in the current form, many more mergers and acquisitions may be subject to China’s merger control clearance and antitrust investigation and enforcement may become a much more realistic and serious prospect for Internet-based businesses participating in the China market.

The Draft Guidelines represent a comprehensive guide to how SAMR intends to regulate anti-competitive behavior in the Platform Economy and signal SAMR’s determination to make regulation of anti-competitive behavior in the Platform Economy a priority. If implemented in their current form, the Draft Guidelines may significantly increase the number of mergers and acquisitions in the Platform Economy that are subject to merger control review and increase the likelihood of findings of antitrust violations and enforcement, resulting in increased regulatory risks and costs for participants in the Platform Economy in China. This may have far-reaching effects, not only on the operators in the Platform Economy in China and their transaction counterparties, but also indirectly on private equity and venture capital investors who have been active in investing in this sector.

SAMR invites public comment on the Draft Guidelines before November 30, 2020.

Continue to the full article --> here

 


NCFA Jan 2018 resize - China’s Draft Anti-Monopoly Guidelines on Platform 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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Pulling “Shadow Banking” Out Of The Shadows: FSB Report On March 2020 Turmoil Signals Increased Regulatory Scrutiny Of Non-Bank Financial Intermediation

Mayer Brown | Paul Forrester | Nov 18, 2020

FSB holistic report on march turmoil - Pulling "Shadow Banking" Out Of The Shadows: FSB Report On March 2020 Turmoil Signals Increased Regulatory Scrutiny Of Non-Bank Financial IntermediationIn its recent report “Holistic Review of the March Market Turmoil” (Report), the Financial Stability Board (FSB) notes that “[t]he March [2020] turmoil has reinforced the need to better understand interconnections and amplification channels in the financial system and to consider the nature of vulnerabilities in non-bank financial intermediation (NBFI) in relation to the liquidity stress and the implications of central bank liquidity support, and draw lessons about overall resilience of the NBFI sector.”1 The Report also notes the need “for further work to increase the resilience of NBFI.”2

The Report also notes that “non-bank financial entities – comprising investment funds, insurance companies, pension funds and other financial intermediaries – have different structures and are subject to distinct regulatory frameworks within and across jurisdictions. Their asset share has increased to almost half of global financial assets, compared to 42% in 2008, due to both inflows and valuation increases. One factor behind this increase has been the growth of investment funds, whose assets have expanded from roughly US$21 trillion in 2008 to US$53 trillion in 2018.”3

See:  OSFI launches consultation on technology risks in the financial sector (Deadline: Dec 15)

The Report states that “[t]he FSB will coordinate the international regulatory community’s assessment of identified vulnerabilities and the appropriate financial policy response, working closely with standard setting bodies and member authorities. As part of this review, the FSB published a comprehensive NBFI work programme covering the key issues at a high level.”

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NCFA Jan 2018 resize - Pulling "Shadow Banking" Out Of The Shadows: FSB Report On March 2020 Turmoil Signals Increased Regulatory Scrutiny Of Non-Bank Financial Intermediation 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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GSMA Report: Global State of Mobile Money Industry Report 2019

GSMA | Nov 25, 2020

GSMA state of industry report mobile money 2019 - GSMA Report:  Global State of Mobile Money Industry Report 2019

GROWING AND GLOBALISING

2019 marked a major milestone for the mobile money industry: the number of registered mobile money accounts surpassed one billion.

Reaching the one billion mark is a tremendous achievement for an industry that is just over a decade old.

The mobile money industry of today has a host of seasoned providers with a broad set of operational capabilities, a full suite of products and a global reach.

With 290 live services in 95 countries and 372 million active accounts, mobile money is entering the mainstream and becoming the path to financial inclusion in most low-income countries.

See:  Task Force Analyzes Role of Fintech in Accelerating SDGs

Mobile money services are available in 96 per cent of countries where less than a third of the population have an account at a formal financial institution.

INCREASING USER TRUST AND RELEVANCE

Overall growth in transaction values has been impressive in the past 12 months.

Total transaction values grew by 20 per cent, reaching $690 billion in 2019, which means the industry is now processing close to $2 billion a day (over $1.9 billion).

This growth and scale is a positive signal for the industry as it demonstrates higher levels of customer trust, greater relevance for users and the capacity of mobile money to digitise an increasing amount of capital.

The industry continues to invest in distribution networks and sustainable agent income.

The mobile money industry has created opportunities for entrepreneurs in emerging markets to become agents.

The number of agent outlets has almost tripled over the last five years, reaching 7.7 million.

A mobile money agent has seven times the reach of ATMs and 20 times the reach of bank branches. In rural and hard-to-reach areas, mobile money agents have had a transformative impact on financial inclusion.

See:  Google and Gates Foundation to help spread digital payments in developing countries

Meanwhile, agents are seeing their monthly incomes rise substantially with commissions that are not taking away from investment in other areas of the mobile money business.

mobile money and UN SDGs - GSMA Report:  Global State of Mobile Money Industry Report 2019

THE CORE TRENDS OF 2019

  • A growing number of providers are becoming commercially sustainable
  • The industry continues to invest in distribution networks and sustainable agent income
  • More providers are shifting to a ‘payments as a platform’ model
  • The digitisation of payments has reached new heights
  • More value is circulating in the mobile money system than exiting
  • The industry is increasingly interoperable and integrated
  • The regulatory landscape is evolving

INCREASING USER TRUST AND RELEVANCE

Overall growth in transaction values has been impressive in the past 12 months.

See:  Bank of Canada Speech: Money and Payments in the Digital Age

Total transaction values grew by 20 per cent, reaching $690 billion in 2019, which means the industry is now processing close to $2 billion a day (over $1.9 billion).

This growth and scale is a positive signal for the industry as it demonstrates higher levels of customer trust, greater relevance for users and the capacity of mobile money to digitise an increasing amount of capital.

Download the full 72 page PDF report --> here

 


NCFA Jan 2018 resize - GSMA Report:  Global State of Mobile Money Industry Report 2019 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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Global Fintech Ecosystem Report Launch | Top 20 Ranking

Startup Genome | Nov 24, 2020

Stratup Genome Global Fintech Ecosystem report 2020 - Global Fintech Ecosystem Report Launch | Top 20 Ranking

The Global Fintech Ecosystem Report 2020 by Startup Genome is launching today at FinTech Abu Dhabi, a conference focused on the latest launches, pioneers, brands, and insights that are powering the world of financial technology.

The Global Fintech Ecosystem Report is an extension of Startup Genome’s Global Startup Ecosystem Report and the first installment of the annual sub-sector report series. The Report ranks the global top 20 and runner-up Fintech startup ecosystems on five Success Factors, including Performance, Talent, Funding, Focus and Legacy.

The top five Fintech startup ecosystems globally in 2020 are Silicon Valley, New York City, London, Singapore and Beijing, respectively.

See:

Using ecosystems to reach higher: An interview with the co-CEO of Ping An

View Canadian Fintech markets on FintechCanada.io

Highlights:

  • The top 5 global Fintech ecosystems are Silicon Valley, New York City, London,Singapore and Beijing.
  • Europe and North America no longer dominate the Top 20 Fintech ecosystems with the Asia-Pacific region contributing as many globally leading hubs as North America.
  • Overall, the growth in Fintech funding is slowing down globally. Early-stage funding (pre-seed, seed and Series A) has plateaued almost everywhere. China in particular has seen a drop. The notable exceptions are Europe, and Americas (excluding USA), both of which have seen an increase.
  • Series B+ funding is doing better, with China being the only region down in 2019,but this is due to a whopper year in 2018, led by a $14B funding round for Ant Financial.
  • The increasing share of series B+ rounds in total funding for fintech indicates industry consolidation with more money being poured into winners. This is ultimately necessary as Fintech commercials require large volumes for profitability.
  • European Fintech funding continues its steady climb at all stages and with consistent unicorn growth, not the least reflective of rapid growth in user adoption since pandemic.
  • Digital-only banking clearly is on the rise; including by adding new services such as wealth management as well as broader service bundles.
  • Artificial Intelligence: A natural complement to Fintech, helping the industry develop hyper personalized solutions.
  • From competition to collaboration - incumbents and startup challengers increasingly realize benefit in collaborating, resulting in a much larger number of partnerships between incumbent FIs and Fintechs as well as between non-financial players and Fintechs.

Download the Global Fintech Ecosystem Report --> now

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NCFA Jan 2018 resize - Global Fintech Ecosystem Report Launch | Top 20 Ranking 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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[Event Nov 26, 2020]: Innovations in Financial Literacy and Education

Financial Literacy Committee

 

Financial literacy event - [Event Nov 26, 2020]:  Innovations in Financial Literacy and Education

You're invited - Event Details

Thursday, November 26, 2020 1:00 PM EST

Register for this event --> here

 

As we mark the 10th anniversary of Financial Literacy Month, the Financial Consumer Agency of Canada (FCAC) is pleased to invite you to a dynamic event organized specifically for financial literacy stakeholders. This 90-minute session will focus on innovative, research-based approaches to financial literacy and feature guest speakers who will share expert insights and perspectives, followed by a panel discussion.

Financial literacy event speakers - [Event Nov 26, 2020]:  Innovations in Financial Literacy and Education

Moderator:  Supriya Syal, Deputy Commissioner, Research, Policy and Education, FCAC

Panelists:

Rebecca Balcerzak, Senior Project Officer, Families Canada

Ruth Stephen, Director, Strategic Policy, Research & Experimentation, FCAC

Rim Charkani, CEO, WALO                                      

Dilip Soman, Director, Behavioural Economics in Action Research Centre Rotman School of Management

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NCFA Jan 2018 resize - [Event Nov 26, 2020]:  Innovations in Financial Literacy and Education 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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Luge Capital Canadian InsurTech Report & Event

Luge Capital | Gisele Karekezi | Nov 18, 2020

BookMockUp Luge 1200x628 002 - Luge Capital Canadian InsurTech Report & Event

Luge Capital just released our Status of the Canadian InsurTech Landscape report today. It is an in-depth analysis of InsurTech technology trends, startup activities, venture funding as well as Luge’s perspective on future innovation and investment opportunities in the Canadian insurance industry.

You can check out the report HERE.

Luge Insurtech Image Social 1200x628 R04 002 - Luge Capital Canadian InsurTech Report & Event

We are also hosting a webinar event to dig deeper into InsurTech investment trends and future opportunities with speakers from Liberty Mutual Strategic Ventures, Anthemis Group, Manulife Capital Ventures and Eos Venture Partners on December 1st, 4pm ET.

We would love to have you join us. Register

 

 


NCFA Jan 2018 resize - Luge Capital Canadian InsurTech Report & Event 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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Book Launch (Nov 17, 2020): The Technological Revolution in Financial Services: How Banks, Fintechs, and Customers Win Together

Michael King | Nov 16, 2020

Tech Revolution in Financial Services book cover - Book Launch (Nov 17, 2020):  The Technological Revolution in Financial Services: How Banks, Fintechs, and Customers Win Together

The financial services industry is being transformed by heightened regulation, technological disruption, and changing demographics. These structural forces have lowered barriers to entry, increasing competition from within and outside the industry, in the form of entrepreneurial fintech start-ups to large, non-financial technology-based companies.

The Technological Revolution in Financial Services is an invaluable resource for those eager to understand the evolving financial industry. This edited volume outlines the strategic implications for financial services firms in North America, Europe, and other advanced economies. The most successful banks, insurance companies, and asset managers will partner with financial technology companies to provide a better and more innovative experience services to retail customers and small businesses. Ultimately this technological revolution will benefit customers and lead to a more open and inclusive financial system.

Book Launch Webinar

Nov 17, 2020 03:00 PM

Free to register --> here


NCFA Jan 2018 resize - Book Launch (Nov 17, 2020):  The Technological Revolution in Financial Services: How Banks, Fintechs, and Customers Win Together 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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