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Category Archives: Research

Series of Essays: Regulation in the Era of Fintech

The Regulatory Review | April 26, 2021

Regulations - Series of Essays:  Regulation in the Era of Fintech

Technological innovation is changing the financial sector. Cryptocurrency markets have surged to all-time highs, culminating in the historic initial public offering of Coinbase, the first major cryptocurrency company to go public on a U.S. stock exchange. Retail investors have used Reddit and various commission-free trading platforms to spark unprecedented market volatility in “meme stocks,” such as GameStop. And at the same time, the Internal Revenue Service has struggled to distribute stimulus checks to millions of Americans, highlighting the need for better technological and regulatory solutions to facilitate faster payments in the United States.

New financial technology, or “fintech,” promises to make the financial system faster, better informed, and more global. Once a budding sector of finance, fintech is now a constant presence in every corner of the industry. Fintech products have opened the door to many new opportunities for consumers, investors, and businesses. But with these opportunities, come new challenges. Regulators and policymakers face key choices as they adapt to meet the needs of this constantly changing landscape while keeping investors and consumers safe.

See:  SEC Commissioner Peirce speak at FFCON21 May 11-13 - Register Here

The Regulatory Review has invited policymakers, scholars, and practitioners from across the financial sector to discuss the pressing issues fintech poses for the industry and to offer their insights about how fintech will continue to impact financial institutions, markets, and regulators in the future.

 


More Data, More Problems

April 26, 2021 | Rick A. Fleming and Alexandra M. Ledbetter, U.S. Securities and Exchange Commission

Investors in capital markets have access to more information than ever before, but it is challenging for even sophisticated market participants to sort through all of the data. The U.S. Securities and Exchange Commission should adopt data standardization practices for corporate reporting to make accessing reported information easier and less costly for the investing public.


Did Reddit Break the U.S. Securities Markets?

April 27, 2021 | Marlon Paz, Mayer Brown LLP

Recent market volatility in GameStop and other “meme stocks” has put a national spotlight on the evolving role of technology in regulating U.S. capital markets. The U.S. Securities and Exchange Commission should improve the antiquated plumbing of the U.S. securities trading infrastructure to speed up the clearing and settling process. 


DeFi Is the Next Frontier for Fintech Regulation

April 28, 2021 | Kevin Werbach, The Wharton School of the University of Pennsylvania

Decentralized finance promises significant benefits, including democratized access to financial products, improved market efficiency, easier access to liquidity, enhanced financial privacy, and faster innovation. DeFi, however, also poses serious and multifaceted risks.

Continue to the full article --> here


NCFA Jan 2018 resize - Series of Essays:  Regulation in the Era of Fintech 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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Central bank digital currencies: towards global adoption

PwC | April 2021

PwC global CBDC index 1 - Central bank digital currencies: towards global adoption

Challenges related to new monetary infrastructures and opportunities for businesses

Payment behaviour is changing. Cash is being used less and less with the generalisation of bank card payments: just 28% of the amount of point-of-sale transactions is made in cash according to the Banque de France, and is declining year-on-year.

In order to support these societal changes, improve the efficiency of payment systems and remain competitive, central banks are exploring the potential of innovative technologies. The ambition of creating a Central Bank Digital Currency (CBDC) is not to replace cash but to offer an alternative.

See:  Ripple Pilots a Private Ledger for Central Banks Launching CBDCs

Presented as a digital token, CBDC  supports  solutions to societal issues such as financial inclusion. For example, it makes it possible to democratise access to the financial system for the "unbanked"  access to mobile telephony, whose networks are much wider than the banking network. The ability to receive and send money is very important for disadvantaged members of society, allowing them to escape from poverty.

Today, most central banks are working on CDBC projects and, as announced by the European Central Bank, the project of a digital euro should see the light of day within five years.

Continue to the full article --> here

Download the PwC Global CBDC Index (42 page PDF) --> here


NCFA Jan 2018 resize - Central bank digital currencies: towards global adoption 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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Fintech Trends to Watch for This Year

Guest Post | Apr 23, 2021

Fintech adoption among seniors - Fintech Trends to Watch for This Year

The COVID-19 pandemic brought about digital transformations in many ways. Remote work was no longer a theory—it was a necessity. Telemedicine wasn’t an experiment—it became the only way to get standard medical care.

Fintech also exploded because financial institutions were closed for in-person services, and our entire lives moved online.

Of course, fintech was already on its way to being one of the biggest disruptors in both tech and finance, but that was likely sped up by the pandemic. From new emerging data protection strategies for fintech to reaching broader audiences, there has been a lot of evolution in the industry.

With that in mind, the following are some of the fintech trends to watch this year and into the next.

Adoption by Older People

One of the biggest shifts in fintech is that it’s no longer just seen as something for the Millennial and younger demographic. The closure of brick-and-mortar banks and financial institutions, as well as reduced hours and restrictions on things like going into lobbies, mean that even people less comfortable with technology had to shift to online options.

There has been a huge increase in mobile banking registrations, and more older people are starting to get comfortable with things like online bill pay.

With that has also come a shift in how older people view online banking.

Non-traditional financial and banking services and platforms are starting to be seen as more credible and legitimate as a whole.

Blockchain Growth

Blockchain technology is allowing for peer-to-peer transactions without the need for a middle-man to transfer assets, and that in and of itself is becoming a big disruptor in the financial industry.

Asset transfers don’t just mean money. It means things like titles and mortgages.

Transactions that might have taken days or weeks before can now be done efficiently within minutes.

Join us:  FFCON21: May 11-13 Breaking Barriers Feature Speaker Humanoid Robot SophiaDAO

There’s not just a speed-up in the timing of transactions that’s available with blockchain. There’s also more transparency. You can go into the blockchain ledger and ensure there aren’t any changes to the record.

A report from Business Insider Intelligence found that 48% of bank representatives think blockchain technology will be the most impactful trend in the industry this year and beyond.

Along with the role of blockchain will also be more of an influence coming from cryptocurrency. Facebook is even rumored to be rolling out its own cryptocurrency and P2P platform dubbed the Libra project.

Artificial Intelligence

There’s hardly an industry not being affected by artificial intelligence, and banking and fintech are no exception.

Banks are estimating they’ll reduce their operational expenses by 22% thanks to artificial intelligence by 2030.

Banks might end up being able to save as much as $1 trillion with the use of AI, or at least that’s the hope based on current projections.

Some of the specific ways AI and machine learning might start playing a more pivotal role in fintech include increasingly customized chatbots that can take care of complex tasks for customers, as well as the availability of digital assistance that can provide personalized financial advice to users, including highlighting specific investment and saving opportunities.

Security and Regulation

Fintech providers are going to have to increasingly work to keep up with security and regulation. Security is one of customer’s number one concerns, and with this in mind, not only do extensive security precautions need to be taken, but you’ll see fintech and digital banking companies using this as part of their marketing.

There is talk about more regulation in a variety of areas that could impact fintech too. For example, trading platform Robinhood faced legislative scrutiny recently after the buzzy GameStock situation when Redditors came together to boost the stock. There’s also talk about more regulation regarding cryptocurrency, and fintech companies, in general, are likely to face more stringent standards.

There’s also something called RegTech, which utilizes AI to do risk assessments and provide big data insights. The more fintech companies are collecting data, the more oversight they face, and RegTech may help alleviate some of the compliance-based burdens these companies are facing.

Inclusiveness

Finally, fintech companies are going to likely be moving into the world of inclusion and focusing on bringing diverse customers into their services. This is a top priority for companies in all industries, but you’ll see a lot of products, services, and marketing targeted directly at larger and more diverse audiences.


NCFA Jan 2018 resize - Fintech Trends to Watch for This Year 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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NFT Fire hose: Educational Resources

NFT educational resources - NFT Fire hose:  Educational Resources

The NFT Canon is a go-to resource for artists and creators, developers, corporations and institutions, communities and other organizations seeking to understand or do more with non-fungible tokens.

It’s a curated list of readings and resources on all things NFTs (inspired by the a16z Crypto Canon), and is organized from the big picture of what NFTs are and why they matter, to how to mint, collect, and do more with them — including various applications such as art, music, gaming, social tokens, and others.

See:  IBM Is Turning Patents Into NFTs

We will continue to update this as more people try out new things, share their work, or publish resources for learning about NFTs. If you have suggestions for quality pieces to add, let us know @a16z.

*   *   *

The Big Picture, Beginners Guides, & FAQs

Life Is Non-fungible: The Evolution of Ownership, Assets, and Us  — ownership is deeply human; collectibles for self-expression, identity, money, trade
by Roham Gharegozlou
https://youtu.be/u894J50AqOs

NFTs and a Thousand True Fans — evolution of the internet and better economics for creators
by Chris Dixon
https://a16z.com/2021/02/27/nfts-and-a-thousand-true-fans/

Stories, Scarcity, and Mimetic Desire — how NFTs turn millions of stories into scarce assets
by Nick Tomaino
https://thecontrol.co/stories-scarcity-and-mimetic-desire-c4a344fa74e1

A beginner’s guide to NFTs — what they are, why they’re interesting, applications
by Linda Xie
https://linda.mirror.xyz/df649d61efb92c910464a4e74ae213c4cab150b9cbcc4b7fb6090fc77881a95d

What is an NFT? — properties of blockchain-based non-fungible tokens
by Devin Finzer
https://opensea.io/blog/guides/non-fungible-tokens/#What_is_a_non-fungible_token

All about NFTs — the what, why, and how of NFTs, their applications, and process as well as common questions & misconceptions
by Jesse Walden, Linda Xie, Sonal Chokshi
https://a16z.com/2021/03/27/nfts-explainer-faqs-hype-reality-innovation-crypto-creator-economy

NFTs invert the ownership model of media — offering creators, their audiences, and developers who build for them a viable alternative to platform-driven monetization
by Jesse Walden
https://variant.mirror.xyz/T8kdtZRIgy_srXB5B06L8vBqFHYlEBcv6ae2zR6Y_eo

NFT subculture — properties of disruptive subcultures
by Denis Nazarov
https://d.mirror.xyz/OQrTGdbiDDKs-7it-URF2NYRG9xLMYEQcNnET8fah3I

Continue to view a huge list of resources for NFTs --> here


NCFA Jan 2018 resize - NFT Fire hose:  Educational Resources 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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Snapshot: the regulatory framework for financial services compliance in Canada

Gowling WLG | Michael Garellek | Mar 19, 2021

Financial services regulation in Canada - Snapshot: the regulatory framework for financial services compliance in Canada

Regulatory framework

What national authorities regulate the provision of financial products and services?

Financial institutions

The Department of Finance is the government body responsible for federally regulated financial institutions (FRFIs), including banks, trust and loan companies, insurance companies and credit unions. The Department of Finance is principally responsible for proposing changes to legislation and adopting new regulation governing FRFIs.

The Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC) are two key regulatory authorities supervising FRFIs. Generally, OSFI is responsible for prudential regulation and establishing guidelines for capital, reporting and business practices, and FCAC is responsible for consumer protection.

See:  Big Changes In Financial Regulation: Dialogue With The OSC 2020

In addition to OSFI and FCAC, each province has regulatory authorities that oversee financial institutions outside of the exclusive jurisdiction of the federal government. These include, among others, the Financial Services Commission of Ontario, the Autorité des marchés financiers (AMF) in Quebec, and the British Columbia Financial Institutions Commission. Recently, amendments to the Bank Act were enacted allowing a credit union incorporated provincially to assume federal jurisdiction provided it amalgamates with an existing federal credit union or with another provincial credit union being continued under the Bank Act.

Deposit-taking institutions are members of the Canada Deposit Insurance Corporation (CDIC) and Payments Canada (formally known as the Canadian Payments Association). CDIC is a statutory corporation that provides deposit insurance for certain types of small deposits to member institutions. Payments Canada operates Canada’s payment clearing and settlement systems. Membership in Payments Canada and CDIC is mandatory for Canadian banks as well as for certain trust and loan companies that accept deposits.

The Canadian Payments Association, known by its business name Payments Canada, is a not-for-profit association responsible for the clearing and settlement infrastructure, processes and rules for Canada’s non-credit card related national payments systems, which are the Large Value System (LVSS) and the Retail System (ACSS). The participant members of Payments Canada are largely regulated financial institutions (ie, banks, authorised foreign banks, trust and loan companies, credit unions and financial cooperative credit associations and caisses). The Minister of Finance must approve all by-laws (other than those that relate to administration of Payments Canada) and can direct that the rules be amended or repealed or that new rules be adopted. The governor of the Bank of Canada also has oversight responsibilities because both the LVSS and ACSS are designated clearing and settlement systems under the Payment Clearing and Settlement Act.

Securities registrants

Securities registrants include securities dealers and advisers, derivatives dealers and advisers, investment fund managers, exchanges and other alternative trading systems, designated ratings organisations and clearing agencies, commodities futures dealers and advisers. It also includes, in certain circumstances, those persons benefiting from an exemption from registration in any of those aforementioned categories.

See:  Global Risk Institute Report: Discussing Open Banking Regulation for Canada

Canada does not currently have a federal securities regulator. The securities market is regulated by the provincial and territorial securities commissions (securities regulators). Despite the lack of a federal regulator, the provincial and territorial regulators coordinate the development of national rules and standards through the Canadian Securities Administrators (CSA), which administers a passport system for extra-provincial registration. The most active securities regulators in Canada are the Ontario Securities Commission (OSC), the AMF, the Alberta Securities Commission (ASC), and the British Columbia Securities Commission (BCSC). Investment dealers are regulated by a national self-regulatory organisation, the Investment Industry Regulatory Organization of Canada or IIROC.

Previous attempts to create a national securities regulator in Canada were deemed to improperly fetter the jurisdiction of the provincial legislatures and therefore considered to be unconstitutional (see Reference re Securities Act, 2011 SCC 66, [2011] 3 SCR 837). In August 2014, the provincial governments of British Columbia, Ontario, Saskatchewan, and New Brunswick entered into a memorandum of agreement (MOA) with the government of Canada with respect to the creation of a cooperative capital markets regulatory system. The MOA proposes uniform provincial capital markets acts, complementary federal legislation, and the creation of a federal capital markets regulator. On 9 November 2018, the Supreme Court of Canada ruled that the proposed cooperative regulatory system is constitutional (see Reference re Pan-Canadian Securities Legislation, 2018 SCC 48). Consequently, while the proposed system is not yet in effect, there may be significant changes to the structure of regulation of capital markets in Canada in the near future.

What activities does each national financial services authority regulate?

Financial institutions

OSFI and FCAC both regulate many financial services industries, including the business of banking, acceptance of deposits, the provision of insurance, trust services and mortgage lending by FRFIs. Also, OSFI regulates the administration of pension plans, and FCAC regulates the operation of payment card networks through voluntary codes of conduct. Provincial and territorial financial service regulators regulate financial institutions including provincial trust and loan corporations, credit unions, insurers and the distribution and sale of financial products offered by these financial institutions.

See:  Review: Financial Consumer Agency of Canada (FCAC) submission to Advisory Committee on Open Banking

Securities registrants

The securities regulators regulate securities markets, including the activities of trading, advising and dealing in securities, capital raising and the administration of investment funds and marketplaces. They also regulate the creation and trading of derivatives, including over-the-counter (OTC) derivative contracts and commodities futures contracts.

What products does each national financial services authority regulate?

Financial institutions

OSFI or FCAC, or both, regulate the following financial products:

  • deposits including term deposits and retail deposit accounts;
  • registered investment products and principal protected notes;
  • offering of credit;
  • contracts of insurance, including life insurance, property and casualty insurance, and mortgage insurance;
  • pension plans; and
  • payment cards.

Securities registrants

Securities regulators regulate any product that is a ‘security’, which is an open-ended category involving a fact-specific analysis, but which includes bonds, shares, stocks, investment contracts, subscriptions, profit-sharing agreements, income or annuity contracts not issued by an insurance company, options, OTC derivatives and commodities futures contracts. More recently, digital assets, including crypto currencies, have received the attention of securities regulators in Canada. Depending on how these digital assets are offered to the public, many have been characterised by regulators as investment contracts or derivatives, including contracts for difference.

See:  Final Report: Ontario Capital Markets Modernization Committee Recommendations

The concept of an ‘investment contract’ is not defined within the Act but has been the subject of substantial consideration by Canadian courts and securities regulators across Canada. The courts in Canada have applied the tests from Pacific Coast Coin Exchange of Canada Ltd v Ontario Securities Commission (1978) 2 SCR 112 to determine whether an instrument is an investment contract in a four-part analysis as to whether the scheme involves:

  • an investment of money;
  • with an intention or expectation of profit;
  • in a common enterprise, in which the fortunes of the investor are interwoven with and dependent upon the efforts and success of those seeking the investment of third parties; and
  • where the efforts made by those other than the investor are significant, and those managerial efforts affect the failure or success of the enterprise.

Continue to the full article --> here


NCFA Jan 2018 resize - Snapshot: the regulatory framework for financial services compliance in Canada 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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CoinPayments Set to Remain Leading Crypto Payment Processor Finds D-Core Survey

Yahoo Finance | Release | April 13, 2021

crypto payment processor research - CoinPayments Set to Remain Leading Crypto Payment Processor Finds D-Core Survey

D-CORE Research (CNW Group/CoinPayments)

LONDON, April 13, 2021 /CNW/ - Emerging technology research company D-Core released its latest analysis reviewing the future of the cryptocurrency landscape, calling for CoinPayments to remain the leading crypto payments processor in 2026.

D-Core's report surveyed 161 experts, asking them: "Which crypto payment processor will definitely be operating in five years time?" Of those surveyed, 37% picked CoinPayments, giving it the top spot. The other crypto payment processors included in the report were Bitpay (29%), BTCpay (19%), SpicePay (13%), CoinGate (1%), among others.

"It is great to be recognized as a top crypto payment processor among experts in the industry," noted Jason Butcher, CEO of CoinPayments. "Since 2013, our aim has always been to fuel crypto adoption and the most effective way to give digital assets their rightful place as mediums of exchange is by enabling businesses and consumers to use them for everyday purchases."

See:  Jason Butcher, CEO Coinpayments speak at the 7th Fintech & Financing conference: FFCON21 Breaking Barriers May 11-13

The report's timely release comes as notable companies like Paypal and Tesla announce that they will be facilitating crypto payments for customers. Crypto adoption is steadily on the rise as more businesses come to understand the benefits that come with accepting crypto payments.

"D-Core's focus is on providing unique information and insights into emerging technology companies and projects in blockchain, decentralized finance, and payments," noted D-Core founder Kevin Mudd. "As more people look for information on crypto and payments, we aim to help to uncover tomorrow's disruptors in the space to help institutional investors, family offices, hedge funds, and main street investors make wiser investment decisions."

About CoinPayments
CoinPayments is the easiest, fastest and most secure way for merchants worldwide to transact in cryptocurrencies. It is the first and largest cryptocurrency payment processor with more than US $10 billion in total transactions to date, while supporting more than 2,000 coins, and is the preferred crypto payment solution for merchants and Ecommerce platform providers worldwide. Founded in 2013, CoinPayments is dedicated to providing clients with fast, secure and user-friendly crypto payment APIs, shopping cart plugins, digital wallets, and a host of other solutions supporting cryptocurrency payment applications. Learn more at: https://www.coinpayments.net/.

Continue to the full article --> here

 


NCFA Jan 2018 resize - CoinPayments Set to Remain Leading Crypto Payment Processor Finds D-Core Survey 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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Techlash continues to batter technology sector

Brookings | Darrell West | Apr 2, 2021

Tech Backlash - Techlash continues to batter technology sector

Source: Felix Decombat

In our Brookings Press book, Turning Point: Policymaking in the Era of Artificial Intelligence published last year, John Allen and I note the backlash against technology that has reduced public support for many things digital. As an illustration, Pew Research Center surveys show people are worried about privacy intrusions, cybersecurity risks, and misinformation campaigns. Many individuals think the pace of technological change is advancing too rapidly and it is hard to distinguish fake from actual phenomena.

Now a new Edelman Trust Barometer poll shows how much more widely this “techlash” has spread. In the United States, trust in the technology sector has fallen from 78% in 2012 to 57% in 2021. Globally, tech sector trust has dropped from 77% to 68% during that time.

In less than a decade, according to that firm, the public has grown far more suspicious about misinformation, personal privacy, 5G networks, and AI bias, among other things.

The decline of public trust in the technology sector has profound consequences for how people view digitization and options for government oversight and regulation. The precipitous drop over the past year is noteworthy because of the crucial role technology has played in the pandemic response. Due to COVID-19, people have shifted to online learning, telemedicine, remote work, and e-commerce.

See:  Edelman Canadian Trust Report: Trust declines in all sectors including 8% in technology

In this situation of widespread technology utilization to cope with the social distancing requirements of the pandemic, one might imagine the public would see the benefits produced in at least some of these areas would outweigh the costs and the risks. COVID-19 forced what otherwise might have been five years of digital change into five weeks. Nearly everyone has grown quite dependent on technology to work, learn, and communicate. That should have boosted public confidence in technology.

In the United States, trust in the technology sector has fallen from 78% in 2012 to 57% in 2021. Globally, tech sector trust has dropped from 77% to 68% during that time.

Yet the loss of trust suggests many are not happy with the role technology plays in their pandemic lives and feel there are many problems that need to be addressed. Although digital connections helped them work remotely, a number are suffering from Zoom fatigue, misinformation, privacy loss, and social isolation. A significant percentage seems to feel that tech risks outweigh benefits.

In addition, widely reported problems with online learning platforms have frustrated students, parents, teachers, and administrators. Rather than boosting confidence, these issues have eroded public trust. Although technology enables some types of learning, some experts have concluded students learned far less from online platforms than what would have been the case with in-person classrooms.

See:  PwC Report: Canadian Digital Trust Insights 2021: Cybersecurity comes of age

If public opinion continues to trend in negative directions for the technology sector, both in the United States and around the world, it likely will broaden support for government actions that regulate technology, raise taxes, ban certain applications, and limit product rollouts seen as detrimental to humanity.

A lack of public confidence will encourage political leaders to take tough regulatory actions and limit the freedom private companies have had for decades to develop new products, bring them to the marketplace, and engage in international commerce.

Continue to the full article --> here


NCFA Jan 2018 resize - Techlash continues to batter technology sector 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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Recent Appointments

7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
David Durand, Advisor, Innovation and Advocacy

David Durand, Advisor, Innovation and Advocacy

David Durand, LL.L., B.Sc. chem., – Founder and Managing Partner of Durand Lawyers – Lawyer (Québec)[...]
Michelle Beyo, Advisor, Payments and Financial Inclusivity

Michelle Beyo, Advisor, Payments and Financial Inclusivity

Michelle Beyo is Founder & CEO of Finavator INC, Money2020 RiseUp Alumni, Women in Payments Glob[...]
Paul Schulte, Advisor, Banking and Financial Services

Paul Schulte, Advisor, Banking and Financial Services

Paul Schulte is the Founder and Managing Editor of Shulte Research based in Singapore.  Paul's roles[...]
Sue Britton, Advisor, Corporate Innovation & Partnerships

Sue Britton, Advisor, Corporate Innovation & Partnerships

Sue Britton is CEO & Founder of FGS (FinTech Growth Syndicate) – Canada’s leading FinTech innova[...]
Charlene Cieslik, Advisor, AML and Compliance

Charlene Cieslik, Advisor, AML and Compliance

Charlene Cieslik is the Principle of Complifact AML Inc., and currently spends her time assisting th[...]
Michael R. King, PhD CFA, Advisor, Fintech Research and Education

Michael R. King, PhD CFA, Advisor, Fintech Research and Education

Michael R. King, PhD CFA Lansdowne Chair in Finance Gustavson School of Business, University of Vi[...]
Alan Wunsche, Advisor, Blockchain

Alan Wunsche, Advisor, Blockchain

Alan Wunsche, MBA, CPA, CA, CBP – Founder, TokenFunder and Co-founder/Chair, Blockchain Canada Al[...]
David Lucatch, Advisor

David Lucatch, Advisor

David Lucatch Chair, KABN David has spent more almost 35 years in the international marketing ar[...]
Sherwood Neiss, Advisor, Global Crowdfunding Markets

Sherwood Neiss, Advisor, Global Crowdfunding Markets

Mr. Sherwood Neiss co-authored the “Crowdfunding Exemption Framework” which became the basis of Titl[...]