Summary of day one at techUK's Digital Ethics Summit 2020.
Which? has rated 16 of the biggest UK banks on the security of their online banking systems. How does your bank's online security measure up?
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Research
Digital Ethics Summit 2020 Day One- Lessons to be learnt from 2020
WiredGov | TechUK | Jan 11, 2021
Summary of day one at techUK's Digital Ethics Summit 2020.
On Wednesday 9 December we kicked off techUK’s fourth annual Digital Ethics Summit. The overarching theme for day one of the Summit was lessons to be learnt from 2020. Through a series of keynote speeches, breakout sessions and plenary panels, our speakers from across industry, government, academia and civil society, assessed the role and effectiveness of the digital ethics debate during the critical events that occurred this year.
To kick start the day we were joined by the Minister of State for Media and Data, John Whittingdale. As part of his keynote speech the Minister set out Government’s ambition for the upcoming National Data Strategy and highlighted work that is already underway, starting with the publication of the Government Data Quality Framework. The Minister stressed that underpinning this strategy is public trust and highlighted the need to bring the public along in these important conversations. The Minister also recognised the importance of digital skills and highlighted government’s 13M investment in a bid to boost digital skills. The Minister finished by reaffirming the importance of collaboration between the public and private sector, as well as the need for the UK to remain active in the global debate on digital ethics.
Watch the Minister’s full session recording here.
In her keynote address the Information Commissioner, Elizabeth Denham reflected on the year, highlighting the accelerated adoption of many digital technologies and suggested we’d seen greater collaboration on privacy issues this year than ever before. During her keynote, the Commissioner provided three takeaways to consider as we enter the new year. First, that data ethics will continue to be a lexicon for these shared discussions. Second is a real need to focus on the people that are affected by data decisions and third is considering the role of data ethics boards. The golden thread throughout each of these three areas is trust. When asked where she’d like to see more focus in 2021, the Commissioner said it comes down to doing more work for kids, including in areas of algorithmic decision-making.
Watch the Information Commissioner’s full session recording here.
Plenary session – Lessons to be learnt from 2020
In the Summit’s first plenary panel session titled ‘Lessons learnt in 2020’ speakers included Maria Axente, Responsible AI and AI for Good Lead at PwC, Edwina Dunn OBE, Board Member at the Centre for Data Ethics and Innovation, Stephen Metcalfe MP and Co-Chair for the APPG on AI an Kay Firth-Butterfield Head of Artificial Intelligence and Machine Learning at the World Economic Forum. Building on the Commissioner’s keynote, Maria Axente added that we’re building on a strong foundation when it comes to businesses establishing ethics boards.
See: Canada “AIMS” to raise the bar for AI development and use through standardization
It’s now key that businesses connect their various internal initiatives to see progress. Stephen Metcalfe acknowledged the impact of a current digital divide in society and suggested the need for a refreshed look when it comes to access of digital equipment. Ensuring we’ve got the right digital infrastructure in place, including access to broadband, will be key in 2021. Kay Firth-Butterfield agreed that we need to grow the infrastructure that supports wider adoption of AI to occur. Drawing on her own experiences, Kay highlighted that countries are starting to develop a better understanding of the work that needs to be done when it comes to digital ethics, with many countries learning from other’s experience. Finally, Edwina Dunn OBE, highlighted the work of the CDEI this year and argued the importance of balancing innovation and what we are allowed to do. As we create more data, the more we can do, she says, but does that mean we should do it?
Watch the full plenary session recording here.
Following the plenary session, the Summit broke out into three breakout sessions focusing on three key issues:
Fairness and equality – Data and technology and the fight against systemic discrimination
This breakout session was chaired by Jessica Lennard, Senior Director, Global Data and AI Initiatives, Visa. Panellists include: Ashleigh Ainsley, Co-founder, Colorintech, Brhmie Balaram, Head of AI Research & Ethics, NHSX AI Lab, Renée Cummings, Data Activist in Residence, The School of Data Science, University of Virginia & Community Scholar Columbia University, Dr Kanta Dihal, Senior Research Fellow & Principal Investigator, Global AI Narratives, Leverhulme Centre for the Future of Intelligence, University of Cambridge and Allyn L. Shaw, President & CTO, Recycle Track Systems and Founding Partner, Deed.Partners.
Whilst discussing some of the greatest challenges we’ve faced this year, Allyn L. Shaw highlighted that current data training sets are still not representative of underrepresented communities, and in addition, many of these communities don’t have access to technology, causing a cascading effect when it comes to fairness and discrimination.
See: Banking Must Take A Stand On Tough Social Issues
On the topic of defining fairness, Ashley Ainsley preferred to approach this from an equality perspective. He asked- Who are the people responsible for creating algorithms and making decisions? What opportunities are there to have equitable input into those systems and challenge the decisions made? He stated that people should have the opportunity to get involved and influence from the beginning point of the process.
The public has become more conscious to the impact of AI this year, and Dr Kanta Dihal suggested that in 2020, naïve techno-optimism has become inexcusable. Brhmie Balaram commented that when we think of fairness, we must ask fairness for whom? As fairness will look different for different people. She also added that it’s not just tools but also the culture. What’s happening around the way rules are implemented and the way they’re able to be challenged? Renée Cummings highlighted the need to consider due diligence, duty of care and due process, when it comes to the application of data into any kind of system.
Watch the full session recording here.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
|---|---|---|
 |  |  |
PwC Report: Canadian Digital Trust Insights 2021: Cybersecurity comes of age
PwC Canada | Jan 2021
Overview
- Accelerated digitization will continue to be one of the key impacts of COVID-19, but as new business models interact with new technologies, cybersecurity strategies across industries will need to shift to meet changing demands.
- As organizations digitize, getting the most value out of every cyber dollar spent will become even more critical, not just because of our current economic climate, but also because every new digital process can become a vulnerability.
- In the next year, many organizations will increase cyber budgets and add full-time cyber personnel, and they’re looking for a mix of soft skills, such as critical thinking and communication, and technical skills, such as familiarity with cloud solutions.
Just decades after coming out from under IT’s wing, the cybersecurity profession has matured. Cyber teams are now armed with the insight and foresight only experience can provide. And the timing couldn’t be better, as many of the industries, organizations and people they serve are at a pivotal moment.
Our findings from the Global Digital Trust Insights 2021 survey of more than 3,000 business and technology executives around the world, including a significant number of Canadian respondents, tell us what’s changing and what’s next in cybersecurity.
See: Remote Working Cybersecurity Checklist
In brief, organizations’ expectations of their security leaders continue to rise. No longer focused just on technology, although it’s very much in the picture, cyber’s real role now and into the future will be strengthening and increasing the resilience of their organizations.
Reset your cyber strategy
Our survey found that 44% of Canadian respondents (40% globally) say they expect accelerated digitization to be a likely outcome of COVID-19. Many are taking on business strategies they hadn’t imagined before, including e-commerce, new markets, new business models, remote working and automation. And 15% of Canadian respondents (21% globally) are changing their core business model and redefining their organizations.
But as we see new business models interact with new technologies, we’re also seeing the introduction of new cyber risks.
Traditional approaches to cyber just can’t keep up with the pace and scale of digitization. And they’re slowing down business strategies and impacting both the top and bottom line. So it’s really not surprising that nearly all respondents (97% in Canada and 96% globally) say their industry’s cybersecurity strategies will shift as a result of COVID-19.
See: Fintech & Cybersecurity: Key Risks and Solutions
Which of the following changes are most likely to be impacts of the COVID-19 experience on cybersecurity in your industry?
| Canada | Global | |
| Greater resilience testing to account for more low-likelihood, high-impact events | 57% | 43% |
| Cybersecurity and privacy implications baked into every business decision or planning | 55% | 50% |
| More frequent interactions between CISO and the CEO or boards | 41% | 43% |
| New process of budgeting for cyber spend or investments | 39% | 44% |
| Better and more granular quantification of cyber risk | 37% | 44% |
| No changes due to COVID-19 | 3% | 4% |
Level the playing field with attackers
Innovation is changing the cybersecurity game, giving new advantages to defenders and allowing them to level the playing field with attackers. Leading organizations are exploring advanced methods to protect their expanding digital ecosystems. But this isn’t optional—increased adoption of cloud, automation and Internet of Things (IoT) systems means organizations need to rethink their defences, as these systems can’t be protected with traditional IT security methods.
See: SWIFT publishes “Follow the Money” report to aid comprehension of money laundering risks underpinning large-scale cyber-heists
According to our survey, the top three cybersecurity approaches that Canadian organizations have implemented and are currently realizing the most benefits from are security orchestration and automation (19%), modern identity and access management (17%) and integrated cloud and network security (17%).
Continue to the full article --> here
View Canadian digital trust insights 2021 --> Now
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
| | |
|---|---|---|
| | |
Top 5 In-demand Jobs Post COVID-19?
Raconteur | MaryLou Costa | May 2020
What does the top crisis management team look like? With a perfect storm of business challenges, heightened by pressure on team members working remotely, the coronavirus outbreak has spotlighted technology, customer services, communications, wellbeing and data. As a result of this, lots of new job offers appeared on the Internet.
1. Head of technology
From barricading against cyberattacks, to bolstering customer service through artificial intelligence (AI), the coronavirus pandemic has resulted in wider priorities for the head of technology as part of a crisis management team.
Cyberattacks are now more likely and should be a top priority for senior management, says Jonathan Hemus, managing director of crisis management consultancy Insignia.
“With a potential second wave of COVID-19, a business that is now wounded may find a major cyberattack in the next six months could push them into bankruptcy,” Hemus warns.
“Millions of people are working from home and more vulnerable in terms of IT security. There are likely to be more successful attacks, so thinking about cybersecurity is really important at the moment.”
And as consumers have flooded ecommerce platforms with record numbers of online orders, leveraging AI has become paramount. Data from more than 20,000 global companies, compiled by customer service software firm Zendesk, shows that support requests using AI are up 55 per cent since March.
See: Magnetic North: How Canada Holds its Own in the Global Race for Innovation Talent
For retailers such as Carrefour, rolling out a chatbot service has been crucial for coping with demand. “We will invest even more in AI,” says Jean-Philippe Blerot, head of digital and ecommerce at Carrefour Belgium. “This allows our customer service agents to focus on more complex answers.”
2. Head of customer services/experience
According to Carrefour’s Blerot, increase in customer service demand has been staggering at more than 2.5 times higher than usual. The retailer immediately increased by 25 per cent its number of customer services agents, who had to shift from being subject-matter experts to generalists to accommodate the influx of questions.
With the COVID-19 outbreak causing systems and teams to overload, customer services has helped limit customer frustration and create a positive experience, Blerot adds.
The ability to buffer a potentially negative situation through strong customer services should not be underestimated, says Emily Hough, editor in chief of Crisis Response Journal.
“Reputational risk, a brand or company’s social value, could be threatened by how a company deals with, or is perceived to be dealing with, a crisis. Several companies in this crisis have acted tone deaf and consumers have vowed to remember this,” she says.
“Always keep an eye in the mirror to see how decisions could be viewed by staff, stakeholders, customers and the wider public; all this is amplified by social media.”
3. Head of culture and wellbeing
Company culture and employee stress levels have been pushed to the edge, as social interaction and activities have been stripped away by the pandemic and lockdown.
Recognising the need to balance productivity with mental health and company cohesion has now become front of mind for crisis management teams. As Zendesk chief operating officer Tom Keiser notes, senior management’s ability to prioritise staff wellbeing can help teams to “really come through for their customers”.
Greg Brooks, global chief marketing and culture officer at WPP-owned media company Mindshare, says the current crisis has promoted the need for more empathy and understanding in business.
See: Fintech Fridays EP47: How to Change the World: Risk culture and Work-life Balance
Mindshare has since doubled down on cultural initiatives to keep colleagues connected and motivated, he adds. It has launched a remote-working online hub, learning programmes, mental health support and virtual events such as quizzes, workouts, origami, reiki, mindfulness, Netflix chats, book clubs, cook-alongs and even a pet Olympics.
Mental health and wellbeing have also risen up the agenda at marketing technology firm MiQ. Co-founder Lee Puri says, since the crisis began, its new global head of diversity and inclusion has been tasked with introducing a number of initiatives, such as regular wellness webinars, a global buddy programme and virtual employee resource groups to connect team members around the world.
With the human element of a crisis brought into sharp focus by COVID-19, people and culture will play a larger role in business continuity plans and crisis management teams, Brooks predicts.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
Is Digital Banking Safe? Which is safer, Fintechs vs Incumbents?
Which? | Chiara Cavaglieri | Jan 2021
Which? has rated 16 of the biggest UK banks on the security of their online banking systems. How does your bank's online security measure up?
Best banks for internet banking security With so much of our banking now done on our computers and smartphones, it's important that those services are secure. Every year, we rate the security of the online banking and mobile banking services from major banks and building societies. In our latest test, volunteers carried out a series of tasks, while a team of experts from cybersecurity firm 6point6 tested each bank's defences.
See: Fintech & Cybersecurity: Key Risks and Solutions
The table below shows how 16 banks and building societies fared for the main factors we tested in September 2020.
The percentage figures illustrate how important that area of security was to the overall test score.
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
| | |
|---|---|---|
| | |
Hold or Sell: How High Can Bitcoin Go in 2021?
DailyForex |Artem Gramma | Dec 2020
After a multi-year bear market, Bitcoin was again trading near its all-time high by December 2020
From the halving cycle to global monetary stimulus in response to Covid-19, many factors have contributed to the rally. This article outlines the fundamental bullish case for Bitcoin and highlights some Bitcoin price predictions for 2021 from the experts. My personal view is that 2020 had more similarities with 2016 than 2017. I expect 2021 to mark a new breakout for Bitcoin, with the price reaching new all-time high at $50,000, following historical patterns, albeit in a more muted fashion.
The Fundamental Bullish Case
Why is Bitcoin going up? There are many reasons to be optimistic about Bitcoin now. We could talk about its network effects or censorship resistance characteristics. We can also explore the narrative that millennials exceedingly prefer to own Bitcoin relative to other assets, including gold. As millennials and Gen Z inherit nearly $78 trillion of wealth, some of it will inevitably flow into Bitcoin. However, in 2020 and looking into 2021, the digital gold story, institutional adoption and supply-demand dynamics will be the main drivers of the Bitcoin price.
See: What the MicroStrategy Deal — and Others Like It — Means for the Future of Bitcoin and Altcoin Prices
Bitcoin as Digital Gold
Gold has been used as a reliable store of value for centuries. Its main attraction is its scarcity as limited supply exists, and gold mining is an expensive and slow process. This puts gold in stark contrast to fiat currencies, that can be printed at will by central banks around the world.
Like gold, Bitcoin is a scarce asset. Only 21 million coins will ever be created, and close to 90% have already been mined. The current inflation of the Bitcoin network is 1.8% and will decline over time as block rewards decline further. This process is known as halving and refers to the gradual reduction of block rewards by 50% approximately every four years. As a quick reminder, block rewards are the only way new Bitcoins can be created. Scarcity aside, Bitcoin is more portable and divisible than gold, making it a better store of wealth in the eyes of some investors. Recent comments by Deutsche Bank, Stan Druckenmiller and Rick Rieder suggest as much. And while gold has an estimated market cap of around $9 trillion, Bitcoin is currently valued at under $350 billion.
Institutional Adoption
There is sufficient evidence of increasing institutional interest in Bitcoin. It is driven, in part, by fears that current expansionary monetary policy pursued by central banks around the world will eventually lead to inflation. Federal Reserve, for example, has printed around 20% of all US dollars in circulation just this year. Over the next several years, accelerating institutional inflows could have a meaningful impact on the Bitcoin price potential, considering the relatively small size of the market.
See: Steve Wozniak’s Blockchain Venture Lists Cryptocurrency Token, Reaches $950M In 13 Minutes
In 2020, Bitcoin is increasingly being used to hedge against inflation and macroeconomic risks, including by prominent Wall Street investors. Paul Tudor Jones and Bill Miller, among others, have disclosed their positions in Bitcoin and reiterated a bullish view on the asset.
The rapid growth of the Grayscale Bitcoin Trust, the first publicly quoted trust for bitcoin, is another indicator of growing institutional participation. Around 80% of Grayscale investors are institutions making it a reliable barometer of institutional sentiment. The latest update from Grayscale on December 8th, shows total asset under management (AUM) of $12.6 billion, up from around $1.2 billion at the end of 2019. AUM for the Grayscale Bitcoin Trust was at $10.4 billion up from circa $0.8 billion at the end of 2019.
Another interesting development seen in 2020 was the push by some corporate treasuries to allocate a portion of their cash balances to Bitcoin. MicroStrategy's $425 million investment and Square's $50 million position are two notable examples. Earlier this month, MicroStrategy announced plans to offer $400 million of convertible bonds with net proceeds used to double down on its Bitcoin investment.
See: Someone Just Sent $1 Billion in Bitcoin, Paid Only $3 in Fees
Due to the overwhelming demand, the bond offering was upsized to $550 million. According to the latest data, company treasuries now own around 4.2% of the total outstanding supply of Bitcoin.
Why are they investing in Bitcoin? From the corporate treasury perspective, there are few other options. Global supply of bonds with negative yields is at an all-time high, and traditional fiat currencies tend to lose their purchasing power over time due to inflation. Under these conditions, holding an excessive amount of cash on the balance sheet might be detrimental to shareholder value.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
Which Economies Showed the Most Digital Progress in 2020?
HBR | Bhaskar Chakravorti, Ajay Bhalla, Ravi Shankar Chaturvedi | Dec 18, 2020
Summary: Now more than ever, digital capabilities are essential to ensure a country’s growth and economic resilience. But how do different economies compare as far as the current state and ongoing momentum of their digital development? And how have these factors impacted their experiences during the pandemic? The authors share key insights from the latest edition of their Digital Evolution Scorecard (a comprehensive analysis of 90 economies based on 160 key indicators of digital development), in which they segment the world’s economies into four distinct zones: Stand Out, Stall Out, Break Out, and Watch Out.
Understanding the 2020 Digital Evolution Scorecard in Light of the Pandemic
Of course, an analysis of global technology and economic trends over the past year would be incomplete without an examination of the impact of the Covid-19 pandemic. Most interestingly, while a high Digital Evolution score has generally correlated with greater economic resilience to the disruptions of the pandemic, it hasn’t been a guarantee.
To explore this question, we mapped countries’ Digital Evolution scores against their percentage decrease in GDP growth from Q2 2019 to Q2 2020 (adjusted for inflation). As expected, we found that overall, the level of digital evolution helped explain at least 20% of a country’s economic resilience — or cushioning — against the pandemic’s economic impact.
See: Digital Financial Inclusion in the Times of COVID-19
That said, this effect was not universal. Vietnam scored low on our digital evolution scorecard, but the impact of the pandemic on its economy has thus far remained smaller than expected. Vietnam is the only South East Asian country on track for economic growth this year, largely because the government was able to keep the virus under control through aggressive preemptive measures. In addition, the recent economic boom from Chinese manufacturing shifting to the more affordable Vietnamese market also helped the country to maintain its economic growth through the crisis.
On the opposite end, we also saw that the UK — a highly digitally-evolved economy — experienced an economic decline on par with India or Rwanda. Not only was the government response to the pandemic less than optimal, the composition of the UK economy also caused it to suffer disproportionately from social distancing and lockdowns: Services (which are are disproportionately reliant on in-person activities) make up around three quarters of the UK economy, and 10.9% of the country’s GDP comes from travel and tourism — all of which were severely curtailed due to social distancing requirements.
Overall, digital evolution is an essential contributor to economic resilience, but it is no panacea. The government’s Covid response, as well as the unique composition of its economy, can make a big difference as well. Aside from the impact of the pandemic, this analysis also illustrated several more long-term trends around how the most successful countries are pursuing digital evolution:
1. More data privacy, less data protectionism
Economies that provide secure, frictionless digital experiences nurture the most positive, engaged consumers, creating the most active digital ecosystems. These ecosystems then generate more data, which is the lifeblood of a competitive digital economy, enabling a virtuous cycle of growth. Economies such as Singapore, Japan, Canada, and the Netherlands illustrate this approach well, with a combination of open data flows and strong privacy protections.
See: Digital Identity Isn’t Only For People
Meanwhile, economies such as China, Russia, Iran, and Saudi Arabia represent a paradox: While significant state investment and control over their digital ecosystems can lead to higher digital momentum, these economies also impede the free flow of data, resulting in missed opportunities to further boost that momentum through digital products and applications that rely on widely accessible data. The growing popularity of data localization laws (i.e., regulations that limit the transfer of data across international borders) is ultimately making data less accessible, which not only hinders global growth, but often also diminishes countries’ own competitiveness by raising costs for digital businesses, reducing competition, and encouraging rent-seeking behavior among domestic actors.
2. Mobile internet access is necessary — but not sufficient
Mobile internet access has been a strong driver of momentum for Break Out economies, and it is the fastest route to getting the third of the global population that doesn’t yet have internet connectivity online. India is the preeminent example: Its internet connectivity has doubled in the last four years, and the country is on track to add 350 million smartphones by 2023.
The pandemic has illustrated how the quality of both access (i.e., reliable broadband versus sporadic satellite connections) and devices (i.e., laptops and tablets well-suited to learning and working versus low-end mobile phones) is a key component of economic resilience in a time of heavy reliance on digital technologies. For example, when the pandemic shut down in-person schooling in India, many children had to resort to WhatsApp to communicate with their teachers. Although the messaging app was certainly better than nothing, the limited growth of India’s digital ecosystem beyond mobile phones created major inequalities in access to essential education.
See: How six companies are using technology and data to transform themselves
3. The innovation-inclusion tradeoff
Once economies reach a higher level of digital evolution, they often encounter a tradeoff between maintaining their rapid momentum and fostering institutions that prioritize digital inclusion — that is, the equitable distribution of digital development across class, gender, ethnicity, and geography. While smaller economies such as Singapore and Estonia may have an easier time maintaining their innovative edge while still ensuring an inclusive digital environment, larger, more complex economies can struggle to balance innovation with the bureaucracy needed to responsibly regulate that innovation.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
LabCFTC Releases Primer on Digital Assets
LabCFTC | Release | Dec 17, 2020
Washington, D.C. — The Commodity Futures Trading Commission today released a Digital Assets Primer to provide updated information to the public about emerging concepts in digital assets. The primer is part of a series issued by the CFTC’s innovation office, LabCFTC, and is the second to delve into issues surrounding digital assets.
“This Digital Asset Primer builds on LabCFTC’s 2017 Primer on Virtual Currencies, which focused on virtual currencies like bitcoin. The focus of this Digital Asset Primer is broader to include not only virtual currency, but also smart contracts and other digitized representations of value or ownership,” said Brian Trackman, LabCFTC Senior Counsel and lead author of the primer.
See: 3 Ways Digital Assets Will Reshape The World
Digital assets have a varied set of features and applications that touch a range of regulatory domains, including that of the CFTC. The Digital Asset Primer identifies areas and topics for further consideration, including the governance of digital assets and the appropriate role of regulatory authorities like the CFTC.
“The Digital Asset Primer is the latest educational tool from LabCFTC. Issuing primers is core to LabCFTC’s mission to inform policymakers and industry stakeholders on new technologies and innovations”
LabCFTC Director
“This primer acknowledges the ongoing development in this space and highlights the need for regulatory coordination in this evolving market.”
Chief Innovation Officer Melissa Netram
Continue to the full article --> here
Download the Digital Assets Primer --> Now
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
| | |
|---|---|---|
| | |
