Category Archives: Digital Identity

Edtech’s biggest threat? Kids

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Sifted | Tim Smith | May 26, 2020

Online educator and consultant - Edtech’s biggest threat? KidsAs coronavirus has forced classrooms around the world to move online, kids are getting creative in trying to sabotage lessons

Georgina Farnham, a Barcelona-based English literature and language teacher, was just getting used to the transition to online teaching when, one day, she thought the internet trolls had parked their tanks on her lawn.

Farnham was making use of Kahoot!, the Norwegian educational games app, when the sabotage struck.

“We were playing a game and it kept just crashing and not giving kids time to answer the questions, and on the leader board, all of these ridiculous names that hadn’t been entered into the game as players were coming up: ‘gayboy27’, ‘Covid-19’ — offensive names,” she explains.

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The kids said it was nothing to do with them, and Farnham got worried: “I thought someone had hacked into our game and was watching us, and I was worried for our cyber security.”

Farnham quickly contacted the Kahoot! customer service team to find out what was going on. But the culprits, as it turned out, were closer to home than she had guessed.

“They replied saying my kids were behind it!”

Farnham’s enterprising students had found an innovative way to cause virtual classroom trouble: Kahoot! bots.

A quick Google search for Kahoot! bots throws up a number of websites that allow the user to enter a Kahoot! game code, summoning an ever-replenishing army of disruptive bots to the class.

“You’re able to remove the bots one by one, but they just keep coming,” Farnham explains.

Kahoot!’s customer service team informed Farnham of the platform’s “two-step join” tool, which was available before the Covid-19 outbreak began. This allows teachers to add an extra layer of security to their classroom, by generating a second unique code for each game, which invalidates after six seconds.

Since using the two-step join tool, Farnham’s classes have been bot-free.

The new “model of misbehaviour”

It’s no surprise that there have been some onboarding issues with teachers using Kahoot!. Sean D’Arcy, head of ‘Kahoot! at School’, told Sifted that, since the coronavirus lockdown began, the startup has seen sign-up rates climb as high as 100,000 new users per-day.

See:  Fintech Ideas for College Students

“We did anticipate a surge in usage and some challenges onboarding so many new users at the same time. In light of that, we increased our customer support staff and other resource materials so our users have a smooth experience with Kahoot!,says D’Arcy.

“We empathise with educators who are trying to create a positive learning environment, especially when that environment is virtual,” he added. “Giving educators tools to control their remote learning experience, like Kahoot!’s two-step join, is essential. That said, students in the class also have an important role to play by not sharing classroom game details on social media.”

Unfortunately for teachers, school kids have never been well known for their commitment to classroom order and, according to Farnham, the virtual classroom provides ample opportunity for mischief.

“The new model of misbehaviour is that if a kid doesn’t want to learn, it’s now much harder to get them to learn,” she says. “Sometimes they leave the call and pretend they were kicked out, sometimes they pretend the microphone isn’t working when I know it is and they’re just miming and moving their mouth without making sounds.”

NSFW

In some ways Farnham has got off lightly in terms of disruption. Like many teachers, she’s been using Zoom video conferencing software to give classes and, to date, her students are yet to discover “Zoom bombing”.

See:  What You Should Know About Online Tools During the COVID-19 Crisis

She’s lucky — Zoom bombers tend to be humans, not bots, and can be a whole lot more disruptive.

One popular hub for organising Zoom bombing is chat community app Discord, where a rogue student will post a meeting code in a server, and invite members to jump into the class, often with unsavoury results.

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NCFA Jan 2018 resize - Edtech’s biggest threat? Kids 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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A new denim collection gives jeans a digital identity

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Vogue Business | Lucy Maguire | May 5, 2020

Denim with digital ID - Edtech’s biggest threat? KidsUpscale upcycling brand The R Collective has partnered with Levi’s on a new iteration of traceable fashion.

Key takeaways:

  • The R Collective has produced a fully traceable denim collection in collaboration with Levi’s, designed to reduce the end-to-end carbon footprint of garments.

  • Companies like LVMH and Ralph Lauren use digital ID technology to trace their supply chains; the Denim Reimagined project goes further, using ID labels to educate consumers about sustainable product care after purchase.

  • The Covid-19 pandemic, which has highlighted the need to digitally engage consumers and communicate with them, is accelerating the adoption of digital innovations like the one championed by The R Collective.

The Denim Reimagined project, created by Hong Kong upcycled apparel company The R Collective and supported by Levi’s, aims to take traceable fashion to a new level going beyond supply chain traceability.

See:  NCFA and KABN Systems North America enter multi-year exclusive partnership to promote Digital Identity in Canada

The nine-piece denim collection is accompanied by scannable garment labels that offer four digital “experiences” to customers, including supply chain information, less energy-intensive washing and drying tips, restyling tips to prolong the life of the clothes as well as advice on recycling the garment at the end of its life.

The information stored in the label’s QR code is produced by digital ID label makers Avery Dennison and Internet of Things platform Evrythng and can be scanned with a smartphone. The capsule collection

is now available for pre-order on The R Collective site and in the Levi’s store in Hong Kong mall K11 Musea from 11 May. The garments are also upcycled, constructed using Levi’s aged inventory to demonstrate a use for denim waste.

“Creating a digital engagement and a digital trigger on a garment is one way that we’re helping to inform consumers,” says Mike Colarossi, vice president of innovation, product line management and sustainability at Avery Dennison.

Denim Reimagined leverages the Internet of Things (IoT) technology to track the relevant garment information and securely pass it on to consumers. In the last two years, luxury brands have also started to employ IoT technology to inform users on product supply chains or to verify the authenticity of goods. LVMH is developing its own digital platform, Aura, to use across brands; Gabriela Hearst and PVH have worked on digital identity projects; and labels from Ralph Lauren to 1017 Alyx 9sm have partnered with Avery Dennison and Evrythng on digital supply chain tracking.

Denim Reimagined’s point of difference is that, beyond upcycling materials and tracking sourcing, it includes multiple phases of the garment’s life, including customer care and after life.

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NCFA Jan 2018 resize - Edtech’s biggest threat? Kids 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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Torino Power Solutions Receives CSE Conditional Listing Approval in Connection with its Reverse Take-Over by KABN North America

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KABN NA | Press Release | Apr 22, 2020

KABN Systems North America - Edtech’s biggest threat? KidsToronto, Ontario--(Newsfile Corp. - April 22, 2020) - Torino Power Solutions, to be renamed KABN Systems NA Holdings Corp. (CSE: TPS) (the "Company"), that will be a North American Fintech solutions company enabling users to verify, manage and monetize their digital identity, is pleased to announce that it has received conditional approval from the Canadian Securities Exchange (the "CSE") in connection with its reverse take-over (the "RTO") by KABN Systems North America Inc. ("KABN North America") (www.kabnsystemsna.com) and related Listing Application.

KABN North America has its own, proprietary, reusable and Always On digital identity and is developing digital identity solutions that will integrate and work with other identity partners within healthcare, eSports and gaming, social media, education, government as well as other information and data services. KABN North America's solutions mimic real world applications and make digital identity management easy and simple.

KABN North America provides authenticated digital identity to online consumers and commercial clients and recently introduced Liquid Avatar (www.liquidavatar.com), a high quality image based icon that provides an innovative way for consumers to manage and control their online digital identity as easily as managing their "real world" wallet and key rings.

See:  Fintech Fridays EP38: Why Identity Matters in an Evolving Online Environment

Liquid Avatar allows consumers to share both public and private authenticated information online how they want, when they want and with whom they want.

Liquid Avatar is available to consumers at no cost and KABN North America has engagement-based revenue programs built into the platform, including KABN KASH, KABN North America's prepaid Visa card and mobile banking solution.

KABN North America entered into a Definitive Agreement with the Company in which the Company will acquire all of the issued and outstanding shares in the capital of KABN North America and that will constitute a fundamental change of the Company. All necessary shareholder approvals have been received by the Company and KABN North America.

The conditions required to complete the listing of the post-RTO shares of the Company include the closing of the RTO, the closing of the proposed private placement by KABN North America and the completion of any and all outstanding CSE application documentation and payment of fees pursuant to their policies. The Company does not expect that it will have any issues in satisfying these requirements.

KABN North America recently held an online AMA (Ask Me Anything) Event to provide details about its business programs. A recording of the event is available at:

https://www.youtube.com/watch?v=ruVnA_rEUWE&feature=youtu.be

KABN products 1 - Edtech’s biggest threat? Kids

About KABN Systems North America Inc. - www.kabnsystemsna.com

KABN North America operates the North American programs of the global KABN Network. The KABN Network provides a holistic approach to digital identity management by empowering consumers with its verification, management and monetization solutions. KABN ID provides an Always On patent-pending identity validation and verification platform, allowing users to continuously and confidently prove themselves to the online community, Exchanges and other services. KABN North America's identity services provide the backbone to its financial, loyalty and engagement programs including the Pegasus Flyte prepaid Visa card program and KABN KASH, an innovative cash back program where users are connected to major merchants for savings when they shop. The Company will carry on the business of KABN North America under the name KABN Systems NA Holdings Corp. following completion of the RTO.

The KABN Network recently introduced Liquid Avatar (www.liquidavatar.com) which provides consumers with a robust Digital Identity Management platform at no cost, to effectively mimic a "real world" wallet and key chain, allowing effective control and management over both public and private identity and data.

View Release: here

 


NCFA Jan 2018 resize - Edtech’s biggest threat? Kids 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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FintechBeat Podcast: Save the Money

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Roll Call | Chris Brummer | April 7, 2020

Fintech beat podcast - Edtech’s biggest threat? Kids

Fintech Beat sits down with Linda Jeng and Dan Gorfine to talk about how online lending, open banking and a digital dollar — with the right policies — could immediately improve the plight of those affected by the coronavirus.

 


NCFA Jan 2018 resize - Edtech’s biggest threat? Kids 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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Accenture: Fintech, Cybersecurity and Methods to Handle Threat

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FintechZoom | Jung Min-seo | April 1, 2020

cybersecurity - Edtech’s biggest threat? KidsWhat’s the cybersecurity risk panorama for fintechs in 2020? Accenture’s perception offers some readability

The tempo of digital transformation throughout the monetary panorama continues to quicken.

In such an atmosphere the digital or cyber risk proposition evolves quickly, making it important to take care of the best requirements of know-how and preparedness, and hold updated with the impression of cyber tendencies.

In response to Accenture’s 2019 Ninth Annual Price of Cybercrime report, monetary providers incurred the best cybercrime prices amongst all industries studied in 2018.

See:

On this analysis, Accenture explains: “As industries evolve and disrupt the present atmosphere, threats are dramatically increasing whereas turning into extra advanced. This requires extra safety innovation to guard firm ecosystems. The following value to our organisations and economies is substantial – and rising.”

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Throughout all industries, Accenture discovered that data theft is the most costly and quickest rising consequence of cybercrime. Nonetheless, it famous that there are a number of drivers behind the evolving world cybersecurity risk for all sectors:

  • Evolving targets: knowledge is now not the one goal in response to Accenture. Moderately, corporations worldwide are seeing their core programs  – controls programs and infrastructure – being hacked, which may result in better disruption.
  • Evolving impression: it’s now not nearly theft. For instance, cyberattacks are altering strategy from merely stealing knowledge to destroying or altering it to create mistrust. At present, knowledge integrity itself is weak.
  • Evolving strategies: assault strategies are adapting shortly. Accenture discovered a deal with “the human layer” that targets the weakest hyperlink – individuals – by means of phishing and malicious insiders.

Fintechs and banking: cybersecurity risk

The biggest monetary providers business knowledge breach occurred in September 2017 when Equifax, one of many three largest shopper credit score reporting businesses, uncovered the private data of 147 million individuals.

The breach was brought on by an unpatched Apache Struts vulnerability – Apache Struts being a framework on one of many firm’s US-based internet purposes. It noticed the names, social safety numbers, dates of beginning and different data being disclosed and resulted in a number of members of Equifax’s C-suite stepping down.

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This was not at all an remoted incident. After Equifax, different vital monetary providers knowledge breaches have seen as many as 130 million, 90 million and 76 million individuals and households affected.

In a 10 December weblog, Be Secure: Cybercrime within the Monetary Providers Trade, Accenture outlined a cyberattack as “malicious exercise carried out in opposition to an organisation by means of the IT infrastructure by way of the inner or exterior networks or the web. Cyberattacks additionally embrace assaults in opposition to industrial management programs.”

Malicious insider assault, or threats from inside an organization’s firewall are probably the most harmful, it says, costing a mean of $243,000 per incident and taking greater than 50 days to resolve.

As to why that is regarding for banks and monetary providers establishments, Accenture present in its analysis that, within the banking and capital markets, solely 18% of Chief Data Safety Officers (CISOs) believed their staff to be held liable for cybersecurity.

Traditionally, banks and different organisations had one mission: to maintain cash and data protected from all. Past that, says Accenture, extra funding in stopping insiders from accessing knowledge or different data was by no means prioritised.

Know-how vs cyberattack

Modern and superior applied sciences will not be getting used to their full potential in cybersecurity purposes, Accenture finds.

For instance, it reviews that solely one-third of corporations are deploying applied sciences reminiscent of machine studying or AI, whereas solely 24% mentioned they have been utilizing cyber analytics and person behaviour evaluation to their benefit. The latter determine had truly decreased from 31% a 12 months beforehand.

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Accenture calls this development discouraging, noting that it “suggests monetary providers corporations are struggling to maintain up with the speedy tempo of latest applied sciences and, because of this, do not make the suitable investments to extend operations effectivity and cut back threat”.

As a result of the cyber risk panorama continues to diversify, extra targeted funding in the proper know-how will pay dividends.

Accordingly, it set out 5 key steps for monetary providers corporations to take to start corrective motion:

  1. Improve defenses in opposition to web-based assaults

  2. Give attention to lowering ransomware occurrences

  3. Make investments to forestall disruption to enterprise

  4. Improve the deployment of applied sciences which have a excessive return on funding, reminiscent of automation, machine studying and AI

  5. Handle the usage of ‘much less efficient’ applied sciences liek enterprise governance, superior perimeter management and the in depth use of knowledge loss prevention.

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NCFA Jan 2018 resize - Edtech’s biggest threat? Kids 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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UK fintech community comes together to build Covid Credit and let sole traders self-certify lost income

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TechCrunch | Steve O'Hear | March 24, 2020

covid credit app - Edtech’s biggest threat? KidsIt all started with a tweet from 11:FS co-founder Simon Taylor. If the U.K. government could be persuaded to provide financial support to the self-employed during the Coronavirus crisis, as it has already pledged for full-time employees, then Open Banking technology could be used to self-certify lost income, and therefore overcome one of the main hurdles of administering potential compensation.

The founders of two other London-based fintechs, Fronted and Credit Kudos, were first to accept the challenge, and soon they were joined by dozens of other volunteers from the wider U.K. fintech community with the aim of turning around a working prototype of “Covid Credit” in just 48 hours.

See:  Fintechs getting a boost from coronavirus outbreak

“Like many, we saw a challenge for non-salaried workers who are currently ineligible for government relief,” says Fronted’s Jamie Campbell. “By using Open Banking, we have been able to quickly develop a simple process that allows non-salaried workers to generate a proof statement which details their past income and the impact of COVID-19”.

The Covid Credit team’s hypothesis is that evidencing and validating the income of a sole trader is significantly harder than a salaried worker, and that there was an opportunity to use Open Banking (via Credit Kudos’ existing API) to quickly access and analyse data from the bank accounts of a sole trader and generate a validated income statement, something Campbell frames as a “Covid Credit ‘minted’ self-certification”.

“Using the application, applicants answer a few simple questions relating to their legal status and the impact of COVID-19 on their income,” he explains. “The application processes this information and creates a unique link that (in time) can be shared with the appropriate government body in order to prove loss of income.”

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NCFA Jan 2018 resize - Edtech’s biggest threat? Kids 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 Fridays EP38: Why Identity Matters in an Evolving Online Environment

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NCFA Canada | March 25, 2020

JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY.

FF EP38 KABN Systems North America - Edtech’s biggest threat? Kids


Mar 25:  Why identity matters in an evolving online environment

HOST: Tristram Waye, Fintech Friday's podcast episode

GUEST: DAVID LUCATCH, President & Director – KABN Systems North America Inc. (Linkedin)

KABN Links:  kabnsystemsna.comliquidavatar.com

About this episode:

David Lucatch of KABN Networks North America joins Tristram Waye for this episode of Fintech Friday. David discusses why identity is a foundational element of the evolving online and data environment, and why KABN Networks North America has developed a business around it. During this episode he will also discuss:

  • How KABN ID works and why it’s a foundational technology
  • The suite of products KABN Networks North America has developed around identity and why
  • Their vision of the future including the release of Liquid Avatar

KABN Systems NorthAmerica logo - Edtech’s biggest threat? Kids

BIO: David Lucatch has spent more almost 35 years in the international marketing arena and over 25 years of that developing technologies and taking them to market.  David has held senior management posts and directorships at both private and public technology and media firms. David is an active supporter of numerous non-profit organizations and has been recognized and awarded internationally for his service and community support activities. In 1997, David developed the concept and led the initial eCommerce payment gateway team for the Canadian banking industry with support from VISA and MasterCard, Scotiabank and Citibank Canada.

In 2005, David created one of Canada’s first incubators, financing, creating and supporting projects globally in online AI / ML / NLP language technology, VoIP telephony, online mapping, music and entertainment, live performance, mobile marketing and eCommerce.

After leaving his posts at 2 public companies, in early 2017, David founded Pegasus Fintech. Pegasus is positioned to support founders, innovative technology developers and emerging companies in their efforts to preserve long-term ownership and promote growth opportunities through compliant business solutions.

In late 2017, David became a co-founder KABN to focus on the compliance and liquidity issues surrounding digital currencies.  By mid-2018, the Pegasus team also developed KABN’s identity platform KABN ID allowing users and commercial clients to verify, manage and monetize identity on a continuous, Always On global scale reducing the need to do identity verification for multiple transactions with a user.    In May 2019, David and 2 partners filed a US Patent for the invention of a process to use the Blockchain for Identity Attestations.

David’s focus today is set squarely on KABN and its mission to put ownership, control and profitability of identity back into the hands of individuals.  KABN’s products and programs covers over 180 countries worldwide and is expanding its regional leadership teams in 2019 and 2020.

David is a graduate from the University of Toronto and continues to serve as mentor to a variety of student programs and leadership initiatives globally. In 2010 David was a recipient of an Arbor Award from the University of Toronto, recognizing his continued activities and contributions to his alma mater and served a term as a member of the University’s Electoral College.  David served as an inaugural member of the Ontario Securities Commission SME Committee and is a member of the NCFA Advisory Board.

Some additional “fun facts”:

In addition to his technology accomplishments, David is also active in the media industry:

David and his team were instrumental in achieving a Guinness World Record in 2011 for the Most Nationalities in an Online Chat together with Gene Simmons and Paul Stanley of KISS;

In 2013, David and his team worked with Disney Animation to create a global, multi-language “flash event”’ for the worldwide online video premiere for the Academy Award and Grammy Award song Let It Go from the movie Frozen;

In 2017, David and his partners at created and produced Stars and Pinstripes, a New York Yankees television series featured on the YES Network and Direct TV and were nominated in 2017 for a NY Emmy Award in the Entertainment Program / Special category.

 

Subscribe and tune in each Friday to check out the latest movers and shakers in fintech.

Listen to more podcasts here: Season 1 | Season 2

 


Transcription of Interview

Intro: Welcome fintech Friday's a weekly podcast brought to you by the National Crowdfunding and Fintech Association of Canada and partners.Covering all things fintech block chain be AI and alternative finance.

Tristram: We have David Lucatch, co founder, director and president of KABN Network, North America as a special guest today. David, thanks for being here.

David: Thank you very much Tristram.

Tristram:  Let's start with a little bit about your background. Tell us tell us about your path, your current project.

David: Well, you know, I've been in the space since the early days of the internet and that several companies with new technology, one was the original - I like to think it was the original purveyor or designer of the commerce gateways for Canadian banking. So we, we were one of the first companies at that time to allow people to use credit cards online. So I did that. I've run incubators. I've run AI and machine learning and natural language processing, technology companies for language translation. So I've been around a few years but our new and latest one, it's not really new anymore - I would say it's a couple years old -  called cabin is focused in online identity. And we're in the business of verifying, managing and monetizing online identity.

Tristram: Okay, so can you tell me a bit more about about KABN? And I noticed you have a full suite of products. How does that fit together?

David: Oh, well, thank you. It's fairly simple. I mean, the first part of identity especially online identity, is verifying that you are who you say you are. It's really easy in the real world to verify yourself. If you walk through an airport, you'd have probably have two or three times where you'd have to show a passport or some kind of identification to get to the next stage. In the real world, that happens every day and or we see each other in most cases, face to face or we know each other. And that verification is done, one to one or one to few. But in the online world, anybody can say they're anybody in most cases. So what we've done is we've made it very simple for commercial companies to verify their constituents or their customers. And we've made it very easy for consumers to have a verified identity called a KABN ID that they can take with them when they go places online. And they can prove who they are. That's the first part of their business, KABN ID, that's the verification suite. We then take that private ID which is owned by you - we don't own it - and we help you manage on a on a pooled or aggregated basis, your data that makes you you what makes you a consumer, what do you like? What do you dislike? That, those pools of data can then be used to create customized offers that you want to see, and that people want to bring to you because you are part of a known identity pool. So at that point in time, we can help you verify, we can help you manage that data, and we help and we will manage it with you. And then we can help you create value from that data. So and in the value side or the monetization side, we have a number of products, including KABN KASH, which is our loyalty and engagement program. And we have our KABN financial services products, including the Pegasus Flyte debit card. In Canada, we have the ability to issue both a debit card and a mobile banking platform. And that kind of covers the suite of services we offer. And just to add to that, for a moment, we've introduced a new consumer product called Liquid Avatar, which I think we'll get into a little bit deeper as we go.

Tristram: Cool. Well, I'd like to take the opportunity to unpack each one of these services, which look really interesting to me. So on the ID side, as this is the foundation of your offering, is that correct?

David: That is correct.

Tristram: Now, what is the vision behind having ID as the core product are the foundation of your suite of products?

David: Well, that's a really good question. When you think about identification, in most cases, it's a single point in time. And, and there have traditionally been a number of companies, there's competitors in this space for identity verification, but each one of those competitors we call a pass or fail. They're they're not interested in supporting the consumer, in the long term. They're, they're really interested in supporting the commercial company, and telling you whether you pass or fail than identity verification. And they get paid, in most cases, either way. Our motivation was to look at the mousetrap and reinvent it. And we said, really, it's all about the consumer owning their identity. Because owning identity should be a basic human right. You should have control over that identity. So to do that, we created a service that once you're - it's called one and done or always on - where once we've identified or verified you, unless your documents change or there's a something that needs to be updated. We can verify you to a third party saying: Yes, I am who I say I am. I am David Lucatch. And I can prove that and KABN's going to verify that for me. So I don't have to hand third parties, unknown parties, any of my documentation that would water down the value of my identity.

Tristram: Okay, and so in terms of - this is based on on a blockchain is that correct?

David: Sorry?

Tristram: It's - the product is based on a blockchain as well. Is that correct?

David: Well, the product uses the blockchain you - it is, in fact not legal to put identity on the blockchain. So anybody who says or putting data on the blockchain is actually likely breaking privacy rules because the European privacy rules the Canadian privacy rules. Now the California rules. The rules basically say that consumer must have the ability to remove their data from a system and beyond removing any trace of that data has to be forgotten. If you put it on the blockchain because the blockchain is immutable, that's an impossibility. So what we've done is we've developed a system that uses the blockchain, only to hold what we would call a marker. And a marker to us is binary, you know, it's one or zero, on off true false, yes, no pass fail. We can put that marker on a blockchain registry. So when a registry that is connected to a database, a blockchain database, and we can say: You're not only verified, but that verification is connected to an online wallet, an online piece of data. It might be a field record for a hospital. Or it could be a educational record, that you are verified, you have passed verification. If anything ever changes, we can update or send a new marker that says you have failed. So when you think about it, for financial transactions, somebody who might be good today and passes everything in that moment in time, which is traditionally identity verification is done. And that's through a process called know your customer, or KYC, and anti money laundering check. We can keep that in compliance, or continuous. And make sure that, that you're not only good today, but you're good tomorrow and the day after, the day after that and so on. So it's a big change. We've really reinvented the process, in our opinion, of identity verification for digital use.

Tristram: So in other words, you really streamline the process for a basic, almost fundamental thing for everything we do in life.

David: Exactly. But the key here is, it's yours. It doesn't belong to a corporation, it doesn't belong to KABN, it's yours. And  that was a fundamental issue that we all know with Facebook and Cambridge Analytical was that people were using data. Well, you know, if large corporations in which they're going to have to down the road, adopt policies that keep the consumer protected and allow the consumer to have control over their data - which is where all the major legislation around the world is headed or been approved - then we're right in that sweet spot of compliance. So we've really created something that is getting. - we're getting a lot of attention on this because it's not only new and innovative, it doesn't reinvent the wheel in that respect. It's a process that people are used to. But behind the scenes, it has reinvented the wheel, because we changed all the control mechanisms to be consumer focused.

Tristram: That's great. Now, the one thing I notice - your site says something about using biometric ID. Can you elaborate on that a little bit?

David: Sure. And without getting too long winded or complex, but you know, if you think about it, I don't know how many passwords you have to remember. And I get on the phone with people they go: Oh my gosh, I have to remember all these passwords. But the the really overarching situation, we'll use a phone today. inherent in our mobile phone is usually fingerprint identity or retina or face recognition. That is built into the phone, that's for that device. And I won't go into the security of the complexity of that device, but it's not good enough for the whole world. So, what we've done is we've said, you know, what, if I'm proving you, are you, why shouldn't I add biometrics to that? Why shouldn't I add, you know, right now we use facial recognition. We could use voiceprint, or fingerprint or other tools, that it's not part of your phone, but part of our ecosystem, that when someone wants to authenticate you, you don't have to use a password long term, all you do is answer with your face. Or answer with your voiceprint. And we're seeing this a little bit more in the banking sector than other sectors. But at the end of the day, you know, there's enough confidence in the software that does this, to say that you are you, we've proven that on an ID basis using government ID and supporting documentation. Why shouldn't we use your face to make sure  you can verify that as well. We go forward.

Tristram: That's great. Well, it's a modern - it seems like a really modern take on the whole thing. Making it much simpler for the consumer.

David: We believe so.

Tristram: Now I noticed in your literature, you're talking- your product talks about the concept of Whitelist Membership. Can you get into that a little bit and explain what that means?

David: Sure. Simply put that when you start with KABN or you're brought into KABN let's say, to a commercial application, because someone's needed to verify you - then you're on you're on a particular whitelist. You can think of it as the point of entry of membership. And so, commercial client, again, not to get confusing, but so David comes in, I joined you know, Tris' organization Tris has to verify me, so I'm done. Okay, now, David has his KABN ID and he goes to Bob's site who needs to verify me that uses KABN. I just have to sign in with, with my KABN ID, I don't have to re verify. But I'm now on Tris's whitelist, his corporate whitelist, and I'm on Bob's corporate whitelist. But my origination point was Tris. It's a way of keeping things straight for us, that if there is certain requirements or documentation flow, we know where the origin point is. So but you can be on many different whitelist you can be all over the place. There's no restriction at this point in time of where you can join, unless you don't meet the restriction of that particular whitelist. Like we're only allowing people on this particular whitelist from Canada. Or from Canada, United States. Or we're only allowing people based on certain other attributes to join a particular whitelist that  might, that might be inherent to that list, but your KABN ID is global.

Tristram: Okay, that's interesting. Now let's move on to the Pegasus Flyte Visa. What does the card offer? And how is it different from other cards on the market?

David: So, when we look at the new emerging space, we thought that there's, I mean, we all know there's multiple types of currency. And, you know, when we say digital currency, people have a tendency to get a little bit nervous. But when you think about digital currency that's been going on for years. If you use a credit card from any of the major banks, you're using somebody else's currency, you're not using your own and it's generally digitally generated. So digital currency has many different forms. Fiat is considered traditional dollars, but our program works with both. Our program is one of the first programs in North America that allows the use of both digital currency, in certain respects you have to transfer that digital currency out to Fiat, but digital currency activations and, fiat currency activation. So, it makes it very different. We also have our own loyalty programs that are connected to the card - and it isn't it is a debit card is not a credit card.

Tristram: Okay.

David: And we have our ability to add a number of feature sets on our mobile banking platform. So it allows companies who issue points, companies who issue other types of digital currencies, to engage with their consumers in a way, that's going to make it easier to spend those digital currencies in, the real world. Or online.

Tristram: Okay, so it's...

David: Sorry, go ahead.

Tristram: No, sorry. Finish what you're going to say.

David: So it's just a new way of thinking. Again, we're all about the innovation cycle. What's been done traditionally, and how can we make it sort of better, faster, cheaper.

Tristram: Okay, now, the question I had was, so when you're describing it, are people able to use this card, not just to convert from digital currencies to Fiat, but are they are they able to pay with a digital currency with the card at this point?

David: Well, I candidly, that's not within the purview yet of the network's being Visa or MasterCard. I truly believe it will be. But it's not necessarily a complete straight line yet there is a little bit of curves in there.

Tristram: Right.

David: But I believe that if you get in early enough as we are, you'll find the straight lines first. So for us, it was dipping our toes in the water getting this started. Knowing that there would be curves or bumps in the road. But allowing early adopters to get in and do something that they will be excited to have been part of at the early stage. I think if you think back to e-commerce that the early days, you know, or even using the internet, you know, it was a dial up modem. And I think we can all remember those, tones. But you know, today now what we take for granted we had to go through a little bit of pain to get here.

Tristram: And I certainly remember when Visa specifically came out and said they would guarantee every transaction that you did with the card on the internet - probably early somewhere in 2000. What a difference that made for consumers using the cards for actual purchases

David: Yes, that comes with a price because ultimately all those bad transactions are in our interest rates that we pay on our credit cards.

Tristram: Right...

David: So by using KABN's verification system for large purchases, we can negate some of those potential bad transactions down the road. But that's that's another facet of our business that we're not we're not quite there yet.

Tristram: Okay. And just for my information are you are stablecoins going to be part of the mix on the card associated with the card?

David: It will depend on the stablecoin and the approval by our banking partners. The answer is, it will depend on the individual composition of the coin. So the answer is I'd like to have as many different coins and tokens available through the system and through our partner system because they have to be converted before they come over to us. I'd like as many as possible, but, again, it'll be on a case by case basis outside of the top several.

Tristram: Okay. And so you have a partnership with Visa with the card. How did that come about?

David: Well, it's actually - we don't really say it's a partnership with Visa. It's a Visa branded product.

Tristram: Okay.

David: We actually, we have a partnership with a private Canadian bank, that is licensed issue Visa cards and we work with them. They - but we did have to be approved by Visa before this program moved forward. So and we're in the KABN Network, there are other regions around the world that do have that approval as well. KABN Networks Group in in the UK and Europe both have that approval as well.

Tristram: Go ahead.

David: And we're looking to do that in the US as well.

Tristram: Okay, so you're currently available in Canada, is that what you're saying?

David: Well, the Canadian- the Canadian company KABN Systems North America Inc, which is our North American Division, offers the card in Canada and will offer it in the US. As well are the other partners in the KABN Network in Europe and the UK are separate and apart.

Tristram: Okay, and for people that want some more information on how to get access to the Pegasus Flyte card in North America, where would they go to find out about that?

David: They go to KABN Systems, that's plural, kabnsystemsna.com  North America. So kabn systems na.com

Tristram: Okay, perfect. And so and you're also approved for a Europe in the UK as you were saying right?

David: Again, through other partners in our network,

Tristram: Okay, terrific. And moving on to the loyalty program that you have that's KABN KASH is it not?

David: Yes. And KABN KASH is a rebate program - a consumer rebate or cashback program that we're launching, probably early summer that will allow people in our network to be able to get great deals and receive cash back on some of those deals. You've seen other programs in the marketplace that have done that, and we're quite excited about that opportunity. And you -  we expect to see some significant name brands in there, where the consumer can buy something online and have money put on their card directly or their their Pegasus Flyte Visa card.

Tristram: Okay, and can you elaborate on the kinds of businesses that might be interested in using this platform?

David: I think we'll recognize the names but we can't disclose that yet. We haven't done...

Tristram: Okay. (Laughter) Now, so your target market it's millennials and Gen X is that right?

David: Millennial and Gen Zed, or for American friends, Gen Z. So it's the younger demographic. Late X, late boomers and Xs and then really primarily millennials and Gen Z(eds).

Tristram: Okay, and how important is, these type of loyalty programs to this target market?

David: Well, I I'd like to comment on something which might make sense to everybody is that we've actually introduced a consumer program called the Liquid Avatar. And that Liquid Avatar is a - we think the genesis of where everything will go. From a consumer standpoint, we all know what an emoji is. We use them every day, you know, send them constantly. But imagine if you will, that you can have your own avatar and that avatar is actually a passport. That image that you send everyone is passport. You can  actually transport a URL or public data when you send that image by text or email, or through other methodologies - sharing social media. You can - that has a URL or other information built into it, that holds public data - my links to my Facebook page, Tic Toc. Whatever I want to have on there is within that Avatar and it's referred URL. And then on the other side, and we call that a public hearing, and the avatar also has a private key. So it has the ability to, through authentication, be able to move private data that you have and hold, not held by KABN, but you have through access points. So we believe that  the Liquid Avatar, and its liquidavatar.com - we expect our graphic, a full graphic site to be up within two weeks. But that is a new introduction from KABN. And that will also allow you to participate in all kinds of loyalty and engagement programs. We're talking to groups that handle 1200 campus operations, or campus opportunities in North America. We're talking to one of the large music brands. We're talking to a lot of people who are very interested in connecting to consumers through this gateway of people having avatars. And I think that's the long term approach to that. And then we connect into a loyalty program that allows merchants and vendors to reach you on a permission basis. They don't get to reach you directly. They reach you through KABN, and you can build loyalty and value with the things that you like. And we think that is an ideal way to engage within an ecosystem, allowing people to receive what they want, when they want, and how they want. And share what they want, when they want, how they want, and to whom they want.

Tristram: That's cool. Now, would you say that this is kind of a community approach in terms of the avatars the way that you're setting it up?

David: The answer is, it is and isn't. I mean, it can be a, I like to - I'm a little bit older, so I like to think of Tinker toy or Meccano or even, you know, Lego that you - that you can connect groups of like and unlike individuals based on certain attributes. And I think it's all going to be data driven. I think we're all kind of getting a bit weary from some of the social networks that all they do is make money off everything that we have. I mean, rules have changed, of course, but there was a day when companies like Facebook can take any picture that you had on your Facebook page, and they could sell it commercially. People were showing up and seeing ads with their family vacation photos..

Tristram: Ya, ya.

David: ...not knowing how they got there. Well, we think, again, you know, data is the new, you know, is the new gold, the new titanium. And if you own it, and you can manage it, and you can keep it safe, and you only dispense it as you need that would be really cool. I want to add one other point to the Liquid Avatar. For young people, parents can actually control it, so you can add trustees. So there is control over the Liquid Avatar. Or unfortunately, you know, you might want to add a trustee to your Liquid Avatar because if something happens to you, they have the ability to control information. And we're also talking with liquid avatar about things like, you know, break the glass emergency component in there. If something tragically goes wrong with you, how does someone get that information that may be contained in in a quasi private manner - with emergency medical records? I mean, you think about it everywhere we go, our information doesn't necessarily follow us. It just doesn't. And I think it's time that we empower ourselves with our own data, to make it ours and transportable and to use that data to a - going to be a little bit overzealous here, but to almost force vendors to give us the deals that are best for us because we deserve them. And I think, and based on our data. So I think what we're doing is we're starting to empower individuals to have more control over their own activities, and their own use of data when they're online.

Tristram: Okay, and so to help me conceptualize how this product can be used by an individual, can you give me like an example, of, you know, a day in the life type of a thing where I can see all the ways that I can use this?

David: Sure. I'm going to stretch out a little bit into the future because not everything will be available day one. You get up in the morning and, you know, you go to a site and instead of login with a password, you flip your digital avatar and they send you back - excuse me, pardon me - they send you back an authentication. And that authentication allows you to answer with your face and get into a very private site. Watch your morning news, but It's all customized for you, because your morning news - this company believes there's a benefit to giving you news that is only particular to you, and you've authenticated. You know, you get on a street car or a bus or a subway, and you show your Liquid Avatar and it pays for you. It debits an account, whether it's a PRESTO Card or some other kind of card, and or debit your bank account. Because you've authenticated. It pings you and you answer with your face and you're done. You go to buy something at a sandwich shop, it does the same thing. You want to send a business contact or a new friend, you want to send them information about yourself, you can send them your Liquid Avatar and they can visit your public page to ensure that they've got your links to all your Facebook pages and all your social media and anything else that you're doing online. So there's many different ways - you sign into a game or you want to play a game, or you're a gamer for argument's sake, and all your game ranks are in your public profile. There's - it's boundless of what you can do. There is no, there's no - everywhere that you think that you have to authenticate, sign in,or give data or share data, a Liquid Avatar can provide that interface for you. And in a way that you want to control. So, you know, today I want to talk about a new achievement that I did, you know, my personal life and I can do that. I only want to share certain information at certain times. I will be able to control that as well.

Tristram: That's amazing. That is clearly a, you know, a futuristic view of how data and identity is going to be used.

David: Absolutely. And you know there's been a lot of great papers written about this kind of thought process for years. And I you know, if I had to give credit to one individual that was an absolute, sort of an enlightened individual in the in the space, it would have been a gentleman - it is a gentleman named David Birch, who wrote a great article called: Psychic ID, I think it was around 2009. And after we built our product, we actually looked at this article and - someone sent it to us, and it was amazing. David had predicted at the time that there would be some way of electronically verifying yourself without having to give your ID Because we've already verified you, why do you need to do it again, and again, and again? It only waters down the value of your documentation. And why should - why should somebody at the liquor store need to see your ID, they're only going to look at it. Now we can actually verify that you're over the age of majority of purchasers.

Tristram: Right and of course, all these different businesses all have snippets of information that are not necessarily the same between one business or another business.

David: Agreed or think about it - I'll give you a really interesting example. We know that unfortunately, people are now going to jail for this, you know, parents who thought they'd empower their children by getting them augmented SAT scores or entrance opportunities, or whatever the case may be. And the parents are going to go to jail. And, or you take an exam online, and unfortunately, given the current situation, you know, a lot of children will be learning online - how do you know someone who's taking a test online is actually that person?

Tristram: Right.

David: Right. Or that taking that entrance exam or that professional exam, or attending a conference or doing this or that. And then when you think about the opportunities to build loyalty points, I mean, how many different touch points do you have for loyalty? So if I had one Liquid Avatar that could collect all my loyalty points in one location, you know, kind of hallelujah!

Tristram: Simplifies everything.

David: Absolutely. And the thing is, this Liquid Avatar, so now someone's probably thinking: well, how do I secure that? It's going to be secured by an ER 721 or non other non fungible token on the blockchain. So only you can change it. And say: OK, well then maybe I have to store my pr... We're looking at a situation now, and it's certainly not done yet, where the private keys will go into cold storage and you'll be able to get them out of cold storage based on your biometrics. Again, it's about solving little problems and adding them all together to solve a big problem.

Tristram: Right. Okay, now and the paper that you mentioned, is that relatively easy to find online? Because what I'll do is I'll attach the link to...

David: I would hope so - i don't - it was a couple years ago, but it's - David Birch is around, he's a very learned fellow, and it's called Psychic ID. And it was a UK publication, and it's probably worth the read for anybody who's really interested.

Tristram: Okay, that's terrific. Now let's, move to the business side. I understand you guys have a have a listing coming up on the Canadian Securities Exchange, is that correct?

David: We have a proposed reverse merger or business combination. Yes, we're working on that subject to all necessary approvals as we all shall say.

Tristram: Okay, and you don't have a symbol at this time do you?

David: Ah, we have one reserved and it- we'd like to say it's four letters and it's probably very synonymous, very synonymous with their name. But we certainly can't give that out until it's publicized by the exchange.

Tristram: Okay, and do you have an  ETA on when that might be available for people?

David: Sorry, I apologize.

Tristram: Do you have a timeline when you think this is going to be ready to go?

David: Well, where we are right now is, you know, we filed our documentation with the exchange and, they're doing an excellent job of reviewing it. And our business combination partner has a an event on March 31 to approve the transaction. KABN shareholders have already approved it. So based on those two things, we're working diligently to try and get conditional approval as soon as possible.

Tristram: Perfect. Now, let's talk about the future. What is your vision of the future? And how are you positioning KABN for that future?

David: Before I do that, I should mention just by one, just for one second, I should mention the symbol of the company we're doing the business combination with, in case anyone's interested in finding out the information. We're, we're doing a combination on the CSE with a company called Torino Power Solutions, or T isn't Tom p as in Peter, ss, and Samuel. So if anybody wants to look Torino Power Solutions up on the exchange listings, or they want to look sedar.com they can find out more information about that.

Tristram: Okay, perfect. I'll make sure that there's appropriate links for all of that in the in the transcript.

David: Thank you.

Tristram: So vision of the future?

David: Well, you know, I think an introduction of the Liquid Avatar is a big piece of our future. And again, we've just introduced it this past week. So when I think about identity, my hope and goal is that we're empowering consumers to have more control over their own data. And that will come with a huge number of opportunities as we move forward. I'm already looking at the day, you know, if we've ever any of us have seen the movie Ready Player One, we you know, there is a lot of value in the development of a virtual world. I mean, years ago, there was second life. And so I think more and more people will spend more and more time interacting online and, congregating online. Given the current state of affairs in the world today, more and more people will spend time online - just this week, I think, was yesterdayish. where Amazon announced that they want to hire 100,000 people because more and more people will be doing things online. So, at the end of the day, our vision is to empower people to take control of their data, own their data and profit from the data. So I think we're on a great trajectory to meet the objectives of where the world is coming.

Tristram: Okay, and liquid is - Liquid Avatar is it's in the process of rolling out right now?

David: It'll roll out May June but we're doing two things just if anybody's interested. One, you can sign up for a waitlist at liquidavatar.com and you can be among the first to get the Liquid Avatar. And the second thing is we'll be launching in the next, probably two weeks, and affiliate program or those that have friends and followers can sign up to be a referral agent from us and actually earn rewards for helping us build the network.

Tristram: Cool. Well, I'll make sure those are in the notes as well. We'll have...

David: Thank you.

Tristram Waye: So before we go, David, if people want to connect with you and get more information on KABN's suite of products, where can they do that?

David: Well, I'm available on on LinkedIn, that's that's a great place to get to me. They can also reach me at david.lucatch@kabn.network  And I'm sure you can post that link if you'd like.

Tristram: Yeah, I'll make sure all of that stuff is up so it's easy for people to get to you.

David: And we welcome the conversations. We welcome, you know, opportunities for partnership. If anyone is in interested in the investment  in our proposed RTO. If anyone's got thoughts or interesting ideas, you know, we do our best to get back to everyone as quickly as possible.

Tristram: That's terrific. Is there anything else that we didn't talk about that you'd like to you'd like to add in?

David: I think we've covered everything, including the kitchen sink.

Tristram: (Laughter) Thanks. Thanks for your time today, David, great to chat. And if you just hold on I'll press stop and we'll chat.

David: Thank you Tristram.

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Forbes | Glenda Toma | May 28, 2020 Last December, language-learning app Duolingo surpassed the $1 billion valuation mark, becoming the fifth company on last year’s Next Billion-Dollar Startups list to do so. “Once we closed the funding round, a few of us early employees went for drinks and we just remembered all the early days where we had no idea where we were going to go, and we had no idea if this was even going to work out,” Duolingo CEO and cofounder Luis van Ahn tells Forbes in a video interview. Not only did it work out, but Duolingo has been among the companies that have been gaining during the coronavirus pandemic as bored Americans take to learning Spanish, French or the 34 other languages that it offers. Since Forbes published its 2019 Next Billion-Dollar Startups list last summer, 6 out of the 25 companies on the list, including design-software firm Figma, fintech Dave, e-commerce startup Grove Collaborative, as well as Duolingo, have reached a $1 billion valuation. Last December, language-learning app Duolingo surpassed the $1 billion valuation mark, becoming the fifth company on last year’s Next Billion-Dollar Startups list to do so. “Once we closed the funding round, ...
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Duolingo founder - Edtech’s biggest threat? Kids
TFI and InvestHK | May 27 Toronto Finance International (TFI) would like to invite the Canadian FinTech ecosystem to join a presentation with InvestHK and RaceCapital to learn more about funding opportunities, new trends, and market entry to Asia in a post-COVID-19 world. Event Details Date: Thursday, June 11th, 2020 Time: 3:00pm to 4:15pm Location: Video Conference Speakers Chris Chen  Head of Investment Promotion - Canada, InvestHK Michal Kaczmarzki Senior Manager, FinTech, InvestHK Edith Yeung General Partner, RaceCapital Agenda: - 3:05 - 3:30pm: Presentation: “Fundraising & governmental support for Fintechs entering Hong Kong” with Chris Chen, Head of Investment Promotion - Canada, InvestHK - 3:30pm-4:00pm: Discussion: Trends & opportunities in Hong Kong, in the post-COVID-19 era with Michal Kaczmarski, Senior Manager, Fintech, InvestHK, and Edith Yeung, General Partner, RaceCapital. Moderated by Chris Chen, Head of Investment Promotion - Canada, InvestHK Q&A to conclude. Register for this free event --> 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 ...
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TFI and InvestHK event - Edtech’s biggest threat? Kids
NCFA Canada | Craig Asano | May 27, 2020 NCFA SUBMISSION TO CSA ON PROPOSED HARMONIZED RULES FOR START-UP SECURITIES CROWDFUNDING (NI 45-110) The Canadian Securities Administrators (CSA) are seeking comments on proposed harmonized rules for start-up securities crowdfunding by 27 May 2020. The National Crowdfunding and Fintech Association of Canada (NCFA) welcomes this initiative. The following addresses the specifics of the proposed rules, but please see our previous submissions on crowdfunding in Canada on our website in the advocacy section for more details – https://ncfacanada.org/advocacy/. 1. Harmonization NCFA has argued for many years that CSA crowdfunding rules are unduly constraining, and this enhanced harmonization will enable a greater use of crowdfunding across Canada, help to fill a funding gap, and allow more retail investors to invest in businesses whose purpose they support. 2. Impact of the pandemic on fundraising Today, early stage Ventures are the most likely not to get funded as they lack established relationships with banks (including BDC) and they have been amongst the hardest hit by the pandemic.  Many VC funds are moving towards growth equity (later stage) investing and foreign investors mainly invest at later stages.   3. Funding cap While the maximum total amount ...
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NCFA Response to CSA Request for Commments on Proposed Crowdfunding Harmonization Rules NI 45 110 - Edtech’s biggest threat? Kids
Sifted | Tim Smith | May 26, 2020 As coronavirus has forced classrooms around the world to move online, kids are getting creative in trying to sabotage lessons Georgina Farnham, a Barcelona-based English literature and language teacher, was just getting used to the transition to online teaching when, one day, she thought the internet trolls had parked their tanks on her lawn. Farnham was making use of Kahoot!, the Norwegian educational games app, when the sabotage struck. “We were playing a game and it kept just crashing and not giving kids time to answer the questions, and on the leader board, all of these ridiculous names that hadn’t been entered into the game as players were coming up: ‘gayboy27’, ‘Covid-19’ — offensive names,” she explains. See:  58 Must-Read Remote Work Resources | 50 Great Remote Working Resources The kids said it was nothing to do with them, and Farnham got worried: “I thought someone had hacked into our game and was watching us, and I was worried for our cyber security.” Farnham quickly contacted the Kahoot! customer service team to find out what was going on. But the culprits, as it turned out, were closer to home than she had ...
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Online educator and consultant - Edtech’s biggest threat? Kids
Koho Release | Brittany Bell | May 27, 2020 TORONTO, May 27, 2020 (GLOBE NEWSWIRE) -- KOHO, Canada’s leading challenger bank, today announced it is piloting a new Early Payroll feature that will help those under financial strain pay their bills and make ends meet. KOHO’s Early Payroll pilot will grant users free access to $100 of their CERB payment before the scheduled payday. KOHO will not charge fees or interest. The company hopes this will provide a cushion that many Canadians could use right now to help pay bills and necessary expenses, and avoid harmful loan alternatives. “The economic impact of COVID was not equally distributed,” said Daniel Eberhard, Founder and CEO of KOHO. “A lot of lower and middle income Canadians are vulnerable right now. The KOHO team did an amazing job putting this together so quickly. We hope it helps.” In 2016 the Financial Consumer Agency of Canada released a report on payday loans that revealed the average cost of a $300 loan (for two weeks) is $63. That means 21% of the money you borrow is automatically eaten up by fees. See:  Shopify Balance Brings Banking and Cash Flow to Merchants In March, KOHO partnered with ...
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koho covid adavnces - Edtech’s biggest threat? Kids
May 27, 2020 As real estate prices keep rising, the practice of crowdfunding your workplace — especially if you're independently funded — has never been more critical. When you crowdfund your workplace, you preserve your independence while also giving your workers and all interested stakeholders a better opportunity to mobilize and commit to the project. Community Mobilization  As evidenced by the success of coworking space co.up, which has managed to crowdfund €7,950 to build a new top floor and renovate their current building, crowdfunding is an innovative and practical way to meet your business requirements for coworking space. It has demonstrated that workers and business owners can make use of the enthusiasm of workers and coworkers to "succeed through support of other communities already wishing to benefit from this extra space," according to Alex, the community manager. His confidence is understandable; Co.up was able to double its size thanks to crowdfunding. It may be easy to consider this feat as a one-off, but other projects have shown that it is possible to raise a significant amount of money by ensuring community participation in crowdfunding. See:  SEC Gives Break on Crowdfunding Rules for Some Small Firms For example, organizations such as ...
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Crowdfund your workplace - Edtech’s biggest threat? Kids
Forbes | Randall Lane | May 26, 2020 In a matter of weeks, Covid-19 spurred seismic shifts in how we work, learn and transact, and it helped usher in a new era that is smarter and fairer. The surreal year 2020 produces a personal Groundhog Day effect. The clock moves at one-quarter speed as the time-numbing diversions and necessities of a century ago, from jigsaw puzzles to yeast, fly off the virtual shelves. Simultaneously, though, the world is transforming at a pace unlike any experienced since World War II. In a matter of weeks, seismic, permanent shifts have occurred in how we work, learn and transact. The most significant shift is taking place in our economic system itself. See:  OpEd: IT’S TIME TO BUILD Capitalism, the greatest engine for prosperity and innovation ever created, was already under strain before the coronavirus pandemic. Despite a decade of impressive economic growth and job creation, a plurality of Americans still reported feeling as though the system was rigged, that hard work and playing by the rules no longer ensured success. “It is scary when you had the lowest unemployment, the lowest African-American unemployment, the lowest Hispanic unemployment, the lowest women’s unemployment,” says Michael Milken, ...
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greater capitalism - Edtech’s biggest threat? Kids
The Globe and Mail | Patricia Chisholm | May 22, 2020 The emerging use of artificial intelligence (AI) to support or even replace human financial advisors is attracting the attention of regulators – mainly in Britain but also in Canada. While they’re broadly supportive of AI as a cost-efficient tool to broaden the reach of financial advice, they’re also monitoring the potential risks and challenges, trying to ensure that this advice remains both suitable and transparent for clients. The current crisis is certainly putting the usefulness of the new technology to the test. Tony Vail, chief advice officer at Wealth Wizards, a fwell-known provider of AI-assisted financial advice in Britain, says: “We’re finding increasing demand for our technology solutions [as a result of the crisis]. For example, our digital financial advisor, MyEva, had an unprecedented response to an [online] nudge offering help and guidance with finances related to the impacts of COVID-19.” See:  WealthBar rebrands as CI Direct Investing Given the increased attention on AI-assisted advice, Britain’s Financial Conduct Authority (FCA) is taking a proactive approach on the matter. Last autumn, the FCA and the Bank of England conducted a survey of more than 100 financial services firms on their ...
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AI and fintech models - Edtech’s biggest threat? Kids
Wealth Professionals | David Kitai | May 21, 2020 CEO tells WP why the firm is rebranding and what new opportunities lie in the company's future Robo-advisor WealthBar is rebranding as CI Direct Investing with parent company CI financial increasing their ownership stake from 75 per cent to 100 per cent. Tea Nicola, founder and CEO of WealthBar, says that in terms of day to day operations nothing will change for their advisors and their clients. While she admits a bit of melancholy saying goodbye to the brand she built, she accepts that this is the logical next stage for her company and looks forward to the new challenges and opportunities she and her team will be taking on as CI Direct Investing. WealthBar will eventually be combined with Virtual Brokers, CI’s discount broker. See:  Why Partnerships Are the Future for Fintech “We're currently not making any major changes aside from the rebrand itself,” Nicola says. “We're simply fully focused on supporting our customers, growing with the current demand we're seeing and launching this rebrand.” Nicola explained that the rebrand fits in a wider strategy on the part of CI financial, unifying their group of companies under a shared banner ...
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Wealthbar rebrand - Edtech’s biggest threat? Kids
Independent.ie | Adrian Weckler | May 21, 2020 A 20-year-old former BT Young Scientist winner has landed $16m (€14.6m) in new funding from some of Silicon Valley’s most prestigious US venture capital firms The famous former data security chief for Yahoo and Facebook, Alex Stamos, has come on as a new investor, as have Eventbrite CEO Kevin Hartz and (French firm) Datadog’s CEO Olivier Pomel.  The heavy-hitting Silicon Valley firms backing the venture are led by Index Ventures with participation from Sequoia Capital and Kleiner Perkins and assistance from Dublin-based venture firm Frontline. “We’re aiming to distill what GDPR did in 99 Articles down to a line of code,” said Mr Curran. Seven years ago, Sequioa invested in the payments firm created by another former Young Scientist winner, Patrick Collison and his brother John. Stripe has gone on to become one of the world’s most valuable private companies, valued at $35bn (€31.7bn). See:   Cyber security world first as unique guide is launched Evervault hosts a network of hardware-secured data processing ‘enclaves’ which allows developers to deploy their applications in privacy ’cages’.  These cages allow information to be processed securely with strictly controlled access but without changing the way that developers ...
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Shane Curran Evervault - Edtech’s biggest threat? Kids

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