Paul Schulte, Advisor, Banking and Financial Services
August 22nd, 2019
Paul Schulte is the Founder and Managing Editor of Shulte Research based in Singapore. Paul's roles[...]
Category Archives: Enterprise
Greater Capitalism: How the pandemic is currently reshaping America’s economic system for the better
Forbes | | 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, who has sat in the middle of several of these cycles, “and that’s how people felt.”
Those feelings have only accelerated this spring, particularly among the young. At the end of February, during the last week of the pre-Covid era, Forbes surveyed 1,000 American adults under age 30 about capitalism and socialism. Half approved of the former; 43% regarded the latter positively. Ten weeks, 80,000 deaths and 20 million unemployment claims later, we repeated the exercise, and those already dismal results had flipped: 47% now approve of socialism, 46% of capitalism. You can see those changing sentiments playing out in public, as ideas such as universal basic income, rent amnesties and job guarantees move rapidly from the fringe to the mainstream.
Amid the chaos and the disorienting paradigm shifts, though, something profound is also happening: The Invisible Hand is operating on itself with dispatch.
As one of the patron saints of capitalism, Joseph Schumpeter, could tell you, the creation of a new system requires the destruction of the old. So count Milton Friedman’s legacy as another coronavirus casualty. It was already on life support; even the fusty Business Roundtable declared last summer that Friedman’s shareholder-first dogma no longer held sway over its members. The funeral rites can now be witnessed at any grocery store or aboard any UPS truck, where the low-paid heroes previously termed “unskilled workers” are now known, with respect, as essential. Pity the CEO who argues for paying them as little as possible in order to protect the quarterly dividend.
The Too Big to Fail playbook from the last meltdown has proven archaic as well. From crowdfunding to cryptocurrency, the economic action became decidedly more bottom-up during the 2010s, and a pandemic taking particularly cruel aim at the entrepreneurs running businesses like restaurants and barbershops has many sharpening their pitchforks. Shake Shack founder Danny Meyer never embraced Milton Friedman—his customers, employees, neighbors and investors mostly worship him. But when his large, well-capitalized, publicly traded hamburger empire had the temerity to take a federal Paycheck Protection Program (PPP) loan, the public outcry could have melted chocolate custard, prompting Meyer to quickly return the check.
See: NCFA's FFCON20 DIGITAL | Global Fintech Now Jul 9 - Aug 27, 2020
Finally, we’ve ended the era of economic incrementalism. Slow and slight improvements don’t cut it right now; “as good as” isn’t good enough. The times demand systemic solutions greater than what we had before. Greater Capitalism.
If Friedmanism worshiped profits above all, this Greater Capitalism measures return on investment in all facets. Yes, it incorporates a large dose of the stakeholder economy that has slowly made headway over the past few years. But its roots lie not in big companies but in small businesses and entrepreneurs who ask for little more than a fair chance and a level playing field. If practiced correctly, Greater Capitalism will encourage the kind of smart, long-term, accretive actions that create permanent solutions.
Three binary formulas, “greater thans” all, encapsulate what’s been emerging over the past few weeks. History is unspooling in real time.
Ray Dalio
As the pandemic hit, Ray Dalio, whose Bridgewater Associates is both the largest and most hyper-rational hedge fund in the country, noticed something: As the kids of his native Connecticut were dispatched to attend school from home, the economically disadvantaged were doomed to fall further behind. Many were food-deprived, living amid density that both deprived them of private space and increased their likelihood of getting sick. And 22% did not have access to any home computer, much less one of their own, or reliable connectivity.
“I saw a real tragedy,” Dalio says. “And I saw a bunch of people pull together to say, ‘This must not happen.’ ”
Lubricated by an earlier $100 million pledge from Dalio, matched by the state of Connecticut, that “bunch of people”—including Bill Gates and Microsoft, Michael Dell and Dell Computer, and the legislative and educational leaders of the Nutmeg State—got 60,000 fully loaded computers delivered to low-income students.
For Dalio, who Forbes estimates is worth $18 billion, that decision was a no-brainer: an ROI-driven result at the heart of a Greater Capitalism. It’s also a harbinger of where philanthropy is going right now.
See:
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Can Fintech Make the World More Inclusive?
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The Cash Crisis: Why America’s financial plumbing has seized up
A subset of intellectuals have been railing against philanthropy of late, arguing for confiscatory tax rates to prevent the richest from having such societal influence. It’s lousy economic policy—while most billionaires have already girded for some kind of tax increase no matter who wins the 2020 election, Beatles-style rates would suppress growth more than generate revenue.
It’s also lousy public policy. Democracy is structurally poor at long-term outcomes. The cost of imprisoning a person—financially, much less socially—is many multiples of what it would have cost to educate and nurture him properly. But good luck persuading politicians to invest in 20-year outcomes when they’re simultaneously tempted by the sugar high of immediate action. Philanthropy can serve as risk capital for problems, proving concepts and making the mistakes that governments don’t dare.
But philanthropy, as currently practiced, has invited such scrutiny. Despite large subsidies in the form of upfront tax breaks, some $4 trillion mostly sits around perpetually waiting for the problems of tomorrow to arrive rather than systematically attacking the problems of today. By law, charitable foundations must put at least 5% of their assets to work every year—and for most of them, that 5% floor is also a ceiling. Meanwhile, the 730,000 trendy donor-advised fund accounts have managed to score the same tax breaks without any annual minimum outlay whatsoever.
The pandemic has highlighted this problem. At no point in our lifetimes has the public need been greater—and yet, because endowments have fallen in tandem with the market, the amount of philanthropic activity is likely decreasing.
And so key players are using this moment to morph philanthropy with an emphasis on transparency and a “give while you live” philosophy.
Exhibit A: 43-year-old Twitter and Square cofounder Jack Dorsey, who recently made headlines for pledging $1 billion toward the coronavirus crisis and related problems—and has been logging his donations one by one in a public Google Doc.
In May, a group of more than 275 philanthropists and professionals, led by the $100 million Wallace Global Fund, formally called on Congress to double the minimum outlay for foundations and donor-advised funds, for the next three years, to 10%—a move that would put another $200 billion to work. “It’s not about being a financial headstone that forever marks your coffin,” says Abigail Disney, one of the signatories.
“This should be about what the world needs, not how people remember you.”
See:
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Coronavirus: New Challenges and Opportunities for Fintech
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Coronavirus Is Widening the Corporate Digital Divide
Meanwhile, according to insiders, various signatories of the Giving Pledge have been holding discussions regarding whether to move past the group’s famous agnosticism about when and where to give (other than at least half their fortune before or when they die). Ideas include a pooled response fund to tackle Covid-related issues and efforts to encourage the give-while-you-live ethos. (No decisions have yet been made.)
The stakes right now couldn’t be higher. Economic tumult emboldens the fringes. During the Great Depression, communism, isolationism and nativism all surged—and that was before social media. Instead, a decade after the Depression, American businesses were the envy of the world, and American workers achieved a quality of life their parents and grandparents couldn’t have fathomed.We’re at that same crossroads right now: toward a Greater Capitalism, or a continued societal fraying, and the sobering alternative that this would all be for naught.
“We will have a revolution of one type or another,” Dalio says. “Either it’s going to be bad. Or we can do this thoughtfully, together.”
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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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WealthBar rebrands as CI Direct Investing
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. She expects that as a unit under the CI name, each of those companies will be better able to benefit one another. As well, Nicola says she doesn’t think the rebrand will derail the recent momentum WealthBar had picked up during March and April of this year. She’s confident that operational continuity, portfolio results, and her team’s hard work will keep the new client numbers growing.
“WealthBar and Virtual Brokers have posted strong growth and these changes will set the stage for future success,” CI CEO Kurt MacAlpine said in a press release. “We believe that professional advice is as critical as ever and our online platforms are important complements to our traditional advisory business.”
Nicola says that this may be the first such full acquisition and rebrand of a robo-advisor by an “incumbent” playing in the Canadian financial space.
She differentiated this from Purpose investment’s recent acquisition of Wealthsimple for Advisors, noting that Purpose is a younger player than CI and this is retail facing, rather than B2B as the acquisition of Wealthsimpe for Advisors was.
See: Checkout Other Canadian Wealthtech Firms on FintechCanada.io
While Nicola accepts the name CI Direct Investing strikes a more institutional tone than WealthBar, but says that the tone and position of a brand is more defined by the work done underneath it than simply a name. Nicola says she and her team are committed to continue working as they had, proving to clients new and old that the same disruptive energy that had won them success as WealthBar will be maintained under the CI Direct Investing banner. She maintains that for her clients and the advisors she’s partnered with, the difference between WealthBar and CI Direct Investing will be little more than “different colours.”
“From a material perspective, nothing is going to change,” Nicola says. “It’s going to be the same old advisor platform, the same old client dashboard. It might be called different, look different, but you're going to have the same portfolio, the same advisors the same level of service offering.”
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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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How This Billionaire-Backed Crypto Startup Gets Paid To Not Mine Bitcoin
Forbes |
It’s everyone’s dream to get paid to do nothing. Bitcoin miner Layer1 is turning that dream into reality — having figured out how to make money even when its machines are turned off.
Layer1 is a cryptocurrency startup backed by the likes of billionaire Peter Thiel. In recent months, out in the hardscrabble land of west Texas, the company has been busy erecting steel boxes (think shipping containers) stuffed chockablock with high-end processors submerged inside cooling baths of mineral oil. Why west Texas? Beause thanks to a glut of natural gas and a forest of wind turbines, power there is among the cheapest in the world — which is what you need for crypto.
See: Bitcoin’s “halvening” is upon us
“Mining Bitcoin is about converting electricity into money,” says Alex Liegl, CEO and co-founder. By this fall Layer1 will have dozens of these boxes churning around the clock to transform 100 megawatts into a stream of Bitcoin. Liegl says their average cost of production is about $1,000 per coin — equating to a 90% profit margin at current BTC price of $9,100.
So it’s odd how excited Liegl is about the prospect of having to shut down his Bitcoin miners this summer.
Already this year west Texas has seen a string of 100-degree days. But the real heat and humidity don’t hit until August, which is when the Texas power grid strains under the load of every air conditioning unit in the state going full blast. During an intense week in 2019, wholesale electricity prices in the grid region managed by the Electricity Reliability Council of Texas (ERCOT) soared from about $120 per megawatthour to peak out at $9,000 per mwh. It was only the third time in history that Texas power hit that level. And although the peak pricing only lasted an hour or so, that’s enough to generate big profits. Analyst Hugh Wynne at research outfit SSR figures that Texas power generators make about 15% of annual revenues during the peak 1% of hours (whereas in more temperate California grid generators only get 3% of revs from the top 1%).
Turns out that running a phalanx of Bitcoin miners is a great way to arbitrage those peaks. Layer1 has entered into so-called “demand response” contracts whereby at a minute’s notice they will shut down all their machines and instead allow their 100 mw load to flow onto the grid.
“We act as an insurance underwriter for the energy grid,” says Liegl, 27.
“If there is an insufficiency of supply we can shut down.” The best part, they get paid whether a grid emergeny occurs or not. Just for their willingness to shut in Bitcoin production, Layer1 collects an annual premium equating to $19 per megawatthour of their expected power demand — or about $17 million. Given Layer1’s roughly $25 per mwh long-term contracted costs, this gets their all-in power price down 75% to less than 1 cent per kwh (just 10% of what residential customers pay).
See: UNICEF Australia’s ‘The Hopepage’ Uses Crypto Mining To Raise Money For Children
It may seem like grid operators are paying Layer1 a lot for something that might not even happen, especially with coronavirus reducing electricity demand, but it makes total sense, says Ed Hirs, a lecturer in energy economics at the University of Houston and research fellow at consultancy BDO: “It’s a lot cheaper option than building a whole new power plant or battery system just to keep it on standby.”
And although this may be a new concept for cryptocurrency miners, it’s been done before. “It used to be called load management,” says Dan Delurey, a consultant with Wedgemere Group.
Two decades ago industrialist Charles Hurwitz bought up power-hogging aluminum smelters in the Pacific Northwest and made more money reselling electricity than making metal.
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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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Useful Tips to Handle Bulk Flash Drives
Guest Post | May 23, 2020
Over the years, the many forms of data storage and transfer devices have failed due to one reason or another. Floppy disks used to get spoiled too quickly, and CDs were an inconvenience when having to burn data on to them just to make it portable. However, after the introduction of USB flash drives to the market, numerous problems faced by almost anyone who had a job working with computers were solved.
They are known by many names; flash drives, thumb drives, USB drives, pen drives etc. and come in many shapes and sizes but their main function is storage and transfer of digital data from one location to another. The biggest benefit of these devices is that they are USB (meaning they connect via universal serial bus terminals) and the fact that they are plug-and-play (meaning that they do not require any external software to be installed before use).
However, as with anything on the market, certain precautions need to be taken while making a purchase for a USB drive as well as during its use.
Some Things to Know When Purchasing a Flash Drive:
- Avoid buying a USB drive that requires any software to be installed on your computer for it to be able to function. As discussed earlier, flash drives do not need software to run on your computer; therefore, if one does require any software, it is usually going to cause numerous problems later on.
- USB devices come in all shapes and sizes, and there are versions of these devices available that are simple and sleek and even versions that are shaped like various things from your favourite cartoon character to edibles like a pack of French fries or a piece of sushi. Although buying a uniquely shaped thumb drive might be extremely tempting, it is always a good idea to buy one that is thin and small. USB ports in a computer are usually built close together, and at times it can be difficult to attach a bulkier USB in one of them, especially if you have an external USB mouse or keyboard already attached.
- Along with the external size of the thumb drive, it is also important to pay attention to the internal memory space. It is essential to remember a USB drive’s physical size has no influence over its storage capacity. However, buying a USB with a storage capacity that lines up with your needs is a good idea to avoid any further inconveniences.
Precautions to Take When Using USB Drives:
Flash drives are an extremely easy tool to use, and every computer invented and sold in recent years has many USB ports available for the thumb drives to simply plugin and start functioning. They don’t require any cables, external battery, any power supply or even the need to restart a computer. As soon as a USB drive is connected, it becomes visible as a new device and is ready to use within a minute or two of connection.
Some Security Measure When Using With a Mac
On a Mac, the icon for the drive appears on the desktop as soon as the connection has been made. This is similar to a CD or DVD, and the user has two options: drag and drop the files which they want to transfer to the Flash drive icon or open the drive like a folder on the computer and work in that manner.
See: Banks, fintech startups clash over ‘the new oil’ — your data
When saving a currently open document on your flash drive one can simply choose the save as option and select the drive location from the dropdown menu. However, it is important to remember to close any open files before ejecting and removing the USB drive from the computer.
There are steps to be followed when removing a flash drive from a computer. One must first “Eject” the drive by holding ‘ctrl’ and clicking on the drive which opens up a menu and choosing the “Eject” option from this menu. However, if the USB drive disconnected without following the proper procedure, it can result in loss of data or the drive becoming corrupt.
Some Security Measure When Using With a PC
When using a flash drive with a PC, the drive will often take the next available letter when it is plugged in. It can be easily accessed via ‘My Computer’ folder and by looking for the name “removable disk”. However, there are a few precautionary measures to be taken when one has finished working with the drive:
- Locate the green arrow icon on the taskbar (this can be usually found near the clock and volume control). If an individual is not sure about the icon they are looking for they can simply hover their mouse over each icon until they find the one that reads “Safely Remove Hardware”.
- Once this icon has been located, click on it and a menu will appear with a list of devices connected to the computer. It is possible to have more than one device listed if you have more than one device connected to the computer, click on the device that needs to be removed.
- Wait for a few seconds after clicking the option, and a pop up will appear informing you that the hardware has been safely disconnected and it is safe to remove it from your computer. The device can now be detached from the USB port.
- It is essential to remember to do these few steps as they ensure the safe removal of the device. Failing to do these may result in data loss and/or corruption of the USB device.
See: 58 Must-Read Remote Work Resources | 50 Great Remote Working Resources
Some Steps to be Followed for the Proper Care of the Flash Drive:
Amongst the general precautions to be taken when working with any digital device for e.g., keeping it away from moisture and heat, a few other steps can be taken to eliminate the possibility of losing the drive. A name tag can be added to the drive so it can be safely returned to you in case you misplace it. This can be done on of two ways
- You can name your device in software form by changing its name to yours.
- Attaching a name tag or getting your name engraved on the device itself.
At the end of the day, taking a few precautions can make the experience of using these helpful tools enjoyable and full of ease. However, if these precautions are not taken, a person can find themselves in a compromised situation.
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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Introducing Plaid Exchange
Plaid blog | Niko Karvounis & Jesse Dhillon | May 20, 2020
Plaid Exchange
The financial ecosystem is undergoing an unprecedented digital transformation due to new realities brought on by COVID-19. Consumers and businesses have turned to fintech to manage their finances in record numbers. Digital transformation that was expected to take years is now predicted to take place over a matter of months. Now, financial institutions everywhere must be prepared to meet their customers’ rising demand for digital connectivity.
See: With Plaid Acquisition, Visa Makes a Big Play for the ‘Plumbing’ That Connects the Fintech World
Today, Plaid is launching Plaid Exchange to accelerate consumer-permissioned data access strategies for financial institutions. As fintech adoption has grown, so have the needs of financial institutions that must now manage unprecedented customer connections across thousands of fintech apps. Plaid Exchange gives financial institutions, from banks to wealth management firms, an open finance platform that includes critical tools required to manage the secure and reliable data connectivity their customers’ financial lives demand, today and for years to come. At the heart of this platform is the ability for consumers to maintain control and transparency into where and how their financial information is permissioned and shared, increasingly important as more people rely on a variety of digital financial tools to manage their financial lives.
Over the past year, we communicated with over a hundred financial institutions to understand their evolving priorities and deliver a solution that fully encompasses what a financial institution needs to implement scalable API-led data access rooted in user transparency and control. With Plaid Exchange, financial institutions can bring an API solution to market in as little as 12 weeks. Implementing Plaid Exchange also means saving on the costs associated with standing up an API, such as building tools and programs to manage developer testing, implementation, and risk management.
Developed with shared security, transparency and reliability needs across the ecosystem in mind, Plaid Exchange is an API platform for financial institutions that provides the connectivity to:
See: Microsoft And Plaid Should Target Small Businesses (Not Consumers) With Money In Excel
- Establish token-based API connectivity. Financial institutions can leverage tokenization to maintain connectivity, and help ensure even more reliable integrations with the 2,600+ apps on the Plaid network today.
- Optimize infrastructure load. With a bi-directional Plaid Exchange integration, financial institutions benefit from smarter scheduling and load management for data updates.
- Build one integration for open finance needs. Plaid Exchange is a solution for the digital financial ecosystem stakeholders; it’s open finance in a box, so financial institutions can integrate with multiple data partners through the Plaid Exchange integration.
- Align with key connectivity standards and principles in the industry. As an active member of FDX and multiple industry standards bodies, we’ve designed Plaid Exchange to reflect key principles around access, consumer control, transparency, and security.
- Enable new control tools for consumers. Plaid Exchange includes the ability for financial institutions to easily build a consumer control center that gives their customers more visibility and enhanced control over how their financial information is shared and where their accounts are connected.
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
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Remote Working Cybersecurity Checklist
Cyber Management Alliance | Aditi Uberoi | May 21, 2020
Established in 2015, Cyber Management Alliance is one of the world’s leading cyber incident & crisis management service providers offering advisory, executive training and bespoke workshops in all aspects of cyber crisis management, incident planning, incident response testing and tabletop exercises. Cyber Management Alliance (CM-Alliance) is the creator of the internationally-acclaimed NCSC-Certified, Cyber Incident Planning and Response (CIPR) course. Previous attendees of the NCSC-Certified CIPR course and tabletop exercises include organisations including the United Nations, UK Ministry of Defence, several UK Police Forces, NHS Trusts, European Central Bank, Swiss National Bank, Microsoft, Ernst and Young, BNP Paribas and many others.
See:
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Accenture: Fintech, Cybersecurity and Methods to Handle Threat
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Cyber security world first as unique guide is launched
Remote Working Cybersecurity Checklist
Some areas of risk - note this is not a comprehensive list but a list to help you prepare for cybersecurity attacks:
- Cybersecurity
- Passwords
- Mobile Equipment
- Privileged Users
- Phishing Emails and Scams
- Policy and Illegal Activity
- Working remotely, Online Meetings & Calls
- Exceptions and Change
- Privacy
- Cyber Attack and Incident Response
- Backup Backup Backup
- HR and Mental and Occupational Health
- Video and Audio Conferences
- Helpdesk & Support
Download the Remote Working Cybersecurity Checklist --> 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
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Shopify Balance Brings Banking and Cash Flow to Merchants
Digital | May 20, 2020
The huge e-commerce company also unveiled buy now, pay later and local delivery tools at its annual conference.
Need to Know
- At Shopify’s annual conference, Unite, the e-commerce platform announced a number of new features.
- Shopify Balance Account is a “one-stop-shop” account for small business owners and a feature several employees are referring to as Shopify’s bank.
- The online platform also announced Shop Pay Installments, Fulfillment Network expansion, and Local Delivery products.
- The conference emphasized the importance of strong digital tools and local commerce in COVID-19 retail climate.
See: Shopify displaces RBC to become Canada’s most valuable company
Analysis
E-commerce giant Shopify announced a number of new tools and programs at its online Reunite event on Wednesday, the biggest of which is Balance, a banking account tailored to the particular needs of small business owners and entrepreneurs.
Balance, which will be made available to Shopify merchants in the US later this year, is a one-stop-shop within Shopify’s platform admin allowing sellers to track cash flow, pay bills, and monitor expenses. According to a press release from Shopify, 40% of merchants are currently using personal accounts for some business needs; Balance aims to provide tools that are designed for the needs of small business owners, where personal accounts might fall short.
Shopify Balance will also provide merchants with a physical or digital banking card, the Shopify Balance Card, which will allow merchants to make purchases or withdraw cash from an ATM, and a Rewards program offering benefits such as cash back and discounts. Shopify Balance will have no monthly fees and no minimum balance.
See: Shopify Launches Rebuilt POS to Offer Flexibility Post-COVID
Also announced at Reunite was Shopify’s buy now, pay later, option, Shop Pay Installments, which exists within the company’s Shop Pay tool and lets merchants offer customers flexible financing options. Shopify joins a number of merchants and businesses offering buy now, pay later financing, including Visa, which announced a partnership with Splitit earlier this year. The tool, which will also be available later this year, will be launched with a partner — though Shopify did not specify whom.
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
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