2019 Fintech & Financing Conference and Expo: FEARLESS, April 3-4, Toronto Canada

Category Archives: Equity Crowdfunding

Canada’s Regulatory System for Fintech is Complex, Costly and Chaotic. It is Stifling Fintech Innovation

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Crowdfund Insider | | Apr 4, 2019

Canada may be a smaller market but it has a robust, highly sophisticated economy and a vibrant Fintech sector. Toronto, the financial center of the country, is home to dozens of Fintechs including payment firms, online lending, AI, wealth management, blockchain and more. Yet while there are promising indications of financial innovation and a good number risk-taking Fintech entrepreneurs, a recent Canadian report noted a “need for a clear Fintech strategy by the federal and provincial governments with the intent of supporting innovation and growth for the Canadian financial services sector.”

Like most other industries, competition in financial services is intense. As it is a highly regulated sector of industry, participants must continuously manage compliance demands while interacting with diverse public officials and regulatory requirements. These same rules, if duplicative or misaligned, can act as a barrier to positive innovation and change that challenges established firms and entrenched orthodoxies.

The emergence of Fintech and the digitization of financial services, from banking and beyond, has seen multiple Fintech centers of prominence emerge. The UK has long been known for its Fintech friendly regulatory environment. Regulators frequently engage with emerging new business models as it is mandated for these officials to foster competition.

See:  Inside the power struggle between big banks and fintechs to modernize financial services

In Hong Kong, an important global financial center, public officials have not only talked about fostering Fintech innovation, but much money and resources have been dedicated to encouraging innovation. Fintech is viewed as strategically important to maintain a dominant position in the global financial industry.

So can Canada do more?

Crowdfund Insider recently reached out to Michael King for his perspective on the status of Fintech in Canada. King is co-Director of the Scotiabank Digital Banking Lab at Ivey Business School and an advisor to the National Crowdfunding and Fintech Association of Canada. He spent multiple years in the private sector working in the global banking industry so he has plenty of hands-on experience.

King recently created a helpful database of Fintechs operating in Canada which provides a good overview of these new firms. King believes Canadian officials, both regulatory and elected, must do more to catch up in the international race to remain relevant and competitive in the global financial sector.

So will Canadian policymakers listen? Our conversation is shared below.


Which international jurisdictions do you believe are doing the best in fostering Fintech innovation?

Michael King: The leading jurisdictions for Fintech are the UK, Australia, Hong Kong, and Singapore. Each of these countries has outlined a national strategy to be a leader in Fintech and is coordinating both public sector and private sector bodies towards achieving this goal. These small open economies understand that financial services are a global industry that has been opened up to foreign competition by the internet, cloud computing, smartphones and other technologies.

Canada is lagging, with no coordination nationally and harmful competition between Fintech centres across Canada.

See:  NCFA Letter to Ontario Economic Development on Burden (Jan 2019)

The leading jurisdictions for #Fintech are the UK, Australia, Hong Kong, and Singapore. Each of these countries has outlined a national strategy to be a leader in Fintech 

Which sectors of Fintech do you believe hold the most promise?

Michael King: The payments sector is the front line of the battle between Fintechs and incumbents. This trillion-dollar industry is complex, with many players collaborating and competing in overlapping networks. Consumers and businesses face many pain points, such as high costs, slow transfers, poor service and little to no transparency. Payments is where the largest and most successful Fintech companies have made their mark, led by PayPal, Square, Stripe and Adyen.

Canada’s Lightspeed POS is the leader in this space, although there are dozens of smaller start-ups targeting lucrative segments of this value chain.

Payments is also the space where global technology companies are able to compete most effectively by bundling payments with their other customer offerings: Alipay (Alibaba), Amazon Pay, Apple Pay, Google Pay, Samsung Pay and WePay (Tencent).

These “Techfins” have put technology first and financial services second when developing their ecosystems. But access to customer payments will bring data and insights to drive future financial product offerings.

On relative terms, how does Canada size up when it comes to Fintech innovation?

Michael King:  Canada remains in the top 10 for Fintech innovation with investment by both start-ups and incumbent banks, insurance companies and asset managers.

Canada has been gaining ground in key areas of Fintech, namely payments, cryptoassets and blockchain, online lending, and wealth management.

See:  Competition Bureau weighs in on fintech: urgent action required

On a public policy basis, what has been done so far?

Michael King:  Federal politicians in Canada are pursuing a policy of benign neglect towards the Fintech sector, preferring to leave policy to provincial governments and regulators while focusing on other innovation priorities. Canada has not published a national strategy on Fintech, none of the funding for superclusters was directed to Fintech, and no politicians are offering speeches to support this sector. The only recent indication of support is the public consultations on open banking, which has already been adopted in the European Union, United Kingdom and Australia.

Canada prefers to be a follower on open banking, balancing the need for more openness with the desire to maintain a sound and stable financial system.

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

US News | By Ben Luthi | Apr 12, 2019 Apple Pay is secure and convenient, as long as you use it correctly. No payment method is entirely safe from fraud. But Apple Pay provides cardholders with several layers of security that can protect against some common forms of credit card theft. If you want to try Apple Pay, knowing how it works is important as well as how your credit card information is safeguarded and what you can do to stay protected while using it. What Is Apple Pay? Apple Pay is a mobile wallet for Apple devices such as iPhones and Apple Watches that allows you to make purchases in stores, in apps and online securely without handing over your credit card information every time. See:  The growing cost of cybersecurity In a store, the mobile wallet uses near-field communication technology – it allows two devices placed within a few centimeters of each other to exchange data – to transmit your card information. You just need to verify your identity with the Touch ID or Face ID feature, then tap your device to the store's card reader to process the payment. To keep your information private, Apple Pay ...
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NCFA | Team FFCON19 | April 16, 2019 5th annual Fintech and Financing Conference in Toronto addressed challenges and successes of entrepreneurs and innovators transforming the financial industry TORONTO, ON / ACCESSWIRE / April 16, 2019 / The National Crowdfunding & Fintech Association (NCFA), the non-profit cross-body organization that promotes and supports fintech and funding throughout Canada, closed its 5th annual flagship Fintech and Financing Conference - FFCON - which featured numerous fintech market leaders, as well as industry experts, government officials, and prominent tech investors. "FEARLESS" was the theme for this year's conference, celebrating the boldness and innovative nature of the FinTech industry, where entrepreneurs constantly challenge pre-existing financial systems with innovative new products and services. The conference brought together more than 500 attendees who experienced keynote speeches, immersive learning, workshops, startup pitch presentations and awards, an exhibitor floor, and networking receptions. Key themes explored at FFCON19: FEARLESS: RISK is a conscious choice and necessary to innovate; Digital trust and security are essential for mass adoption; The digital bank and future of fintech is already here; Collaboration and new social (decentralized) models can revitalize markets controlled by incumbents with too much power and no incentive to change; Private-public market ...
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NCFA 2019 Conference Closes with Renewed Focus on Fostering Innovation in Fintech
Business Insider | Dennis Green | March 25, 2019 Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's Go stores. Not accepting cash can speed up lines and make life easier for card-carrying consumers. But a backlash has grown, as the cashless trend leaves out lower-income customers who may not have a bank account. Massachusetts, Philadelphia, and New Jersey have already barred stores from rejecting cash as payment, and New York City and San Francisco are considering similar measures. This could affect the growth of Amazon's physical stores, which do not accept cash. Cashless stores are becoming controversial. See:  Under pressure Amazon plans to accept cash at cashless Go stores Bank Customers Are Primed And Ready For Amazon Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's physical stores. Not accepting cash can speed up lines or eliminate them altogether, making life easier for card-carrying consumers. Not everybody is on board with this cashless utopia, however. Backlash has started, as the cashless trend leaves out lower-income customers who may not have a bank account. As of last year, an estimated 15.6 million people in the US ...
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Cities and states around the country are banning stores from refusing to accept cash, and it's a troubling trend for Amazon
Public Policy Forum | Robert Asselin and Sean Speer | April 4, 2019 Rise of the intangibles When New England Patriots quarterback Tom Brady played in his first Super Bowl in 2002, there was no iTunes store, no Facebook, no Instagram, no Airbnb, no Gmail and no Skype. Today the companies who own these intangible assets are worth more than $4 trillion. The rise of the intangibles economy will have sweeping policy implications that will become clearer over time. Nobody knows for sure where this is heading. Our overriding objective in this paper is to help catalyze a bi-partisan policy discussion about a new “north star” for Canada’s economic competitiveness and the types of policy reforms needed to start us on this path. As part of this process, we set out a series of policy recommendations that cover the classic drivers of competitiveness such as taxation and regulation and drivers for the intangibles economy such as data governance, intellectual property retention, and the race for talent. But as important as these prescriptions are, the main takeaway for policymakers and the Canadian public is that the rise of the intangibles economy requires that we test old assumptions and are open to ...
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NCFA Canada | April 12, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep30-Apr 12:  The Future of Canadian Crypto With Andrei Poliakov About this episode:  On this episode of the Fintech Fridays Podcast, our Host Manseeb Khan sat down with Andrei Poliakov the CEO of Coinberry. They chatted about the future of Coinberry, the power of blockchain and his favorite failure.  Enjoy! HOST: Manseeb Khan, Fintech Friday's show host GUEST:  ANDREI POLIAKOV, CEO and Co-Founder, Coinberry (Linkedin) BIO:  Andrei is a seasoned entrepreneur having previously launched and managed various start-ups with a strong focus on implementation and early-stage strategy development. Having finished the University of Toronto with a bachelor in Electrical Engineering, Andrei worked in Business Consulting before completing his IMBA at York University, Schulich School of Business. Andrei brings to Coinberry +10 years of algorithm design, management and strategy development experience in various corporate settings with leading multinationals around the world. 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 ...
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SEC | April 3, 2019 Bill Hinman, Director of Division of Corporation Finance Valerie Szczepanik, Senior Advisor for Digital Assets and Innovation Blockchain and distributed ledger technology can catalyze a wide range of innovation.  We have seen these technologies used to create financial instruments, sometimes in the form of tokens or coins that can provide investment opportunities like those offered through more traditional forms of securities.  Depending on the nature of the digital asset, including what rights it purports to convey and how it is offered and sold, it may fall within the definition of a security under the U.S. federal securities laws. As part of a continuing effort to assist those seeking to comply with the U.S. federal securities laws, FinHub is publishing a framework for analyzing whether a digital asset is offered and sold as an investment contract, and, therefore, is a security.  The framework is not intended to be an exhaustive overview of the law, but rather, an analytical tool to help market participants assess whether the federal securities laws apply to the offer, sale, or resale of a particular digital asset.  Also, the Division of Corporation Finance is issuing a response to a no-action request, indicating that ...
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TechDaily | Stefan Palios  | April 8, 2019 To be fearless, you have to set up the right conditions and environment. Taking this perspective to heart, #FFCON19, a conference put on by the National Crowdfunding & Fintech Association, pondered how to create the right conditions so entrepreneurs can be fearless in their work. From conversations about AI creating fake videos to open banking, the wide-ranging conference detailed that fearlessness comes from using the right tech at the right time, desiring a positive outcome more than wanting to avoid a negative outcome, and putting the right regulations in place. Deep fakes and identifying what’s real Kicking off the conference, entrepreneur Toufi Saliba brought the idea of ‘deep fake’ to the conversation, the premise that artificial intelligence technology can make videos appear to be of certain people. See:  The growing cost of cybersecurity “Deep fake enables everyone with a computer to download software to enable you to put someone speaking in a video, saying something they did not actually say,” Saliba explained. While innocently used in gag videos, the negative side is much more concerning. With this technology, said Saliba, hackers and other malicious actors can declare war, pretending to be a ...
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Crowdfund Insider | JD Alois | Apr 4, 2019 Canada may be a smaller market but it has a robust, highly sophisticated economy and a vibrant Fintech sector. Toronto, the financial center of the country, is home to dozens of Fintechs including payment firms, online lending, AI, wealth management, blockchain and more. Yet while there are promising indications of financial innovation and a good number risk-taking Fintech entrepreneurs, a recent Canadian report noted a “need for a clear Fintech strategy by the federal and provincial governments with the intent of supporting innovation and growth for the Canadian financial services sector.” Like most other industries, competition in financial services is intense. As it is a highly regulated sector of industry, participants must continuously manage compliance demands while interacting with diverse public officials and regulatory requirements. These same rules, if duplicative or misaligned, can act as a barrier to positive innovation and change that challenges established firms and entrenched orthodoxies. The emergence of Fintech and the digitization of financial services, from banking and beyond, has seen multiple Fintech centers of prominence emerge. The UK has long been known for its Fintech friendly regulatory environment. Regulators frequently engage with emerging new business models ...
Read More
Canada’s Regulatory System for Fintech is Complex, Costly and Chaotic. It is Stifling Fintech Innovation
LAST CHANCE FOR TICKETSApril 3 SOLD OUTApril 4 last block of tickets >90%#FFCON19 “Motivation is the catalyzing ingredient for every successful innovation. The same is true for learning.”  Clayton Christensen FFCON19 is here and officially kicks off tomorrow!  Congrats on the 9 pitching finalists announced Some more speakers added! Brady Fletcher, Managing Director and Head of TSX Venture Exchange Jon Medved, CEO, OurCrowd Fred Pye, CEO, 3iQ Corp Neha Khera, Partner, 500 Startups Alixe Cormick, President, Venture Law Corporation Sandi Gilbert, CEO, InterGen and Chair of NACO David Lucatch, Chairman, Pegasus RJ Reiser, Chief Growth Officer, Polymath Keren, Moynihan, Co-Founder, Boss Insights Check out all 50+ speakers here Please meet FFCON’s Incredible Master of Ceremonies April 3:  Chantel Costa    April 4:  Amy ter Haar Look who’s coming to #FFCON19?  JOIN US!   THANKS TO OUR AWESOME FFCON19 PARTNERS!   HOST: PLATINUM: GOLD PARTNERS: SILVER PARTNERS: ...
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NCFA | Team FFCON19 | March 31, 2019Nine high-growth companies have been selected from inbound applications to pitch live at the 5th annual Fintech and Financing Conference: FEARLESS (#FFCON19).These companies will be pitching in three sessions on April 4, to be led by pitch session partner hosts McCarthy Tétrault,  Toronto Starts.and the PCMA.Congratulations to the 9 finalists!BalanceBooknBrunchConsilium CryptoFeedbackFintrosHedgieOwl LabsneedlsVacation FundOne winning company will be selected for the inaugural People's Choice Award, which celebrates an up and coming startup that is the most innovative and most impactful, as determined by the pitch session judges and the crowd.The Conference, to be held from April 3-4, 2019, attracts fintech, blockchain and AI innovators, investors, companies actively raising capital and key decision makers/stakeholders in technology and capital markets from all over Canada and around the world. Click here to view the full program.   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 ...
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Crowdfunding: How It Works and Its Development in 2019

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Guest Post | March 30, 2019

In the era of globalization and new technology, crowdfunding is becoming an essential tool for fundraising for both charitable and commercial goals.

Main Features of Crowdfunding in 2019

Crowdfunding presents a legal and working model for funds raising. Its success has been proven and reflected in practice. The thing is that very few entrepreneurs have the means to finance their projects at the start. A businessperson may have a profitable idea, but they cannot implement it due to the lack of money. Also, other kinds of expensive projects, such as raising funds for urgent treatment when it is a matter of life or death, can also require such a model. Using crowdfunding, everyone has an opportunity to tell people about their goals, the ways to achieve them, and the required budget.

According to the World Bank report, it is expected that this industry will attract more than $95 billion this year. Through that, the need to finance a promising project and solve a specific problem can be addressed to a broader public. The main advantage here is that everyone can get what they want — a recipient can raise money for their business, and a sponsor can donate the allowable amount to the project upon their will and then use the resultant product or service.

Despite the presence of a direct connection between the one who needs money and those who provide it, crowdfunding usually requires a page on social networks or a website dedicated to the project through which funds are being withdrawn. Also, if you need to write about this topic, you can consider specialized online resources to buy essay papers online.

What Is Crowdfunding?

As we can judge by two words composing this concept, crowdfunding is a method of raising funds to finance a specific project by anyone who wants to do it. With the help of this approach, money can be collected for multi-purpose charity, volunteer projects, political campaigns, social investments, seed capital for business, startups, etc.

To varying degrees, each of us used to participate in such ventures. For instance, you might have taken part in collecting money for a gift to a friend, sprucing up the territory near your place of residence, and so on. These are examples of one-time projects. At the same time, many major crowdfunding platforms are persistent. They are designed to streamline the process of collecting donations because, in this way, a specific idea can be presented to many people interested.

Crowdfunding Models

Donation

The first one is the donation model. It is suitable for raising funds for carrying out socially significant projects. For example, it can be constructing or repairing works of orphanages or retirement homes, provision of medicine and financing the treatment of socially disadvantaged people, and so on. This model provides no compensation — contributors are only thanked for the funds given.

Rewards and Pre-sales

The second option is a reward-based mode providing a non-monetary form of compensation. It may be a printed copy of a literary or scientific work, a CD with a movie or documentary film after releases, a ticket to a theater performance or a show, which was financed by the funds raised.  It is based on pre-sales when the collected funds are used to produce a specific product. Before it gets on the market, it is distributed among all those people who were involved in its financing. The amount of financial support determines the sale price. In some cases, a particular discount is also applied, which serves as an additional incentive.

Crowdlending

The fourth form is related to the provision of funds for getting interests or crowdlending fees. Despite many differences, this model is similar to a bank loan.

Crowd-investing

The fifth type is a crowd-investing model, based on participating or getting income formed after the implementation of the funded project or selling a company’s property.

What Projects Are Relevant for Crowdfunding in 2019?

Today, crowdfunding has radically evolved from the practice of attracting limited contributions mainly for charitable purposes to a large industry offering major sponsors and investors to get access to new profit opportunities. Hence, the fourth and fifth models of crowdfunding will be mostly used this year.

Legal Regulation of Crowdfunding Platforms

Many web-based crowdfunding companies have been registered in exotic countries to avoid paying taxes. Today, the time for non-regulated platforms is gone. Contemporary crowdfunding services for collecting charity donations have a few limitations — only bans on fraud and false advertising are applied to them.

See:  Finally. Canadian Securities Administrators Announce Intent to Harmonize & Improve Crowdfunding Exemption

However, services based on investment compensations must be regulated by the relevant authorities of the countries in which they operate. For their transactions, customers will unlikely use platforms that are not regulated at all. 2019 will be the year when most platforms will become compatible with a large number of crowdfunding options that exist today. In this way, the European Union has already established rules of general access that help crowdfunding resources overcome the obstacles they face in their activity and provide more opportunities for international investors.

Funds Protection Using Smart Contracts

With a significant number of scams in 2018, like the iBackPack project that collected nearly $800,000 via both Indiegogo and Kickstarter platforms, the adoption of additional security means is vital.

Indeed, people who do not have sufficient knowledge of how this market works risk losing their investments. The studies of many crowdfunding projects have shown the need for using an escrow mechanism for the funds to be released. Also, the use of smart contracts can make funds even more secured. In this case, the profit is distributed automatically among teams of investors upon the project termination.

The implementation of such proven technologies as blockchain, artificial intelligence, and robo-consulting in crowdfunding should provide additional protection for financial resources along with maximum investment efficiency.

Cryptocurrencies and Blockchain

This year, we must consider more cryptocurrency projects in crowdfunding. Given the interest of people to virtual currencies over the past few years, crowdfunding has reached new horizons.

Despite some slowdown in ICO growth, token transactions, i.e., shares of crypto projects in the secondary market will provide new opportunities for modern crowdfunding. The launch of Security Token Offerings (STOs) is going to be the next step in the development of open-source technology.

See:  FCA reveals findings from first cryptoassets consumer research

Also, crowdfunding platforms usually charge significant fees. The use of blockchain technology can significantly reduce these payments and make the funding process more transparent.

Investments in Startups

Today, more than 70% of the world's population is considered as potential investors. People are actively seeking investment options, although they have limited resources. Online platforms such as Roobee provide new microfinancing ventures starting at $10, which enables people to participate in Initial Public Offers (IPO), real estate projects, different investment programs, and many startups.

Taking part in the joint financing of startups became more comfortable thanks to equity crowdfunding. While wealthy investors are hesitating to consider small and medium projects in the early stages of their development, a significant number of ordinary individuals can provide substantive support to any startup project.

So, despite the possible risks, crowdfunding presents one of the most promising types of funds raising for both technological and social ventures. This method has already helped millions of innovators present their ideas to the general public. Without a doubt, crowdfunding will continue to thrive in this and the following years.

Source:  Guest post

 


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

US News | By Ben Luthi | Apr 12, 2019 Apple Pay is secure and convenient, as long as you use it correctly. No payment method is entirely safe from fraud. But Apple Pay provides cardholders with several layers of security that can protect against some common forms of credit card theft. If you want to try Apple Pay, knowing how it works is important as well as how your credit card information is safeguarded and what you can do to stay protected while using it. What Is Apple Pay? Apple Pay is a mobile wallet for Apple devices such as iPhones and Apple Watches that allows you to make purchases in stores, in apps and online securely without handing over your credit card information every time. See:  The growing cost of cybersecurity In a store, the mobile wallet uses near-field communication technology – it allows two devices placed within a few centimeters of each other to exchange data – to transmit your card information. You just need to verify your identity with the Touch ID or Face ID feature, then tap your device to the store's card reader to process the payment. To keep your information private, Apple Pay ...
Read More
Is Apple Pay Safe?
NCFA | Team FFCON19 | April 16, 2019 5th annual Fintech and Financing Conference in Toronto addressed challenges and successes of entrepreneurs and innovators transforming the financial industry TORONTO, ON / ACCESSWIRE / April 16, 2019 / The National Crowdfunding & Fintech Association (NCFA), the non-profit cross-body organization that promotes and supports fintech and funding throughout Canada, closed its 5th annual flagship Fintech and Financing Conference - FFCON - which featured numerous fintech market leaders, as well as industry experts, government officials, and prominent tech investors. "FEARLESS" was the theme for this year's conference, celebrating the boldness and innovative nature of the FinTech industry, where entrepreneurs constantly challenge pre-existing financial systems with innovative new products and services. The conference brought together more than 500 attendees who experienced keynote speeches, immersive learning, workshops, startup pitch presentations and awards, an exhibitor floor, and networking receptions. Key themes explored at FFCON19: FEARLESS: RISK is a conscious choice and necessary to innovate; Digital trust and security are essential for mass adoption; The digital bank and future of fintech is already here; Collaboration and new social (decentralized) models can revitalize markets controlled by incumbents with too much power and no incentive to change; Private-public market ...
Read More
NCFA 2019 Conference Closes with Renewed Focus on Fostering Innovation in Fintech
Business Insider | Dennis Green | March 25, 2019 Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's Go stores. Not accepting cash can speed up lines and make life easier for card-carrying consumers. But a backlash has grown, as the cashless trend leaves out lower-income customers who may not have a bank account. Massachusetts, Philadelphia, and New Jersey have already barred stores from rejecting cash as payment, and New York City and San Francisco are considering similar measures. This could affect the growth of Amazon's physical stores, which do not accept cash. Cashless stores are becoming controversial. See:  Under pressure Amazon plans to accept cash at cashless Go stores Bank Customers Are Primed And Ready For Amazon Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's physical stores. Not accepting cash can speed up lines or eliminate them altogether, making life easier for card-carrying consumers. Not everybody is on board with this cashless utopia, however. Backlash has started, as the cashless trend leaves out lower-income customers who may not have a bank account. As of last year, an estimated 15.6 million people in the US ...
Read More
Cities and states around the country are banning stores from refusing to accept cash, and it's a troubling trend for Amazon
Public Policy Forum | Robert Asselin and Sean Speer | April 4, 2019 Rise of the intangibles When New England Patriots quarterback Tom Brady played in his first Super Bowl in 2002, there was no iTunes store, no Facebook, no Instagram, no Airbnb, no Gmail and no Skype. Today the companies who own these intangible assets are worth more than $4 trillion. The rise of the intangibles economy will have sweeping policy implications that will become clearer over time. Nobody knows for sure where this is heading. Our overriding objective in this paper is to help catalyze a bi-partisan policy discussion about a new “north star” for Canada’s economic competitiveness and the types of policy reforms needed to start us on this path. As part of this process, we set out a series of policy recommendations that cover the classic drivers of competitiveness such as taxation and regulation and drivers for the intangibles economy such as data governance, intellectual property retention, and the race for talent. But as important as these prescriptions are, the main takeaway for policymakers and the Canadian public is that the rise of the intangibles economy requires that we test old assumptions and are open to ...
Read More
[Report] A New North Star:  Canadian Competitiveness in an Intangibles Economy
NCFA Canada | April 12, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep30-Apr 12:  The Future of Canadian Crypto With Andrei Poliakov About this episode:  On this episode of the Fintech Fridays Podcast, our Host Manseeb Khan sat down with Andrei Poliakov the CEO of Coinberry. They chatted about the future of Coinberry, the power of blockchain and his favorite failure.  Enjoy! HOST: Manseeb Khan, Fintech Friday's show host GUEST:  ANDREI POLIAKOV, CEO and Co-Founder, Coinberry (Linkedin) BIO:  Andrei is a seasoned entrepreneur having previously launched and managed various start-ups with a strong focus on implementation and early-stage strategy development. Having finished the University of Toronto with a bachelor in Electrical Engineering, Andrei worked in Business Consulting before completing his IMBA at York University, Schulich School of Business. Andrei brings to Coinberry +10 years of algorithm design, management and strategy development experience in various corporate settings with leading multinationals around the world. 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 ...
Read More
Ep30-Apr 12:  The Future of Canadian Crypto With Andrei Poliakov
SEC | April 3, 2019 Bill Hinman, Director of Division of Corporation Finance Valerie Szczepanik, Senior Advisor for Digital Assets and Innovation Blockchain and distributed ledger technology can catalyze a wide range of innovation.  We have seen these technologies used to create financial instruments, sometimes in the form of tokens or coins that can provide investment opportunities like those offered through more traditional forms of securities.  Depending on the nature of the digital asset, including what rights it purports to convey and how it is offered and sold, it may fall within the definition of a security under the U.S. federal securities laws. As part of a continuing effort to assist those seeking to comply with the U.S. federal securities laws, FinHub is publishing a framework for analyzing whether a digital asset is offered and sold as an investment contract, and, therefore, is a security.  The framework is not intended to be an exhaustive overview of the law, but rather, an analytical tool to help market participants assess whether the federal securities laws apply to the offer, sale, or resale of a particular digital asset.  Also, the Division of Corporation Finance is issuing a response to a no-action request, indicating that ...
Read More
Statement on “Framework for ‘Investment Contract’ Analysis of Digital Assets”
TechDaily | Stefan Palios  | April 8, 2019 To be fearless, you have to set up the right conditions and environment. Taking this perspective to heart, #FFCON19, a conference put on by the National Crowdfunding & Fintech Association, pondered how to create the right conditions so entrepreneurs can be fearless in their work. From conversations about AI creating fake videos to open banking, the wide-ranging conference detailed that fearlessness comes from using the right tech at the right time, desiring a positive outcome more than wanting to avoid a negative outcome, and putting the right regulations in place. Deep fakes and identifying what’s real Kicking off the conference, entrepreneur Toufi Saliba brought the idea of ‘deep fake’ to the conversation, the premise that artificial intelligence technology can make videos appear to be of certain people. See:  The growing cost of cybersecurity “Deep fake enables everyone with a computer to download software to enable you to put someone speaking in a video, saying something they did not actually say,” Saliba explained. While innocently used in gag videos, the negative side is much more concerning. With this technology, said Saliba, hackers and other malicious actors can declare war, pretending to be a ...
Read More
#FFCON19 talked about how to build trust in the 21st century
Crowdfund Insider | JD Alois | Apr 4, 2019 Canada may be a smaller market but it has a robust, highly sophisticated economy and a vibrant Fintech sector. Toronto, the financial center of the country, is home to dozens of Fintechs including payment firms, online lending, AI, wealth management, blockchain and more. Yet while there are promising indications of financial innovation and a good number risk-taking Fintech entrepreneurs, a recent Canadian report noted a “need for a clear Fintech strategy by the federal and provincial governments with the intent of supporting innovation and growth for the Canadian financial services sector.” Like most other industries, competition in financial services is intense. As it is a highly regulated sector of industry, participants must continuously manage compliance demands while interacting with diverse public officials and regulatory requirements. These same rules, if duplicative or misaligned, can act as a barrier to positive innovation and change that challenges established firms and entrenched orthodoxies. The emergence of Fintech and the digitization of financial services, from banking and beyond, has seen multiple Fintech centers of prominence emerge. The UK has long been known for its Fintech friendly regulatory environment. Regulators frequently engage with emerging new business models ...
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Canada’s Regulatory System for Fintech is Complex, Costly and Chaotic. It is Stifling Fintech Innovation
LAST CHANCE FOR TICKETSApril 3 SOLD OUTApril 4 last block of tickets >90%#FFCON19 “Motivation is the catalyzing ingredient for every successful innovation. The same is true for learning.”  Clayton Christensen FFCON19 is here and officially kicks off tomorrow!  Congrats on the 9 pitching finalists announced Some more speakers added! Brady Fletcher, Managing Director and Head of TSX Venture Exchange Jon Medved, CEO, OurCrowd Fred Pye, CEO, 3iQ Corp Neha Khera, Partner, 500 Startups Alixe Cormick, President, Venture Law Corporation Sandi Gilbert, CEO, InterGen and Chair of NACO David Lucatch, Chairman, Pegasus RJ Reiser, Chief Growth Officer, Polymath Keren, Moynihan, Co-Founder, Boss Insights Check out all 50+ speakers here Please meet FFCON’s Incredible Master of Ceremonies April 3:  Chantel Costa    April 4:  Amy ter Haar Look who’s coming to #FFCON19?  JOIN US!   THANKS TO OUR AWESOME FFCON19 PARTNERS!   HOST: PLATINUM: GOLD PARTNERS: SILVER PARTNERS: ...
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Look Who's Coming to FFCON19!  Last Chance to get Tickets
NCFA | Team FFCON19 | March 31, 2019Nine high-growth companies have been selected from inbound applications to pitch live at the 5th annual Fintech and Financing Conference: FEARLESS (#FFCON19).These companies will be pitching in three sessions on April 4, to be led by pitch session partner hosts McCarthy Tétrault,  Toronto Starts.and the PCMA.Congratulations to the 9 finalists!BalanceBooknBrunchConsilium CryptoFeedbackFintrosHedgieOwl LabsneedlsVacation FundOne winning company will be selected for the inaugural People's Choice Award, which celebrates an up and coming startup that is the most innovative and most impactful, as determined by the pitch session judges and the crowd.The Conference, to be held from April 3-4, 2019, attracts fintech, blockchain and AI innovators, investors, companies actively raising capital and key decision makers/stakeholders in technology and capital markets from all over Canada and around the world. Click here to view the full program.   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 ...
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Live Pitching Finalists Announced for FFCON19: FEARLESS

 

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Announcing New FFCON19 Keynote Apr 3: JON MEDVED, CEO OurCrowd Equity Crowdfunding portal with $1billion in Commitments

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Jon Medved, CEO OurCrowd will make a special appearance and deliver a keynote at FFCON19 on April 3 at Gowling WLG (Canada) LLP.  Jon originally spoke at this same conference back in 2015 when it was called CCS (Canadian Crowdfinance Summit). 
 
Since then OurCrowd has reached a new milestone: The global equity crowdfunding platform announced it reached $1 billion in commitments in six years. During the OurCrowd Global Investor Summit in Jerusalem on Thursday, founder and CEO Jon Medved said the company now counts 170 startups, 18 funds, and 29 exits.
 

While many of its startups are based in Israel, OurCrowd’s network of 30,000 registered investors hail from over 150 countries (although primary investors are based in the United States). Members average seven investments, with a portfolio size of over $350,000.

“Our portfolio is, by design, quite diverse,” Medved said during a press conference. “We have companies that run the gamut from drones to agtech, from cybersecurity to food technology, to consumer software and medical products, digital health, and big cloud data.”

Notable OurCrowd exits in 2018 include dual camera technology producer Corephotonics (by Samsung), electric scooter startup Jump Bikes (by Uber), and computer vision firm Invertex acquisition (by Nike).

 

'He's truly a money magnet, if you're interested in raising capital for early stage tech start-ups across all sectors, this is a talk you don't want to miss.'  Craig Asano, NCFA

 

Source:  NCFA

 


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

US News | By Ben Luthi | Apr 12, 2019 Apple Pay is secure and convenient, as long as you use it correctly. No payment method is entirely safe from fraud. But Apple Pay provides cardholders with several layers of security that can protect against some common forms of credit card theft. If you want to try Apple Pay, knowing how it works is important as well as how your credit card information is safeguarded and what you can do to stay protected while using it. What Is Apple Pay? Apple Pay is a mobile wallet for Apple devices such as iPhones and Apple Watches that allows you to make purchases in stores, in apps and online securely without handing over your credit card information every time. See:  The growing cost of cybersecurity In a store, the mobile wallet uses near-field communication technology – it allows two devices placed within a few centimeters of each other to exchange data – to transmit your card information. You just need to verify your identity with the Touch ID or Face ID feature, then tap your device to the store's card reader to process the payment. To keep your information private, Apple Pay ...
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Is Apple Pay Safe?
NCFA | Team FFCON19 | April 16, 2019 5th annual Fintech and Financing Conference in Toronto addressed challenges and successes of entrepreneurs and innovators transforming the financial industry TORONTO, ON / ACCESSWIRE / April 16, 2019 / The National Crowdfunding & Fintech Association (NCFA), the non-profit cross-body organization that promotes and supports fintech and funding throughout Canada, closed its 5th annual flagship Fintech and Financing Conference - FFCON - which featured numerous fintech market leaders, as well as industry experts, government officials, and prominent tech investors. "FEARLESS" was the theme for this year's conference, celebrating the boldness and innovative nature of the FinTech industry, where entrepreneurs constantly challenge pre-existing financial systems with innovative new products and services. The conference brought together more than 500 attendees who experienced keynote speeches, immersive learning, workshops, startup pitch presentations and awards, an exhibitor floor, and networking receptions. Key themes explored at FFCON19: FEARLESS: RISK is a conscious choice and necessary to innovate; Digital trust and security are essential for mass adoption; The digital bank and future of fintech is already here; Collaboration and new social (decentralized) models can revitalize markets controlled by incumbents with too much power and no incentive to change; Private-public market ...
Read More
NCFA 2019 Conference Closes with Renewed Focus on Fostering Innovation in Fintech
Business Insider | Dennis Green | March 25, 2019 Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's Go stores. Not accepting cash can speed up lines and make life easier for card-carrying consumers. But a backlash has grown, as the cashless trend leaves out lower-income customers who may not have a bank account. Massachusetts, Philadelphia, and New Jersey have already barred stores from rejecting cash as payment, and New York City and San Francisco are considering similar measures. This could affect the growth of Amazon's physical stores, which do not accept cash. Cashless stores are becoming controversial. See:  Under pressure Amazon plans to accept cash at cashless Go stores Bank Customers Are Primed And Ready For Amazon Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's physical stores. Not accepting cash can speed up lines or eliminate them altogether, making life easier for card-carrying consumers. Not everybody is on board with this cashless utopia, however. Backlash has started, as the cashless trend leaves out lower-income customers who may not have a bank account. As of last year, an estimated 15.6 million people in the US ...
Read More
Cities and states around the country are banning stores from refusing to accept cash, and it's a troubling trend for Amazon
Public Policy Forum | Robert Asselin and Sean Speer | April 4, 2019 Rise of the intangibles When New England Patriots quarterback Tom Brady played in his first Super Bowl in 2002, there was no iTunes store, no Facebook, no Instagram, no Airbnb, no Gmail and no Skype. Today the companies who own these intangible assets are worth more than $4 trillion. The rise of the intangibles economy will have sweeping policy implications that will become clearer over time. Nobody knows for sure where this is heading. Our overriding objective in this paper is to help catalyze a bi-partisan policy discussion about a new “north star” for Canada’s economic competitiveness and the types of policy reforms needed to start us on this path. As part of this process, we set out a series of policy recommendations that cover the classic drivers of competitiveness such as taxation and regulation and drivers for the intangibles economy such as data governance, intellectual property retention, and the race for talent. But as important as these prescriptions are, the main takeaway for policymakers and the Canadian public is that the rise of the intangibles economy requires that we test old assumptions and are open to ...
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[Report] A New North Star:  Canadian Competitiveness in an Intangibles Economy
NCFA Canada | April 12, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep30-Apr 12:  The Future of Canadian Crypto With Andrei Poliakov About this episode:  On this episode of the Fintech Fridays Podcast, our Host Manseeb Khan sat down with Andrei Poliakov the CEO of Coinberry. They chatted about the future of Coinberry, the power of blockchain and his favorite failure.  Enjoy! HOST: Manseeb Khan, Fintech Friday's show host GUEST:  ANDREI POLIAKOV, CEO and Co-Founder, Coinberry (Linkedin) BIO:  Andrei is a seasoned entrepreneur having previously launched and managed various start-ups with a strong focus on implementation and early-stage strategy development. Having finished the University of Toronto with a bachelor in Electrical Engineering, Andrei worked in Business Consulting before completing his IMBA at York University, Schulich School of Business. Andrei brings to Coinberry +10 years of algorithm design, management and strategy development experience in various corporate settings with leading multinationals around the world. 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 ...
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Ep30-Apr 12:  The Future of Canadian Crypto With Andrei Poliakov
SEC | April 3, 2019 Bill Hinman, Director of Division of Corporation Finance Valerie Szczepanik, Senior Advisor for Digital Assets and Innovation Blockchain and distributed ledger technology can catalyze a wide range of innovation.  We have seen these technologies used to create financial instruments, sometimes in the form of tokens or coins that can provide investment opportunities like those offered through more traditional forms of securities.  Depending on the nature of the digital asset, including what rights it purports to convey and how it is offered and sold, it may fall within the definition of a security under the U.S. federal securities laws. As part of a continuing effort to assist those seeking to comply with the U.S. federal securities laws, FinHub is publishing a framework for analyzing whether a digital asset is offered and sold as an investment contract, and, therefore, is a security.  The framework is not intended to be an exhaustive overview of the law, but rather, an analytical tool to help market participants assess whether the federal securities laws apply to the offer, sale, or resale of a particular digital asset.  Also, the Division of Corporation Finance is issuing a response to a no-action request, indicating that ...
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Statement on “Framework for ‘Investment Contract’ Analysis of Digital Assets”
TechDaily | Stefan Palios  | April 8, 2019 To be fearless, you have to set up the right conditions and environment. Taking this perspective to heart, #FFCON19, a conference put on by the National Crowdfunding & Fintech Association, pondered how to create the right conditions so entrepreneurs can be fearless in their work. From conversations about AI creating fake videos to open banking, the wide-ranging conference detailed that fearlessness comes from using the right tech at the right time, desiring a positive outcome more than wanting to avoid a negative outcome, and putting the right regulations in place. Deep fakes and identifying what’s real Kicking off the conference, entrepreneur Toufi Saliba brought the idea of ‘deep fake’ to the conversation, the premise that artificial intelligence technology can make videos appear to be of certain people. See:  The growing cost of cybersecurity “Deep fake enables everyone with a computer to download software to enable you to put someone speaking in a video, saying something they did not actually say,” Saliba explained. While innocently used in gag videos, the negative side is much more concerning. With this technology, said Saliba, hackers and other malicious actors can declare war, pretending to be a ...
Read More
#FFCON19 talked about how to build trust in the 21st century
Crowdfund Insider | JD Alois | Apr 4, 2019 Canada may be a smaller market but it has a robust, highly sophisticated economy and a vibrant Fintech sector. Toronto, the financial center of the country, is home to dozens of Fintechs including payment firms, online lending, AI, wealth management, blockchain and more. Yet while there are promising indications of financial innovation and a good number risk-taking Fintech entrepreneurs, a recent Canadian report noted a “need for a clear Fintech strategy by the federal and provincial governments with the intent of supporting innovation and growth for the Canadian financial services sector.” Like most other industries, competition in financial services is intense. As it is a highly regulated sector of industry, participants must continuously manage compliance demands while interacting with diverse public officials and regulatory requirements. These same rules, if duplicative or misaligned, can act as a barrier to positive innovation and change that challenges established firms and entrenched orthodoxies. The emergence of Fintech and the digitization of financial services, from banking and beyond, has seen multiple Fintech centers of prominence emerge. The UK has long been known for its Fintech friendly regulatory environment. Regulators frequently engage with emerging new business models ...
Read More
Canada’s Regulatory System for Fintech is Complex, Costly and Chaotic. It is Stifling Fintech Innovation
LAST CHANCE FOR TICKETSApril 3 SOLD OUTApril 4 last block of tickets >90%#FFCON19 “Motivation is the catalyzing ingredient for every successful innovation. The same is true for learning.”  Clayton Christensen FFCON19 is here and officially kicks off tomorrow!  Congrats on the 9 pitching finalists announced Some more speakers added! Brady Fletcher, Managing Director and Head of TSX Venture Exchange Jon Medved, CEO, OurCrowd Fred Pye, CEO, 3iQ Corp Neha Khera, Partner, 500 Startups Alixe Cormick, President, Venture Law Corporation Sandi Gilbert, CEO, InterGen and Chair of NACO David Lucatch, Chairman, Pegasus RJ Reiser, Chief Growth Officer, Polymath Keren, Moynihan, Co-Founder, Boss Insights Check out all 50+ speakers here Please meet FFCON’s Incredible Master of Ceremonies April 3:  Chantel Costa    April 4:  Amy ter Haar Look who’s coming to #FFCON19?  JOIN US!   THANKS TO OUR AWESOME FFCON19 PARTNERS!   HOST: PLATINUM: GOLD PARTNERS: SILVER PARTNERS: ...
Read More
Look Who's Coming to FFCON19!  Last Chance to get Tickets
NCFA | Team FFCON19 | March 31, 2019Nine high-growth companies have been selected from inbound applications to pitch live at the 5th annual Fintech and Financing Conference: FEARLESS (#FFCON19).These companies will be pitching in three sessions on April 4, to be led by pitch session partner hosts McCarthy Tétrault,  Toronto Starts.and the PCMA.Congratulations to the 9 finalists!BalanceBooknBrunchConsilium CryptoFeedbackFintrosHedgieOwl LabsneedlsVacation FundOne winning company will be selected for the inaugural People's Choice Award, which celebrates an up and coming startup that is the most innovative and most impactful, as determined by the pitch session judges and the crowd.The Conference, to be held from April 3-4, 2019, attracts fintech, blockchain and AI innovators, investors, companies actively raising capital and key decision makers/stakeholders in technology and capital markets from all over Canada and around the world. Click here to view the full program.   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 ...
Read More
Live Pitching Finalists Announced for FFCON19: FEARLESS

 

5th ANNUAL 2019 FINTECH & FINANCING CONFERENCE HOSTED BY NCFA AND PARTNERS

FEARLESS

 

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APR 3-4 TORONTO

FINTECH 360. BLOCKCHAIN. AI CONFIDENTIAL.  FUNDING INNOVATION.  ALTERNATIVE FINANCE. GLOBAL EDUCATION. INDUSTRY WORKSHOPS. PITCHING. PRIME NETWORKING. AWARDS

Thanks to the CITY OF TORONTO for Sponsoring STARTUP DEALS to attend FFCON19!  Get one before they're gone...>95% SOLD Now

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Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website

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Crowdfund Insider | By | March 22, 2019

VoCare is raising capital for the launch of a new Medtech device, the Vitals360; a smartphone-sized diagnostic device for the Remote Patient Monitoring (RPM) and Point-of-Care verticals.

Current investors include AGS Capital and SAW Capital and tax credits are available to Indiana investors via the State of Indiana.

The Vitals360 eliminates the need for extra peripherals, hubs, and tablets for managing cardiac care, diabetes and other chronic conditions and offers cellular, Wi-Fi and Bluetooth enabled real-time data transfer to provider, patient and family portals.  The Vitals360 device measurements include: (1) Blood Glucose, (2) Blood Pressure, (3) Pulse, (4) Oximetry, (5) Temperature, and (6) Electrocardiography (ECG).

When reviewing their options to raise capital, VoCare researched and consulted with a number of crowdfunding platforms.  Their goal was a $2M capital raise via Reg D 506c for trials and sales and marketing so VoCare developed the PPM required for compliance.  After several years in R&D for a “doctor’s office in your pocket” vitals device, the Vitals360 was moving through FDA approvals.  VoCare’s goals also wanted to build a community and attract partners.

See:  Search Finally. Canadian Securities Administrators Announce Intent to Harmonize & Improve Crowdfunding Exemption

The takeaway as VoCare wrapped up their search were four concerns:

  1. High platform fees
  2. Limited investor marketing support with the onus on issuer
  3. Deal clutter on the platforms
  4. The expectation by platforms that our current investors/prospects be added to their lists

What to do next?  The equity crowdfunding platforms had a track record, expertise, systems, marketing tools, and an audience.  Did those benefits justify the costs? For VoCare, the client felt the answer was no.  So we asked ourselves can we use similar methods to crowdfund our raise directly on the VoCare website?

How did VoCare successfully crowdfund direct?

The strategy was to simulate some of the same tactics as the platforms but to also utilize some traditional processes – hence the “boutique crowdfunding” label, as the intended audience was accredited investors versus a mass crowdfunding.

As the equity crowdfunding industry matures, there are several great options for expert help in the space that issuers can consider.

So what was similar to platform-based equity crowdfunding? 

Effective online story-telling

VoCare developed webpages that showcased their story of the Vitals360, the world’s first and only professional grade, hand-held medical device providing a 6-in-1 vitals diagnostic and remote monitoring solution.  An easy to navigate pages on desktop and mobile featured a carefully structured pitch video, graphics and similar content structures to those found on platforms.

The investment page also effectively communicated the campaign metrics, massive market, competitive advantage and innovation as the core message.  The home page was also utilized for additional traffic and exposure to the Limited Time Investment Opportunity.

Investor and prospect funnels 

A content plan was developed to provide regular and timely communications on company progress, industry news, campaign milestones and help educate the sophisticated accredited investor audience on the opportunity.

See:  How to Effectively Market an Equity Crowdfunding/Reg A+ Offering

For example, a sample campaign conveyed how Qualcomm Inc., world leader in 3G and next-generation mobile technologies, featured the Vitals360 at their booth at this past January at CES 2019 and that it was so well received that Qualcomm also showcased the device at the Mobile World Congress in Barcelona in February. 

Automated emails and campaigns were integrated with the page and a press releases section up as an archive on the corporate website to provide depth.  Calendars integration ensured seamless follow-up by VoCare executives to elaborate on the opportunity and address any questions.

Leveraged momentum and timing

Business development and networking created a pool of early adopters so that momentum could be created in the first few weeks of the campaign.  As a result over $600k USD was raised within a few weeks, the page updated accordingly and the progress sent to the growing list.

The advent of new government payment codes from The Centers for Medicare and Medicaid Services (CMS) was also leveraged in messaging.  With these new reimbursement codes, physicians are incentivized to drive more health care to the home, and leverage technology like VoCare’s Vitals360device.

A balance was struck between conservatism and the massive opportunity by only reporting on revenue and earnings projections in the US for device sales despite other market interest and other revenue models including data fees and blood monitoring strips.

How did the direct route differ from platform crowdfunding?

The front end of the investor experience was very similar to a platform but the back-end was largely handled off-line.  Follow-up discussions and the actual investment process handling were completed offline.  This created a nice mix between technology efficiencies and the personal touch of relationship building and high service levels.  Not as seamless as a platform driven campaign but more personalized, more focused, less costly and quite effective.

A by-product of the VoCare campaign has also been considerable interest in distribution building on other partnerships including with industry heavyweights like GEMMS, of Harris Computer Systems, a division of Constellation Software, Inc. (TSX: CSU-T) and Chinese diabetes market leader SinoCare

An issuer could also choose to add back-end functionality for a direct crowdfund via white-label solutions for contracts, accreditation and payments but VoCare felt they could handle the volume given there were significant minimum investments and that the sophisticated audience warranted a personal touch.

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

US News | By Ben Luthi | Apr 12, 2019 Apple Pay is secure and convenient, as long as you use it correctly. No payment method is entirely safe from fraud. But Apple Pay provides cardholders with several layers of security that can protect against some common forms of credit card theft. If you want to try Apple Pay, knowing how it works is important as well as how your credit card information is safeguarded and what you can do to stay protected while using it. What Is Apple Pay? Apple Pay is a mobile wallet for Apple devices such as iPhones and Apple Watches that allows you to make purchases in stores, in apps and online securely without handing over your credit card information every time. See:  The growing cost of cybersecurity In a store, the mobile wallet uses near-field communication technology – it allows two devices placed within a few centimeters of each other to exchange data – to transmit your card information. You just need to verify your identity with the Touch ID or Face ID feature, then tap your device to the store's card reader to process the payment. To keep your information private, Apple Pay ...
Read More
Is Apple Pay Safe?
NCFA | Team FFCON19 | April 16, 2019 5th annual Fintech and Financing Conference in Toronto addressed challenges and successes of entrepreneurs and innovators transforming the financial industry TORONTO, ON / ACCESSWIRE / April 16, 2019 / The National Crowdfunding & Fintech Association (NCFA), the non-profit cross-body organization that promotes and supports fintech and funding throughout Canada, closed its 5th annual flagship Fintech and Financing Conference - FFCON - which featured numerous fintech market leaders, as well as industry experts, government officials, and prominent tech investors. "FEARLESS" was the theme for this year's conference, celebrating the boldness and innovative nature of the FinTech industry, where entrepreneurs constantly challenge pre-existing financial systems with innovative new products and services. The conference brought together more than 500 attendees who experienced keynote speeches, immersive learning, workshops, startup pitch presentations and awards, an exhibitor floor, and networking receptions. Key themes explored at FFCON19: FEARLESS: RISK is a conscious choice and necessary to innovate; Digital trust and security are essential for mass adoption; The digital bank and future of fintech is already here; Collaboration and new social (decentralized) models can revitalize markets controlled by incumbents with too much power and no incentive to change; Private-public market ...
Read More
NCFA 2019 Conference Closes with Renewed Focus on Fostering Innovation in Fintech
Business Insider | Dennis Green | March 25, 2019 Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's Go stores. Not accepting cash can speed up lines and make life easier for card-carrying consumers. But a backlash has grown, as the cashless trend leaves out lower-income customers who may not have a bank account. Massachusetts, Philadelphia, and New Jersey have already barred stores from rejecting cash as payment, and New York City and San Francisco are considering similar measures. This could affect the growth of Amazon's physical stores, which do not accept cash. Cashless stores are becoming controversial. See:  Under pressure Amazon plans to accept cash at cashless Go stores Bank Customers Are Primed And Ready For Amazon Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's physical stores. Not accepting cash can speed up lines or eliminate them altogether, making life easier for card-carrying consumers. Not everybody is on board with this cashless utopia, however. Backlash has started, as the cashless trend leaves out lower-income customers who may not have a bank account. As of last year, an estimated 15.6 million people in the US ...
Read More
Cities and states around the country are banning stores from refusing to accept cash, and it's a troubling trend for Amazon
Public Policy Forum | Robert Asselin and Sean Speer | April 4, 2019 Rise of the intangibles When New England Patriots quarterback Tom Brady played in his first Super Bowl in 2002, there was no iTunes store, no Facebook, no Instagram, no Airbnb, no Gmail and no Skype. Today the companies who own these intangible assets are worth more than $4 trillion. The rise of the intangibles economy will have sweeping policy implications that will become clearer over time. Nobody knows for sure where this is heading. Our overriding objective in this paper is to help catalyze a bi-partisan policy discussion about a new “north star” for Canada’s economic competitiveness and the types of policy reforms needed to start us on this path. As part of this process, we set out a series of policy recommendations that cover the classic drivers of competitiveness such as taxation and regulation and drivers for the intangibles economy such as data governance, intellectual property retention, and the race for talent. But as important as these prescriptions are, the main takeaway for policymakers and the Canadian public is that the rise of the intangibles economy requires that we test old assumptions and are open to ...
Read More
[Report] A New North Star:  Canadian Competitiveness in an Intangibles Economy
NCFA Canada | April 12, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep30-Apr 12:  The Future of Canadian Crypto With Andrei Poliakov About this episode:  On this episode of the Fintech Fridays Podcast, our Host Manseeb Khan sat down with Andrei Poliakov the CEO of Coinberry. They chatted about the future of Coinberry, the power of blockchain and his favorite failure.  Enjoy! HOST: Manseeb Khan, Fintech Friday's show host GUEST:  ANDREI POLIAKOV, CEO and Co-Founder, Coinberry (Linkedin) BIO:  Andrei is a seasoned entrepreneur having previously launched and managed various start-ups with a strong focus on implementation and early-stage strategy development. Having finished the University of Toronto with a bachelor in Electrical Engineering, Andrei worked in Business Consulting before completing his IMBA at York University, Schulich School of Business. Andrei brings to Coinberry +10 years of algorithm design, management and strategy development experience in various corporate settings with leading multinationals around the world. 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 ...
Read More
Ep30-Apr 12:  The Future of Canadian Crypto With Andrei Poliakov
SEC | April 3, 2019 Bill Hinman, Director of Division of Corporation Finance Valerie Szczepanik, Senior Advisor for Digital Assets and Innovation Blockchain and distributed ledger technology can catalyze a wide range of innovation.  We have seen these technologies used to create financial instruments, sometimes in the form of tokens or coins that can provide investment opportunities like those offered through more traditional forms of securities.  Depending on the nature of the digital asset, including what rights it purports to convey and how it is offered and sold, it may fall within the definition of a security under the U.S. federal securities laws. As part of a continuing effort to assist those seeking to comply with the U.S. federal securities laws, FinHub is publishing a framework for analyzing whether a digital asset is offered and sold as an investment contract, and, therefore, is a security.  The framework is not intended to be an exhaustive overview of the law, but rather, an analytical tool to help market participants assess whether the federal securities laws apply to the offer, sale, or resale of a particular digital asset.  Also, the Division of Corporation Finance is issuing a response to a no-action request, indicating that ...
Read More
Statement on “Framework for ‘Investment Contract’ Analysis of Digital Assets”
TechDaily | Stefan Palios  | April 8, 2019 To be fearless, you have to set up the right conditions and environment. Taking this perspective to heart, #FFCON19, a conference put on by the National Crowdfunding & Fintech Association, pondered how to create the right conditions so entrepreneurs can be fearless in their work. From conversations about AI creating fake videos to open banking, the wide-ranging conference detailed that fearlessness comes from using the right tech at the right time, desiring a positive outcome more than wanting to avoid a negative outcome, and putting the right regulations in place. Deep fakes and identifying what’s real Kicking off the conference, entrepreneur Toufi Saliba brought the idea of ‘deep fake’ to the conversation, the premise that artificial intelligence technology can make videos appear to be of certain people. See:  The growing cost of cybersecurity “Deep fake enables everyone with a computer to download software to enable you to put someone speaking in a video, saying something they did not actually say,” Saliba explained. While innocently used in gag videos, the negative side is much more concerning. With this technology, said Saliba, hackers and other malicious actors can declare war, pretending to be a ...
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#FFCON19 talked about how to build trust in the 21st century
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NCFA | Team FFCON19 | March 31, 2019Nine high-growth companies have been selected from inbound applications to pitch live at the 5th annual Fintech and Financing Conference: FEARLESS (#FFCON19).These companies will be pitching in three sessions on April 4, to be led by pitch session partner hosts McCarthy Tétrault,  Toronto Starts.and the PCMA.Congratulations to the 9 finalists!BalanceBooknBrunchConsilium CryptoFeedbackFintrosHedgieOwl LabsneedlsVacation FundOne winning company will be selected for the inaugural People's Choice Award, which celebrates an up and coming startup that is the most innovative and most impactful, as determined by the pitch session judges and the crowd.The Conference, to be held from April 3-4, 2019, attracts fintech, blockchain and AI innovators, investors, companies actively raising capital and key decision makers/stakeholders in technology and capital markets from all over Canada and around the world. Click here to view the full program.   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 ...
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NCFA Announces Additions to Speaker Line-Up and Program for 5th Annual Fintech and Financing Conference in Toronto

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NCFA / Team FFCON19, March 19, 2019

FFCON19 FEARLESS to address the challenges and successes of entrepreneurs and innovators in the vanguard of transforming the financial industry

TORONTO, BC / ACCESSWIRE / March 19, 2019 / The National Crowdfunding & Fintech Association (NCFA), the non-profit cross-body organisation that promotes and supports fintech and funding throughout Canada, is proud to announce additions to the speaker line-up and programme for its flagship Fintech and Financing Conference - FFCON19: FEARLESS - taking place in Toronto April 3-4.

Now in its 5th year, FFCON19 will bring together prominent industry experts, entrepreneurs, professionals, regulatory bodies and ecosystem stakeholders in fintech, blockchain, crypto, AI, capital markets innovation and alternative finance to discuss Canadian fintech and its ability to innovate and globally compete, the latest industry developments, emerging regulation, trends and thought leadership in a fearless framework and forum.

The two-day event will feature inspiring keynote addresses and panel discussions with industry leaders, pitching competitions, awards, and prime networking opportunities.

Prominent speakers include The Honorable Bill Walker, Minister of Consumer and Government Services, Ontario, and steward of the Province's new Data policy; and Teri Kirk, Founder & CEO of Fundingportal who will discuss Open Data vs. Proprietary Data, examining public and private sector values, views, and issues.

Notable investors speaking at FFCON19 include Robert Antoniades General Partner and Co-Founder Information Venture Partners, Karim Gillani General Partner Luge Capital, Christian Lassonde Founder & Managing Partner Impression Ventures, Russell Samuels Partner Whitecap Venture Partners, and Sunil Sharma Managing Director Techstars Toronto.

''FFCON19 is very honoured to have such influential speakers at this year's conference,'' said Craig Asano, Founder and CEO of NCFA. ''FFCON is proving to be an increasingly important event for promoting innovation in the fintech and funding industry in Canada. The support and contributions of these authoritative leaders will serve to further advance innovation in the sector.''

Among the featured entrepreneurs and innovators sharing their FEARLESS strategies for innovation and growth are Anthony Di Iorio Co-Founder, Founder & CEO of Ethereum, and Jaxx & Decentral; Dr. Dan Rosen Chief Executive Officer d1g1t Inc., the enterprise financial technology company serving the wealth management industry; Eli Fathi President and CEO Mindbridge AI, recognised as a CIX Top 20 in 2017; and Toufi Saliba Founder and CEO TODA Network.

Keynotes and Program Speakers:

  • Hon. Bill Walker, Minister of Government and Consumer Services Ontario
  • Alan Wunsche, CEO & Chief Token Officer, TokenFunder
  • Ali Pourdad, CEO, Progressa
  • Andrew Dix, Co-Founder & CEO, Crowdfund Insider
  • Anthony Di Iorio, Founder & CEO, Decentral & Jaxx | Co-Founder, Ethereum
  • Bernd Petak, Investment Partner, Northmark Ventures
  • Brice Penaud, Founder & CEO, Commercial Passport
  • Bruce Silcoff, CEO, Shyft Network International
  • Bryan Uyanwune, Co-Founder & CIO, Korapay
  • Charlene Cieslik, Chief Anti Money Laundering Officer, Coinsquare
  • Denise Hearn, Co-Author, The Myth of Capitalism
  • Denise Weeres, Director, New Economy, Alberta Securities Commission
  • Dr Dan Rosen, CEO, d1g1t Inc.
  • Eli Fathi, CEO, Mindbridge AI
  • Eytan Bensoussan, Co-Founder & CEO, NorthOne
  • Hussein Hallak, CEO & Co-Founder, Next Decentrum
  • Iliana Oris Valiente, Managing Director, Canada, Innovation Hub & Blockchain Lead, Accenture
  • Jason Saltzman, Partner, Gowling WLG (Canada) LLP
  • Jennifer Reynolds, President & CEO, Toronto Finance International
  • Muhammad Rashid, Co-Founder & CEO, Moregidge
  • Peter-Paul Van Hoeken, Founder & CEO, FrontFundr
  • Robert Antoniades, General Partner & Co-Founder, Information Venture Partners
  • Russell Samuels, Partner, Whitecap Venture Partners
  • Safwan Zaheer, Head of Fintech (US), KPMG
  • Sharon Zohar, Founding Partner, The Big Push
  • Shidan Gouran, President, Global Blockchain Mining Corp.
  • Teri Kirk, Founder & CEO, Funding Portal
  • Toufi Saliba, Founder & CEO, TODA.network

The growing list of speakers can be found at the conference speaker page.

 

The Programme

Day 1 will feature an afternoon program of interactive sessions to discuss topics key to industry growth, regulatory challenges in fintech sectors, and advanced workshops such as applying design thinking to develop consumer-centric, data-driven products followed by a VIP networking reception at Gowling WLG (Canada) LLP.

Day 2 will feature the full day FFCON19 conference that showcases new technologies and fresh thinking around challenging topics from open banking, digital securities, crypto commodities and investment crowdfunding to the latest developments in AI finance models and enterprise blockchain adoption, use cases and projects. Twelve people's choice emerging fintech start-ups will pitch and the main stage will host a consultation with the Ontario Government, CSA Regulators and fearless dialogues on Canada's ability to innovate, compete, grow and sustain industry.

The full agenda can be accessed on the FFCON programme page and interested parties are invited to cast their vote for the most innovative emerging fintech start-ups they would like to see pitch on the main stage.

New for 2019

Building on the success of last year's sold-out conference, NCFA has expanded this year's program with the formal launch its inaugural Global Fintech Education program for entrepreneurs in conjunction with Next Decentrum Technologies. Attendees will get an exclusive first look at the program and VIP attendees will receive complimentary enrolment with conference registration.

Supporting Start-Ups

To promote innovation and funding for early stage companies FFCON19 is offering start-ups discounted tickets which can be applied for via this link:

Registration

Registration for FFCON19 is open. Learn more at https://fintechandfunding.com/tickets/

Connect with us

Twitter | LinkedIn | Facebook

About the NCFA

The National Crowdfunding & Fintech Association (NCFA) 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 and cryptocurrency, Regtech, and Insuretech sectors. To learn more about NCFA visit www.ncfacanada.org

 

About FFCON19: FEARLESS

FFCON19 (2019 Fintech and Financing Conference) is an annual conference hosted by Canada's National Crowdfunding and Fintech Association (NCFA). Now in its fifth year, FFCON19 will bring together professionals and innovators in fintech, blockchain, cryptocurrency, and alternative finance. The theme of FFCON19 is FEARLESS which exudes the boldness of the fintech space where small players are challenging orthodoxy, going against convention and transforming the financial industry with innovative models and thinking. The event is being held April 3-4 in downtown Toronto. #FFCON19

Further information about the conference can be found at www.fintechandfunding.com

 

FFCON19 Contacts:

Craig Asano
Founder and CEO, NCFA
casano@ncfacanada.org
(416) 618-0254

Partnership Inquiries
Lauren Linton Advisor, NCFA
lauren@ncfacanada.org
(416) 569-4349

 

Media Contact

Michele McDermott-Fox
The Top Floor Public Relations
pr@thetopflooragency.com
(905) 379-189

SOURCE: National Crowdfunding & Fintech Association of Canada

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March 1, 2019: NCFA Submission to the Ontario Securities Commission on Regulatory Burden

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NCFA Canada | Burden Reduction Committee | March 1, 2019

Executive Summary

In response to the Ontario Securities Commission’s (OSC’s) January 14, 2019 request for comments, this submission responds to the eight questions set out in the OSC’s Staff Notice 11-784. This submission draws heavily on, and also updates, the Association’s earlier submission to the OSC dated August 24, 2017 (see Appendix), which primarily focused on the crowdfunding requirements in Ontario.

The National Crowdfunding and Fintech Association of Canada (the Association) represents over 2,000 fintech SMEs and individual members that support financial and capital market innovation, small businesses and technology. We are pleased that the Ontario government is undertaking this important regulatory burden reduction initiative to the benefit of all Ontarians.

The Association has consulted a number of diverse crowdfunding and fintech stakeholders – including exempt market dealers, industry experts, securities lawyers, regulators and government agencies and is proposing several recommendations to reduce unjustifiable burdens placed on Ontario’s businesses.

The Association recommends that the province undertake the following:

  • The OSC conduct a review and publish a report evaluating the effectiveness of Ontario’s crowdfunding regulations (45-108) compared to other jurisdictions in Canada and international competitors such as the UK, US and Australia, including a comparison of the relative cost of capital;
  • The OSC continue its recently announced work to harmonize the crowdfunding regime across Canada (CSA Staff Notice 45-324) but do so with the goal of reducing unjustified regulatory burden and establishing harmonized regulation that make sense for the sector. In particular, all jurisdictions should review B.C.’s crowdfunding regime and consider either adopting a similar approach in harmonization;
  • Modify existing requirements so that they are principles based – detailed or prescriptive controls should only be imposed when clearly justified (ie. controls that can be quantified) and harmonized;
  • Implement specific burden reduction amendments to crowdfunding regulations:
    − Increase the 12 month issuer cap to $5 million or higher (from $1.5 million);
    − Increase the 12 month investor caps to $10k (from $2.5k) and allow accredited investors to fully participate;
    − Allow advertising and general solicitation on social media for all crowdfunding;
    − Eliminate requirements for financial statements unless raising more than $1.5 million; and
    − Allow fintech solution to streamline KYC and suitability tests.

See:  NCFA: Canada Needs a Harmonized Securities Environment as Current Provincial Approach is a Fintech Innovation Killer

Implementing these recommendations will help drive entrepreneurship, innovation and job growth.

Benefits to Ontario include:

  • Increased capital investment in the province and increased economic growth;
  • Increased investment options for investors that support small businesses across all of Ontario;
  • Crowdfunding sources remain in Canada;
  • More capital and improved access to capital specifically for small businesses, rural businesses, economically-challenged sectors, and underserviced groups (ie. women or Indigenous business owners);
  • Encourages liquidity and transparency in the markets;
  • Improved probability of retaining high growth companies in Ontario; and
  • Accelerated commercialization of new products and services.

Crowdfunding drives innovation, economic activity and job growth. It fills a critical early stage funding gap (commonly referred to as the ‘valley of death’), enables more productive investment in venture markets and strengthens early stage capital markets. Crowdlending also provides support to more mature companies looking to access capital that may fall outside the parameters of bank lending.

Background and Context

Contrary to the intent of the crowdfunding exemption, Ontario’s crowdfunding requirements hinder access to capital for SMEs across a multitude of sectors. These requirements have also restricted innovative opportunities for retail investors and our members feel the impact of this directly. Ontario’s economic growth is being hindered by regulation like the crowdfunding requirements that fails to promote economic growth. The potential of opening up regulation is significant increase in job creation and economic development. For example, Ontario’s 417,000 small businesses would benefit from the increased access to capital that crowdlending offers and the effects would be a strong boost in job creation throughout the province.

Canada has fallen behind international competitors like the U.K. and the U.S. Crowdfunding platforms now represent the largest investments at the seed stage in the U.K. and peer-to-peer platforms now represent 15% of all new bank lending to small businesses.

See: 

Ontario’s Fintech startups, small business innovators and entrepreneurs operate in a highly prescriptive, complex and costly regulatory environment:

“The Crowdfunding Exemption introduced by the [OSC] in January 2016 turned out to be much too onerous for young companies… Ontarians are locked out of equity crowdfunding and Canadian companies are restricted from accessing capital. … Unfortunately, we had to disappoint over 100 start-ups in Canada that wanted to raise capital from their supporters in Ontario.” – FrontFundr, Ontario Exempt Market Dealer

“It's extremely complex and it can be very discouraging for a lot of small entrepreneurs. There are numerous examples where in Ontario we [are] really pushing talent away or setting them up for failure because of the red tape, and the burden is huge. It is hard [enough] to start a business. You know the wages are very expensive, the rents... The regulation and the burden [is] just the complete killer.” – Anonymous NCFA member

“As a small firm, we have very tight budgets. Our compliance team has asked that we dig up very detailed and ‘historic’ information on emails, social media ads, and related campaigns. We had to devote 2 full time individuals over several months. Check-ins and site visits to confirm the material presented in the compliance report and to assist registrants in fulfilling their obligations would be far more productive. The former (exhaustive reviews) take an incredible amount of resources for both regulator and registrant and are not cost-effective.” – Anonymous NCFA member

Without a streamlined, flexible, nimble, and principles-based regulatory system – one that allows new rules to be formulated, while expelling old, outdated rules – Ontario’s regulatory climate will continue to stifle innovation and drive business costs up and productivity down. Ontario’s economy, businesses and consumers at all levels suffer, however, small businesses, innovators and entrepreneurs are the hardest hit.

“Ontario’s crowdfunding requirements have choked off access to capital for SME's across a multitude of sectors – they have also shut out retail investor opportunities. Our members are completely stifled by OSC requirements and this is contributing significantly to Ontario's weak economic performance. “- Anonymous NCFA member

See:  NCFA Submission to Ontario Ministry of Finance: Urgent Need for Regulatory Change

On behalf of the burden reduction committee at NCFA, we look forward to contributing ongoing input into Ontario’s burden reduction initiatives. Please contact us at any time to discuss further.

 

Sincerely,

 

Craig Asano
CEO & Founder
NCFA
casano@ncfacanada.org
(416) 618-0254

 

Download the full submission (34 page PDF) -> 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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Circle Completes SeedInvest Purchase, Paving the Way for Tokenized Equities

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Coindesk | Anna Baydakova | Mar 4, 2019

Crypto startup Circle has closed its acquisition of the equity crowdfunding platform SeedInvest, paving the way for the company to tokenize securities in the future.

The deal, announced in October, is now officially completed after Circle obtained approval from the self-regulatory organization FINRA, the company’s co-founders Sean Neville and Jeremy Allaire announced Monday in a blog post.

“The acquisition is a further step toward realizing our vision of a more open, global, connected, and inclusive financial system,” they wrote. “Today [SeedInvest] are at the forefront of enabling startups to raise capital directly from investors over the internet — creating new capital formation options for startups and growth companies, and giving average retail investors the opportunity to invest directly into innovative private companies.”

Although in the near term, it’ll be business as usual at SeedInvest, over time “we will also explore future opportunities enabled by tokenization,” Neville and Allaire wrote, explaining:

We believe that the tokenization of financial assets will ultimately unlock capital for growing companies and investment opportunities for people everywhere. Over time, more functions of private equity will be tokenized — including voting and governance, dividend payouts, and other economic features. Tokenization will also create new opportunities for businesses to build better relationships with their customers by leveraging tokens linked to ecosystem behaviors.

See:  $5 million Equity crowdfunding extended to private companies

Dry powder

Terms of the acquisition were not disclosed. The entire SeedInvest team joined Circle, including the two co-founders, chief executive officer Ryan M. Feit and chief operating officer James Han. They also published a joint post on SeedInvest’s webpage, emphasizing that after the acquisition, the company will keep working as usual, “focused on democratizing startup investing, just with greater resources.”

Those resources would include the $250 million Circle is reportedly seeking to raise, on top of the $246 million it has cumulatively raised from investors like Goldman Sachs, IDG Capital, Accel, CICC, General Catalyst, Bitmain and Jim Breyer.

“We are confident that we can achieve significantly more and at a higher velocity with Circle,” SeedInvest’s co-founders wrote.

SeedInvest was founded in 2012 by alumni of Han and Feit, Morgan Stanley and Lehman Brothers, to help smaller U.S. companies raise capital. Over the seven years of its existence, the company led more than 220 fundraising campaigns with an average investment of $500,000, according to SeedInvest. The company was featured last year in Inc. Magazine’s 5,000 fastest-growing private companies in the U.S., placed in the 117th position.

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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

US News | By Ben Luthi | Apr 12, 2019 Apple Pay is secure and convenient, as long as you use it correctly. No payment method is entirely safe from fraud. But Apple Pay provides cardholders with several layers of security that can protect against some common forms of credit card theft. If you want to try Apple Pay, knowing how it works is important as well as how your credit card information is safeguarded and what you can do to stay protected while using it. What Is Apple Pay? Apple Pay is a mobile wallet for Apple devices such as iPhones and Apple Watches that allows you to make purchases in stores, in apps and online securely without handing over your credit card information every time. See:  The growing cost of cybersecurity In a store, the mobile wallet uses near-field communication technology – it allows two devices placed within a few centimeters of each other to exchange data – to transmit your card information. You just need to verify your identity with the Touch ID or Face ID feature, then tap your device to the store's card reader to process the payment. To keep your information private, Apple Pay ...
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Is Apple Pay Safe?
NCFA | Team FFCON19 | April 16, 2019 5th annual Fintech and Financing Conference in Toronto addressed challenges and successes of entrepreneurs and innovators transforming the financial industry TORONTO, ON / ACCESSWIRE / April 16, 2019 / The National Crowdfunding & Fintech Association (NCFA), the non-profit cross-body organization that promotes and supports fintech and funding throughout Canada, closed its 5th annual flagship Fintech and Financing Conference - FFCON - which featured numerous fintech market leaders, as well as industry experts, government officials, and prominent tech investors. "FEARLESS" was the theme for this year's conference, celebrating the boldness and innovative nature of the FinTech industry, where entrepreneurs constantly challenge pre-existing financial systems with innovative new products and services. The conference brought together more than 500 attendees who experienced keynote speeches, immersive learning, workshops, startup pitch presentations and awards, an exhibitor floor, and networking receptions. Key themes explored at FFCON19: FEARLESS: RISK is a conscious choice and necessary to innovate; Digital trust and security are essential for mass adoption; The digital bank and future of fintech is already here; Collaboration and new social (decentralized) models can revitalize markets controlled by incumbents with too much power and no incentive to change; Private-public market ...
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NCFA 2019 Conference Closes with Renewed Focus on Fostering Innovation in Fintech
Business Insider | Dennis Green | March 25, 2019 Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's Go stores. Not accepting cash can speed up lines and make life easier for card-carrying consumers. But a backlash has grown, as the cashless trend leaves out lower-income customers who may not have a bank account. Massachusetts, Philadelphia, and New Jersey have already barred stores from rejecting cash as payment, and New York City and San Francisco are considering similar measures. This could affect the growth of Amazon's physical stores, which do not accept cash. Cashless stores are becoming controversial. See:  Under pressure Amazon plans to accept cash at cashless Go stores Bank Customers Are Primed And Ready For Amazon Stores that do not accept cash are on the rise, from quick-service lunch spots to Amazon's physical stores. Not accepting cash can speed up lines or eliminate them altogether, making life easier for card-carrying consumers. Not everybody is on board with this cashless utopia, however. Backlash has started, as the cashless trend leaves out lower-income customers who may not have a bank account. As of last year, an estimated 15.6 million people in the US ...
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Cities and states around the country are banning stores from refusing to accept cash, and it's a troubling trend for Amazon
Public Policy Forum | Robert Asselin and Sean Speer | April 4, 2019 Rise of the intangibles When New England Patriots quarterback Tom Brady played in his first Super Bowl in 2002, there was no iTunes store, no Facebook, no Instagram, no Airbnb, no Gmail and no Skype. Today the companies who own these intangible assets are worth more than $4 trillion. The rise of the intangibles economy will have sweeping policy implications that will become clearer over time. Nobody knows for sure where this is heading. Our overriding objective in this paper is to help catalyze a bi-partisan policy discussion about a new “north star” for Canada’s economic competitiveness and the types of policy reforms needed to start us on this path. As part of this process, we set out a series of policy recommendations that cover the classic drivers of competitiveness such as taxation and regulation and drivers for the intangibles economy such as data governance, intellectual property retention, and the race for talent. But as important as these prescriptions are, the main takeaway for policymakers and the Canadian public is that the rise of the intangibles economy requires that we test old assumptions and are open to ...
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[Report] A New North Star:  Canadian Competitiveness in an Intangibles Economy
NCFA Canada | April 12, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep30-Apr 12:  The Future of Canadian Crypto With Andrei Poliakov About this episode:  On this episode of the Fintech Fridays Podcast, our Host Manseeb Khan sat down with Andrei Poliakov the CEO of Coinberry. They chatted about the future of Coinberry, the power of blockchain and his favorite failure.  Enjoy! HOST: Manseeb Khan, Fintech Friday's show host GUEST:  ANDREI POLIAKOV, CEO and Co-Founder, Coinberry (Linkedin) BIO:  Andrei is a seasoned entrepreneur having previously launched and managed various start-ups with a strong focus on implementation and early-stage strategy development. Having finished the University of Toronto with a bachelor in Electrical Engineering, Andrei worked in Business Consulting before completing his IMBA at York University, Schulich School of Business. Andrei brings to Coinberry +10 years of algorithm design, management and strategy development experience in various corporate settings with leading multinationals around the world. 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 ...
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Ep30-Apr 12:  The Future of Canadian Crypto With Andrei Poliakov
SEC | April 3, 2019 Bill Hinman, Director of Division of Corporation Finance Valerie Szczepanik, Senior Advisor for Digital Assets and Innovation Blockchain and distributed ledger technology can catalyze a wide range of innovation.  We have seen these technologies used to create financial instruments, sometimes in the form of tokens or coins that can provide investment opportunities like those offered through more traditional forms of securities.  Depending on the nature of the digital asset, including what rights it purports to convey and how it is offered and sold, it may fall within the definition of a security under the U.S. federal securities laws. As part of a continuing effort to assist those seeking to comply with the U.S. federal securities laws, FinHub is publishing a framework for analyzing whether a digital asset is offered and sold as an investment contract, and, therefore, is a security.  The framework is not intended to be an exhaustive overview of the law, but rather, an analytical tool to help market participants assess whether the federal securities laws apply to the offer, sale, or resale of a particular digital asset.  Also, the Division of Corporation Finance is issuing a response to a no-action request, indicating that ...
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Statement on “Framework for ‘Investment Contract’ Analysis of Digital Assets”
TechDaily | Stefan Palios  | April 8, 2019 To be fearless, you have to set up the right conditions and environment. Taking this perspective to heart, #FFCON19, a conference put on by the National Crowdfunding & Fintech Association, pondered how to create the right conditions so entrepreneurs can be fearless in their work. From conversations about AI creating fake videos to open banking, the wide-ranging conference detailed that fearlessness comes from using the right tech at the right time, desiring a positive outcome more than wanting to avoid a negative outcome, and putting the right regulations in place. Deep fakes and identifying what’s real Kicking off the conference, entrepreneur Toufi Saliba brought the idea of ‘deep fake’ to the conversation, the premise that artificial intelligence technology can make videos appear to be of certain people. See:  The growing cost of cybersecurity “Deep fake enables everyone with a computer to download software to enable you to put someone speaking in a video, saying something they did not actually say,” Saliba explained. While innocently used in gag videos, the negative side is much more concerning. With this technology, said Saliba, hackers and other malicious actors can declare war, pretending to be a ...
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#FFCON19 talked about how to build trust in the 21st century
Crowdfund Insider | JD Alois | Apr 4, 2019 Canada may be a smaller market but it has a robust, highly sophisticated economy and a vibrant Fintech sector. Toronto, the financial center of the country, is home to dozens of Fintechs including payment firms, online lending, AI, wealth management, blockchain and more. Yet while there are promising indications of financial innovation and a good number risk-taking Fintech entrepreneurs, a recent Canadian report noted a “need for a clear Fintech strategy by the federal and provincial governments with the intent of supporting innovation and growth for the Canadian financial services sector.” Like most other industries, competition in financial services is intense. As it is a highly regulated sector of industry, participants must continuously manage compliance demands while interacting with diverse public officials and regulatory requirements. These same rules, if duplicative or misaligned, can act as a barrier to positive innovation and change that challenges established firms and entrenched orthodoxies. The emergence of Fintech and the digitization of financial services, from banking and beyond, has seen multiple Fintech centers of prominence emerge. The UK has long been known for its Fintech friendly regulatory environment. Regulators frequently engage with emerging new business models ...
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Canada’s Regulatory System for Fintech is Complex, Costly and Chaotic. It is Stifling Fintech Innovation
LAST CHANCE FOR TICKETSApril 3 SOLD OUTApril 4 last block of tickets >90%#FFCON19 “Motivation is the catalyzing ingredient for every successful innovation. The same is true for learning.”  Clayton Christensen FFCON19 is here and officially kicks off tomorrow!  Congrats on the 9 pitching finalists announced Some more speakers added! Brady Fletcher, Managing Director and Head of TSX Venture Exchange Jon Medved, CEO, OurCrowd Fred Pye, CEO, 3iQ Corp Neha Khera, Partner, 500 Startups Alixe Cormick, President, Venture Law Corporation Sandi Gilbert, CEO, InterGen and Chair of NACO David Lucatch, Chairman, Pegasus RJ Reiser, Chief Growth Officer, Polymath Keren, Moynihan, Co-Founder, Boss Insights Check out all 50+ speakers here Please meet FFCON’s Incredible Master of Ceremonies April 3:  Chantel Costa    April 4:  Amy ter Haar Look who’s coming to #FFCON19?  JOIN US!   THANKS TO OUR AWESOME FFCON19 PARTNERS!   HOST: PLATINUM: GOLD PARTNERS: SILVER PARTNERS: ...
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Look Who's Coming to FFCON19!  Last Chance to get Tickets
NCFA | Team FFCON19 | March 31, 2019Nine high-growth companies have been selected from inbound applications to pitch live at the 5th annual Fintech and Financing Conference: FEARLESS (#FFCON19).These companies will be pitching in three sessions on April 4, to be led by pitch session partner hosts McCarthy Tétrault,  Toronto Starts.and the PCMA.Congratulations to the 9 finalists!BalanceBooknBrunchConsilium CryptoFeedbackFintrosHedgieOwl LabsneedlsVacation FundOne winning company will be selected for the inaugural People's Choice Award, which celebrates an up and coming startup that is the most innovative and most impactful, as determined by the pitch session judges and the crowd.The Conference, to be held from April 3-4, 2019, attracts fintech, blockchain and AI innovators, investors, companies actively raising capital and key decision makers/stakeholders in technology and capital markets from all over Canada and around the world. Click here to view the full program.   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 ...
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Live Pitching Finalists Announced for FFCON19: FEARLESS

 

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