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Rojin Nair, Advisor
June 1st, 2021
At Incyub8 Inc, Rojin is focusing on nurturing and guiding various national and international start-[...]
Category Archives: ESG, Financial Inclusion, Sustainable Finance
Influential economist Daron Acemoglu: Forward Thinking on technology and political economy
McKinsey Global Institute | Michael Chui and Anna Bernasek | Jul 14, 2021
The influential economist connects the dots between artificial intelligence, productivity, wages, and inequality, and how to counterbalance the impacts of automation.
In this episode of the McKinsey Global Institute’s Forward Thinking podcast, hosts Michael Chui and Anna Bernasek speak with Daron Acemoglu. Daron is a professor of economics at the Massachusetts Institute of Technology (MIT), a coauthor (with James A. Robinson) of Why Nations Fail: The Origins of Power, Prosperity, and Poverty, and the author of many influential academic papers. His research covers a range of topics, including political economy, economic development, economic growth, technological change, inequality, labor economics, and economics of networks.
Michael Chui: Can you state simply what was wrong about the way that economists thought about technology?
Daron Acemoglu: There are three interrelated things about it. One is actually its descriptive realism. And a good, rich model has to have close connection with the data. And if you look at the way that economists think about technology, it’s this latent variable that makes you just more productive. But very few technologies actually do that. Electricity didn’t make workers more productive. It made some functions in factories more feasible, and some few items more productive. A hammer doesn’t make you more productive in everything. It makes you just more productive in one single, simple task—hammering a nail.
See: Getting tangible about intangibles: The future of growth and productivity?
But the second is that it may well be that computers augment educated workers more than high school dropouts, so inequality can increase. But at the end you shouldn’t see the high school dropouts lose out. Their real wages shouldn’t decline. And the real wages of workers shouldn’t decline. But, in fact, one of the striking but very robust features of the last 40 years of economic development in the US and the UK has been that many groups, especially low-education or middle-education men, have actually seen their earnings fall, some groups by as much as 25 percent, in real terms, since 1980. Phenomenal. This isn’t the American dream. You can have productivity improvements—capital benefits, firms benefit, but workers, especially some types of workers, all workers overall can lose out in real terms.
And then third, it’s not just whether we’re going to increase the productivity of skilled workers versus unskilled workers, both of which benefit all of them since they are complementary. It’s more like, are we going to completely give up on unskilled workers? Are we going to try to replace them? Are we going to try to replace humans? Are we going to create new tasks for humans? How are you going to use the AI platform? All of these questions about the direction of technology become much more alive, and then also the productivity implications become much more interesting.
Michael Chui: It comes in different forms, but in 20 years, 60 percent of the jobs that will exist will be ones you’ve never heard of. And we’ve tried to uncover that, and it seems that that rate of change in occupations, and even tasks and activities, is quite a bit slower than that. What is your research saying?
Daron Acemoglu: That’s exactly what I’m talking about. We haven’t done enough of that. We don’t have the same detailed data, but at a more ocular, statistics level, at high level in the 1920s and ’30s, it’s much faster. We do have many new tasks. It’s not like we don’t have any, but they are not enough, exactly. That is the imbalance that I’m talking about.
See: AI Will Transform 500 Million White-Collar Jobs In 5 Years; Silicon Valley Must Help
Michael Chui: Are we just not inventive enough to come up with new tasks? Or do we need universal basic income, because we’ve come up to such a pace?
Daron Acemoglu: That brings me to my second explanation. It’s not that we have this imbalance because we have suddenly found much better ways of doing automation, doing machines, doing algorithms. Perhaps it is that we are inefficiently biasing our direction of technology. You can think that perhaps the possibilities offered to us haven’t changed, but because of who’s making the decisions, incentives, institutions, aspirations, we have gone more and more in an inefficient direction of doing too much automation and not enough of the other things.
Let me give you one example. I don’t think it’s the most important example, but let me give you one example to explain what I mean. Our tax system, if you look at today, if a company buys a machine to displace workers, it will pay about a 5 percent tax on the spending on that machine. If instead you hire the workers, you’ll pay something like 25 percent to 30 percent tax.
The US tax system provides an enormous subsidy to firms to buy the machines and replace the workers. Did this subsidy exist before? Yes. But much, much smaller. In the 1990s, the difference was 25 percent to 15 percent to 20 percent. So we are increasingly subsidizing firms to automate. If you have many incentives like this—and we can talk about what the other ones are, which are softer perhaps, but are no less important in my opinion—then you’re going to go more in the direction of automation. You’re going to leave lots of low-hanging fruit. And those low-hanging fruit might have been very important for that productivity improvement.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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UBS [Submission deadline: Aug 6]: Future of Finance Challenge 2021
UBS | Jacoline Loewe | Jul 13, 2021
![UBS future of finance challenge - UBS [Submission deadline: Aug 6]: Future of Finance Challenge 2021](https://1hvltd3evinm3tpd022grx7s-wpengine.netdna-ssl.com/wp-content/uploads/2021/07/UBS-future-of-finance-challenge.jpg "UBS [Submission deadline: Aug 6]: Future of Finance Challenge 2021")
Since 2015, the UBS Future of Finance Challenge has been open to start-ups and established, growing companies that change the way finance works and meets the client needs of the future. Take part in the 2021 competition and access benefits and prizes of over USD 400,000 worth in value, delivered in collaboration with Anthemis, Deloitte and Microsoft for Startups.
Challenges
What are key challenges for the finance industry? We have identified four challenges that are key to how finance meets the client needs of the future
![UBS 2021 fintech challenges available - UBS [Submission deadline: Aug 6]: Future of Finance Challenge 2021](https://1hvltd3evinm3tpd022grx7s-wpengine.netdna-ssl.com/wp-content/uploads/2021/07/UBS-2021-fintech-challenges-available.jpg "UBS [Submission deadline: Aug 6]: Future of Finance Challenge 2021")
Who is eligible to enter?
We’re looking for start-ups and growing companies, with an annual turnover lower than USD 150m. You should have received less than USD 150m in total investments:
Participants should have developed:
- A working prototype of a product, service or application grounded on innovative / disruptive technology applied to banking / finance
Proposed technology solutions should:
- Be focused directly on banking and financial services, or
- Have a demonstrable impact in another sector but with a potential connection or application within the banking and financial industry.
Some other restrictions apply – see the Official Rules for full details.
See: 65% of Global banking executives see branch-based models dead in 5 years
What is in it for you
One winner per challenge will be selected and each winner will win a cash prize of USD 10,000.
In addition, over 120 hours of dedicated coaching and mentoring from experienced technology and business leaders will be offered to competition finalists. Some finalists may also be considered to participate in a «proof-of-concept» or pilot program with UBS after the competition or enter our UBS Next investment pipeline.
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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Financial data unbound: The value of open data for individuals and institutions
McKinsey Global Institute | Jun 24, 2021
Economies that embrace data sharing for finance could see GDP gains of between 1 and 5 percent by 2030, with benefits flowing to consumers and financial institutions.
As countries around the world look to ensure rapid recovery once the COVID-19 crisis abates, improved financial services are emerging as a key element to boost growth, raise economic efficiency, and lift productivity. Robust digital financial infrastructure proved its worth during the crisis, helping governments cushion people and businesses from the economic shock of the pandemic. The next frontier is to create an open-data ecosystem for finance.
Already, technological, regulatory, and competitive forces are moving markets toward easier and safer financial data sharing. Open-data initiatives are springing up globally, including the United Kingdom’s Open Banking Implementation Entity, the European Union’s second payment services directive, Australia’s new consumer protection laws, Brazil’s drafting of open data guidelines, and Nigeria’s new Open Technology Foundation (Open Banking Nigeria). In the United States, the Consumer Financial Protection Bureau aims to facilitate a consumer-authorized data-sharing market, while the Financial Data Exchange consortium attempts to promote common, interoperable standards for secure access to financial data. Yet, even as many countries put in place stronger digital financial infrastructure and data-sharing mechanisms, COVID-19 has exposed limitations and gaps in their reach, a theme we explored in earlier research.
See: What is open banking and why hasn’t it come to Canada yet?
This discussion paper from the McKinsey Global Institute (download full text in 36-page PDF) looks at the potential value that could be created—and the key issues that will need to be addressed—by the adoption of open data for finance. We focus on four regions: the European Union, India, the United Kingdom, and the United States.
By open data, we mean the ability to share financial data through a digital ecosystem in a manner that requires limited effort or manipulation. Advantages include more accurate credit risk evaluation and risk-based pricing, improved workforce allocation, better product delivery and customer service, and stronger fraud protection.
Our research identifies seven broad mechanisms through which open financial data can create economic value. Three directly benefit individual and MSME customers: increased access to financial services, greater user convenience, and improved product options. The other four mechanisms directly benefit financial institutions: increased operational efficiency, better fraud protection, improved workforce allocation, and reduced friction in data intermediation.
Our analysis suggests that the boost to the economy from broad adoption of open-data ecosystems could range from about 1 to 1.5 percent of GDP in 2030 in the European Union, the United Kingdom, and the United States, to as much as 4 to 5 percent in India. All market participants benefit, be they institutions or consumers—either individuals or micro-, small-, and medium-sized enterprises (MSMEs)—albeit to varying degrees.
See: Privacy Reform: Back to the Drawing Board For C-11?
Capturing the full value requires both a level of data standardization and a breadth of data sharing that are not yet current in many economies. Indeed, our research suggests that more than half the potential value remains inaccessible, particularly the value that financial institutions could gain directly through greater efficiency and reduced fraud costs. The use of open data raises questions about user consent, data protection, and cybersecurity. But if these issues are addressed, the innovation such ecosystems could enable would be a spur to economic recovery and broader-based prosperity.
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Download the 32 page PDF discussion paper --> 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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How blockchain and cryptocurrencies can help build a greener future
WEF | Stephen Stonberg | Jun 17, 2021
As with the feverish debate around Bitcoin and its carbon footprint, there has been no shortage of discussion surrounding cryptocurrencies and the energy they consume. But this back and forth around crypto’s environmental impact is missing a glaring point. It is important to recognize that crypto is still in its very early stages, not dissimilar to where the internet was in 2002. The entire space is going through its Amazon moment. The first decade of this cryptocurrency experiment has grown far beyond anybody’s wildest expectations. At the same time, it has allowed those of us in the industry to identify what works and what doesn’t.
For example, the proof-of-work consensus algorithms (the mathematical problems that Bitcoin miners must solve) that power the Bitcoin network do indeed require a lot of energy. But what these arguments about Bitcoin’s environmental impact obscure is that the broader crypto ecosystem is in the midst of a shift towards a cleaner, greener, more sustainable future that will result in significantly lower carbon emissions.
See: Ethereum cryptocurrency to slash carbon emissions
This can be seen with the launch of Ethereum 2.0 and the move from a proof of work (PoW) consensus to a proof of stake model (PoS) allowing miners to mine and validate block transactions based on the amount of coins that they hold. Because PoS demands significantly lower hardware requirements than PoW, the energy needed to facilitate secure transactions will only continue to fall in the future. Some forecasting models show that Ethereum 2.0’s PoS model will be 99% more energy efficient than PoW models.
We are already seeing the results of what we can expect from PoS, with the Ethereum network consuming almost 100 Twh less than the Bitcoin network. Ethereum is hardly alone in this consensus revolution, with ascendant, next-generation blockchains like Cardano, Polkadot, EOS and Cosmos each implementing their own versions of PoS.
But even if we put aside these developments and focus strictly on the assertion that crypto is a threat to the planet, it is important to distinguish the sources of energy that crypto miners use, with data indicating that most of the electricity used for crypto mining comes from renewable sources.
Research from the University of Cambridge shows that the renewable share of these energy mining pools is as high as 78%. Although there are exceptions depending upon which region of the world you’re focusing on, hydroelectric power, in particular, is rapidly emerging as the de facto power source for crypto-mining operations.
Another factor to consider is that crypto miners are increasingly using excess electricity that would otherwise go to waste. The emergence of crypto mining farms has soaked up extra capacity and prevented the waste of unused renewable energy.
See: Cryptocurrency and energy consumption debate
It is also important to note that the traditional international financial system requires significantly more energy than the Bitcoin network. All of the disparate parts that make up the whole of the global banking network – banking data centres, card network data centres, ATMs and bank branches – use a lot of energy. In fact, the traditional financial sector provides financing for some of the most environmentally damaging projects on Earth.
If we’re really looking for an ecologically destructive force, we should focus on gold mining. After all, this is an industrial sector that is heavily dependent upon fossil fuels. Even the industry’s main lobbying arm, the World Gold Council, has acknowledged the metal’s huge carbon footprint, highlighting in a recent report that the industry's emissions need to fall by 80% over the next 30 years in order to meet the Paris Climate Agreement targets.
So if we acknowledge that traditional finance and mining account for a significantly larger share of greenhouse gas emissions than crypto, the question we should be asking ourselves is how crypto and blockchain can actually lead the way and become a positive, transformative force for the energy sector, slashing operating costs and opening up a new window of transparency.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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New study reveals environmental footprint of internet activities
Anthropocene | Sarah DeWeerdt | Jun 15, 2021
The major determinant of the environmental footprint of Internet activities: video, especially high-definition video, a new study reveals.
Virtual meetings and telework reduce the environmental impacts from travel, as pandemic-related lockdowns have demonstrated over the past year and a half. But the Internet has an environmental impact too – and that impact is rarely measured in a comprehensive way, researchers argue in the journal Resources, Conservation & Recycling.
See: Stripe commits $8M to six new carbon removal companies
The researchers gathered publicly available information on the carbon, water, and land footprints of Internet use in various countries around the world. They tracked the impact of each gigabyte (GB) of data used for various digital activities such as web surfing, online gaming, video streaming through platforms like Netflix, and videoconferencing through platforms like Zoom.
Worldwide, the carbon footprint of Internet data storage and transmission adds up to 97 million tons of carbon dioxide annually, about the same as the annual carbon emissions of Sweden plus Finland, the researchers calculated. Most studies of the environmental impact of Internet use have only calculated carbon footprints. But Internet traffic also requires enough water to fill more than 1 million Olympic-size swimming pools annually, and gobbles up land equivalent to the combined area of three of the world’s megacities combined – Mexico City, Rio de Janeiro, and New York City – according to the new study.
See: Ethereum cryptocurrency to slash carbon emissions
Moreover, if remote work due to pandemic restrictions continues through the end of 2021, the Internet’s global carbon footprint will grow by as much as 34.4 million tons of carbon dioxide, the water footprint by the equivalent of 317,200 Olympic-size swimming pools, and the land footprint by the equivalent of the area of Los Angeles.
The major determinant of the environmental footprint of Internet activities: video, especially high-definition video. A voice-only Internet meeting has on average a 96% lower environmental impact than a videoconference, the researchers found. Reducing streaming video quality reduces its environmental footprint by 86%.
“Comparing the differences between countries not only highlights the trade-offs between various sources of energy, but also demonstrates the significance of the simultaneous evaluation of different environmental footprints,” the researchers write.
See: Rise by Barclays Insights Report: Climate Fintech
For example, Brazil has a lot of hydropower, so its carbon footprint of Internet use is 68% lower than the global median, while its water footprint is 218% higher.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Rise by Barclays Insights Report: Climate Fintech
Innovate Finance | Jun 8, 2021
The FinTech sector has an important contribution to make in reducing emissions, achieving net zero agendas and enabling climate action. The latest edition of the Rise Insights report explores how FinTechs are shaping a more sustainable world with ‘green’ financial products and services that add value for consumers, clients and corporations.
The report covers the enablers that support innovation and gives Climate FinTech examples from the markets and consumer perspective. There’s also updates from the Rise ecosystem and Barclays teams. In this article, we share some of the highlights.
“I see significant opportunities for innovative, fast-growth companies that are developing financial technology in supporting the transition to net zero,” writes Sasha Wiggins, Group Head of Public Policy and Corporate Responsibility at Barclays. “It’s by collaborating with business and technology teams within banks that FinTechs can understand the real-world possibilities and turn ideas into practical solutions”.
The enablers of Climate FinTech
What factors are driving innovation and creating opportunities for the sector? There are three.
First, new sources of, and ways of treating, climate-related data are being discovered and applied by FinTechs. The data needs to have greater availability, consistency and granularity to provide firm insights into companies’ effective climate actions. FinTechs pursuing this goal include Net Purpose, YvesBlue and Nossa Data, an alumnus of the 2021 New York Barclays Accelerator, powered by Techstars.
Second, emergent government policies and standards addressing climate change present challenges for organisations but opportunities for FinTechs. We’re unlikely to see a single, globally recognised data standard emerge, so being able to compare standards and investments across international markets at the right level of granularity will bring transparency. It’s a massive data modelling and comparison exercise!
See: FFCON21 On-Demand Video: Fintech’s Opportunity to Breaking to Breaking Barriers to Net Zero
Third and last, there’s technology. Blockchain is perhaps most relevant to Climate FinTech. It’s a vital way of tracking the highly connected world of carbon emissions and energy consumption. IoT, 5G and AI are additional technologies that will allow investors to track huge volumes of metrics on physical assets without human intervention.
The effectiveness of any new Climate FinTech value proposition depends on understanding these enablers, which are covered in greater depth in the report.
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Download the 28 page PDF report --> 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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Stripe commits $8M to six new carbon removal companies
Stripe | Newsroom | May 26, 2021
- Stripe Climate purchased carbon removal from 6 new projects with help of 13 scientific advisors
- The projects will receive a total of $2.75M from Stripe and 2K+ Stripe Climate users in 37 countries
SAN FRANCISCO - Stripe, the technology company building economic infrastructure for the internet, today announced that it is making carbon removal purchases from 6 new projects as part of the Stripe Climate program. These purchases come as part of Stripe’s effort to build a robust market for carbon removal by supporting early stage companies as they scale.
The majority of climate models agree: to limit global temperature increases 1.5°C above pre-industrial levels, global emissions need to be reduced to net zero by 2050. To accomplish this, the world will need to both radically reduce the new emissions put into the air, and remove the excess carbon already in the atmosphere.
In May 2020, Stripe announced its first $1M carbon removal purchases from Carbon Capture, Charm Industrial, Climeworks, and Project Vesta—and was the first purchaser for 3 of the 4 projects. Stripe launched Stripe Climate in October 2020 to allow any user to direct a fraction of their revenue towards carbon removal. Since then more than 2,000 users in 37 countries have begun contributing to Stripe Climate’s portfolio.
See: China’s latest crackdown on crypto caused by climate concerns
There’s already evidence that Stripe’s early support spurred progress: Charm Industrial delivered Stripe’s purchase months ahead of schedule, Climeworks began construction on a new facility with 80x the capacity of their previous plant, and, in April 2021, CarbonCure won the Carbon XPRIZE. The projects have also secured new customers and investors including Microsoft, Shopify, Lowercarbon Capital, and others.
Today, Stripe Climate is announcing a new round of carbon removal purchases from 6 new projects, which were evaluated with the help of 13 scientists with expertise in direct air capture, mineralization, governance, and more. Stripe is the first customer for 4 of the 6 projects. For several projects, Stripe Climate coupled the purchase with an R&D grant to further accelerate progress. In addition to the $2.75M of funding today, Stripe Climate committed an additional $5.25M in purchases, contingent upon the successful completion of technical milestones:
CarbonBuilt’s process reacts dilute CO₂ to form limestone, permanently storing the CO₂ while creating a valuable concrete building material. $260/tCO₂
Heirloom is building a direct air capture solution that leverages accelerated carbon mineralization to absorb CO₂ from the ambient air in days, rather than years, and then extracts the CO₂ to be stored permanently underground. $2,054/tCO₂
Running Tide removes carbon by growing and then sinking kelp in the open ocean. $250/tCO₂
See: Former Governor of the BOE, Mark Carney, joins Stripe board
Seachange leverages the power and scale of the world’s oceans to remove carbon using an experimental electrochemical process that sequesters CO₂ in seawater as carbonates. $1,370/tCO₂
Mission Zero electrochemically removes CO₂ from the air and concentrates it for a variety of sequestration pathways. $319/tCO₂
Mineral weathering by The Future Forest Company: a field trial to accelerate mineral weathering by crushing basalt rocks into dust, spreading them onto the forest floor, and then measuring CO₂ uptake. $200/tCO₂
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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