6th Annual Summer Kickoff Mixer July 14 at SPACES, Toronto

Category Archives: ESG, Financial Inclusion, Sustainable Finance

Happy International Women’s Day 2022!

NCFA Canada | FintechCanada.io | Sunny Shao | March 8 2022

Happy International Womens Day 2022b - Happy International Women's Day 2022!

Happy #InternationalWomensDay2022!

Here's a roundup of our top articles about #women:

• Women in #fintech & Covid-19 recovery https://t.co/i4a3LiVjQQ
• Why is VC still ignoring women? https://t.co/4sDl2ulQGd
• Why regulators should care about diversity https://t.co/7Wkn4ugEqW

#iwd2022 #internationalwomensday #diversity


NCFA Jan 2018 resize - Happy International Women's Day 2022! 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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Pomp: We Should Not Normalize Economic War On Innocent Civilians

Substack | Anthony Pompliano | Mar 1, 2022

financial censorship - Pomp:  We Should Not Normalize Economic War On Innocent CiviliansRussia’s invasion of Ukraine has led to a flurry of financial sanctions from the United States and their allies over the last week. These actions include cutting Russian banks off from SWIFT, seizing the assets of various Russian oligarchs, outlawing US citizens and companies from transacting with Russia’s central bank, and much more.

Sanctions are levied during times of conflict to apply pressure to the leadership of our adversaries, but they accomplish this goal by actually cutting the average citizen off from the global financial system. Nearly 150 million Russian citizens have watched their savings evaporate as the ruble is in a free fall, their stocks are inaccessible since the stock market was shut down due to high volatility, and they can not withdraw or spend majority of their money due to sanctions and self-imposed limits by the banks.

See:  So what is financial exclusion in the era of Open Finance?

There was an interesting development in the last 48 hours that highlights one of the key differences between the legacy financial system and the new, digital financial system. Vice Prime Minister of Ukraine, Mykhailo Fedorov, asked major crypto exchanges on Sunday to block all Russian users from using their platforms, regardless of whether they were accused of participating in any crimes or not. This request was followed up on Monday with a similar request from the White House’s National Security Council and the Treasury Department to major crypto exchanges.

As of this writing, all major crypto exchanges have stated that they will not cut off the average Russian citizen from using their products to buy, sell, or store bitcoin and various other cryptocurrencies. The largest crypto exchange in the world, Binance, stated that they are “not going to unilaterally freeze millions of innocent users’ accounts.” The company spokesperson explained to CNBC that “Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.”

Kraken CEO Jesse Powell publicly stated that his platform “cannot freeze the accounts of our Russian clients without a legal requirement to do so.” He continued with this explanation:

See:  How open finance ecosystems should generate value for everyone

“Our mission at [Kraken] is to bridge individual humans out of the legacy financial system and bring them into the world of crypto, where arbitrary lines on maps no longer matter, where they don’t have to worry about being caught in broad, indiscriminate wealth confiscation. Our mission is better served by focusing on individual needs above those of any government or political faction…Besides, if we were going to voluntarily freeze financial accounts of residents of countries unjustly attacking and provoking violence around the world, Step 1 would be to freeze all U.S. accounts. As a practical matter, that’s not really a viable business option for us.”

Ultimately, we are watching the divergence of two financial systems. The legacy infrastructure is built and run by a group of financial firms who are susceptible to the whims of their governments. The new infrastructure is built on open-source software that is run by no single individual or organization. The decentralized nature leads to a different outcome in these situations.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Pomp:  We Should Not Normalize Economic War On Innocent Civilians 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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Report: ESG Ratings and Data in Financial Services – Practitioners Perspective

IRSG UK | Feb 21, 2022

ESG Ratings and data practioners perspective IRSG report - Report:  ESG Ratings and Data in Financial Services – Practitioners PerspectiveESG and sustainability are becoming increasingly central to investment decisions around the world. COP26 in particular provided a big boost to sustainable finance and the shift in capital toward sustainable activities. ESG ratings are a vital component of this capital re-allocation so both demand for and reliance on these products is only expected to grow. It is therefore crucial that market users and investors have confidence in ESG ratings when making investment decisions.

See:  Canadian securities regulators publish guidance on ESG-related investment fund disclosure

However, with the ESG Ratings market still in its infancy and demand increasing at a rapid rate, it is unsurprising that significant challenges are emerging. These include transparency of methodology, ratings varying widely between different providers, clarity of purpose behind different products, availability of data disclosure, and potential conduct risks. As demand is set only to accelerate, it is paramount that these challenges are addressed to ensure the market is fit for purpose and can properly support market practitioners in assessing the risks and opportunities of potential ESG investments.

Continue to the full article --> here

Download the 47 page PDF report --> here


NCFA Jan 2018 resize - Report:  ESG Ratings and Data in Financial Services – Practitioners Perspective 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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Bitcoin mining is worse for the environment since China banned it

Euro News | Pascale Davies

Carbon footprint crypto map - Bitcoin mining is worse for the environment since China banned it

Despite a crackdown on Bitcoin in China last year, mining the largest cryptocurrency actually got much dirtier and emits around the same amount of CO2 annually as a country the size of Greece, a new study shows.

The joint study, titled Revisiting Bitcoin's Carbon Footprint, showed that the share of renewable electricity sources that fuel the Bitcoin network may have decreased from an average of 41.6 per cent in 2020 to 25.1 per cent in August 2021.

See:  Bitcoin Electricity Consumption Index (CBECI): China’s crackdown puts US in pole position and Canada in 4th

It also showed Bitcoin could be responsible for 65.4 megatonnes of CO2 annually, which is comparable to country-level emissions in Greece.

In May 2021, Chinese authorities ordered a crackdown on crypto mining and trading and regulators banned financial institutions from offering services related to cryptocurrencies.

One of the reasons for the decline in renewable energy sources powering Bitcoin mining is because the Bitcoin network no longer had access to hydropower from the Chinese provinces of Sichuan and Yunnan, said Alex de Vries, one of the authors of the study and a researcher at the School of Business and Economics at the Vrije Universiteit in Amsterdam.

"The reason why they had that amount of renewables was because within China, they could move around and they could get hydropower during the summer months and then in the winter months, they would be using coal," he told Euronews Next.

He said as soon as China banned Bitcoin mining, they moved to Kazakhstan and to the US.

See:  Long-term sustainable success relies on business transformation

"Kazakhstan coal replaced the Chinese coal, and Kazakhstan uses hardcore, which is the worst type of coal, the most carbon-intensive type of coal,” de Vries said, adding that in the US, miners replaced hydropower with natural gas.

Continue to the full article --> here


NCFA Jan 2018 resize - Bitcoin mining is worse for the environment since China banned it 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 open finance ecosystems should generate value for everyone

Platformable | Jan 2022

Platformable report open banking finance trends Q1 - How open finance ecosystems should generate value for everyone

Our open banking/open finance ecosystem maps the way that APIs can help generate new products and create financial health for end users, and indirect benefits for society, local economies and the environment.

Governments direct regulators to expand digital  financial services infrastructure through open banking and open finance (in some locations, markets themselves encourage greater action).

See:  So what is financial exclusion in the era of Open Finance?

API providers (including banks and fintech platforms, like payment gateways) make APIs available, drawing on industry standards and internal API governance. These APIs are used by API consumers (such as fintech, API aggregators and marketplaces) to build new products and services.

The utility of these APIs depend on value enablers including the level of developer experience, security and privacy provisions, and are influenced by demand for digital services from end users. End users including individuals, businesses, and enterprises make use of API-enabled fintech to generate financial health and wellbeing.

The broader ecosystem could also generate indirect impacts on society including impacts on levels of participation and inclusion, support for local economies through increased employment opportunities, and the environment through more optimised use of resources and creation of sustainability products.

Open finance ecosystem Jan 2022 platformable - How open finance ecosystems should generate value for everyone

Download the 38 page PDF report --> here

 


NCFA Jan 2018 resize - How open finance ecosystems should generate value for everyone 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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CVCA Report: Diversity improving but inclusion gap threatens progress

The Logic via FP | Catherine McIntyre  | Feb 17, 2022

diversity and inclusion VC 2021 - CVCA Report:  Diversity improving but inclusion gap threatens progress

The firms that make up Canada’s private capital markets are slowly diversifying, according to a new report, with more women, people of colour, LGBTQ2+ and folks with disabilities than ever across all ranks of venture capital and private equity firms.

The Canadian Venture Capital & Private Equity Association’s State of Diversity and Inclusion report—sponsored by BDC Capital, CIBC and The51, and to be released Thursday afternoon—gathered data on metrics like gender, race and sexual orientation from 413 employees across 122 firms in the country to get a clear picture of the demographic makeup of an industry that’s traditionally been overwhelmingly white and male.

Talking Point

Canada’s private capital markets are slowly diversifying their workforces, according to the latest diversity and inclusion report from the Canadian Venture Capital & Private Equity Association. Greater representation of women, racial minorities and LGBTQ2+ employees in VC firms’ junior ranks shows potential for a demographic shift at the partner level. But concerns about inclusion could threaten that progress.

See:  The Real Story of Access to Capital

The results show an improvement over the CVCA’s last diversity report, released in 2019, but president and CEO Kim Furlong said diversifying the industry is still a work in progress. Here’s what you need to know:

Women overtake men in non-management roles: Women accounted for 61.3 per cent of all non-partner employees at venture capital firms in 2021. (The report does not include data on non-binary employees.) That’s more than in the broader financial industry, which the CVCA used as a benchmark; industry-wide, 52 per cent of non-partner employees are women. In 2019, less than a quarter of VC firms that responded to the CVCA survey had women in over half of all junior-level positions, and about 14 per cent of firms had women in more than half of non-partner management roles.

Diversity overall decreases with seniority: At the partner level, the number of women dropped to just 19 per cent. For racial and ethnic minorities, representation fell from 20.6 per cent among non-partners to 18 per cent among partners, while LGBTQ2+ people accounted for 11 per cent of all non-management employees and 10.3 per cent of partners. People with disabilities—a category that includes physical, cognitive and learning disabilities, as well as mental health conditions—were the only group whose representation consistently increased with seniority, from 12 per cent of junior employees to 17.6 per cent of staff excluding partners and 19 per cent of partners.

See: 

Black and Indigenous underrepresentation: Most of the gains in racial and ethnic diversity at the VC partner level—up 5.2 per cent from 2019—came from people with East and South Asian backgrounds, while partners from Black, Indigenous, Middle Eastern and Latin backgrounds “remain few and far between,” the report notes. The CVCA identified the same pattern in the private equity sector. “Notably Black and Indigenous remain significantly underrepresented,” it reads.

Continue to the full article --> here

 


NCFA Jan 2018 resize - CVCA Report:  Diversity improving but inclusion gap threatens progress 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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TCFD Survey: Climate-related Financial Disclosure (15mins)

TCFD | Feb 14, 2022

TCFD Climate related reporting survey - TCFD Survey:  Climate-related Financial Disclosure (15mins)The Task Force on Climate-related Financial Disclosures (TCFD) is conducting a survey of asset managers and asset owners on their climate-related financial reporting practices.

The Task Force will publish aggregated survey results in its 2022 status report as well as a summary of TCFD-aligned reporting practices and challenges across asset managers and asset owners. This information should help asset managers and asset owners implement the TCFD recommendations and help a wide range of stakeholders understand the current state of asset manager and asset owner TCFD-aligned reporting.

We would appreciate if someone well-acquainted with your organization’s climate-related reporting would complete our 15-minute survey.

See:  Canadian securities regulators seek comment on climate-related disclosure requirements

All responses will be kept confidential and will not be attributed to either you or your organization without permission.

We would be grateful to receive your response to the survey by Friday, March 25, 2022. Please feel free to contact info@fsb-tcfd.org if you have any questions.

Thank you for your support.

About the TCFD

The Task Force on Climate-related Financial Disclosures

(TCFD) works to improve and increase reporting of climate-related financial information. In 2017, the TCFD released climate-related financial disclosure recommendations designed to help companies provide better information and support more informed capital allocation. More than 3,000 organizations around the world have declared support for the TCFD and its recommendations.


NCFA Jan 2018 resize - TCFD Survey:  Climate-related Financial Disclosure (15mins) 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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