Category Archives: Fintech AI/ML, Data-driven

Google Pay’s massive relaunch makes it an all-encompassing money app

The Verge | | Nov 18, 2020

GooglePay - Google Pay’s massive relaunch makes it an all-encompassing money app

It (Google Pay) will include tap-to-pay, peer-to-peer, personal finance aggregation, customizable deals, and even full banking services

Today, Google Pay for both Android and iOS is relaunching with a giant array of new features. It turns the app from something that most people think of as a tap-to-pay card repository or peer-to-peer payment system into a much more ambitious service. The new app begins rolling out across the United States today.

The new version of the app will have three new tabs:

“Pay,” which includes peer-to-peer payments as well as your transaction history using tap-to-pay; “Explore,” which will be a place where Google will offer deals and discounts; and finally, “Insights,” which will allow you to connect your bank accounts to get a searchable overview of your finances.

You will even be given the option to allow Google Pay to crawl your Gmail inbox and your Google Photos account to look for receipts. Google will use OCR technology to auto-scan them and integrate them into your finance tracking.

In 2021, Google will partner with some banks to directly offer fully online checking and savings accounts inside Google Pay — a service Google is calling “Plex.”

Not all of these services are strictly new for Google, but this will mark the first time they’re unified into a single app. In doing so, Google Pay is now arguably a direct competitor to a wide array of other apps and services, including Apple Pay, Samsung Pay, PayPal, Venmo, Square Cash, Intuit’s Mint, Simplifi, Truebill, Shop, and also online banks like Ally. That is a lot of companies that will have to contend with Google making a high-profile push into their market.

See:  Google and Gates Foundation to help spread digital payments in developing countries

All of the advanced features are opt in, so if you prefer to simply use it as it currently exists today (as a tap-to-pay app on Android or peer-to-peer payments on the iPhone), you should be able to do that. Even so, this is a huge expansion of capabilities and data collection in a Google app that is likely to raise privacy concerns.

Google tells me that it has a policy to not sell or share data to third parties and that it will not “share your transaction history with the rest of Google for targeting ads.” It will also have a first-use experience that will present a series of privacy prompts and settings options. Unlike Apple Pay, Google’s servers will have access to your data so it can be analyzed and made searchable for you in the app — though the company assures that it’ll be strongly encrypted.

A stranger — and perhaps telling — privacy option is that those who want to get personalized deals will have the option to agree to a three-month “trial” of allowing Google to analyze their transaction history to customize their offers. After the three months, they’ll be prompted if they want to keep using that part of the service.

Let’s dig into what we know about each aspect of the service.

Insights

The rightmost tab in Google Pay is the place where the app will provide a lightweight version of apps like Mint and Simplifi that presents much of your financial information in one place. Google’s take on it is called “Insights,” and as you might expect, it heavily integrates both search and Google’s ability to process data with its algorithms. 

See:  Fintech Fridays EP46: Making Business Borderless: International Payments and Partnerships

After you connect your banking and credit accounts, Insights will begin to show you reports of your spending and saving as well as upcoming bills. It does this by scanning through your transactions rather than needing you to manually enter or categorize things. It works with standard checking, savings, debit, and credit cards.

Plex

In 2021, Google will launch a new banking service called Plex. It will let you handle basic checking and savings in the app, engaging directly with an online bank. This isn’t Google directly offering banking services, to be clear. Instead, Google will essentially let some banks use Google Pay as their banking app.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Google Pay’s massive relaunch makes it an all-encompassing money app 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

Latest news - Google Pay’s massive relaunch makes it an all-encompassing money appFF Logo 400 v3 - Google Pay’s massive relaunch makes it an all-encompassing money appcommunity social impact - Google Pay’s massive relaunch makes it an all-encompassing money app

CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - Google Pay’s massive relaunch makes it an all-encompassing money app



NCFA COVID 19 letter to government to support Fintechs and SMEs - Google Pay’s massive relaunch makes it an all-encompassing money app

NCFA Newsletter subscribe600 - Google Pay’s massive relaunch makes it an all-encompassing money app

 

Luge Capital Canadian InsurTech Report & Event

Luge Capital | Gisele Karekezi | Nov 18, 2020

BookMockUp Luge 1200x628 002 - Luge Capital Canadian InsurTech Report & Event

Luge Capital just released our Status of the Canadian InsurTech Landscape report today. It is an in-depth analysis of InsurTech technology trends, startup activities, venture funding as well as Luge’s perspective on future innovation and investment opportunities in the Canadian insurance industry.

You can check out the report HERE.

Luge Insurtech Image Social 1200x628 R04 002 - Luge Capital Canadian InsurTech Report & Event

We are also hosting a webinar event to dig deeper into InsurTech investment trends and future opportunities with speakers from Liberty Mutual Strategic Ventures, Anthemis Group, Manulife Capital Ventures and Eos Venture Partners on December 1st, 4pm ET.

We would love to have you join us. Register

 

 


NCFA Jan 2018 resize - Luge Capital Canadian InsurTech Report & Event 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

Latest news - Luge Capital Canadian InsurTech Report & EventFF Logo 400 v3 - Luge Capital Canadian InsurTech Report & Eventcommunity social impact - Luge Capital Canadian InsurTech Report & Event

CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - Luge Capital Canadian InsurTech Report & Event



NCFA COVID 19 letter to government to support Fintechs and SMEs - Luge Capital Canadian InsurTech Report & Event

NCFA Newsletter subscribe600 - Luge Capital Canadian InsurTech Report & Event

 

How is open banking progressing in the UK?

Raconteur | Jonathan Weinberg | Nov 8, 2020

opening doors - How is open banking progressing in the UK?It has been nearly three years since the Second Payment Services Directive (PSD2) came into force. A much-heralded move, has this piece of European legislation enabled the UK’s traditional financial services sector to digitally transform or is it yet to fully embrace the potential of Open Banking?

The UK’s Competition and Markets Authority (CMA) had hoped PSD2, which arrived in January 2018, would level the playing field between incumbent legacy banks and smaller fintech challengers.

Enabling newcomers to get a foothold for growth in the market was an issue highlighted in 2016 by the CMA which went on to set up the Open Banking Implementation Entity (OBIE) to “create software standards and industry guidelines that drive competition and innovation”.

See:  UK government open banking tender puts focus on payments

However, experts are divided on whether this has been achieved. Many highlight slow movement by some of the incumbents, despite the new arrangements for secure sharing of current account information with third-party providers, offering transformative tools for personal customers and smaller businesses.

Using new apps and websites, customers can see a single clear view of their finances to deliver more effective budgeting, gain easy access to the best deals, services and credit options from the whole market and spot fraud faster.

Official figures out in September do appear to be promising. Users of Open Banking-enabled products exceeded two million, a doubling in just over six months. Imran Gulamhuseinwala, trustee of OBIE, which is funded by the UK’s nine largest banks and building societies, says Open Banking is “rebalancing the market in favour of consumers and small businesses”.

Banks have not embraced Open Banking fast enough

But others are less sure. Luc Gueriane, chief commercial officer at payment solutions company Moorwand, believes Open Banking is failing. ”Beyond the reluctance from banks, low-consumer awareness and the limited number of services are also key to its failing,” he says.

“The products that are there are often overshadowed by the reliability and security which is associated with incumbent players.

See:  Finance Canada Announces Second Phase of Open Banking Virtual Consultations Dates

“It must become both easier and cheaper for new players to build Open Banking APIs [application programming interfaces] and propel their services into the mainstream. Making infrastructure readily available will be key.”

Adam Bialy, chief product officer at OpenPayd, adds: “The APIs are being built and the infrastructure is in place, but few banks are meeting PSD2 requirements.  Open Banking has been less of a catalyst and more of a ‘gentle nudge’, with consumer-facing applications being limited to chiefly account aggregation services.”

And while Mike Hampson, chief executive of Bishopsgate Financial, feels the slowness was due to the difficulty of “adapting API legacy architecture to be flexible and responsive, rather than a deliberate attempt to stifle the competition”, he says: “But now, banks can use the competitive data held by other providers, to expand and rebundle their services, while improving their bottom line.”

One suggestion for such innovation is to take more advantage of account-based payments within the retail sector, as this would cut the cost of commerce, but Bialy explains this is being hindered by “clunky user authentication flows that are different for each bank”.

See:  3 examples of what open finance can do right now

This is still the right leap forward, according to Jonathan Hughes, chief executive of payment and banking experts Pollinate Horizons.

”For merchants, there are significant economic advantages to accepting payment through an Open Banking transaction, rather than on the card rails,” he says. “The large enterprises that adopted Open Banking early on have forecast huge savings when compared to using cards, which in turn could result in savings for small and medium-sized enterprises.”

Continue to the full article --> here

 


NCFA Jan 2018 resize - How is open banking progressing in the UK? 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

Latest news - How is open banking progressing in the UK?FF Logo 400 v3 - How is open banking progressing in the UK?community social impact - How is open banking progressing in the UK?

CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - How is open banking progressing in the UK?



NCFA COVID 19 letter to government to support Fintechs and SMEs - How is open banking progressing in the UK?

NCFA Newsletter subscribe600 - How is open banking progressing in the UK?

 

Banking on the “Business of Banking”: How the 2nd Circuit’s Ruling in Lacewell v. OCC Could Change the Future of Fintech Regulation

Kilpatrick Townsend | Mike Breslin and Bennett Gillogly | Nov 11, 2020

dual banking systems - Banking on the “Business of Banking”: How the 2nd Circuit’s Ruling in Lacewell v. OCC Could Change the Future of Fintech Regulation

Despite often operating on a nationwide scale, fintech companies rarely meet the stringent requirements for obtaining a national banking charter. Under the current regulatory landscape, these companies must therefore secure individual state licenses and conform to a patchwork of inconsistent state-specific regulations. The process is not only expensive and cumbersome for the companies, it also creates a risk of gaps in consumer protections. Beyond compliance with the individual state regimes, many fintech companies must also comply with additional layers of federal regulation and oversight.

Two divergent proposals have emerged to improve the fintech regulatory landscape. First, the Conference of State Bank Supervisors (“CSBS”) announced in 2017 that it would harmonize state regulations by creating a 50-state licensing and supervisory system. As of June 2019, 23 states had committed to this multistate agreement. Second, the Office of the Comptroller of the Currency (“OCC”) announced in July 2018 that it would begin accepting applications for federal special purpose national banking (“SPNB”) charters submitted by nondepository fintechs.

See:  No banking charter? No problem. Fintech companies team up with small-town banks

Proponents of the multi-state solution, including the CSBS, have since filed lawsuits against the OCC, alleging the OCC is exceeding its authority to issue SPNB charters. While the CSBS’s lawsuit was ultimately dismissed for lack of standing, the United States District Court for the Southern District of New York (“SDNY”) recently denied the OCC’s motion to dismiss a suit by the New York State Department of Financial Services (“NYDFS”) and signaled its belief that the OCC would exceed its authority if it issues a SPNB charter to a non-depository fintech. The OCC has appealed that decision to the Second Circuit, and the outcome of that appeal – Lacewell v. Office of the Comptroller of Currency – will likely determine what it means to be in the “business of banking” and direct the immediate future of fintech regulation.

NCFA Sign up for our newsletter - Banking on the “Business of Banking”: How the 2nd Circuit’s Ruling in Lacewell v. OCC Could Change the Future of Fintech Regulation

The Dual Banking System 

The changing definitions and regulations for a “bank” have long been at the core of American financial policy. When declaring that the Second National Bank could not be taxed or controlled by the states, the Supreme Court in McCulloch v. Maryland created the doctrine of “federal preemption.” During the Civil War, Congress passed the National Bank Act of 1864 both to introduce a national currency and establish the OCC to administer federal bank charters to companies in “the business of banking.” The Federal Reserve Act of 1913 created a decentralized central bank and required federally chartered banks to obtain membership and insurance. Developments like these institutionalized a dual banking system of divergent regulatory regimes for national and state banks.

See:  What’s a custodian bank do in a blockchain world?

The “business of banking” was traditionally understood as receiving deposits, paying checks, and lending money. The rise of fintech companies offering tangentially related services has forced regulators to expand their conceptions of banking. A consistent trend across all industries, but especially fintech, is that innovation outpaces regulation. Fintech innovation, though, is unique in that its increasing complexity creates very real financial and legal risks for businesses and consumers. For instance, the meteoric rise in internet accessibility and sophistication of mobile applications promises banking ubiquity, but raises questions about how geography-based regulations and disclosure requirements should be applied. And while machine learning and artificial intelligence can deliver faster and more accurate decisionmaking, absent appropriate regulation they could also behave in unintended ways to cause market instability or discriminatory outcomes. As fintech creates more holistic consumer products leveraged on increasingly sophisticated systems, the regulatory regime must adapt to avoid the dual banking system’s incapacity to protect consumers without impeding innovation.

During the early stages of the fintech industry, state chartering was necessarily the default regulatory regime, but it is nonetheless one that provides many benefits. Without federal restrictions on capital raising, fintech companies can invest and expand faster than traditional banks. Competition among the states to attract fintech businesses facilitates business-friendly regulatory schemes that encourage innovation. On the other hand, this is also what created the patchwork of inconsistent compliance regulations and disclosure requirements. Fintech organizations must not only meet these state requirements, but also comply with many federal oversight agencies and legislation. And additional flow-down regulations arise for companies that rely on relationships with banks for access to the payments system. Even if the CSBS succeeds in its efforts to harmonize state regulations, these federal requirements will still apply.

See: 

FinTech Charter Hits Speed Bump

OCC sets stage for FinTech firms to charter as national banks

U.S. bank regulator allows fintech firms to seek federal charter

The OCC’s proposal to offer SPNB charters to nondepository fintech companies reflects an expanding view of what constitutes the “business of banking.” The key benefit to becoming federally chartered is the accompanying federal preemption. To be sure, stripping fintech companies of the strictest state requirements will allow them to provide new products while being held to the same fair access and consumer protection standards as national banks. Even so, federal regulations are often less fluid and could limit a fintech company’s opportunities for further innovation. There are a number of other reasons fintech companies might not want to obtain a national charter, as doing so would subject them to federal capital and liquidity requirements, as well as regulatory exams.

Lacewell v. OCC

Only months after the OCC announced in July 2018 that it would begin accepting SPNB charter applications from nondepository fintechs, Maria Vullo, in her capacity as Superintendent of the NYDFS, sued for declaratory and injunctive relief. The NYDFS complaint alleged that the OCC’s actions would destabilize financial markets and put consumers at risk of exploitation from federally-chartered entities “improperly” insulated from New York law.1 Such risks, according to the complaint, include weakening controls on predatory lending practices, creating an unfair competitive advantage for well-capitalized firms, and growing fintechs to become “too big to fail.”2 The complaint also pointed to instances since the 1970’s in which federal courts have checked the OCC’s previous attempts to expand its definition of the “business of banking.”3 The NYDFS suit ultimately requests that the court declare the SPNB charter provision unlawful if applied to non-depository institutions.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Banking on the “Business of Banking”: How the 2nd Circuit’s Ruling in Lacewell v. OCC Could Change the Future of Fintech Regulation 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

Latest news - Banking on the “Business of Banking”: How the 2nd Circuit’s Ruling in Lacewell v. OCC Could Change the Future of Fintech RegulationFF Logo 400 v3 - Banking on the “Business of Banking”: How the 2nd Circuit’s Ruling in Lacewell v. OCC Could Change the Future of Fintech Regulationcommunity social impact - Banking on the “Business of Banking”: How the 2nd Circuit’s Ruling in Lacewell v. OCC Could Change the Future of Fintech Regulation

CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - Banking on the “Business of Banking”: How the 2nd Circuit’s Ruling in Lacewell v. OCC Could Change the Future of Fintech Regulation



NCFA COVID 19 letter to government to support Fintechs and SMEs - Banking on the “Business of Banking”: How the 2nd Circuit’s Ruling in Lacewell v. OCC Could Change the Future of Fintech Regulation

NCFA Newsletter subscribe600 - Banking on the “Business of Banking”: How the 2nd Circuit’s Ruling in Lacewell v. OCC Could Change the Future of Fintech Regulation

 

DOJ files antitrust lawesuit challenging Visa’s $5.3 billion acquisition of Plaid

TechCrunch | Jonathan Shieber | Nov 5, 2020

department of justice - DOJ files antitrust lawesuit challenging Visa's $5.3 billion acquisition of PlaidThe Department of Justice has filed an antitrust lawsuit challenging Visa’s proposed $5.3 billion acquisition of Plaid .

News of the DOJ’s investigation first broke last month.

“By acquiring Plaid, Visa would eliminate a nascent competitive threat that would likely result in substantial savings and more innovative online debit services for merchants and consumers,” the DOJ wrote in its lawsuit.

The deal would violate Section 2 of the Sherman Act “and must be stopped,” the DOJ wrote in its filing, published by Bloomberg Law.

Read:  With Plaid Acquisition, Visa Makes a Big Play for the ‘Plumbing’ That Connects the Fintech World

In a statement, Visa said it “strongly disagrees” with the DOJ’s “legally flawed” arguments.

“This action reflects a lack of understanding of Plaid’s business and the highly competitive payments landscape in which Visa operates,” the statement read. “The combination of Visa and Plaid will deliver substantial benefits for consumers seeking access to a broader range of financial-related services, and Visa intends to defend the transaction vigorously.”

“As we explained to the DOJ, Plaid is not a payments company. Visa’s business faces intense competition from a variety of players – but Plaid is not one of them. Plaid is a data network that enables individuals to connect their financial accounts to the apps and services they use to manage their financial lives, and its capabilities complement Visa’s. Together, Visa and Plaid will deliver better digital experiences and more choice for consumers in managing their money and financial data. Visa is confident that this transaction is good for consumers and good for competition,” the statement added.

Invest in Canadas fintech ecosystem FintechCanada.io  - DOJ files antitrust lawesuit challenging Visa's $5.3 billion acquisition of Plaid

As the Justice Department argues, Visa’s monopoly power in online debit is protected by barriers to entry and expansion. New challengers to Visa need connections with millions of consumers to attract merchants and need connections to thousands of merchants to attract new consumers, the DOJ said.

DOJ lawyers pointed to Mastercard’s inability to seize more than a quarter of the online debit market as a sign of Visa’s continued dominance. “Mastercard has neither gained significant share from Visa nor restrained Visa’s monopoly,” the lawyers wrote.

See:  Visa’s digital dollar concept opens a door to central bank currencies

Visa also set up technical barriers by entering into restrictive agreements with merchants and banks to prevent competitors from growing their share of the online debit market.

“These entry barriers, coupled with Visa’s long-term restrictive contracts with banks, are nearly insurmountable, meaning Visa rarely faces any significant threats to its online debit monopoly. Plaid is such a threat,” according to the DOJ.

Continue to the full article --> here


NCFA Jan 2018 resize - DOJ files antitrust lawesuit challenging Visa's $5.3 billion acquisition of Plaid 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

Latest news - DOJ files antitrust lawesuit challenging Visa's $5.3 billion acquisition of PlaidFF Logo 400 v3 - DOJ files antitrust lawesuit challenging Visa's $5.3 billion acquisition of Plaidcommunity social impact - DOJ files antitrust lawesuit challenging Visa's $5.3 billion acquisition of Plaid

CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - DOJ files antitrust lawesuit challenging Visa's $5.3 billion acquisition of Plaid



NCFA COVID 19 letter to government to support Fintechs and SMEs - DOJ files antitrust lawesuit challenging Visa's $5.3 billion acquisition of Plaid

NCFA Newsletter subscribe600 - DOJ files antitrust lawesuit challenging Visa's $5.3 billion acquisition of Plaid

 

Canada crawling toward AI regulatory regime

EP&T | Christopher Reynolds | Nov 4, 2020

hot 300x216 - Canada crawling toward AI regulatory regime Last week, privacy watchdogs revealed that five million images of shoppers’ faces were collected without their consent at a dozen of Canada’s most popular malls.

Real estate company Cadillac Fairview embedded cameras equipped with facial-recognition technology, which draws on machine-learning algorithms, in digital information kiosks to discern customers’ ages and genders, according to an investigation by the federal, Alberta and B.C. privacy commissioners.

See: Cadillac Fairview broke privacy laws by using facial recognition technology at malls, investigators conclude

But the commissioners had no authority to levy fines against the firm, or any companies that violate Canadians’ personal information, an “incredible shortcoming of Canadian law that should really change,” B.C. information and privacy commissioner Michael McEvoy said in an email.

Despite its status as an artificial-intelligence hub, Canada has yet to develop a regulatory regime to deal with problems of privacy, discrimination and accountability to which AI systems are prone, prompting renewed calls for regulation from experts and businesses.

“We are now being required to expect systematic monitoring and surveillance in the way that we walk down the road, drive in our cars, chat with our friends online in small social-media bubbles. And it changes the way that public life occurs, to subject that free activity to systematic monitoring,” said Kate Robertson, a Toronto-based criminal and constitutional lawyer.

See:  Biometric payment, access and ID cards launching around the world

At least 10 Canadian police agencies, including the RCMP and Calgary and Toronto police services, have used Clearview AI, a facial-recognition company that has scraped more than three billion images from the Internet for use in law enforcement investigations, according to a report co-written by Robertson.

Other Ontario police forces also may be “unlawfully intercepting” private conversations in online chat rooms via “algorithmic social-media surveillance technology,” according to the September report from the University of Toronto’s Citizen Lab and International Human Rights Program.

“We have seen the lack of clear limits and focused regulation leaving an overly broad level of discretion in both the public and police sectors that is a call to action for governments across the country,” Robertson said in a phone interview.

Canada needs to roll out concrete rules that balance privacy and innovation, said Carolina Bessega, co-founder and chief scientific officer of Montreal startup Stradigi AI. Public trust in artificial intelligence becomes increasingly crucial as machine-learning companies move from the conceptual to the commercial stage, she said.

See: Convenience vs Privacy: Here are 4 tips to protect your data from being shared on Facebook

The regulatory vacuum also discourages businesses from deploying AI, holding back innovation and efficiency _ particularly in hospitals and clinics, where the implications can be life or death.

 

Continue to the full article --> here

 

 


NCFA Jan 2018 resize - Canada crawling toward AI regulatory regime 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

Latest news - Canada crawling toward AI regulatory regimeFF Logo 400 v3 - Canada crawling toward AI regulatory regimecommunity social impact - Canada crawling toward AI regulatory regime

CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - Canada crawling toward AI regulatory regime



NCFA COVID 19 letter to government to support Fintechs and SMEs - Canada crawling toward AI regulatory regime

NCFA Newsletter subscribe600 - Canada crawling toward AI regulatory regime

 

Elon Musk Had a Private Meeting With Volkswagen’s CEO. It’s a Brilliant Lesson in Emotional Intelligence

Inc. | Justin Bariso | Nov 3, 2020

musk 300x263 - Elon Musk Had a Private Meeting With Volkswagen's CEO. It's a Brilliant Lesson in Emotional Intelligence It was a late night in September, 9:44 p.m., to be exact. At a very small airport, in a German city most have never heard of, Volkswagen CEO Herbert Diess patiently waited for the arrival of a special guest: Tesla CEO Elon Musk.

Musk had arrived in Germany a few days earlier to visit the construction site of Tesla's new Gigafactory in Berlin, followed by meetings with German politicians and work on another Tesla-related project. But before heading home, Musk made time to take Volkswagen's new entry into the electric vehicle space, the VW ID.3, out for a spin.

See: Elon Musk says orders to stay home are ‘fascist’ in expletive-laced rant during Tesla earnings call

"You know, this is a mainstream car," Diess reminded Musk. "Not a race machine."

"Yeah, I just wanted to see what the acceleration is like," responded Musk. "What's the worst that could happen?" Musk asked, slamming his foot on the acceleration pedal.

 

Although unimpressed with its speed, Musk agreed that the steering was pretty good--"for a non-sporty car." A few questions followed, after which Musk pulled the car back into an airport hangar, taking a quick look at the car's exterior as he walked away.

Join NCFAs network and become a member today

On the surface, it was a chummy meeting between friendly rivals. A chance for one CEO to show off his company's newest product, and the other to check out the competition.

Or was it?

Let's consider briefly why this recent meeting between Musk and Diess is more than meets the eye--and teaches a brilliant lesson in emotional intelligence, the ability to make emotions work for you, instead of against you.

See: The Psychological Price of Entrepreneurship

Musk's praise for Volkswagen's new entry-level electric vehicle, while not exactly effusive, shouldn't come as surprising to those who follow him. In fact, you could argue that VW is falling right in line with Musk's own plan and stated goals.

"Our true competition is not the small trickle of non-Tesla electric cars being produced, but rather the enormous flood of gasoline cars pouring out of the world's factories every day," wrote Musk.

Fast-forward just six years, and the unthinkable has happened.

Tesla's share price has skyrocketed, with a market cap higher than Volkswagen's, Toyota's, and GM's combined. With a major shift in society's views on sustainable energy and electric vehicles, legacy automakers are scrambling to push their own EV platforms forward.

 

 

 

 


NCFA Jan 2018 resize - Elon Musk Had a Private Meeting With Volkswagen's CEO. It's a Brilliant Lesson in Emotional Intelligence 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

Latest news - Elon Musk Had a Private Meeting With Volkswagen's CEO. It's a Brilliant Lesson in Emotional IntelligenceFF Logo 400 v3 - Elon Musk Had a Private Meeting With Volkswagen's CEO. It's a Brilliant Lesson in Emotional Intelligencecommunity social impact - Elon Musk Had a Private Meeting With Volkswagen's CEO. It's a Brilliant Lesson in Emotional Intelligence

CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - Elon Musk Had a Private Meeting With Volkswagen's CEO. It's a Brilliant Lesson in Emotional Intelligence



NCFA COVID 19 letter to government to support Fintechs and SMEs - Elon Musk Had a Private Meeting With Volkswagen's CEO. It's a Brilliant Lesson in Emotional Intelligence

NCFA Newsletter subscribe600 - Elon Musk Had a Private Meeting With Volkswagen's CEO. It's a Brilliant Lesson in Emotional Intelligence