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The Importance of Having a Business Contract Lawyer in Your Network

Jun 9, 2024

Pexels Sora Shimazaki Lawyer working in his office - The Importance of Having a Business Contract Lawyer in Your Network

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In the complex world of business, having the right professionals in your network is crucial. One such indispensable professional is a business contract lawyer.

Whether you're a startup or a well-established enterprise, the expertise of a contract lawyer can be a game-changer for your business. Here's why:

Expertise in Drafting and Reviewing Contracts

A commercial contracts lawyer has the special knowledge needed to draft and review contracts accurately. Their expertise ensures that all the necessary details are covered, reducing the risk of future disputes.

With their help, businesses can be confident that their interests are protected, and all agreements are clear and fair. They carefully check every clause and term, making sure everything is legally sound and beneficial for the parties involved.

Risk Management

When it comes to managing risks in business, a contract lawyer is a valuable asset. They help identify potential issues before they become big problems. For instance, a contract lawyer can point out terms in a contract that might expose your business to unnecessary risks.

By addressing these risks early, they help keep your business safe and avoid costly mistakes. In essence, having a contract lawyer means you have someone who is always looking out for your best interests, ensuring that all your agreements are solid and secure.

Ensuring Compliance

Making sure your business follows all laws and regulations is crucial, and this is where a contract dispute lawyer can help. They are experts in understanding the rules that apply to your business and ensuring that your contracts meet these standards.

By doing so, they help you avoid legal troubles that can arise from non-compliance. Having a lawyer check your contracts regularly means you can focus on growing your business, knowing that you are following all the legal guidelines.

Their guidance ensures that your agreements are in line with current laws, preventing issues that could disrupt your business operations.

Negotiation Support

A contract lawyer helps when you need to make a deal. They talk to the other side for you. They make sure you get a good deal. This means they help you get what you want and also make sure the other side is happy. They know how to talk about the tricky parts of deals.

They can help you if the other side tries to make you agree to something that might hurt you later. Having a lawyer means you don't have to worry about the hard parts of making deals. They do the tough talking so you can focus on your business.

Protecting Intellectual Property

A contract lawyer plays a crucial role in protecting your business's intellectual property, which includes ideas, inventions, and brand names. They help you secure your rights to these valuable assets by creating strong contracts.

These contracts make sure that others cannot use your intellectual property without your permission. This protection is important because it keeps your unique ideas and products safe from being copied or stolen.

By having a lawyer handle this, you can rest assured that your business's creative work and innovations are well-guarded, allowing you to maintain a competitive edge in the market.

Handling Disputes

When disagreements happen in business, a contract lawyer can be very helpful. They step in to solve problems quickly and fairly. If you end up in a disagreement about a contract, your lawyer knows what to do. They work to fix the issue without going to court, which saves time and money.

However, if you must go to court, they will represent you and fight for your side. Having a contract lawyer means you have someone who understands how to manage disputes, ensuring that your business remains safe and strong.

Building Trust and Credibility

Working with a contract lawyer helps your business build trust and credibility. When your contracts are clear and fair, other businesses and partners see you as honest and reliable. A lawyer ensures that all agreements are easy to understand and fair to all sides. This makes people more willing to do business with you.

When your business consistently follows through on its promises, it builds a solid reputation. Over time, this trust helps your business grow and attract more opportunities. Having a contract lawyer shows that you take agreements seriously, which strengthens your business relationships.

Streamlining Business Operations

Streamlining business operations means making your business work more smoothly and efficiently. A contract lawyer helps in this process by simplifying agreements and making sure everything is clear and straightforward. When contracts are easy to understand, it saves time and reduces confusion.

This means that your business can run without unnecessary delays. By having well-organized and simple contracts, you spend less time dealing with mistakes and more time focusing on what's important-growing your business.

A contract lawyer's help ensures that all parts of your business work together seamlessly, making everything run better and more efficiently.

Cost Efficiency

Cost efficiency means saving money and using your resources wisely. A contract lawyer can help your business save money. They make sure contracts are clear and fair. This helps you avoid big problems that could cost a lot of money later.

When contracts are simple, it takes less time to understand them. This means your business can run smoothly and you can spend less on legal issues.

By handling everything properly, a lawyer helps you not waste money. They make sure every deal is good for your business, so you keep more of your hard-earned money.

Securing Funding

Securing funding is about getting money to help your business grow. A contract lawyer can make this easier. They help you get the best deals when you borrow money or find investors.

They make sure the terms are good for you and check that everything is legal. This way, you avoid problems later. With a lawyer's help, you can feel safe knowing your business has the money it needs to succeed without hidden troubles.

Learn All About Business Contract Lawyer

In conclusion, having a business contract lawyer is very important. They help with making and checking contracts, managing risks, making sure you follow laws, and handling disputes. They also protect your ideas and inventions, help with negotiations, and make your business trustworthy.

See:  Ryan Reynolds-Backed Canadian Fintech Nuvei Buyout Talks

By streamlining operations and saving costs, they make business easier for you. With their help, your business can grow confidently and smoothly.

Did you find this article helpful? Check out the rest of our blog.


NCFA Jan 2018 resize - The Importance of Having a Business Contract Lawyer in Your NetworkThe 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, artificial intelligence, 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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Robinhood Acquires Bitstamp Crypto Exchange for $200 M

Crypto M&A | Jun 7, 2024

Robinhood acquires bitstamp - Robinhood Acquires Bitstamp Crypto Exchange for $200 M

Image: press release

Robinhood Flies in the Face of the SEC and Acquires Bitstamp Crypto Exchange After Receiving Wells Notice

While under crypto-related regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC), Robinhood has announced the acquisition of the European cryptocurrency exchange Bitstamp for $200 million to boost Robinhood's crypto trading capabilities and expand its customer base in Europe.

See:  SEC Issues Wells Notice to Robinhood Over Crypto

Bitstamp Acquisition

  • Bitstamp, founded in 2011 and based in Luxembourg, is a top 20 centralized crypto exchange with a reputation for reliability and security.
  • Institutional clients trust Bitstamp for its extensive order books, dependable trade execution, high quality API access, institutional lending, staking, and the white label solutions with Bitstamp-as-a-service.
  • Has more than 50 active licenses and registrations worldwide and can push clients to Robinhood from the US, EU, UK, and Asia.
  • Daily trading volume of approx. $315 million serving more than 4 million customers in 100 countries according to Coinmarket cap

Robinhood's Crypto Expansion

  • In 2023, Robinhood reported $1.9 billion in total revenue, a 37% year-over-year gain. View full Q4 and 2023 financial results here.
  • 23 million active, funded users.

See:  U.S. House passes FIT21 with Bipartisan Support

  • Crypto trading volume rose by 30% in the first quarter of 2024
  • Through the acquisition of Bitstamp, Robinhood expands its user base, improves operational skills, and receives access to a reputable cryptocurrency platform. Significant synergies from this transaction are anticipated, strengthening Robinhood's position as a competitor in the cryptocurrency marketplaces.
  • Bitstamp's core spot market, which features over 85 traded assets and provides services like lending and staking, will enhance Robinhood's cryptocurrency offering.

Over the past few years, the company has steadily expanded its crypto services - here's a brief overview timeline:

See:  Canada’s Proposed Mutual Fund Crypto Regulations 2024

  • Mar 2024:  Launches crypto wallet for android users.
  • Dec 2023: Adds a cryptocurrency wallet function, giving customers more control over their digital assets.
  • Oct 2023:  Robinhood begins its European development plan with the goal of growing its market share outside of the United States.
  • Aug 2023:  Fined $30 million by New York's DFS.
  • Aug 2023: New coins are added to Robinhood's trading platform as part of an expansion of its cryptocurrency offerings.

Outlook

The company's ability to navigate regulatory challenges while pursuing ambitious acquisitions will be critical in maintaining its momentum and achieving long-term success in the highly competitive crypto industry.


NCFA Jan 2018 resize - Robinhood Acquires Bitstamp Crypto Exchange for $200 MThe 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, artificial intelligence, 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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Minimizing Disruptions: How Managed IT Services Reduce Business Downtime

Jun 7, 2024

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Key Takeaways:
  • Managed IT services provide proactive monitoring and maintenance to identify and address potential issues before they escalate, ensuring smooth operations and preventing unforeseen downtime.
  • With regular updates and patching, managed IT services keep software and systems secure and optimized, integrating seamlessly with other tools and maintaining peak performance.
  • 24/7 support from managed IT services ensures that any arising issues are resolved immediately, minimizing disruptions and maintaining business continuity strategy for global and round-the-clock businesses.

Have you ever had that sinking feeling when your computer screen freezes in the middle of an important task? Now, imagine that happening to your entire company network. Disruptions to your IT infrastructure can be a nightmare, halting operations and costing your business valuable time and money.

That said, this guide will equip you with a powerful weapon against system downtime: managed IT services. It will explore how these services not only minimize disruptions but also free up your valuable resources, allowing you to focus on what matters most – running your business.

Proactive Monitoring and Maintenance 

Reliable IT support service providers, such as managed IT services by Antisyn, continuously monitor systems for any signs of issues. By constantly monitoring your systems, they act as your silent IT observers.  These watchful experts can identify potential problems before they become major headaches. They can then address these issues proactively, preventing downtime and ensuring your operations run smoothly. No more scrambling to fix unexpected disruptions – managed services keep your technology humming along in the background.

Regular Updates and Patching 

Managed IT services act as your responsible tech crew, ensuring your software and systems are kept up-to-date. This goes beyond just security patches - it's about optimizing performance too.  Regular updates not only keep your data safe from vulnerabilities, but also ensure your systems run smoothly and seamlessly integrate with other tools.

24/7 Support 

Having round-the-clock support means that any issues that arise can be addressed immediately, no matter the time. This minimizes downtime and ensures that any disruptions are quickly resolved. With 24/7 support, organizations are assured that critical systems are always operational. This continuous availability is particularly crucial for businesses with global operations or those that offer services outside of traditional business hours, as it ensures seamless service delivery and customer satisfaction.

Disaster Recovery and Backup Solutions 

Managed IT services prioritize robust disaster recovery plans and backup solutions to mitigate the impact of system failures or data loss. These solutions enable swift recovery, minimizing disruptions to business operations. Comprehensive disaster recovery plans encompass regular data backups, redundancy measures, and detailed recovery protocols. By implementing these strategies, critical data can be promptly restored, even in the event of catastrophic incidents, allowing small businesses to resume operations with minimal downtime and safeguarding against significant losses.

Scalability and Flexibility 

Managed IT services can scale resources up or down based on the organization’s needs. This flexibility ensures that the IT infrastructure can handle varying loads without causing disruptions. During peak times, additional resources can be allocated to meet increased demand, while during slower periods, resources can be scaled back to reduce costs. This adaptability not only enhances performance but also allows businesses to respond swiftly to changing market conditions without the need for substantial capital investment in IT infrastructure.

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Expertise and Best Practices 

Managed IT services offer a solution, acting as a trusted advisor for your business. These experts understand your unique needs and take over the burden of IT maintenance, security, and troubleshooting. Their deep knowledge ensures your systems are configured optimally, minimizing disruptions and keeping your technology running like a well-oiled machine. Their expertise ensures your systems are configured optimally, minimizing disruptions and keeping your technology running smoothly.

Security Management 

Managed IT services protect the organization from cyberattacks and other security breaches that can cause significant disruptions by continuously monitoring for security threats and implementing robust security measures. Comprehensive security management includes the deployment of firewalls, intrusion detection systems, antivirus software, and regular security audits. These measures not only prevent unauthorized access but also ensure compliance with regulatory requirements, thus avoiding the operational and reputational damage that can result from security incidents.

Efficient Incident Management 

Managed IT service providers have streamlined processes for handling incidents. This efficiency ensures that any disruptions are managed effectively and resolved quickly, minimizing their impact on the organization. Incident management protocols include clear communication channels, predefined response plans, and continuous improvement practices. These protocols ensure that when issues arise, they are promptly addressed by the right personnel, reducing downtime and maintaining business continuity.

Vendor Management 

Managed IT services handle relationships with hardware and software vendors, ensuring that any issues with third-party products are resolved quickly and efficiently. This reduces the time and effort organizations need to spend on dealing with multiple vendors, ensuring faster resolution of issues. Effective vendor management also ensures that the organization receives the best possible service and pricing, and that all products and network services are fully integrated and compatible with existing systems.

User Training and Support 

Picture an office where technology is an ally, not a foe. Managed IT services make this a reality by equipping employees with the know-how to harness the power of their digital tools. Regular training sessions and accessible support empower users, reducing frustrating tech hiccups and misuse. They'll no longer be shackled by technological uncertainty, freeing them to unleash their full productivity and truly master the tools they use every day. This translates to a win-win situation: a more efficient workplace with a team that's confident in their ability to leverage technology effectively.

Conclusion 

Managed IT services offer a compelling strategy for businesses seeking to minimize disruptions and ensure smooth operations. Imagine a world where technological glitches are mere hiccups, not major disruptions. That's the reality when you embrace proactive maintenance, robust security, and swift recovery protocols.

See:  10 Innovative Product-Led Growth Strategies

By partnering with a team of IT experts, your business gains a trusted advisor. They'll navigate the ever-evolving technological landscape for you, taking the burden of maintenance, security, and troubleshooting off your shoulders. This frees you and your team to focus on core objectives without constant tech woes hindering your progress.


NCFA Jan 2018 resize - Minimizing Disruptions: How Managed IT Services Reduce Business DowntimeThe 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, artificial intelligence, 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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Central Banks Favour USD and Gold Amidst De-dollarization

De-dollarization | Jun 6, 2024

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Global central banks are currently supporting the US dollar and gold, going against the trend of de-dollarization

Surprisingly, central banks throughout the world are becoming less supportive of the Chinese yuan and more in favour of the US dollar and gold, as reported by Reuters. The current de-dollarization narrative and the BRICS countries' attempts to reduce their reliance on the dollar are at odds with the news. This preference is due to a variety of factors, including geopolitical risks, concerns about market transparency, and a long-standing belief in the stability of the US dollar.

See:  Credit Suisse: Statecraft and De-dollarization

Nikhil Sanghani, OMFIF Economic and Monetary Policy Institute Managing Director:

"This is the first year we've seen any meaningful share of reserve managers looking to downscale their renminbi holdings.  Lots (of managers) flagged market transparency and geopolitics as some hurdles, and, at least in the near term, quite a few mentioned that it's simply a returns point - policy rates are low in China and you can earn higher yields in U.S. or European government bonds now."

The Dominance of the US Dollar in International Trade

In spite of continuous efforts to de-dollarize, the US dollar continues to be essential to international trade and banking. Because of the stability of the market and better rates, central banks are keeping adding dollars to their holdings. Reserve managers find the 4.5% yields on U.S. Treasuries to be more appealing than the 2.3% yield on Chinese bonds. The safety and liquidity of US government bonds also contribute to the dollar's continued supremacy.

See:  Investors Launch Argo Digital Gold to Tokenize Gold

There are major obstacles in the way of China's attempts to internationalize the yuan. Central banks are are concerned about geopolitical risks and declining yields on Chinese bonds. To further compound the reluctance are China's problems with market openness and unpredictable regulations. The road to making the yuan a worldwide reserve currency is still difficult, even with programs like the Belt and Road, which seek to increase yuan usage.

The Future of Gold and Cryptocurrencies in Central Bank Reserves

For central banks, gold is still an essential asset since it offers protection against inflation and exchange rate fluctuations. China's strong purchasing of gold is indicative of a larger trend in central banks' reserves to diversify away from fiat currencies. With the current state of the economy and rising geopolitical concerns, the value of gold as a reliable store of wealth has increased significantly with the price of gold increasing 14.48%  so far in 2024.

Cryptocurrencies, on the other hand, are drawing interest as viable alternative assets. A few central banks have recently started looking at the potential of include crypto holdings in their reserves. Recent regulations ('Prudential treatment of cryptoasset exposures') set by the Basel Committee on Banking Supervision, permit centrals banks to retain up to 2% of their reserves in crypto starting from Jan 1, 2025.

See:  Canada’s Proposed Mutual Fund Crypto Regulations 2024

This change in regulatory action is indicative of a growing institutional interest and appreciation for the innovative potential of stablecoins, decentralized financing (DeFi), and cryptocurrencies broadly. In contrast to gold, crypto is still viewed as more of a speculative asset due to its extreme volatility and regulatory concerns.

Conclusion

The global financial system is changing as central banks investigate the potential of crypto while favouring the US dollar and gold over the yuan. These trends will influence the future of central bank reserve management especially in the current geopolitical and economic climate of 2024.


NCFA Jan 2018 resize - Central Banks Favour USD and Gold Amidst De-dollarizationThe 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, artificial intelligence, 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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Paxos International Launches Yield-Bearing USDL Stablecoin

Stablecoins | Jun 6, 2024

Freepik stablecoins - Paxos International Launches Yield-Bearing USDL Stablecoin

Image: Freepik

Paxos International Introduces Lift Dollar (USDL) Regulated in the Abu Dabi Global Market (ADGM)

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has regulated Paxos International, an affiliate of Paxos, as an entity who has announced the launch of Lift Dollar (USDL), a regulated yield-bearing stablecoin, that offers daily interest directly into users' wallets while being closely supervised by regulators.

Highlights

  • Short-term, highly rated, liquid US government securities and cash equivalent reserve assets will offer returns for holders of USDL. Every day, the yield is sent to holders' wallets programmatically using an Ethereum smart contract.

See:  PayPal Introduces Confidential Stablecoin Transfers

  • USDL operates under a strict regulatory framework of the FSRA ensuring Paxos International
  • USDL is backed 1:1 by US dollar deposits just like other stablecoins issued by Paxos. This ensures stability and promotes growth through daily dividends.

Charles Cascarilla, Member of the Board of Directors of Paxos International:

"USDL is a first-of-its-kind—a regulated product, earning and paying safe yield on a daily basis. Until now, only centralized issuers have benefitted from the economics of stablecoin reserves. Paxos International has reimagined this dynamic so that all token holders can safely use and grow their regulated USD stablecoin holdings."

Stablecoins Continue to Innovate

Other Examples of Yield-Bearing Stablecoins

With a market capitalization of $162.3 billion currently, stablecoins have been growing and diversifying significantly. By 2024, there will be a number of yield-bearing stablecoins available worldwide, and new players are entering the market on a regular basis. A few noteworthy instances that provide yields using different financial methods are as follows:

  • Midas (stUSD): This stablecoin interacts with decentralized finance (DeFi) platforms like as Uniswap, MakerDAO, and Aave, and is backed by US Treasury securities. By using Circle Internet Financial's USDC and asset management BlackRock as on-ramps, it seeks to generate yields.
  • The Archax Yield Service provides stablecoin holders with yield-generating products like regulated Money Market Funds (MMFs). This enables owners of stablecoins to transform their assets into yield-bearing, regulated, tokenized holdings.

Market Trends

  • The market is still led by USDC and USDT thanks to the US dollar's worldwide clout and the current higher interest rate environment.
  • The demand for low-volatility assets and the integration of cryptocurrencies with established financial systems are stoking interest in stablecoins linked to regional fiat currencies.
  • With frameworks like MiCA (Markets in Crypto-Assets) offering clarification and FIT21 presently before the U.S. Senate, regulation is becoming more clear. In order to give the stablecoin market more transparency and clearer norms, regulatory frameworks are changing. Because of the FSRA's strict regulatory control, USDL and related products are kept up to date with dependability and confidence.

See:  Moody’s Analytics on Stablecoin Depegging

  • Innovations like USDL, which offer yield directly to holders, are setting new standards in the stablecoin market​ by offering income-generating opportunities, making them attractive to a broader range of investors.
  • Overcollateralization and diversification of collateral are emerging as key strategies to ensure resilience and stability of stablecoin ecosystems and help mitigate risks associated with single-point failures in collateral assets​.

Overview of Abu Dhabi Global Market (ADGM)

Situated in Abu Dhabi, United Arab Emirates, on Al Maryah Island, ADGM is an international financial hub. ADGM was founded in 2013 with the objective of strengthening Abu Dhabi's standing as a worldwide centre for finance and business.

  • Operates on its own legal framework founded on English common law, guaranteeing strict rules and guidelines for conducting business. The main regulatory organization in ADGM is the FSRA.
  • Provides a broad range of financial services, with a focus on fintech advances, including capital markets, asset management, banking, and insurance.
  • Has launched a number of programs, such as the Regulatory Laboratory (RegLab), a sandbox program to aid in the creation of cutting-edge financial services and products.

See:  Challenges in Global Crypto Regulations – Lessons from Dubai

  • Attracts international capital and encourages economic diversification, both of which are important contributions to the UAE's Vision 2030.
  • By offering a controlled environment for digital asset trading and custody services, it has taken the initiative to promote the ecosystem of digital assets.

ADGM provides a business-friendly environment:

  • 100% ownership by foreigners
  • No limitations on the repatriation of capital
  • Tax breaks for a predetermined amount of time
  • A thorough legal and regulatory framework that guarantees the efficiency and transparency of corporate operations

Outlook

With the introduction of USDL by Paxos International, stablecoins have entered a new era that promises stability and yield in a regulated setting, which is well positioned to propel and transform the digital asset landscape.


NCFA Jan 2018 resize - Paxos International Launches Yield-Bearing USDL StablecoinThe 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, artificial intelligence, 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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Why Small Businesses Should Embrace Remote IT Support

Jun 6, 2024

Business man on laptop - Why Small Businesses Should Embrace Remote IT Support

As small businesses rely more and more on technology for their day-to-day operations, the need for reliable IT support has become crystal clear. Remote IT support offers a valuable solution, aligning perfectly with the needs of modern small enterprises. This approach cuts costs and connects businesses with top-tier IT expertise and advanced technologies, all without the need for an extensive in-house IT department. Its relevance in today's fast-paced business environment is undeniable, providing a strategic advantage to those ready to adopt it.

This article explores why remote IT support is becoming an essential part of the business landscape, offering small businesses the tools they need to manage their technology effectively and stay competitive in a digital marketplace.

Enhanced Security

Cybersecurity is a critical pillar for small businesses, as these entities are frequently targeted by cyber threats due to perceived vulnerabilities in their defenses. Remote IT support plays a vital role in fortifying these businesses against such risks. By partnering with remote IT professionals, small businesses gain access to comprehensive security measures that include regular software updates and rigorous threat monitoring. For more detailed insights on implementing robust IT security measures, go to www.pcs-ms.com.

Remote IT teams use advanced tools and protocols to ensure that all data handled by the business is secure from unauthorized access and breaches. The implementation of robust security practices such as multi-factor authentication, end-to-end encryption, and regular vulnerability assessments are standard with these services. This high level of security allows small businesses to concentrate on their core operations without constantly worrying about cyber threats.

Proactive Monitoring and Management

Proactive monitoring and management are essential components of remote IT support, offering significant benefits to small businesses. This service includes 24/7 monitoring of a company's IT infrastructure, which ensures that potential issues are identified and addressed before they can escalate into serious problems. Regular maintenance and updates are performed to keep systems running efficiently and securely. According to Attentus's tech team, implementing proactive network monitoring and management can significantly reduce such problems, enhancing operational efficiency.

There are many benefits to having a dedicated team always keeping an eye on the IT environment. Firstly, it minimizes downtime, as the early detection of irregularities or malfunctions allows for swift resolution. This consistent oversight helps maintain optimal performance of IT systems, which in turn supports smooth business operations. Additionally, it takes a load off small business owners, who might not have the skills or resources to handle complex IT systems themselves.

Access to Expertise and Cutting-Edge Tech

Building an in-house IT department with a wide range of specialties can be challenging for small businesses that are often characterized by limited resources. This is completely altered by remote IT support providers. They provide a deep bench of skills including cyber security specialists, cloud computing professionals, network infrastructure experts and software application developers. However, when complex problems come up you don’t have to rely on just one IT person; instead you have access to the knowledge and experience of many practitioners in the same field.

Moreover, remote IT support teams are continually training and updating their skills to stay ahead of the curve. This means your business benefits from the latest IT technologies and best practices, without the burden of investing in ongoing education for in-house staff.

For example, your remote IT provider might introduce you to cloud-based solutions that streamline operations, bolster cybersecurity measures that protect sensitive data, or implement automation tools that boost productivity. This access to cutting-edge solutions can give your small business a competitive advantage that was once reserved for larger enterprises.

Smiling small business owner on the phone - Why Small Businesses Should Embrace Remote IT Support

Scalability and Flexibility

As your small business evolves, your IT needs will inevitably shift. Remote IT support offers the agility to adapt seamlessly to these changes. Need more comprehensive security after expanding into e-commerce? No problem. Your remote provider can easily enhance your defenses. Experiencing rapid growth and need additional help desk support? They've got you covered.

For instance, a startup might begin with a basic package that includes network monitoring and software troubleshooting. As they grow and expand their online presence, they might upgrade to a plan that offers website maintenance and enhanced security measures. A brick-and-mortar retailer, on the other hand, might require a focus on point-of-sale system support and on-site troubleshooting visits.

This flexibility ensures that you're never paying for services you don't need, and you can easily adjust your level of support as your business landscape changes. This adaptability can be a significant advantage for small businesses, allowing them to allocate resources efficiently and maximize their return on investment.

Cost-Effectiveness

When it comes to IT support, cost is often a major concern for small businesses. Remote IT support offers a compelling financial advantage over traditional in-house solutions. Let's break down the key cost differences:

  • Personnel: Hiring and maintaining an in-house IT team involves salaries, benefits, training, and potential turnover costs. Remote IT support eliminates these expenses, replacing them with predictable monthly or annual fees.
  • Infrastructure: In-house IT requires physical office space, dedicated hardware, and software licenses. Remote IT support providers handle these aspects themselves, significantly reducing your overhead costs.
  • Emergency Situations: Unexpected IT issues can lead to costly downtime. Remote IT support often offers faster response times than in-house teams, potentially saving you thousands in lost productivity and revenue.

Let's look at a practical example. A small business might pay a remote IT provider a monthly fee that covers comprehensive support, including regular maintenance, troubleshooting, and emergency response. This fee would likely be significantly lower than the combined cost of salaries, benefits, and infrastructure for a full-time IT employee.

Wrapping Up

Remote IT support isn't just a trend; it's a strategic tool that empowers you to level the playing field, compete with larger enterprises, and focus on what you do best: growing your business. So, if you're ready to harness the power of technology without the burden of managing it yourself, it's time to explore the world of remote IT support. Your business—and your peace of mind—will thank you.


NCFA Jan 2018 resize - Why Small Businesses Should Embrace Remote IT SupportThe 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, artificial intelligence, 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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ESMA Releases Statement on AI in Retail Investment Services

Regulation | Jun 5, 2024

ESMA AI and retail investment services statement - ESMA Releases Statement on AI in Retail Investment Services

Image: AI and Retail Investment Services, ESMA Statement

AI in Retail Investment Services Guidance Released by the European Securities and Market Authority (ESMA)

The European Securities and Markets Authority (ESMA) has published a public statement on the use of Artificial Intelligence (AI) in retail investment services. The document offers important advice for investment organizations hoping to balance the risks and rewards of artificial intelligence, especially those that provide retail investment services in the European Union (EU). Chief Operating Officers (COOs), Chief Compliance Officers (CCOs), and other senior management in charge of implementing and overseeing how AI technologies are used in their companies.

Important to note that the EU's AI Act was given final approval on May 21, 2024, (effective 2026), by establishing a comprehensive legal framework that regulates the application of AI across a variety of industries, including financial services, and possibly setting a new global standard for AI regulation.

See:  EU: MiCA, DORA, Open Finance Framework, and Digital Euro

While ESMA's guidelines are primarily concerned with MiFID II compliance and the use of AI in retail investing services and to support participants in understanding the legal requirements and industry best practices for incorporating AI into their operations while maintaining ESMA standards compliance and protecting the interests of their clients.

5 Select Takeaways from ESMAs Statement

1.  Protecting Client Interests

Behave in the best interest of clients. Businesses need to make sure that the use of AI tools in investment decision-making is transparent. This means being transparent with clients about how AI is used in decision-making procedures, and making sure the information is delivered clearly without misrepresentation.

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  • Do you tell your clients up front about how AI affects their investment decisions?
  • Do your clients receive accurate, impartial, and non-misleading information from our AI tools?

2. Improving Governance and Oversight

Management must take responsibility and ownership of the application of AI technologies within their firms. So establishing a strong governance framework to monitor AI's performance and how it aligns with the company's risk tolerance, strategy, and overarching compliance structures is key.

  • What governance does your company have in place today to keep track and evaluate the use of AI applications?
  • How well does your management even understand the AI technologies we are using?

3.  Effective Risk Management

This includes understanding the quality and types of data being used to train AI systems, regular testing, and monitoring of AI models to mitigate potential risks and biases. Special focus on the performance and integrity of AI applications and use.

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  • Is your data quality sufficient and reliable for your AI requirements?
  • Do your regularly test and monitor our AI models for risks and biases?

4.  Staff Training and Competence

Firms must adequately train all staff using AI technologies on operational aspects, potential risks, ethical considerations, and regulatory implications. Training and upskilling must be continuous to adapt to the quickly changing regulatory landscape.

  • Does your staff and leadership adequately trained on the use of AI technologies?
  • Is there a continuous learning program to keep up with evolving AI technologies and regulations?

5.  Keep Detailed Records

To ensure compliance with MiFID II requirements and provide a clear audit trail for regulatory review, companies are expected to keep extensive records documenting the use of AI technologies, including decision-making processes, data sources, algorithms, and any modifications over time.

Read:  AI’s Impact on Competition: Bureau Calls for Insights

  • Does your firm maintain comprehensive records of its AI applications, decision-making, and use?
  • Does your company meet the MiFID II requirements regarding AI record-keeping practices?

Conclusion

Stay up to date with this AI in retail investment services statement from ESMA.  Innovate while maintaining investor confidence by establishing a strong risk management culture and meeting regulatory requirements.


NCFA Jan 2018 resize - ESMA Releases Statement on AI in Retail Investment ServicesThe 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, artificial intelligence, 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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