Quick Take
Sweeping recommendations to reform Ontario’s securities laws are facing a barrage of criticism from certain corners of Bay Street.
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Fintech Opinions
Why (and How) I Plan to Die With an Empty Bank Account
BNN Boomberg | Opinion - | Oct 3, 2020
(Bloomberg Opinion) -- If 2020 has taught us anything it’s that life is uncertain. Through this lens, I’ve started to abandon some conservative personal finance principles. This summer, for example, I went against the adage of “staying the course” with retirement and stuck my hand in my IRA to shed some stocks. I also bought a house in what can be considered a risky environment. To date, I have no regrets.
In my latest move away from what many financial experts preach, I’ve forgone the aspiration of leaving a financial legacy. The concept of bequeathing an inheritance just seems to make less sense today. Instead, I want to experience my legacy by spending most, if not all, of my money on meaningful experiences and investing in the people and causes I believe in — all before I leave Earth.
See: More Businesses Should Follow the Jeff Bezos ‘Country Club’ Rule
This financial philosophy has grown increasingly popular with the ultra-wealthy. Laurene Powell Jobs, who inherited over $20 billion from her late husband, Apple co-founder Steve Jobs, vows to give away all her assets during her living years, contributing to social and economic causes that need financial support. Before that, Sting, Bill Gates and Warren Buffett all pledged to not leave their children much, if any, inheritance.
“With each year that passes … our ability to convert dollars into positive life experiences declines over time,” Perkins tells me. The “optimal utility of money,” as he calls it, is using money to have the maximum greatest experiences you can in your living years. It’s important because experiences are what actually drive fulfillment and happiness. “I’m more about saving your life than saving your money,” he says.
Of course, the challenge with this approach is to not die with less than zero, leaving debt behind for someone else. The philosophy doesn’t give my husband and me permission to overspend. Instead, it forces us to practice restraint and deliberation as we choose how to allocate our money while we’re alive.
See: Three Big Things: The Most Important Forces Shaping the World
Nail down “enough.” Yes, we still need to save for retirement, but primarily with only our personal needs (and the needs of any remaining dependents) in mind. Instead of accumulating for its own sake, we’re determined to have a specific monetary goal.
In his book, Perkins, who first made his fortune in finance, calls this your personal “survival number.” It’s the amount you need to support yourself with regards to health, shelter and food when you no longer have much income.
Survival Number, Optimize Spending
Your survival number is more bare-bones than the standard retirement savings recommendation of needing between eight and ten times your salary or living off of 80% of your pre-retirement income. Maybe that figure can be closer to 40% or 50%, especially if you downsize earlier or live in a more affordable place.
Optimize spending. After determining what’s “enough,” Perkins advises mapping out the expenses and experiences that are critical to your fulfillment and the impact you want to have on the world. For us, that’s putting money toward supporting our kids’ education and well-being, traveling and giving back.
Before aiming to die with zero, I wanted my family to be able to spend an entire month each summer living in a foreign country. Now, this dream looks all the more worthwhile as the type of enriching experience I value. And, depending on what happens with travel post-Covid, it can be more achievable, since I won’t be putting it off just to have a bit more saved for retirement.
See: The Bitcoin Family: Still on the Road—After Three Years!
The idea of leaving non-profits money in our will also feels a bit detrimental to the causes we want to support. Why not give sooner if we can? To that end, I’ve automated some of my giving plans similar to how we contribute for retirement.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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A blog post by Coinbase’s CEO has raised a fury. Will it affect a potential IPO?
The Block | Frank Chaparro | Sep 29, 2020
Quick Take
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Coinbase’s CEO Brian Armstrong blog post sent shockwaves throughout the tech community
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Here’s how it could impact its upcoming IPO
Coinbase chief executive Brian Armstrong's doctrine on corporate activism may have ruffled feathers but it likely won't impede the firm's public market debut, according to several professionals in the initial public offering market.
In a blog post released Sunday, Armstrong explained his view that activism and politics should be kept out of the halls of the San Francisco-based exchange operator. Armstrong expressed his desire for Coinbase to be "laser focused" on its mission to build an open financial system while focusing "minimally" on "broader societal issues" and political causes.
See: Visa Grants Coinbase Power To Issue Bitcoin Debit Cards
Armstrong's message was met with a cacophony of both support and opposition from the crypto world and beyond. Some praised the former Airbnb executive for attempting to cultivate an ideologically inclusive environment. Others argued that the tone of the piece was cold and out of touch.
The reactions of two former employees illustrate the dichotomy. Dan Romero, an early employee and former lead of the exchange's institutional business, said it was "inspiring" to see the firm "resolutely" pursue its mission. Meanwhile, Reuben Bramanathan, a former product manager, said that a narrow company focus shouldn't preclude Coinbase from "acknowledging the injustice and inequality that affects many current and future Coinbase users."
In any event, several former employees and executives in the digital asset market questioned whether the controversial blog post would have an impact on the company's upcoming public offering.
"I think it depends a lot on whether it keeps blowing up or the dust settles and people move on," said Casper Johansen, founder of crypto advisory firm The Spartan Group. He added: "I don’t think it’s something a potential institutional investor would go out of their way to point out or not take the roadshow meeting."
See: ESG Risk Comes Into Focus Companies focus on their ESG risks to build profitability for the long term.
Still, it could mean Coinbase might miss out on at least one big opportunity as a public company: the market for so-called Environmental, Social, and Governance (ESG) investments. This month ESG-tied funds, which are comprised of companies that take sustainability and social activism into account as well as profits, hit more than $250 billion as the Covid-19 pandemic continues to grip markets.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Ontario’s Capital Markets Modernization Task force report draws criticism
Investment Executive | James Langton | Sep 21, 2020
Sweeping recommendations to reform Ontario’s securities laws are facing a barrage of criticism from certain corners of Bay Street.
The Ontario Capital Markets Modernization Taskforce, which began its review of the province’s securities laws in February, published its draft recommendations in July. The task force aims to deliver its final recommendations to the government by the end of the year, despite conducting most of its consultations amid a global pandemic.
The task force’s work has been remarkable for both its speed and its ambition, but critics say the group’s recommendations are ill-conceived, threaten investor protection and could undermine the province’s efforts for more vibrant capital markets.
The task force’s July report proposes a series of reforms largely designed to stoke growth in the capital markets. In addition to the Ontario Securities Commission’s (OSC) traditional priorities of investor protection and ensuring fair and efficient markets, the task force proposes expanding the regulator’s mandate to include an obligation to foster capital formation and competition.
The task force also recommends overhauling Ontario’s existing regulatory structure, easing a variety of constraints on raising capital, remodelling proxy voting and corporate governance, and revisiting enforcement and investor restitution mechanisms.
See:
CSA Provide Comments on the Ontario Capital Markets Modernization Taskforce Consultation Report
NCFA Response to the Modernizing Ontario’s Capital Markets Consultation Taskforce
Ontario capital markets task force proposes big changes
Many proposals set off alarm bells and, given the speed of the consultation process and the number of bold ideas in the report, perhaps that isn’t surprising.
First of all, revising the OSC’s marching orders to include a mandate to foster market growth is sparking concern. The submission from the OSC’s independent Investor Advisory Panel (IAP) warns that expanding the OSC’s mandate could undermine the regulator’s raison d’être, leaving the OSC “in the awkward and unenviable position of being seen as a cheerleader for Ontario’s capital markets when the OSC should more appropriately be positioned as a fair and objective regulator of those markets.”
Even if the government’s top priority is driving market growth, strong investor protection is a prerequisite for attracting capital, the Canadian Coalition for Good Governance (CCGG) cautions in its submission to the task force:
“Reforms that risk eroding investor protection or increasing regulatory burden for investors, risk losing the patient global capital that fuels capital formation over the long term.”
The CCGG, which represents institutional investors that collectively manage $4.5 trillion in assets, states in its submission that a number of the task force’s recommendations — including measures to regulate proxy advisory firms, to give issuers more information on shareholders and to involve the OSC in the handling of shareholder proposals — are “antithetical” to the OSC’s investor protection mandate.
Various submissions propose that several of the task force’s recommendations threaten to diminish investor protection.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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FINTECH FRIDAYS Podcast: Season 3
JOIN US ON A STORYTELLING JOURNEY: SEASON 3
Welcome to Season 3 of NCFA Canada's Fintech Fridays podcast, your trusted source for the latest trends and innovations in the fintech and funding community. This season, we continue our exploration of the fintech landscape, delving deeper into the world of digital identity, blockchain, and non-fungible tokens (NFTs).
EP54: How Digital Identity will Transform Human Potential
EP54: How Digital Identity will Transform Human Potential
Featured Guest: DAVID LUCATCH, Co-Founder, Director and President, Liquid Avatar Technologies Inc. (LinkedIn)
About Liquid Avatar Technologies Inc.
Liquid Avatar Technologies Inc. focuses on the verification, management and monetization of Self Sovereign Identity, empowering users to control and benefit from the use of their online identity.
The Liquid Avatar Mobile App, available in the Apple App Store and Google Play is a verified Self Sovereign Identity platform that empowers users to create high quality digital icons representing their online personas. These icons allow users to manage and control their digital identity and Verifiable Access and Identity Credentials, and to use Liquid Avatars to share public and permission based private data when they want and with whom they want.
The Company has a suite of early stage revenue generating programs that support the Liquid Avatar Mobile App program, including KABN KASH, a cash back and reward program that has over 500 leading online merchants and coming soon, an integrated offering engine. In Canada, the Company also has the KABN Visa Card, a "challenger financial" platform that allows users to manage and control a range of financial services for traditional and digital currencies. The Company is currently exploring expansion of the KABN Visa Card program to other geographic regions, including the USA. The Company's subsidiary, Oasis Digital Studios, is a creative and development agency that supports a wide range of artists, talent, and enterprises with Non-Fungible Token (NFT) solutions.
Liquid Avatar Technologies Inc. is publicly listed on the Canadian Securities Exchange (CSE) under the symbol "LQID" (CSE:LQID).
The Company also trades in the United States under the symbol "LQAVF" and in Frankfurt under the symbol "4T51".
If you have not already joined our mailing list and would like to receive updates on Liquid Avatar Technologies Inc., please click hereto join!
For more information, please visit www.liquidavatartechnologies.com
About this Episode:
On this episode, show host Anna Niemira sits down with guest David Lucatch of Liquid Avatar Technologies Inc. They discuss the ins and outs of digital identity and it's transformative potential for both consumers and businesses.Enjoy!
EP41: 40% pandemic growth, taking risks and innovating Insurtech in Canada
GUEST: DANISH YUSUF, Founder and CEO, Zensurance (Linkedin)
About this Episode: Danish Yusuf of Zensurance joins Craig Asano for the kickoff episode of Season 3 of Fintech Fridays. They discuss Danish's entrepreneurial journey, the story behind the creation of Zensurance and dive into what it's like adding 40% new staff during the pandemic to sustain growth, and innovating B2B insurance products for small businesses in Canada.
Enjoy! (Full TRANSCRIPT)
EP42: Insights into the Teen Banking Sector and Improving the Financial Well-being of Families
GUEST: RIM CHARKANI, Co-Founder and CEO, WALO (Linkedin)
About this Episode: Rim Charkani, the Co-Founder & CEO of WALO connects with NCFA Founder, Craig Asano, to discuss why Teen Banking is a growing opportunity for banks, and why financial wellness education is more crucial than ever for both kids and families. Did you know women in Canada weren't allowed to open a bank account without a man's signature until 1965? They navigate the history, psychology, cultural differences, and the need to improve Canada's financial literacy gaps and personal finances in every day life.
Enjoy! (Full TRANSCRIPT)
EP43: Taking the Mortgage Process From 40 Days to Minutes
GUEST: CHRIS GRIMES, Co-Founder and CEO, FundMore.ai (Linkedin)
About this episode: Chris Grimes, co-founder, and CEO of Fundmore chats with Tristram Waye about the mortgage market, inefficiencies, and entrepreneurship. Vetting mortgages by lending companies is a complex process involving several parties and considerable time. Whether a first-time buyer or doing a refinancing, this process can last up to 40 days. The conversation explores the mortgage process, its deficiencies, and how technology is being used to enhance this financial transaction.
Enjoy! (Full TRANSCRIPT)
EP44: The Vanguard of Digital Innovation and Ecosystems in Canada
GUESTS:
RICHARD REMILLARD, President, RCG Group (LinkedIn)
ROBIN FORD, Principal, Robin Ford Consulting (LinkedIn)
DAVID LUCATCH, Co-Founder and CEO, KABN Systems North America (LinkedIn)
LYNN JOHANNSON, Owner, E2 Management Corporation (LinkedIn)
About this episode: Join us for a special Episode 44 where Craig Asano sits down with a panel of NCFA Advisors and members who discuss the vanguard of digital finance and it's ability to fund, develop and scale digital innovations in green finance, digital identity and other emerging ecosystem opportunities in Canada. Are success stories like Wealthsimple and Shopify repeatable? Covid has afforded us all the time to take stock on the past and present while considering a relaunch of the future. Will Canada get it right?
Enjoy! (Full TRANSCRIPT)
EP45: Mission-driven and Consumer-centric Financial Services
Guest: KEITH TAYLOR, Executive Director, DUCA Impact Lab (LinkedIn)
About this episode: Keith Taylor, Executive Director of the DUCA Impact Lab chats with Anna Niemira about consumer-centric and fair banking (social finance). They discuss how a group of underbanked Canadian newcomers back in 1954 focused on solving a real problem in financial services. Fast forward 65 years later, DUCA’s mission has never been stronger. From innovative escalator-loans to digging deeper into retail financial literacy gaps, and their commitment to improving the financial well-being of its customers. As a registered B-corporation, learn how DUCA is innovating and living up to their motto of not only being ‘the best in the world but the best FOR the world’.
Enjoy! (Full TRANSCRIPT)
EP46: Making Business Borderless: International Payments and Partnerships
Guest: ALASTAIR THOMPSON, Global Head of Business Development & Partnerships, TransferWise (LinkedIn)
About this Episode:
Alistair Thompson, Global Head of Business Development and Partnerships at TransferWise joins host Manseeb Khan to talk about their mission to make sending money as easy and free as sending an email. They discuss how TransferWise began 9 years ago, and how transparent pricing, putting customers first and partnering with banks and non-banks globally has grown into a $5 billion monthly business and international fintech success.
Enjoy! (Full TRANSCRIPT)
EP47: How to Change the World: Risk Culture and Work-life Balance
About this Episode:
Michelle Beyo, Founder and CEO of Finavator joins Fintech Fridays host Manseeb Khan who talk about taking risks, celebrating success and finding work-life balance. They talk about innovation during crisis and the need for Canada to adopt Open Banking and how companies that aren’t creating 50/50 diverse teams are leaving money on the table. Join us for an action packed episode that will have you participating in a sprint triathlon next year.
Enjoy! (Full TRANSCRIPT)
EP48: How to Connect and Resonate with Customers Through Podcasting
Guest: FATIMA ZAIDI, CEO and Co-Founder, Quill Inc. (LinkedIn)
About this Episode:
Fatima Zaidi, CEO and Co-Founder of Quill Inc joins Fintech Fridays host Manseeb Khan to understand why podcasts have grown 200% in the last 6 months, and how influencers and corporate brands are building authentic customer relationships and motivating prospects with them. They talk about inspiring stories of Ben and Jerry’s ice cream, building trust, advice for female (under-represented) founders, and how to connect with affluent, educated millennial professionals. If you’re new to the power of podcasts, tune-in to learn why they are quickly becoming an integral part of a company’s marketing mix, today.
Enjoy! (Full TRANSCRIPT)
EP49: Managing Private Placements Has Never Been Easier
KARAN KHIANI, VP Solution Engineering, Katipult (LinkedIn)
About this Episode:
Join Brock Murray (Co-founder and Head of Global Business Development) and Karan Khiani (VP Solution Engineering) of Katipult, an award winning private placement software as a service company. They navigate the origins of their company, the challenges of product/market fit, the impact of COVID19, emerging retail investor trends and going public early. The best part is....their journey is just beginning. Welcome to EP49 of Fintech Fridays. Enjoy! (Full TRANSCRIPT)
EP50: Compliance to the Moon
Guest: MARK BINNS, Chief Executive Officer, BIGG Digital Assets Inc. (LinkedIn);
About this Episode:
On this milestone episode, our host Manseeb Khan sits down with Mark Binns CEO of BIGG Digital Assets. They cover the rally behind bitcoin, big tech investing in crypto, and giving your kids crypto instead of fiat for allowance money. Enjoy! (Full TRANSCRIPT)
EP51: Bacon and Eggs
About this Episode:
On this episode of Fintech Fridays, Craig Asano, CEO of NCFA connects with Julien Brault the CEO of Hardbacon, an emerging high growth financial fitness and tracking app in Canada. They talk about the story behind Hardbacon, raising capital via equity crowdfunding and IPO routes, digital platforms as lead generation, and helping Canadians improve their wealth by making better financial decisions. Enjoy! (Full TRANSCRIPT)
EP52: Technology Due Diligence Process and Cyber Security Risks
Guests:
1. FARSHAD ABASI, Founder and CSO, Forward Security Inc. (LinkedIn)
2. DANIEL LEE, Managing Director, Technology & Innovation, Mid-market Investment Banking, CIBC (LinkedIn)
3. MICHAEL CASTRO, Founder and Risk Executive, RiskAware Group (LinkedIn)
About this Episode:
On this episode of the Fintech Fridays Podcast our Host, Manseeb Khan is joined by Daniel Lee Managing Director, Technology & Innovation, Mid-market at CIBC, Farshad Abasi the Founder and CSO of Forward Security Inc., and Michael Castro the CEO of RiskAware Group. They chat about why you should make sure your company is secure from Day 1 and how you go from secure to sale. Enjoy! (Full TRANSCRIPT)
EP53: Staying True to Bitcoin
Guest: CHRIS NAPRAWA, President, TAAL Distributed Information Technologies Inc.(LinkedIn)
About this Episode:
On this episode, our host Manseeb Khan sits down with Chris Naprawa the President of TAAL. They chat about what is Bitcoin SV, how crypto can save global warming, and how to stay true to Bitcoin. Enjoy! (FULL TRANSCRIPT)
SEASON 1 EPISODES:
EP1-Jul 20: Global Crypto Payments and the Future of Digital Assets (CoinPayments)
EP2-Jul 27: Canada's Role in the Global Fintech Ecosystem (Fintech Growth Syndicate)
EP3-Aug 3: Doubling Down on Female Founders (Roar Ventures)
EP4-Aug 10: Importance of a Smart Contract Safety Net (Sagewise)
EP5-Aug 17: First Coin's M&A Story - Wall street meets Crypto (Galaxy Digital Canada)
EP6-Aug 24: Asian Crypto Markets meet Canadian talent (Fintech Association of Hong Kong)
EP7-Aug 31: Structuring an ICO and the Mind of a Fintech-preneur (Pegasus Fintech)
EP8-Sep 7: Institutionalization of Crypto, China’s Ban and the Potential of Blockchain Decentralization (NexChange)
EP9-Sep 14: New SmartPay Product & Front-line of Global Digital Payments (Curexe)
EP10-Sep21: A Regtech-based Blockchain KYC Solution for Document Custody (Commercial Passport)
EP11-Sep 28: How Amazon Bank is Dominating and Risks of a Digital Bifurcated World (Schulte Research)
EP12-Oct 5: Building Blockchain Products & Decentralizd Solutions for Enterprise and Start-ups (Northern Block)
EP13-Oct 12: Road to Fintech IPO: Capital Networks, Scalable Solutions, Putting People First (Progressa)
Ep14-Oct 19: The Convergence of Data Intelligence and Money Algorithms (Senso.ai)
Ep15-Oct 26: Gearing up Hyperion Exchange, Hybrid Models and Security Tokens (Hyperion Technologies)
EP16-Nov 2: Envisioning the Future of Open Banking for Consumers and Businesses (Lending Loop)
Ep17-Nov 9: How Artificial Intelligence is Optimizing Sales and the Future of Business AI (Fortuna.ai)
Ep18-Nov 16: Bridging the AML/ATF Gap with Financial Institutions and the New Economy (Coinsquare)
Ep19-Nov 23: Future of Business Tokenization and How Blockchain Challenges Concept of Money (TokenFunder)
SEASON 2 EPISODES:
Ep20-Jan 11: Bitcoin Backed Loans and 2x Credit - Putting Your Crypto to Work (Mauricio Di Bartolomeo)
Ep21-Jan 18: Meritocracy, Decentralized Innovation and the Power of Collaboration (Hussein Hallak)
Ep22-Jan 25: Reducing Regulatory Burden by 25% in Ontario (Amar Nijjar)
Ep23-Feb 1: Getting Smart About Crypto and Insurtech Snapchat Models (Justin Hartzman)
Ep24-Feb 8: Re-imagining Philanthropy (Daryl Hatton)
Ep25-Feb 15: Unlock the World (Kate Guimbellot and Jason Sosnowski)
Ep26-Feb 22: Investing in Private Canadian Companies (Peter-Paul Van Hoeken)
Ep27-Mar 1: Blockchain Gaming and esports (Shidan Gouran)
Ep28-Mar 8: Rethinking Brokers (Muhammad Rashid)
Ep29-Mar 22: The Future of Securities (Richard Carleton)
Ep30-Apr 12: The Future of Canadian Crypto (Andrei Poliakov)
Ep31-May 14: Blockchain Law (Jason Saltzman)
Ep32-May 24: Rallying behind Bitcoin (Frederick T. Pye)
Ep33-May 31: Indexing Consumer Loans and Financial Literacy (Phillip Postrehovsky)
Ep34-Jul 6: Accelerating Fintech Growth (Brendan Holt Dunn)
Ep35-Aug 9: Autonomous Alternative Lending (Vit Arnautov)
Ep36-Aug 22: Techfins (Michael King)
Ep37-Sep13: Funding is Female (Jill Earthy)
Ep38-Mar25: Why Identity Matters in an Evolving Online Environment (David Lucatch)
Ep39-Apr23: The Power of Digitization and How to Get Exponential (James Wallace)
Ep40-May22: Why Bitcoin Exists and Education for the Masses (Austin Hubbell)
SEASON 3 EPISODES:
EP41: 40% pandemic growth, taking risks and innovating Insurtech in Canada (Danish Yusuf, Zensurance)
EP42: Insights into the Teen Banking Sector and Improving the Financial Well-being of Families (Rim Charkani, WALO)
EP43: Taking the Mortgage Process From 40 Days to Minutes (Chris Gries, FundMore.ai)
EP44: The Vanguard of Digital Innovation and Ecosystems in Canada (Various NCFA Advisors)
EP45: Mission-driven and Consumer-centric Financial Services (Keith Taylor, DUCA Impact Lab)
EP46: Making Business Borderless: International Payments and Partnerships (Alastair Thompson, TransferWise)
EP47: How to Change the World: Risk Culture and Work-life Balance (Michelle Beyo, Finavator)
EP48: How to Connect and Resonate with Customers Through Podcasting (Fatima Zaidi, Quill Inc.)
EP49: Managing Private Placements Has Never Been Easier (Brock Murray and Karan Khiani, Katipult)
EP50: Compliance to the moon (Mark Binns, Digital Assets Inc.)
EP51: Bacon and Eggs (Julien Brault, Hard Bacon)
EP52: Technology Due Diligence Process and Cyber Security Risks (Forward Security, CIBC, RiskAware Group)
EP53: Staying True to Bitcoin (Chris Naprawa, TAAL)
EP54: How Digital Identity will Transform Human Potential (David Lucatch, Liquid Avatar Technologies)
SEASON 4 EPISODES:
EP55: Global hiring trends: How Gen Z Talent Thrives (Anne-Marie Fannon, Work-Learn Institute, University of Waterloo)
EP56: How We Raised $426 million Using Rewards Crowdfunding (Zach Smith, Funded Today)
EP57: 10 Years of Investment Crowdfunding: Past, Present, and Future Since the Act (Expert Advisors)
EP58: Using Risk Management to Improve Your Business and Life (Alex Sidorenko)
EP59: Master Entrepreneurship with YEDI! (Maria Konikov)
EP60: Revolutionizing Small Business Lending and Empowering Entrepreneurs (David Souaid)
EP61: Making Markets and Investing in Crypto with the Phoenix App (Kay Khemani)
EP62: The Future of Investment Crowdfunding: Innovations, Data, and Opportunities (Sherwood 'Woodie' Neiss)
EP63: From Angel Investor to Change-Maker: Investing with Impact (Marcia Dawood)
EP64: House Rich Cash Poor And The New Home Equity Playbook (Shael Weinreb)
EP65: Personal Guarantees: The Most Expensive Autograph an Entrepreneur Can Sign (Craig Arnatt)
Interested in getting involved in FINTECH FRIDAYS? info@ncfacanada.org
FINTECH FRIDAY$ is a weekly podcast brought to you by NCFA and partners, where we sit down with the incredible people in the Fintech and Funding community and talk about trends, product innovations, developments and challenges!
Fintech Fridays is an evolving and innovative educational platform focused on delivering authentic personalities, content and story telling on the journey of mainstream adoption of new financial technologies and their impact on the future of finance.
Subscribe and tune in each Friday to check out the latest movers and shakers. Want to get involved? Contact us about partnerships opportunities, hosting and more: info@ncfacanada.org
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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Gangster capitalism and the American theft of Chinese innovation
Techcrunch | Danny Crichton | Sep 20, 2020
It used to be “easy” to tell the American and Chinese economies apart. One was innovative, one made clones. One was a free market while the other demanded payments to a political party and its leadership, a corrupt wealth generating scam that by some estimates has netted top leaders billions of dollars. One kept the talent borders porous acting as a magnet for the world’s top brains while the other interviewed you in a backroom at the airport before imprisoning you on sedition charges (okay, that might have been both).
The comparison was always facile yes, but it was easy and at least directionally accurate if failing on the specifics.
Now though, the country that exported exploding batteries is pioneering quantum computing, while the country that pioneered the internet now builds planes that fall out of the sky (and good news, we’ve identified even more planes that might fall out of the sky at an airport near you!)
TikTok’s success is many things, but it is quite frankly just an embarrassment for the United States. There are thousands of entrepreneurs and hundreds of venture capitalists swarming Silicon Valley and the other American innovation hubs looking for the next great social app or building it themselves. But the power law of user growth and investor returns happens to reside in Haidian, Beijing. ByteDance through its local apps in China and overseas apps like TikTok is the consumer investor return of the past decade (there’s a reason why all the IPOs this seasons are enterprise SaaS).
It’s a win that you can’t chalk up just to industrial policy. Unlike in semiconductors or other capital-intensive industries where Beijing can offer billions in incentives to spur development, ByteDance builds apps. It distributes them on app stores across the world. It has exactly the same tools available to it that every entrepreneur with an Apple Developer account has access to. There is no Made in China 2025 plan to build and popularize a consumer app like TikTok (you literally can’t plan for consumer success like that). Instead, it’s a well-executed product that’s addictive to hundreds of millions of people.
So much as China protected its industry from overseas competitors like Google and Amazon through market-entry barriers, America is now protecting its entrenched incumbents from overseas competitors like TikTok. We’re demanding joint ventures and local cloud data sovereignty just as the Communist Party has demanded for years.
Hell, we’re apparently demanding a $5 billion tax payment from ByteDance, which the president says will fund patriotic education for youth. The president says a lot of things of course, but at least the $5 billion price point has been confirmed by Oracle in its press release over night (what the tax revenue will actually be used for is anyone’s guess). If you followed the recent Hong Kong protests for a long time, you will remember that patriotic youth education was some of the original tinder for those demonstrations back in 2012. What comes around, goes around, I guess.
How Technology Saved China’s Economy
AI Implementation: A Day in the Life in Shanghai (FFCON20 Video)
What to expect from Biden-Harris on tech policy, platform regulation, and China
The future of Asia: Asian flows and networks are defining the next phase of globalization
Development economists like to talk about “catch-up” strategies, tactics that countries can take to avoid the middle income trap and cut the gap between the West and the rest. But what we need now are developed economists to explain America’s “fall behind” strategy. Because we are falling behind, in pretty much everything.
As the TikTok process and the earlier Huawei imbroglio show, America is no longer on the leading edge of technology in many key strategic markets. Mainland Chinese companies are globally winning in areas as diverse as 5G and social networks, and without direct government intervention to kill that innovation, American and European tech purveyors would have lost those markets entirely (and even with those interventions, they may still lose them). In Taiwan, TSMC has come from behind Intel to take a year or two lead in the fabrication of the most advanced semiconductors.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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FFCON20 Week 7 Wrap-up: Artificial Intelligence in Fintech
NCFA Canada | Samuel He | August 2, 2020
Overview
Innovation in technology has been rising at an unprecedented pace in today’s day and age. There is no doubt that technological advancements with artificial intelligence will play a key role in all sectors, which includes financial services. This session features a keynote describing the roles that technology plays in an individual’s life, a panel on consumer-centric technologies and governance, and a panel discussing how AI is transforming the financial services sector.
Keynote: AI Implementation in China: A Day in the Life in Shanghai (info | video)
In this session, Rich Turrin walks us through a day in his life in Shanghai and the role that technology plays. One notable role is with payment. Rich says that people in Shanghai has pretty much gone cash-free and most use either WeChat Pay or AliPay, which functions by scanning a QR code and utilizing the built-in facial recognition system. Additionally, Rich uses technology for speech to text translation, which helps in rideshare apps like Didi which has a built-in messaging and translation system to aid communication. Technology is also utilized in the creation of a COVID-19 monitor, which uses AI to track and trace COVID-19 and predict who might have the virus. Rich wants to emphasize that one should not see artificial intelligence as a cold war and ask, “Who is winning the AI race?” but rather embrace that innovation in AI is ultimately a good thing that brings a lot more benefits.
“This is not a cold war” – Rich Turrin, on the AI arms race
Panel: Consumer-centric AI Technologies, Governance and Experiences (info | video)
In this panel, the speakers discuss the impact of innovation within AI and technology and the importance of consumer-centric governance. With large data available created by users, machine learning can be used to extract a lot of significant insights. Unfortunately, it is mostly big companies who have access to majority of the data, which is a problem because smaller companies don’t have this access to utilize. The panelists believe that in order for AI to be implemented on a large scale in financial services, their trust must be won by the consumers. An important aspect is that consumers should be able to reap the benefits of using the technology without having to give away data. In essence, one’s digital “self” is not controlled by the individual but rather controlled by big companies, which can be problematic. The panelists believe strongly in the future of blockchain and cryptocurrency, which promises sovereignty over digital interactions.
"One’s digital self is not actually controlled by the individual" - Alex Tapscott
Panel: How AI is Transforming How We Interact with Financial Institutions (info | video)
This session featured panelists who discussed the different ways in which AI has transformed how we interact with financial institutions. From the consumer perspective, RoboAdvisors has helped with the financial service experience and AI has increased efficiency done on background checks. Additionally, banks have their own apps, with automated bots used both for security measures as well as answering customers’ questions, all done with machine learning. The panelists believe a key challenge that AI/Fintech need to address before mass adoption is to promote open banking, creating policy where consumers own their data instead of third-party institutions. Essentially, a landscape has to be created which puts the customer at the forefront.
Conclusion
Artificial intelligence is a field that will certainly play a key role in our lives going forward. Instead of focusing on potential threats of AI as it relates to an arms race between countries, it is important to embrace the innovation and see all the benefits that AI has brought to our lives. The developments in AI has led to a lot of consumer-generated data, and it is important to put the consumer at the front and in control of the data. This helps bridge the gap between the user and the financial institution to positively usher in the new wave that is artificial intelligence.
Continue to watch the FFCON20 Session Recordings --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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FFCON20 Week 6 Wrap-Up: Currency Wars, Digital Assets, & The Rise of DeFi
NCFA Canada | Samuel He | August 2, 2020
Overview
The modern advancements in technology have led to new innovative methods in the banking and payment sectors. This has led to traditional methods being enhanced through digital assets. This session features panels discussing the futures of CBDCs and digital assets, the anatomy of digital securities, and the rising field of decentralized finance and its impact on the banking and payment sector.
Fireside Keynote: Enhancing Traditional Banking and Payments Through Digital Assets (info | video)
The session began with a fireside keynote with Tom Pageler and Lisa Hook on the topic of digital assets and how it has enhanced traditional banking and payments. Tom notes the current success of digital assets with innovative products such as AliPay in the currency market. Tom has a very positive view of the role of digital assets in that it’s allowed new enhanced infrastructure as well as transparency. With more and more industries going digital, he believes that if done properly, enhancing current methods with digital assets can lead to higher profit margins and efficiency. Notably, the public ledger with the digital platform would allow smoother transactions across jurisdictions. While Tom believes that the transition has been going extremely well with governments starting to show support, he also mentions potential risks as well. These can involve fraud related to tracking IDs and IP addresses that need to be taken in consideration.
Panel: The Future of CBDCs, Digital Assets and Trading (info | video)
This panel featured talks about the future of central bank digital currency (CBDC), its biggest advantages, and perspectives on how its adoption will play out. One of the biggest advantages that digital currency offers is its speed and efficiency, particularly between parties internationally. Currently, there frequently exists friction across countries, making transactions both timely and costly. The panel also believes the adoption of digital currency will be a good transition away from cash, which has many inefficiencies such as susceptibility to forgery and criminal activity. The panelists also noted that the transition must be gradual as not everyone is on the internet and simply getting rid of cash as a means of transaction will exclude a lot of people.
Austin Hubbell: “One of the biggest risks of CBDCs is technology risk”
TEDx: The Road to Crypto Approval & What It Means for Fintechs (info | video)
In this session, Blair Wiley shares his experience with getting his business WealthSimple to receive regulatory approval from every securities regulator to offer a crypto trading platform in Canada. He describes the journey to regulatory crypto approval and offers lessons he has learned along the way. Blair has strong belief that cryptocurrency is the future in financial services, but with various fraud cases involving digital assets in Canada, they don’t have the best reputation with regulators. However, Blair believes that it is important to look at things from the perspective of the regulators and understand that regulations want to ensure compliance and offer protection for consumers. The lesson he offers is to go for natural extension to current regulations and stick to their core tenets. Blair also recommends going to regulators with a fully built product rather than just an idea or concept as it gives the impression of better preparation done in the eyes of the regulators.
Blair Wiley: "speak the language of the regulators"
Panel: The Rise of Decentralized Finance (info | video)
The next panel discusses the concept of decentralized finance – frequently referenced as DeFi – and its significance. DeFi is defined as the ability to create financial services with blockchain technology. This would allow anyone to create applications that enable financial activity to take place without the involvement of a centralized institution. The panelists believe that some factors that contribute to the rise in DeFi is gamification and efficiency. With cryptocurrency, users can now earn interest, and the lending and borrowing infrastructure is also growing. The panelists believe that the future of DeFi will see more things scalable like sports betting as well as moving outside of trading digital assets. Their prediction that 80% of finances will be run on blockchain technology in next 5 years.
Workshop: Anatomy of Digital Securities by Exponential (info | video)
The final presentation was a workshop presented by James Wallace about the anatomy of digital assets and securities. James believes that digital securities help build a more efficient global economy and trading system. Some of the benefits that he emphasized are less barriers to entry, more accessibility, less friction across borders, and less compliance and regulations. Also mentioned was its security – There is very low risk with storage and ownership is recorded and verified on immutable ledger. James also showed many charts, one illustrating the substantial costs savings and value creation of digital assets. Digitizing will remove significant costs as well as generate new growing liquidity that should drive the asset value higher.
Conclusion
The future of banking and payments has a bright future with new innovations with digital assets. Digital transactions have benefits of greater efficiency, speed, and accessibility to a wider range of the population. Government support for digital assets helps tackle precautions that need to be taken to avoid fraud and other risks associated with digital transactions. With majority of finances likely to be run on digital assets, it is time to embrace these new innovative methods.
Continue to watch the FFCON20 Session Recordings --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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