Category Archives: Stories

We’re the first neo-bank to break-even, says Starling Bank

AltFi | Daniel Lanyon | Nov 20, 2020

starling bank - We’re the first neo-bank to break-even, says Starling BankA boom in business banking has helped boost Starling Bank’s coffers.

Strong momentum in new customer accounts and increasing revenues have prompted digital bank Starling to break even, according to a trading update for the three months to 31 October.

Starling Bank, which was launched by Anne Boden five years ago, is the first ‘neo-bank’ to reach this milestone, the company said.

In October Starling hit 1.42 million retail accounts compared to 827k, an increase of 71.7 per cent. Over the same period business accounts were the standout growth area with an increase of 245 per cent, from 74,000 to 256,000. Business accounts saw a 500 per cent increase in total deposits with the average amount held by SMEs also going up.

Starling now has total customer deposits of c.£4bn.

This has all helped Starling generate a positive operating profit of £0.8m for the month of October 2020, which represents £10.1m on an annualised basis.

See: 

Neobanks Can’t Fight the COVID-19 “Flight to Quality”

Investment Crowdfunding Advocates Join to Launch New Fintech Startup GUARDD in Move to Boost Secondary Markets for Exempt Securities

In total Starling generated total operating income of £9m for the month of October 2020. This, it adds, translates to an annualised revenue run rate of c.£108m. This figure is split £5.5m of net interest income and £3.5m of gross fees and commissions income.

The figure represents a 400 per cent increase in revenue compared to 12 months ago and a c.30 per cent increase from Starling’s last trading update three months ago.

“Interest income continues to be supported by strong growth in lending volumes, particularly the extension of government-backed lending schemes,” Starling said.

Continue to the full article --> here

 


NCFA Jan 2018 resize - We’re the first neo-bank to break-even, says Starling Bank The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - We’re the first neo-bank to break-even, says Starling BankFF Logo 400 v3 - We’re the first neo-bank to break-even, says Starling Bankcommunity social impact - We’re the first neo-bank to break-even, says Starling Bank

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



FFCON20 Pitching and Demo Winners - We’re the first neo-bank to break-even, says Starling Bank



NCFA COVID 19 letter to government to support Fintechs and SMEs - We’re the first neo-bank to break-even, says Starling Bank

NCFA Newsletter subscribe600 - We’re the first neo-bank to break-even, says Starling Bank

 

China’s Draft Anti-Monopoly Guidelines on Platform Economy

Paul | Weiss | Nov 18, 2020

Antitrust - China’s Draft Anti-Monopoly Guidelines on Platform EconomyChina’s competition regulator, the State Administration for Market Regulation (“SAMR”), issued a consultation draft of the Anti-Monopoly Guidelines on the Sector of Platform Economies (the “Draft Guidelines”) on November 10, 2020. This marks China’s first major step in formulating a comprehensive regime to regulate competition among platform businesses operated on the Internet (the “Platform Economy”) and signals SAMR’s changed regulatory priorities with a focus on anti-competitive behavior in the Platform Economy.

The Draft Guidelines attempt to address perceived shortcomings in applying traditional antitrust analysis to the Platform Economy. SAMR has drawn upon the experience of regulators and academics in this emerging area and attempted to consolidate the lessons learnt in various jurisdictions. The Draft Guidelines set out in detail the considerations that may be taken into account and the defenses that may be available, providing some guidance to platform businesses on how to achieve compliance.

See: 

China Stops Jack Ma’s $35 Billion Ant IPO From Going Ahead

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

While the Draft Guidelines are brief in length, only 23 provisions in total, they are wide‑ranging in their scope. Rather than an exhaustive review of the Draft Guidelines, this note examines selected provisions. If implemented in the current form, many more mergers and acquisitions may be subject to China’s merger control clearance and antitrust investigation and enforcement may become a much more realistic and serious prospect for Internet-based businesses participating in the China market.

The Draft Guidelines represent a comprehensive guide to how SAMR intends to regulate anti-competitive behavior in the Platform Economy and signal SAMR’s determination to make regulation of anti-competitive behavior in the Platform Economy a priority. If implemented in their current form, the Draft Guidelines may significantly increase the number of mergers and acquisitions in the Platform Economy that are subject to merger control review and increase the likelihood of findings of antitrust violations and enforcement, resulting in increased regulatory risks and costs for participants in the Platform Economy in China. This may have far-reaching effects, not only on the operators in the Platform Economy in China and their transaction counterparties, but also indirectly on private equity and venture capital investors who have been active in investing in this sector.

SAMR invites public comment on the Draft Guidelines before November 30, 2020.

Continue to the full article --> here

 


NCFA Jan 2018 resize - China’s Draft Anti-Monopoly Guidelines on Platform Economy The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - China’s Draft Anti-Monopoly Guidelines on Platform EconomyFF Logo 400 v3 - China’s Draft Anti-Monopoly Guidelines on Platform Economycommunity social impact - China’s Draft Anti-Monopoly Guidelines on Platform Economy

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



FFCON20 Pitching and Demo Winners - China’s Draft Anti-Monopoly Guidelines on Platform Economy



NCFA COVID 19 letter to government to support Fintechs and SMEs - China’s Draft Anti-Monopoly Guidelines on Platform Economy

NCFA Newsletter subscribe600 - China’s Draft Anti-Monopoly Guidelines on Platform Economy

 

China Says It Remains Open to the World, but Wants to Dictate Terms

The New York Times | Steven Lee Myers and | Nov 24, 2020

xi jingping global politics - China Says It Remains Open to the World, but Wants to Dictate Terms

China’s leader, Xi Jinping, is pursuing a strategy to make the country’s economy more self-sufficient, while making other places more dependent on it than ever.

After Australia dared last spring to call for an investigation into the origins of the coronavirus, China began quietly blocking one import after another from Australia — coal, wine, barley and cotton — in violation of free-trade norms. Then this month, with no clear explanation, China left $3 million worth of Australian rock lobsters dying in Shanghai customs.

Australia nonetheless joined 14 Asian nations and just signed a new regional free-trade deal brokered by China. The agreement covers nearly a third of the world’s population and output, reinforcing China’s position as the dominant economic and diplomatic power in Asia.

See:  What to expect from Biden-Harris on tech policy, platform regulation, and China

It’s globalization with Communist characteristics: The Chinese government promotes the country’s openness to the world, even as it adopts increasingly aggressive and at times punitive policies that force countries to play by its rules.

With the United States and others wary of its growing dominance in areas like technology, China wants to become less dependent on the world for its own needs, while making the world as dependent as possible on China.

“China wants what other great powers do.  It wants to follow international rules and norms when it is in its interest, and disregard rules and norms when the circumstances suit it.” said Yun Jiang, a researcher and editor of the China Story at the Australian National University.

China’s strategy is born out of strength. The coronavirus has practically disappeared within its borders. The country’s economy is growing strongly. And China’s manufacturing sector has become the world’s largest by a wide margin, leaving other nations heavily dependent on it for everything from medical gear to advanced electronics.

Beijing is also pushing back against President Trump and his administration, taking advantage of the political disarray that has followed his electoral defeat. Beijing’s confidence on the global stage now compounds the challenge China will pose for the incoming administration of Joseph R. Biden Jr.

See:  The new urgency of global tech governance

In a flurry of speeches over the last week, Xi Jinping, China’s ambitious, authoritarian leader, laid out his vision for this new world order, while making clear his terms for global engagement.

“Openness is a prerequisite for national progress, and closure will inevitably lead to backwardness,” Mr. Xi said in remarks that seemed to take a swipe at Mr. Trump’s America-first agenda.

“While making the Chinese economy more resilient and competitive, it also aims to build a new system of open economy with higher standards,” he said. “This will create more opportunities for the world to benefit from China’s high-quality development.”

Mr. Xi’s own economic and political policies this year have been the mirror opposite. China’s plan, Mr. Xi has said, is to lessen dependence on imports, insulating the country from rising external risks, including the threat of a long, pandemic-induced global economic downturn and the severing of Chinese access to American high-tech know-how.

“The world as it exists today cannot be reduced to the rivalry of superpowers” Laurent Bili, the French ambassador to China, said at a conference organized last week by the Center for China and Globalization, a Beijing research group.

“The United States is still in electoral chaos, while China is forming the world’s largest trade agreement,” the Ministry of Commerce in Beijing wrote on its official website recently.

Continue to the full article --> here

 


NCFA Jan 2018 resize - China Says It Remains Open to the World, but Wants to Dictate Terms The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - China Says It Remains Open to the World, but Wants to Dictate TermsFF Logo 400 v3 - China Says It Remains Open to the World, but Wants to Dictate Termscommunity social impact - China Says It Remains Open to the World, but Wants to Dictate Terms

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



FFCON20 Pitching and Demo Winners - China Says It Remains Open to the World, but Wants to Dictate Terms



NCFA COVID 19 letter to government to support Fintechs and SMEs - China Says It Remains Open to the World, but Wants to Dictate Terms

NCFA Newsletter subscribe600 - China Says It Remains Open to the World, but Wants to Dictate Terms

 

Payments Startup Stripe in Talks for Funding at $70 Billion Valuation or More

Bloomberg | Katie Roof and Scott Deveau | Nov 24, 2020

stripe founders John and patrick - Payments Startup Stripe in Talks for Funding at $70 Billion Valuation or MorePrivate financial technology business Stripe Inc. is in talks to raise a new funding round valuing it higher than its last private valuation of $36 billion, according to people familiar with the matter.

The valuation being discussed could be more than $70 billion or significantly higher, at as much as $100 billion, said one of the people, who asked not be identified because the matter is private. That would make it currently the most valuable venture-backed startup in the U.S., according to CB Insights.

Stripe’s software, which competes with Square Inc. and Paypal Holdings Inc., is used by businesses to accept payments. According to its website, Stripe’s customers include Amazon.com Inc., Salesforce.com Inc., Lyft Inc. and Instacart Inc.

See: 

Lightspeed and Stripe Partner to Launch New Payments Feature

Stripe, the world’s most valuable private fintech company, is getting into lending

NCFA Sign up for our newsletter - Payments Startup Stripe in Talks for Funding at $70 Billion Valuation or More

The company has benefited during the pandemic with more shoppers turning to e-commerce. It’s gone on offense during the downturn this year, starting a card-issuing service for U.S. clients and agreeing to acquire a Nigerian startup to expand in Africa.

Brother Founders

Irish brothers John and Patrick Collison founded Stripe in 2010. The duo sold their first company for $5 million when they were teenagers and are now worth about $4.3 billion each, according to the Bloomberg Billionaires Index.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Payments Startup Stripe in Talks for Funding at $70 Billion Valuation or More The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Payments Startup Stripe in Talks for Funding at $70 Billion Valuation or MoreFF Logo 400 v3 - Payments Startup Stripe in Talks for Funding at $70 Billion Valuation or Morecommunity social impact - Payments Startup Stripe in Talks for Funding at $70 Billion Valuation or More

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



FFCON20 Pitching and Demo Winners - Payments Startup Stripe in Talks for Funding at $70 Billion Valuation or More



NCFA COVID 19 letter to government to support Fintechs and SMEs - Payments Startup Stripe in Talks for Funding at $70 Billion Valuation or More

NCFA Newsletter subscribe600 - Payments Startup Stripe in Talks for Funding at $70 Billion Valuation or More

 

Hedge funds, not hipsters, may be powering bitcoin’s second big rally

Financial News  | Will Hadfield and Emily Nicolle | Nov 20, 2020

cryptocurrencies in 2020 - Hedge funds, not hipsters, may be powering bitcoin’s second big rallyThere is now 'a greater urgency by institutional investors to not miss out — to invest some of their assets in bitcoin, because this time looks different'

It may be hedge funds, rather than retail investors, that are driving this autumn’s rally in the price of bitcoin.

And this time round, the institutional investors are buying exchange-traded products as well as the underlying cryptocurrency. A bitcoin ETP managed by Swiss issuer 21Shares is receiving creations — the equivalent of inflows — of as much as $3 million a day. In November last year, it took all month to attract the same amount of new money.

See:  Canada’s first public Bitcoin fund hits $100M mark

Investors in bitcoin ETPs are overwhelmingly institutions, rather than individuals.

“This is purely us targeting institutional investors,” Laurent Kssis, managing director at 21Shares, told Financial News. “Our business is focused solely on institutional investors’ mandate to add crypto to their portfolio strategies and we have not really touched the retail market yet.”

Many institutional investors sat on the sidelines when bitcoin experienced its first dramatic rally in 2017 — the cryptocurrency surged to $19,783 before collapsing to as little as $3,248 in late 2018. Money managers lacked a mandate to invest in cryptocurrencies and nervous compliance departments blocked requests to trade on unregulated cryptocurrency exchanges.

This year’s rally is different. A group of companies have listed bitcoin-tracking ETPs, investment vehicles that mimic exchange-traded funds. ETPs are regulated, unlike bitcoin, so hedge funds with a mandate to get exposure to cryptocurrencies can invest in the products, which are listed on stock exchanges.

The situation is similar in the US, where analysts say family offices and institutional investors have been ploughing into investment vehicles for bitcoin in recent months.

See:  Bitcoin price hits record high for 2020 after PayPal finally adds cryptocurrency

Nikolaos Panigirtzoglou, a cross-asset research analyst at JPMorgan, said there is now “a greater urgency by institutional investors to not miss out — to invest some of their assets in bitcoin, because this time looks different”.

“The big difference to 2017 is that there is now greater conviction that bitcoin is a genuine asset class, that bitcoin will never go to zero,” he said. This has been prompted by a perception of bitcoin as a credible alternative asset to gold, backed by corporate sponsorship from the likes of PayPal, MicroStrategy and Square.

“What is happening this year is that gold’s monopoly as an alternative asset is now being questioned,” he said. Instead over the past month, inflows into US-listed vehicles such as the Grayscale Bitcoin Trust show that “the institutional demand is so strong that even if some hedge funds or other funds that play bitcoin as a momentum trade get out, it’s not enough to stop the [price] ascent”.

See:  CEX.IO’s Executive Director Predicts the Future of Crypto Exchanges

The Grayscale Bitcoin Trust’s share price value on Wall Street at the start of October was $10.87, according to Nasdaq. As of 20 November, it has almost doubled to $19.94 — and is still climbing.

Bitcoin has become an attractive asset class for US funds that are known for investing in technology stocks, he added, saying that the bank has heard anecdotally that they’re all “familiar faces”.

Continue to the full article --> here

 

 


NCFA Jan 2018 resize - Hedge funds, not hipsters, may be powering bitcoin’s second big rally The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Hedge funds, not hipsters, may be powering bitcoin’s second big rallyFF Logo 400 v3 - Hedge funds, not hipsters, may be powering bitcoin’s second big rallycommunity social impact - Hedge funds, not hipsters, may be powering bitcoin’s second big rally

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



FFCON20 Pitching and Demo Winners - Hedge funds, not hipsters, may be powering bitcoin’s second big rally



NCFA COVID 19 letter to government to support Fintechs and SMEs - Hedge funds, not hipsters, may be powering bitcoin’s second big rally

NCFA Newsletter subscribe600 - Hedge funds, not hipsters, may be powering bitcoin’s second big rally

 

Matt Warman’s speech on digital identity at Identity Week 2020

UK Government | Department of Digital, Culture, Media and Sport | Nov 16, 2020

Matt Warman - Matt Warman's speech on digital identity at Identity Week 2020Opening remarks from the Minister for Digital Infrastructure, detailing the government's plans for digital identity in the UK

Good morning. It’s a great pleasure to be invited to speak at Identity Week 2020.

I truly believe that digital identity is one of the most exciting opportunities for growth and security in the UK economy, and I am excited to share my vision with you today.

Digital identity products are a vital building block for the economy of the future. They will enable smoother, cheaper, and more secure online transactions; they will simplify people’s lives, and boost business.

Digital identity solutions can also ensure that people have greater control of their identity data, and provide greater security and privacy standards.

See:  FFCON Week 5 Wrap-up: Digital Identity & Convergence Marketplaces

It has the capacity to allow more people to open a bank account, to allow more people to start a new job faster, and to improve the safety and security of travel both within and beyond the UK — whether for business or pleasure.

Covid-19 has increased the demand for online services: 63% of people are learning a new skill online; 20% are buying groceries online; 20% are managing their money online; and 19% are now accessing health services online.

It is essential that all those in society who want to access services online are able to do so. Use of digital identity is key to unlocking this.

We want to enable the formation of a successful digital identity ecosystem in the UK so these benefits and those increased demands and expectations brought on by the pandemic can be fully realised.

The government is committed to enabling a digital identity system fit for the UK’s growing digital economy — without the need for identity cards — by working in partnership across government, the private sector, academia and civil society.

See:  Tech CEOs call on political parties for policy action to drive digital economy

I want to ensure that UK values will be at the heart of this thinking to ensure that digital identity works for all who wish to use it, and that will be interoperable with as many markets and sectors as possible.

Last year we undertook a call for evidence so we could better understand the potential of digital identity to unlock the digital economy, improve user experience and access to services.

Respondents felt strongly that the government has an essential role to play in enabling secure digital identity solutions for the wider economy, and that the setting of standards is integral to this.

When we published our response to the call for evidence, we also published a set of principles that would underpin our approach to developing policy, namely: privacy; transparency; inclusivity; interoperability, proportionality; and good governance.

Security and consent underpin our approach. I don’t use these words lightly.

While we have been working with our international stakeholders to understand their approach to the development of digital identity policy, these principles have been developed deliberately and specifically to ensure that British values — your values — are the foundation upon which our digital world is built in the UK.

See:  NCFA and KABN Systems North America enter multi-year exclusive partnership to promote Digital Identity in Canada

Policy on something as personal as the way in which we identify ourselves online can only be developed in this way.

By ensuring that the principles set out in our call for evidence response are at the heart of the UK’s digital identity ecosystem, those who choose to make use of a digital identity in the future will have confidence that there are measures in place to protect them.

Consumers will be assured that data confidentiality and privacy are at the centre of their digital identity and will be able to understand who, why, and when their data is being used for digital identity verification.

Over the past few months we have been working closely with experts throughout the private sector, academia and civil society to fully understand the ways we can balance these key principles, mitigate the effect of associated risks, and ensure that digital identities will truly work for those who wish to use them.

I know from my own engagement with these experts that we need agreed standards, ways of working, and a way to check they are being adhered to.

We will do this by establishing a trust framework of standards, rules, assurance and governance for the use of digital identity, in one place, that different organisations using or consuming digital identity can follow.

Such a framework would also enable people to reuse their digital identity to access a range of products and services.

See:  A new denim collection gives jeans a digital identity

This trust framework will help organisations check identities and share attributes in a trusted and consistent way enabling interoperability, maintaining high levels of privacy, and increasing public confidence.

Because the foundation of this market will be based on trust, how we establish the framework is as important as what it says.

I have held a number of meetings with experts across the digital identity ecosystem — from supportive providers to hopeful private sector organisations to sceptical lobbyists. We are engaging openly with players across the ecosystem to hear your ideas — and your concerns — and incorporate them into our approach.

The development of this trust framework must be a collaborative, informed process to ensure that what we develop represents the very best of British innovation and British values.

We must also ensure that we work to enable an open, competitive market. The standards, regulations, and legislation that we are seeking to implement will not restrict innovation but, instead, will enable the implementation of safe and secure solutions that work for business and society alike.

This unique approach — building on lessons of those who have gone before us and developing an approach that works for the UK — will be critical in making us the world’s leading digital economy.

We are keen to engage with our international partners too, who are developing their own rules and regulations to establish a framework that allows us all to work together.

We are exploring the ways in which we can make direct links to other markets and nations to establish and build international recognition and interoperability.

I am excited to announce that we will be publishing the digital identity Trust Framework as an alpha in the new year.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Matt Warman's speech on digital identity at Identity Week 2020 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Matt Warman's speech on digital identity at Identity Week 2020FF Logo 400 v3 - Matt Warman's speech on digital identity at Identity Week 2020community social impact - Matt Warman's speech on digital identity at Identity Week 2020

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



FFCON20 Pitching and Demo Winners - Matt Warman's speech on digital identity at Identity Week 2020



NCFA COVID 19 letter to government to support Fintechs and SMEs - Matt Warman's speech on digital identity at Identity Week 2020

NCFA Newsletter subscribe600 - Matt Warman's speech on digital identity at Identity Week 2020

 

Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital

ASC | Denise Weeres | Nov 20, 2020

female investor - Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital

Calgary – The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) are seeking input on a proposed new prospectus exemption designed to provide greater access to capital for Alberta and Saskatchewan businesses and broaden investment opportunities for Alberta and Saskatchewan investors.

“As our provinces are dealing with the economic impact of the pandemic, we are looking for new ways to better facilitate access to capital, while still protecting investors,” said Roger Sobotkiewicz, Chair and CEO of the FCAA. “Efforts are being taken to adapt our existing industries and diversify our economies. By innovating as regulators we can help support the growth of the innovation economy,” added Stan Magidson, Chair and CEO of the ASC.”

 

The proposed new self-certified investor prospectus exemption would allow investment by investors who certify to having certain financial and investing experience and education, and acknowledge certain investment considerations and risks. To reduce the risks to investors, investments would be limited in a 12-month period to $10,000 in any one business and $30,000 across multiple businesses.

See: 

ASC Updates Raising Capital for Small Businesses Resource: Fostering Alberta’s New Economy

ASC adopts Start-up Crowdfunding Blanket Order

Sep 22, 2019: NCFA Response to ASC Consultation Paper 11-701: Energizing Alberta’s Capital Market

 

Details of the proposal are set out in CSA Multilateral Notice 45-327 Proposed Prospectus Exemption for Self-Certified Investors available on the websites of the ASC and the FCAA. The comment period for the proposed new prospectus exemption is open until December 23, 2020.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

View release:  here

Comments are to be submitted by Dec 23, 2020

View the Self-Certified Investor prospectus exemption --> here

 


NCFA Jan 2018 resize - Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capitalFF Logo 400 v3 - Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capitalcommunity social impact - Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital

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



FFCON20 Pitching and Demo Winners - Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital



NCFA COVID 19 letter to government to support Fintechs and SMEs - Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital

NCFA Newsletter subscribe600 - Alberta and Saskatchewan securities regulators seek comment on proposed new exemption designed to facilitate access to capital