Category Archives: Innovation and Resources

BCSC seeks insights through two new stakeholder forums

BC Securities Commission | Release | Jan 27, 2020

bcsc  - BCSC seeks insights through two new stakeholder forums Vancouver – The British Columbia Securities Commission (BCSC) is seeking input from interested stakeholders through two new advisory groups.

Last week, the BCSC held the first meeting of its Corporate Finance Stakeholder Forum, which will help ensure that the Commission’s regulation of issuers is efficient and effective. The BCSC also announced that it is seeking applications from the financial technology community to join the Fintech Advisory Forum.

“We work to keep the investment markets fair and honest, in a cost-effective manner,” said Brenda Leong, the Chair and CEO of the BCSC. “Smart regulation depends on good intelligence, and the best way to get that is by engaging with the people and businesses affected by our rules.”

The 25 volunteer members of the Corporate Finance Stakeholder Forum is advising Corporate Finance staff on policy initiatives, investment market trends and other emerging issues affecting reporting and non-reporting issuers, including investment funds. At its first meeting January 22, members discussed the proposal by the Canadian Securities Administrators (CSA) for a “notice equals delivery” system, as well as other proposals for reducing regulatory burden for public companies.

See:  NCFA Canada’s response to BCSC Notice 2018/1 ‘Consulting on the Securities Law Framework for Fintech Regulation’

Members of the Corporate Finance Stakeholder Forum, led by senior staff of the BCSC’s Corporate Finance Division, represent all areas of the B.C. securities market, including issuer executives, investors and investor advocates, underwriters, legal and accounting advisers, academics, and other securities market participants and stakeholders.

As the Corporate Finance Stakeholder Forum gets underway, the BCSC is also seeking applications from the financial technology community to join the Fintech Advisory Forum. The Fintech Advisory Forum’s members will advise BCSC staff about fintech trends and developments, including opportunities and risks, and provide input on fintech issues in the securities industry and securities law issues affecting fintech. They will serve two-year renewable terms as volunteers, meeting on an ad-hoc basis with additional consultations by phone or email.

The Fintech Advisory Forum will be led by the BCSC’s Fintech & Innovation Team (FIT), formerly known as the Tech Team. Established in 2017, the FIT has responded to hundreds of fintech-related inquiries and has facilitated the authorization of innovative business models, including security token dealers, crypto investment funds and client onboarding processes that use artificial intelligence. The FIT has also worked with other regulators in Canada and globally to adapt securities regulations to business models based on new technology.

About the British Columbia Securities Commission ( www.bcsc.bc.ca )  

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

  • A securities market that is fair and warrants public confidence
  • A dynamic and competitive securities industry that provides investment opportunities and access to capital

Media Contact:
Brian Kladko
604-899-6713

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca

Source:  here

 


NCFA Jan 2018 resize - BCSC seeks insights through two new stakeholder forums 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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Davos 2020: Financial inclusion and fintech is key to meeting the UN SDGs

Finextra | Jan 22, 2020

global global - BCSC seeks insights through two new stakeholder forumsWhile technology has yet again been a central topic of discussion at this year’s World Economic Forum in Davos, Switzerland, there has also been a determined focus on fintech and how financial inclusion is key to meeting the UN’s Sustainable Development Goals by 2030.

In conversation with Finextra, Haus of Fintech founder Misha Rao highlights that the recent formation of the Digital Financing Task Force by the UN Secretary General, as well as the need to ensure the financing of the SDGs - which has a $2.5 trillion annual financing gap -

"it is time to actively question how we catalyse the fintech ecosystem globally and build coalitions and strategic partnerships that come up with practical solutions and ensure prosperity is widely shared on a local and an international level."

See:  Task Force Analyzes Role of Fintech in Accelerating SDGs

Rao continues: "We know that digital finance initiatives could add $3.7 trillion to the GDP of emerging economies and organisations including the United Nations, the World Bank, and the World Economic Forum have invested in fintech, believing that it has the potential to create a better world.

"We believe that core areas like the need for resilient financial market infrastructures, enhanced distribution of foreign aid, eradicating poverty, economic and individual rights, and remittances are areas where fintech can contribute most meaningfully."

40 leading banks from across five continents and representing $16 trillion in assets, are collectively redefining the role played by banks in order to align the sector with the UN SDGs, which have set ambitious targets to deliver a sustainable future for all. As two thirds of worldwide finance is provided by banks, the global banking system will be instrumental in achieving these goals, Rao explains.

"Fintech companies are innovating through new value propositions, including flexible products and better ways to address the financial challenges faced by low-income customers. They are also building the groundwork—including easier digital identity verification, alternative lending platforms, data sharing, and new payment systems— that has resulted to a set of new financial services," she adds.

With Haus of Fintech, Rao's mission is "to bridge the gap between the worlds of fintech and organisations that are dedicated to making a difference in the lives of the most vulnerable and underserved communities. By harnessing the resources of the private sector, the reach of the public sector, the expertise of academia and the disruption and innovation of fintech, we are able to work together to bring financial services and products to those who need it most, which drive greater economic opportunity, access to new capital, the creation of new jobs and most importantly give them the opportunity to live a life of dignity and access to economic opportunity."

See: 

Dr. Jemilah Mahmood, under secretary general partnerships at the International Federation of Red Cross & Red Crescent Societies, a Haus of Fintech partner, tells Finextra that fintech “has helped evolve financial inclusion beyond the simplistic idea of having a bank account.

“It has placed financial services literally in the palms of those who were previously marginalised and underserved. But questions remain on the ethics of experimentation and shared value collaboration between humanitarian actors and private partners.”

In 2020, the fintech industry will need to engage an entire system of approaches and reduce the number of siloed innovations that are emerging. “Fintech will also drive the significance of having sovereign digital identities for undocumented populations,” – providing a legal identity for all was promised as part of Goal 16 of the UN SDGs.

Focusing on Dr. Mahmood’s point on “the ethics of experimentation”, while data is increasingly prevalent in the digital world of today, the threat of data breaches, identity theft and fake news is resulting in consumer distrust.

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NCFA Jan 2018 resize - BCSC seeks insights through two new stakeholder forums 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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Cash, Plastic or Hand? Amazon Envisions Paying With a Wave

WSJ | AnnaMaria Andriotis | Jan 19, 2020

biometric payments - BCSC seeks insights through two new stakeholder forumsTech giant plans terminals to let consumers link credit card information to their hands

Amazon wants to make your hand your credit card.

The tech giant is creating checkout terminals that could be placed in bricks-and-mortar stores and allow shoppers to link their card information to their hands, according to people familiar with the matter. They could then pay for purchases with their palms, without having to pull out a card or phone.

The company plans to pitch the terminals to coffee shops, fast-food restaurants and other merchants that do lots of repeat business with their customers, according to some of the people. Amazon declined to comment.

Amazon, like other tech companies, is trying to further integrate itself into consumers’ financial lives, leaving banks and card networks on edge. Apple Inc. introduced a credit card last year, and Google is rolling out checking accounts. If the Amazon terminals succeed, they could leapfrog mobile wallets such as Apple Pay while expanding Amazon’s already-extensive access to consumer data.

See:  Grab launches first cloud kitchen in Singapore amid GrabFood expansion

Amazon’s projects are closely watched both by tech and financial companies, which are increasingly colliding in payments. Amazon has been experimenting with payments at its Amazon Go stores, where customers can walk out without stopping to pay. It has also been building out Amazon Pay, a digital wallet that consumers can use to make payments at online merchants not owned by Amazon. Chief Executive Jeff Bezos has stressed the importance of financial services and payments to some senior executives, The Wall Street Journal previously reported.

The plans for terminals are in early stages. Amazon recently began working with Visa Inc. to test transactions on the terminals and is in discussions with Mastercard Inc., according to some of the people.

Amazon has discussed the project with card issuers. JPMorgan Chase & Co., Wells Fargo & Co. and Synchrony Financial have expressed interest in enabling consumers’ card accounts to work with these terminals, according to some of the people.

Card companies are trying to figure out whether tech giants such as Amazon intend to be collaborators or competitors, though some believe it is safer to participate in big tech’s payments ambitions than risk being left out. Amazon, for its part, wants the card companies’ expertise in safeguarding consumers’ card accounts.

Still, Amazon will have to allay the concerns of card issuers and networks, including how the terminals would detect fraud. The company will also have to win over customers wary of providing even more personal information and navigate a climate in which regulators are increasingly skeptical of big tech.

Amazon envisions that customers would first use the terminals to link their debit or credit card information to their hands, the people said. The company is weighing a few options for how to do so, one of the people said. For example, customers might insert cards into a terminal and then let the terminal scan their hands. From then on, they would only need to place a hand over the terminal to pay at a participating merchant.

See:  Big Tech takes aim at the low-profit retail-banking industry

Amazon recently filed a patent application for what it described as a “non-contact biometric identification system” that includes “a hand scanner that generates images of a user’s palm.”

Data that would pass through the terminals, including where consumers shopped and when, would be stored on Amazon’s cloud, according to some of the people. The company would like to integrate this data with consumers’ Amazon.com spending, those people said. That could give Amazon more leverage to charge higher prices to advertisers based on the idea they can better predict what customers are likely to buy.

The New York Post earlier reported that Amazon was testing a payments system that would let consumers use their hands to pay at Amazon’s Whole Foods chain.

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NCFA Jan 2018 resize - BCSC seeks insights through two new stakeholder forums 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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Davos 2020: How to Survive the 21st Century by Yuval Noah Harari

World Economic Forum | Yuval Harari | Jan 24, 2020

how to survive the 21st century - BCSC seeks insights through two new stakeholder forums

  • Humanity faces three existential threats this century, warned historian Yuval Harari at Davos 2020.
  • Technology risks dividing the world into wealthy elites and exploited "data colonies," he explained.
  • "If you like the World Cup - you are already a globalist," he said, making the case for better cooperation to tackle the challenges.

As we enter the third decade of the twenty-first Century, humanity faces so many issues and questions, that it is really hard to know what to focus on. So I would like to use the next twenty minutes to help us focus of all the different issues we face. Three problems pose existential challenges to our species.

These three existential challenges are nuclear war, ecological collapse and technological disruption. We should focus on them.

Now nuclear war and ecological collapse are already familiar threats, so let me spend some time explaining the less familiar threat posed by technological disruption.

In Davos we hear so much about the enormous promises of technology – and these promises are certainly real. But technology might also disrupt human society and the very meaning of human life in numerous ways, ranging from the creation of a global useless class to the rise of data colonialism and of digital dictatorships.

First, we might face upheavals on the social and economic level.

Automation will soon eliminate millions upon millions of jobs, and while new jobs will certainly be created, it is unclear whether people will be able to learn the necessary new skills fast enough. Suppose you are a fifty-years-old truck driver, and you just lost your job to a self-driving vehicle. Now there are new jobs in designing software or in teaching yoga to engineers – but how does a fifty-years-old truck driver reinvent himself or herself as a software engineer or as a yoga teacher? And people will have to do it not just once but again and again throughout their lives, because the automation revolution will not be a single watershed event following which the job market will settle down, into a new equilibrium. Rather, it will be a cascade of ever bigger disruptions, because AI is nowhere near its full potential.

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Old jobs will disappear, new jobs will emerge, but then the new jobs will rapidly change and vanish. Whereas in the past human had to struggle against exploitation, in the twenty-first century the really big struggle will be against irrelevance. And it is much worse to be irrelevant than exploited.

Those who fail in the struggle against irrelevance would constitute a new “useless class” – people who are useless not from the viewpoint of their friends and family, but useless from the viewpoint of the economic and political system. And this useless class will be separated by an ever-growing gap from the ever more powerful elite.

The AI revolution might create unprecedented inequality not just between classes but also between countries.

In the nineteenth Century, a few countries like Britain and Japan industrialized first, and they went on to conquer and exploit most of the world. If we aren’t careful, the same thing will happen in the twenty-first century with AI.

We are already in the midst of an AI arms-race, with China and the USA leading the race, and most countries being left far far behind. Unless we take action to distribute the benefit and power of AI between all humans, AI will likely create immense wealth in a few high-tech hubs, while other countries will either go bankrupt or become exploited data-colonies.

Now we aren’t talking here about a science fiction scenario of robots rebelling against humans. We are talking about far more primitive AI, which is nevertheless enough to disrupt the global balance.

Just think what will happen to developing economies once it is cheaper to produce textiles or cars in California than in Mexico? And what will happen to politics in your country in twenty years, when somebody in San Francisco or Beijing knows the entire medical and personal history of every politician, every judge and every journalist in your country, including all their sexual escapades, all their mental weaknesses and all their corrupt dealings? Will it still be an independent country or will it become a data-colony?

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When you have enough data you don't need to send soldiers, in order to control a country.

Alongside inequality, the other major danger we face is the rise of digital dictatorships, that will monitor everyone all the time.

This danger can be stated in the form of a simple equation, which I think might be the defining equation of life in the twenty-first century:

B x C x D = AHH!

Which means? Biological knowledge multiplied by computing power multiplied by data equals the ability to hack humans, ahh.

If you know enough biology and have enough computing power and data, you can hack my body and my brain and my life, and you can understand me better than I understand myself. You can know my personality type, my political views, my sexual preferences, my mental weaknesses, my deepest fears and hopes. You know more about me than I know about myself. And you can do that not just to me, but to everyone.

A system that understands us better than we understand ourselves can predict our feelings and decisions, can manipulate our feelings and decisions, and can ultimately make decisions for us.

Now in the past, many governments and tyrants wanted to do it, but nobody understood biology well enough and nobody had enough computing power and data to hack millions of people. Neither the Gestapo nor the KGB could do it. But soon at least some corporations and governments will be able to systematically hack all the people. We humans should get used to the idea that we are no longer mysterious souls – we are now hackable animals. That's what we are.

The power to hack humans can be used for good purposes – like providing much better healthcare. But if this power falls into the hands of a twenty-first-century Stalin, the result will be the worst totalitarian regime in human history. And we already have a number of applicants for the job of twenty-first-century century Stalin.

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Just imagine North Korea in twenty years, when everybody has to wear a biometric bracelet which constantly monitors your blood pressure, your heart rate, your brain activity twenty-four hours a day. You listen to a speech on the radio by the great leader and they know what you actually feel. You can clap your hands and smile, but if you're angry, they know, you'll be in the gulag tomorrow.

And if we allow the emergence of such total surveillance regimes, don’t think that the rich and powerful in places like Davos will be safe, just ask Jeff Bezos. In Stalin’s USSR, the state monitored members of the communist elite more than anyone else. The same will be true of future total surveillance regimes. The higher you are in the hierarchy – the more closely you’ll be watched.

Do you want your CEO or your president to know what you really think about them?

So it is in the interest of all humans, including the elites, to prevent the rise of such digital dictatorships. And in the meantime, if you get a suspicious WhatsApp message, from some Prince, don't open it.

Now if we indeed prevent the establishment of digital dictatorships, the ability to hack humans might still undermine the very meaning of human freedom. Because as humans will rely on AI to make more and more decisions for us, authority will shift from humans to algorithms and this is already happening.

Already today billions of people trust the Facebook algorithm to tell us what is new, the Google algorithm tells us what is true, Netflix tells us what to watch, and the Amazon and Alibaba algorithms tell us what to buy.

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In the not-so-distant future, similar algorithms might tell us where to work and who to marry, and also decide whether to hire us for a job, whether to give us a loan, and whether the central bank should raise the interest rate.

And if you ask why you were not given a loan, and why you the bank didn't raise the interest rate the answer will always be the same – because the computer says no. And since the limited human brain lacks sufficient biological knowledge, computing power and data – humans will simply not be able to understand the computer’s decisions.

So even in supposedly free countries, humans are likely to lose control over our own lives and also lose the ability to understand public policy.

Already now how many humans understand the financial system? Maybe one percent to be very generous. In a couple of decades, the number of humans capable of understanding the financial system will be exactly zero.

Now we humans are used to thinking about life as a drama of decision-making. What will be the meaning of human life, when most decisions are taken by algorithms? We don’t even have philosophical models to understand such an existence.

The usual bargain between philosophers and politicians is that philosophers have a lot of fanciful ideas, and politicians basically explain that they lack the means to implement these ideas. Now we are in an opposite situation. We are facing philosophical bankruptcy.

The twin revolutions of infotech and biotech are now giving politicians the means to create heaven or hell, but the philosophers are having trouble conceptualizing what the new heaven and the new hell will look like. And that’s a very dangerous situation.

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If we fail to conceptualize the new heaven quickly enough, we might be easily misled by naïve utopias. And if we fail to conceptualize the new hell quickly enough, we might find ourselves entrapped there with no way out.

Finally, technology might disrupt not just our economy, politics and philosophy – but also our biology.

In the coming decades, AI and biotechnology will give us godlike abilities to reengineer life, and even to create completely new life-forms. After four billion years of organic life shaped by natural selection, we are about to enter a new era of inorganic life shaped by intelligent design.

Our intelligent design is going to be the new driving force of the evolution of life and in using our new divine powers of creation we might make mistakes on a cosmic scale. In particular, governments, corporations and armies are likely to use technology to enhance human skills that they need – like intelligence and discipline – while neglecting other humans skills – like compassion, artistic sensitivity and spirituality.

The result might be a race of humans who are very intelligent and very disciplined but lack compassion, lack artistic sensitivity and lack spiritual depth. Of course, this is not a prophecy. These are just possibilities. Technology is never deterministic.

In the twentieth century, people used the same industrial technology to build very different kinds of societies: fascist dictatorships, communist regimes, liberal democracies. The same thing will happen in the twenty-first Century.

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AI and biotech will certainly transform the world, but we can use them to create very different kinds of societies. And if you're afraid of some of the possibilities I’ve mentioned, you can still do something about it. But to do something effective, we need global cooperation.

All the three existential challenges we face are global problems that demand global solutions.

Whenever a leader says something like “My Country First!” we should remind that leader that no nation can prevent nuclear war or stop ecological collapse by itself, and no nation can regulate AI and bioengineering by itself.

Almost every country will say: “Hey, we don’t want to develop killer robots or to genetically engineer human babies. We are the good guys. But we can't trust our rivals not to do it. So we must do it first”.

If we allow such an arms race to develop in fields like AI and bioengineering, it doesn’t really matter who wins the arms race – the loser will be humanity.

Unfortunately, just when global cooperation is more needed than ever before, some of the most powerful leaders and countries in the world are now deliberately undermining global cooperation. Leaders like the US president tell us that there is an inherent contradiction between nationalism and globalism, and that we should choose nationalism and reject globalism.

But this is a dangerous mistake. There is no contradiction between nationalism and globalism. Because nationalism isn’t about hating foreigners. Nationalism is about loving your compatriots. And in the twenty-first century, in order to protect the safety and the future of your compatriots, you must cooperate with foreigners.

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So in the twenty-first century, good nationalists must be also globalists. Now globalism doesn’t mean establishing a global government, abandoning all national traditions, or opening the border to unlimited immigration. Rather, globalism means a commitment to some global rules.

Rules that don’t deny the uniqueness of each nation, but only regulate the relations between nations.

And a good model is the Football World Cup.

The World Cup is a competition between nations, and people often show fierce loyalty to their national team. But at the same time the World Cup is also an amazing display of global harmony. France can't play football against Croatia unless the French and the Croatians agree on the same rules for the game. And that’s globalism in action.

If you like the World Cup – you are already a globalist.

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NCFA Jan 2018 resize - BCSC seeks insights through two new stakeholder forums 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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On the second anniversary of open banking in the UK, what’s next?

Verdict | Ellen Daniel | Jan 13, 2020

open banking image2 - BCSC seeks insights through two new stakeholder forumsOpen banking was first launched in January 2018 and received much attention from the financial community as the potential bringer of fintech disruption.

The regulations require UK-regulated banks to share their customers’ financial data (with permission) with third party providers through the use of application programming interfaces (APIs) in order to make it easier for customers to access financial services and for TPPs to develop new products.

Today marks open banking’s second anniversary and while it has impacted the financial landscape, prompting incumbent banks to adapt to innovation and opening up new opportunities in terms of consumer experience, some have argued that the regulation is yet to live up to expectations.

See:  Open Banking in the UK: what’s happened so far

Banks had until March 2019 to establish a “sandbox” environment that third party providers could access and use to test products and until June to make their APIs available to third parties, but many European banks have not adequately met key deadlines, stalling innovation. Although many traditional banks are now adhering to open banking regulations, more could be done to ensure that they also benefit from the new landscape in terms of their digital services.

It can be argued that this, along with a lack of awareness, has meant that many are yet to reap the benefits of open banking. According to predictions by PWC, 64% of adults will use open banking technology in some way by 2022, but YouGov research from 2018 indicated that 72% of adults had not heard of open banking.

This is also the case for many businesses, with new research from the Federation of Small Businesses finding that 65% of small firms would not share their banking data with other financial services providers electronically, with the majority those not currently sharing their data “wary” about doing so in the future.

Open banking anniversary: “Meaningful change takes time”

Tim Waller, partner at law firm TLT LLP explains that one of the results of open banking has been a decline in account switching:

“Commentators have recently observed a decline in the number of banks incentivising current account switching, and have argued that one of the effects of open banking has been to make it less necessary to switch personal current accounts. These same commentators argue that the clearing banks are now working harder than ever to interact with customers through new digital channels that can ‘talk to’ their traditional current accounts.

“In addition, these new digital wrappers are only going to become faster and more powerful as 5G is rolled out in the UK over the course of 2020, which is good news for customers and the development of open banking in traditional banks, challenger banks and fintechs alike.

“A real difference in how businesses are dealing with open banking”

See: 

 

Martin Buhr, CEO and Founder at Tyk, believes that open banking will open up more opportunities for smaller organisations to take on larger financial institutions:

“Open banking not only opens up opportunities for faster, better and more useful banking for existing and challenger banks, but also opens up a wide field of highly-specialised single-service opportunities to innovate beyond the scope of traditional banking services. By finally adopting service-oriented and API-first principles, banking has properly joined the information age.

Continue to the full article --> here


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

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How Technology Saved China’s Economy

The New York Times | | Jan 20, 2020

Driverless delivery bot in China - BCSC seeks insights through two new stakeholder forumsTo outsiders, China may seem like a surveillance state. But tech has fueled growth and helped stave off recession.

Landing in Shanghai recently, I found myself in the middle of a tech revolution remarkable in its sweep. The passport scanner automatically addresses visitors in their native tongues. Digital payment apps have replaced cash. Outsiders trying to use paper money get blank stares from store clerks.

Nearby in the city of Hangzhou a prototype hotel called FlyZoo uses facial recognition to open doors, no keys required. Robots mix cocktails and provide room service. Farther south in Shenzhen, we flew the same drones that are already making e-commerce deliveries in rural China. Downtown traffic flowed smoothly, guided by synced stoplights and restrained by police cameras.

Outside China, these technologies are seen as harbingers of an “automated authoritarianism,” using video cameras and facial recognition systems to thwart lawbreakers and a “citizen score” to rank citizens for political reliability. An advanced version has been deployed to counter unrest among Muslim Uighurs in the inland region of Xinjiang. But in China as a whole, surveys show that trust in technology is high, concern about privacy low. If people fear Big Brother, they keep it to themselves. In our travels along the coast, many expressed pride in China’s sudden rise as a tech power.

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China initiated its economic miracle by opening to the outside world, but now it is nurturing domestic tech giants by barring outside competition. Foreign visitors cannot open Google or Facebook, a weirdly isolating experience, and the trade deal announced Wednesday by President Trump defers discussion of those barriers.

But unlike the Soviet Union, which failed in a similar strategy, China is effectively creating a new consumer culture behind protectionist walls as a tool of political control and an engine of economic growth.

It comes at a crucial moment. Flash back to 2015, when China appeared to be on the verge of the first recession since it began reforming the economy, four decades ago. China’s average income had reached the middle-class phase when developing economies often stagnate. Its working-age population had just started to shrink. Runaway lending, unleashed by Beijing to fight off the global recession of 2008, had pushed private debts to 230 percent of gross domestic product, up from 150 percent.

This was the largest borrowing spree ever in the emerging world, and binges that size had always led to major downturns. But while China’s growth has slowed, according to official numbers, from double digits in 2010 to barely 6 percent, it has yet to suffer its first recession.

See:  Singapore topples United States as world’s most competitive economy

What changed was the unexpectedly rapid rise of a new digital economy, now estimated at more than $3 trillion, or a third of national output. Anchored by internet giants such as Alibaba and Tencent, the tech sector was not only counterbalancing the decline in older industries such as steel and aluminum but was also largely debt free. So the bigger the digital economy, the greater China’s capacity to manage mounting debts in the old economy and keep growth alive.

By 2017, tech already accounted for as large a share of output in China as in Germany. A Tufts University survey ranked China the most rapidly evolving digital economy in the world. And the chief executive of Visa quoted a Beijing regulator saying that some 18 months earlier, the nation’s tech giants “were way too small to worry about, and now they’re way too big to do anything about.”

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NCFA Jan 2018 resize - BCSC seeks insights through two new stakeholder forums 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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NCFA and Toronto Finance International partner to co-host Canada’s ultimate fintech experience

NCFA and TFI | January 23, 2020

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Strengthening Canada's fintech and financial reach through collaboration, competition and networking at FFCON20

TORONTO, ON / ACCESSWIRE / January 23, 2020 / The National Crowdfunding & Fintech Association of Canada (NCFA) and Toronto Finance International (TFI) announced today a collaborative partnership and the joint launch of the 2020 Fintech and Financing Conference and Expo (FFCON20) to be held in downtown Toronto on March 23-24, 2020.

The theme for the 6th annual FFCON is RISE, reflecting the joint efforts of the two associations, NCFA and TFI, to build and increase the success and sustainability of Canada's fintech and financial sector.

With finance and fintech touching virtually every business and entity of people's lives, FFCON draws national interest and global participation from high-growth startups and leading industry experts across a variety of disciplines and backgrounds.

You will find fintech entrepreneurs from across all fintech sectors including digital banking, peer to peer finance, AI, capital markets, wealth management, payments, crypto and blockchain along with innovative financial institutions, investors, regulators, government and major industry stakeholders, all in one place.

FFCON facilitates thought-provoking and relevant discussions, lively debates and personal networking for the cross-pollination of ideas and experiences. The two-day event also provides a variety of competitions where investors can find deal flow and companies can get direct access to prominent investors.

FFCON, at its core, brings markets to life and provides an open forum for collaboration between emerging companies and major stakeholders.

"We're very excited to partner with TFI on co-hosting Canada's national fintech conference and look forward to advancing the development of Canada's fintech ecosystem through innovation, competitiveness, partnerships and inclusive industry support and growth." Craig Asano, Founder and CEO, NCFA

"We have the opportunity to leverage North America's second-largest financial centre, combined with its third-largest tech cluster, and use this momentum to become a global fintech leader. Collaboration among industry stakeholders is a critical element required to move Toronto into the top tier of international fintech hubs, and we are pleased to be working with NCFA to support and grow the sector's innovation ecosystem." Jennifer Reynolds, President & CEO, TFI

FFCON20: RISE provides a rich experience through a series of pre-conference and in-conference events including:

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  • The 30-day Fintech All Digital Challenge where celebrities and people at large will try to live for 30 days using only their mobile device for all daily transactions.
  • A 30-day Alt-coin Trading Challenge provides participants with the ability to explore and compete in crypto trading in a fun and safe, simulated environment.
  • The inaugural 2020 Fintech Draft will include live conference pitching, evaluation by prominent investors and access to a fintech export readiness program.
  • And the RISE Exhibitor Expo, will provide emerging companies with the ability to showcase their innovations, give demos and interact with the diverse range of attendees.

For more information on FFCON20: RISE click here

The National Crowdfunding & Fintech Association (NCFA) 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. For more information, please visit: ncfacanada.org

Toronto Finance International (TFI) is a public-private partnership between Canada's three levels of government, the financial services sector and academia. TFI's mission is to lead collective action that drives the competitiveness and growth of Toronto's financial sector and establishes its prominence as a leading international financial centre. For more information, please visit: www.tfi.ca


NCFA Jan 2018 resize - BCSC seeks insights through two new stakeholder forums 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 - BCSC seeks insights through two new stakeholder forumsFF Logo 400 v3 - BCSC seeks insights through two new stakeholder forumscommunity social impact - BCSC seeks insights through two new stakeholder forums
NCFA Newsletter subscribe600 - BCSC seeks insights through two new stakeholder forums

FFCON20 Homepage Banner 600 - BCSC seeks insights through two new stakeholder forums