Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Category Archives: Innovation and Resources
The UK’s PRA Commitment to International Competitiveness and Growth
Regulatory Insights | Sep 21, 2023
Image: Vicky Saporta, Executive Director, Prudential Policy Directorate at the Bank of England
A recent speech by Victoria Saporta at the Bank of England conference sheds light on the Prudential Regulation Authority's (PRA) vision and its commitment to bolstering the UK's position as a global financial hub focusing on international competitiveness and growth.
- Victoria Saporta, Executive Director, Prudential Policy highlighted the PRA's new secondary objective, which emphasizes facilitating the UK economy's international competitiveness and growth over the medium to long term. This objective aligns with international standards, ensuring that the UK remains a key player on the global stage.
- The PRA's approach to this objective isn't entirely new. They initiated a conversation about a year ago with a Discussion Paper that outlined their policy approach. Saporta's speech in February further solidified the PRA's stance, proposing regulatory foundations that would guide their approach.
Three Pillars of Competitiveness and Growth
See: Canada’s Competition Problem: 7 Reasons
Saporta outlined three main foundations that the PRA believes are crucial for harnessing the UK’s strengths:
- Trust: A strong emphasis on maintaining trust in the PRA and the UK's prudential framework.
- Effective Processes: The need for streamlined regulatory processes and proactive engagement.
- Responsiveness: A commitment to addressing UK-specific risks and opportunities head-on.
A pilot survey conducted by the PRA provided valuable feedback from stakeholders. A whopping 93% of respondents expressed trust in the PRA’s framework, and a similar percentage appreciated the PRA's stable and predictable regulatory environment.
Operational efficiency stands as a key area of focus for the PRA. The authority is taking steps to enhance transparency, with initiatives like more frequent reporting on regulatory transactions.
What Can Canadian Regulators Learn?
Canadian regulators, like their counterparts worldwide, are constantly seeking ways to enhance their regulatory frameworks, ensure financial stability, and foster economic growth. Drawing from the insights of Victoria Saporta's speech at the Bank of England conference and the PRA's approach, here are a few select lessons Canadian regulators can learn:
See: NCFA Response to FINTRAC’s ‘Knee Jerk’ Regulations Requiring Donation Crowdfunding Platforms to Register and Comply with AML/ATF Legislation
1. Embrace a Clear Vision with Defined Objectives
The PRA's new secondary objective emphasizes facilitating international competitiveness and growth. Canadian regulators can similarly define clear, actionable objectives that align with both domestic needs and global standards. These should be S.M.A.R.T goals with measurable outcomes with performance updates being regularly communicated to industry and the public in a transparent and timely manner.
2. Streamline Regulatory Processes and Agility
Operational efficiency is crucial for a responsive regulatory environment. By simplifying processes, adopting technology, and ensuring transparency, Canadian regulators can make it easier for institutions to comply with regulations and for consumers to understand their rights.
3. Engage with Stakeholders
The PRA's pilot survey is a testament to the importance of stakeholder feedback. Canadian regulators can benefit from regular engagement with industry participants, consumers, and other stakeholders to gather insights and refine their approach.
4. Collaborate Across Regulatory Bodies
Financial regulation often involves multiple agencies and bodies. By fostering collaboration and coordination among these entities, Canadian regulators can ensure a holistic and consistent approach to financial oversight rather than create political headwinds or inefficiencies.
Conclusion
Victoria Saporta's enlightening speech at the Bank of England conference underscores the PRA's unwavering commitment to fortifying the UK's stature in the global financial arena. By emphasizing trust, operational efficiency, and responsiveness, the PRA sets a gold standard for regulatory frameworks. The insights gleaned offer invaluable lessons, not just for the UK but for global counterparts like Canada.
See: March 1, 2019: NCFA Submission to the Ontario Securities Commission on Regulatory Burden
As the financial landscape continues to evolve, the principles of clear vision, streamlined processes, engage with stakeholders, and inter-agency collaboration remain paramount. These guiding tenets, as highlighted by Saporta, serve as a beacon for regulators worldwide, ensuring that financial systems are robust, transparent, and in tune with the needs of the times.
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, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Solid World, KlimaDAO, and SCB Group Unite for a Sustainable Future
Carbon Markets | Sep 21, 2023
Solid World, KlimaDAO, and SCB Group announce partnership to deploy prepaid carbon liquidity using blockchain technology, enhancing efficiency and transparency in the carbon market.
With global climate challenges on the rise, there's a pressing demand for clear, efficient, and adaptable carbon market strategies. The new alliance between KlimaDAO, SCB Group, and Solid World highlights the next phase in carbon market dynamics, shedding light on the potential impact and direction of this collaboration.
- KlimaDAO is at the forefront of blockchain-based carbon credit solutions, dedicated to fostering a sustainable future. With a vision to revolutionize the carbon market, KlimaDAO provides cutting-edge market infrastructure, ensuring transparency and efficiency in carbon trading.
- Solid World (an NCFA Industry Partner) offers innovative infrastructure solutions pioneering the next generation of carbon market platforms. Solid World's infrastructure stands out for its ability to create a liquid market for prepaid carbon credits that are yet to be issued. This is a game-changer for the Voluntary Carbon Markets, offering predictability of funding and reducing payback times for project developers. The introduction of the CRISP framework further augments the confidence in such projects. The new prepaid credit pool has launched with 54,050 tonnes of carbon and over $1M in total liquidity.
FFCON23 Solid World Presentation: Harnessing the Power of DeFi to Tackle Climate Change: A New Era of Sustainable Finance
- SCB Group is a global leader in the carbon market and committed to driving positive change through sustainable projects. With a deep-rooted belief in the power of distributed ledger technology, SCB Group collaborates with partners like Solid World and KlimaDAO to nurture a more sustainable world and advance the collective goal of a low-carbon future.
Gold Standard Certified Projects
- One of the highlights of this partnership is the sourcing of prepaid credits from The Gold Standard certified project. Such projects not only ensure the provision of high-quality carbon credits but also contribute to sustainable development goals.
- The focus on providing Improved Cookstoves for Rohingya Refugees in Bangladesh is a prime example of combining humanitarian efforts with environmental conservation.
Shared Vision
- Andrew Bonneau of KlimaDAO expressed enthusiasm about the collaboration, highlighting the shared vision of all three entities. They aim to harness technology to foster a dynamic, innovative, and scalable climate finance market.
- Stenver Jerkku, CEO of Solid World, emphasized the goal of bringing clarity and transparency to carbon markets, envisioning a future where clear commodity prices catalyze significant change.
See: Solid World Unveils CRISP: Risk Assessment Framework and Tool For Carbon Forwards
- Kevin McGeeney, CEO of SCB Group, shared his personal experience visiting the refugee camps in Bangladesh, witnessing the positive impact of improved cookstoves on the Rohingya community. He believes in the potential of distributed ledger technology to support the Voluntary Carbon Market and envisions a sustainable world.
Looking Forward
The partnership between KlimaDAO, SCB Group, and Solid World is more than just a business collaboration. It represents a confluence of technology, sustainability, and humanitarian efforts. As the carbon market continues to evolve, such partnerships will play a crucial role in shaping its future, ensuring that it remains robust, transparent, and aligned with the global goal of combating climate change.
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, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Bank Consortium to Launch “Paze” to Challenge Big Tech’s Fintech Dominance
Mobile Wallet | Sep 20, 2023
Image: Paze website
Major American banks like JPMorgan Chase, Bank of America, and Wells Fargo are gearing up to launch "Paze", a mobile wallet that will connect directly to the credit and debit card accounts of 150 million customers.
The rise of mobile wallets and digital payment solutions by tech companies has been meteoric. Apple Pay, for instance, has seen its user base grow from 60 million to over 500 million in just five years. Such numbers are not just impressive; they're a clarion call for banks to innovate or risk being sidelined.
See: Bank CEOs Defend P2P Payments Network Zelle in Senate Hearing Over Consumer Fraud Handling
As banks are increasingly leaning towards partnerships with fintechs, there are rising concerns from regulators. They are wary of the potential risks these collaborations might introduce, especially in terms of customer data and security.
Paze - Collaboration Over Competition
Paze is not just another mobile wallet. It's a strategic initiative by giants such as JPMorgan Chase, Bank of America, and Wells Fargo. Designed to connect directly to the credit and debit card accounts of a whopping 150 million customers, Paze aims to be the go-to mobile wallet for the masses.
The launch of Paze highlights a significant shift in the banking industry's approach. Gone are the days when banks believed they could individually take on Big Tech and emerging fintech startups. The focus now is on partnerships and collaborations.
Operated by Early Warning Services, the same consortium group behind the successful payments app Zelle, Paze is a testament to the collaborative spirit of traditional banks. It signifies a shift in strategy, where banks are pooling resources to defend their turf against the encroaching Big Tech.
Early Warning announced the recruitment of Cameron Fowler, a top executive from the Canadian bank BMO Financial Group, as its next chief executive. Fowler is expected to join the company in October.
Challenges Ahead
While the optimism around Paze is palpable, the road ahead is not without challenges. The consortium will need to navigate these regulatory waters carefully, ensuring that Paze is not just innovative but also secure and compliant.
See: Will Top of Digital Wallets Threaten Traditional Credit Card Markets?
For Paze to be a game-changer, it needs to offer direct connectivity to customers' bank accounts. This direct connection could give Paze an edge over competitors like Apple Pay, which doesn't hold any funds. However, details about the full functionality of Paze or whether users will be able to access their account information through the app are not yet disclosed.
The mobile wallet space is becoming increasingly competitive, and while Paze is a significant initiative by major banks, it will face competition from several other payment innovations such as:
- Apple Pay Later: In March, Apple announced a new "buy now, pay later" product called Apple Pay Later. Unlike traditional financing, Apple plans to fund this service with its own money rather than using bank financing.
- Elon Musk’s X (formerly known as Twitter): This platform aims to offer banking services to its vast user base, further intensifying the competition.
- Venmo: Owned by PayPal since 2013, Venmo is a popular peer-to-peer payment app. While its payment volume is smaller compared to Zelle, its brand recognition and user-friendly features make it a notable competitor.
- Government Initiatives: Governments worldwide are also looking into creating their own digital payment solutions. Such as FedNow in the US and the Central Bank Digital Currencies (CBDCs) are being explored by various countries as a way to modernize the financial system and provide a state-backed digital currency.
- Other Big Tech Initiatives: Other tech giants like Google with Google Pay and Facebook with Facebook Pay are also making strides in the digital payment landscape.
- International: Globally, there are significant players like Alipay and WeChat Pay in China (enables foreign users), which dominate the mobile payment landscape in their regions.
Looking Ahead
The fintech landscape is undergoing rapid transformation, with both traditional banks and tech giants vying for dominance. As Paze emerges as a collaborative effort by major banks to reclaim their space, it signifies a broader trend of strategic alliances in the face of Big Tech's encroachment.
See: [Brookings Event, Oct 6, 2023]: Payments in America for a Digital Century
However, with continuous innovations, regulatory challenges, and evolving consumer preferences, the future of digital payments remains dynamic and unpredictable. Institutions that prioritize adaptability, user-centricity, and cross-industry collaborations will likely lead the next wave of fintech evolution.
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, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Swift and Wise Announce Strategic Collaboration at Sibos 2023 in Toronto
Payments | Sep 20, 2023
Image: Unsplash/Museums Victoria
At the 2023 Sibos conference held in Toronto, Swift and Wise announced a strategic partnership aiming to enhance the global cross-border payment options available to financial institutions and their end customers.
Enhanced Cross-Border Payments
The partnership will allow financial institutions to route Swift payment messages directly to the Wise platform via Wise's Correspondent Services Solution. This integration ensures that Swift customers can leverage the benefits of Wise without undergoing major system overhauls.
Wise will utilize Swift's advanced features, including cloud and API connectivity and Payment Pre-validation.
The hallmark features of Swift GPI, such as the payment status tracker, will be updated by the Wise Platform to ensure a comprehensive end-to-end view across both networks.
See: Swift’s Blockchain Breakthrough Boosts Global Tokenization
Steve Naudé, Managing Director of Wise Platform:
We know that banks face a number of challenges when it comes to enhancing their international payments, including that this often requires them to embed technology which is incompatible with legacy infrastructure. By simultaneously leveraging existing payments architecture and optimising payouts using Wise's global network, we are empowering banks to innovate effortlessly. Our network, combined with Swift’s extensive reach and trackability, will make international payments more convenient, faster and lower cost for banks, without necessitating a major tech build.
Thierry Chilosi, Chief Strategy Officer at Swift, highlighted Swift's role as a trusted global connector. He believes that collaborations like the one with Wise are pivotal in innovating cross-border payments and expanding the options available to customers worldwide. Such cooperative efforts align with the G20 targets for cross-border payments and aim to ensure the seamless, efficient, and secure movement of value in a fragmented global landscape.
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, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Bitbuy and Localcoin Partner Boosting Crypto Access in Canada
Crypto | Sep 20, 2023
Image: Unsplash/Vardan Papikyan
Bitbuy, a subsidiary of WonderFi Technologies Inc., has announced a strategic partnership with Localcoin, Canada's largest Bitcoin ATM provider.
This collaboration aims to enhance cryptocurrency adoption and accessibility across Canada.
Expanding Access to Crypto
- Localcoin, established in 2017, has been a pioneer in the cryptocurrency ATM sector in Canada. With 920 ATMs, it captures 33% of the cryptocurrency ATM market share in the country. Localcoin chose Bitbuy for its scale, commitment to the Canadian market, and robust regulatory positioning.
- Bitbuy's digital asset services will soon power nearly 50% of Canada's Bitcoin ATMs. This is a testament to the scale and reach of the partnership.
See: Bitbuy to Offer Stock Trading to Its Users
- Bitbuy is on track to surpass 900,000 registered Canadian users by the end of the month, making it one of the country's largest crypto-trading platforms. The platform caters to a diverse user base, including retail and advanced traders, high-net-worth individuals, and institutional clients. This partnership solidifies both companies' positions as leaders in the Canadian cryptocurrency space.
- This collaboration ensures that Canadians have more touchpoints to access cryptocurrencies, making it easier for both novices and experts to buy or sell digital assets.
Improving User Experience and Security
- The partnership will introduce a robust API integration, ensuring a seamless connection between Bitbuy and Localcoin platforms.
- This integration will provide Localcoin users with competitive pricing and efficient order execution, enhancing the overall user experience.
- Both companies are committed to upholding the highest standards of security in the cryptocurrency industry, ensuring that users' transactions and assets are safeguarded.
See: Dispelling FUD: Why Binance’s Exit from Canadian Crypto Markets Strengthens Canada’s Ecosystem
Another Milestone for Canadian Crypto
In conclusion, the strategic partnership between Bitbuy and Localcoin marks a significant milestone in the Canadian cryptocurrency landscape. As fintechs, financial institutions, and investors navigate the evolving digital asset ecosystem, collaborations like these signal a promising future for cryptocurrency adoption and infrastructure development in Canada.
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, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Support NCFA by Following us on Twitter!Follow @NCFACanada |
[Brookings Event, Oct 6, 2023]: Payments in America for a Digital Century
Brookings | Sep 20, 2023
![Unsplash Igal Ness money - [Brookings Event, Oct 6, 2023]: Payments in America for a Digital Century](https://ncfacanada.org/wp-content/uploads/2023/09/Unsplash-Igal-Ness-money.jpg "[Brookings Event, Oct 6, 2023]: Payments in America for a Digital Century")
Image: Unsplash/Igal Ness
Event Overview
Date & Time: October 6, 2023, from 9:00 am to 1:00 pm EDT.
Location (In-person or Online): The Brookings Institution, Falk Auditorium, 1775 Massachusetts Ave NW, Washington, D.C. 20036.
Overview: America was once a leader in the adoption of new payment technologies, introducing innovations like credit cards and ATMs. However, in recent times, the country has fallen behind in terms of payment infrastructure. The current system is slow and often imposes costs on users.
See: Payments Canada Delays Launch of Real-Time Rails Again (without a timeline)
With the rise of digitization and technological advancements, there's a significant opportunity to reform the payment system to benefit the economy, promote financial access, and facilitate commerce and trade. However, these innovations also bring regulatory challenges and questions about the role of government and central banks. The event will delve into the current state of U.S. payments and emerging digital asset technologies that could disrupt them. The event is a collaboration between Brookings, Cornell Law, and Vanderbilt Law.
Discussion topics topics include public and private real-time payment systems (FedNow and Real-Time Payments), cryptocurrencies, stablecoins, central bank digital currencies, and more.
See: Could FedNow Outperform Virtually All Existing Cryptocurrency Projects?
Sample Speakers:
Rohit Chopra: Director of the Consumer Financial Protection Bureau.
Christopher J. Waller: Federal Reserve Governor.
Register --> 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, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Support NCFA by Following us on Twitter!Follow @NCFACanada |
Boosting Your Sales: Advanced SEO Strategies for Shopify Store Owners
Sep 20, 2023
Image: Unsplash/Roberto Cortese
When diving into the bustling world of e-commerce, setting up a Shopify store is just the beginning. The real challenge lies in drawing traffic and converting visitors into loyal customers. While you’ve probably dipped your toes into some basic SEO, let’s further explore some advanced strategies tailored for Shopify.
Get to Know Schema Markup
Schema markup, a form of microdata, makes search engines understand the context on your site better. By integrating schema markup into your Shopify store with the help of a Shopify SEO expert, you enhance the rich snippets that appear beneath your page title in search results. This can include product prices, ratings, and stock levels. For e-commerce, this is a goldmine. Shoppers get more info right from the search results, making them more likely to click.
Harness the Power of Long-Tail Keywords
While single-world keywords have their place, long-tail keywords (those three or four keyword phrases specific to what you’re selling) can be a game-changer. Why? They cater to users who are closer to the point of purchase. Utilize tools like SEMrush or Google Keyword Planner to uncover long-tail gems relevant to your products. Once you’ve got a list, sprinkle them naturally throughout your content.
Prioritize Mobile Optimization
With the explosion in smartphone usage, mobile shopping has become the norm. Ensure that your Shopify store is responsive, loads quickly, and offers a seamless shopping experience on mobile devices. Google’s mobile-first indexing will always favor sites optimized for mobile, giving you a leg up over the competition.
Diversify Your Content Offerings
Yes, product descriptions are a crucial part of your Shopify store. But there’s a broader content world to explore. Think blogs, how-to guides, and even videos that relate to your products or niche. This not only positions you as an authority but also provides more avenues for search engines to index your content. Plus, diverse content caters to different stages of the buyer’s journey.
Implement Advanced Link Building
Link building goes beyond getting a handful of backlinks. Focus on quality over quantity. Collaborate with influencers in your niche, guest post on reputable platforms, or even run affiliate programs. High-quality backlinks can drastically boost your site’s authority and search rankings.
Keep an Eye on Site Structure
Your Shopify store’s architecture should be logical and straightforward. The rule of thumb? Any product should be accessible within three clicks from the homepage. An organized site structure aids search engines in crawling your store and ensures that visitors don’t end up lost in a maze.
Analyze, Adapt, and Advance
The digital landscape is always evolving. Regularly review your SEO performance using tools like Google Analytics. Identify what’s working and what’s falling short. Then, adapt your strategies. Continuous learning and adaptation will help keep you ahead of the curve.
See: 5 Digital Policies Small Biz Must Have
Elevating your SEO game, especially on a platform as dynamic as Shopify, might seem daunting. But with the right strategies in your arsenal, you’re poised for success. By embracing these advanced tactics and enlisting professional help, you can set your Shopify store apart in the crowded digital marketplace.
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, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Support NCFA by Following us on Twitter!Follow @NCFACanada |
