Category Archives: Innovation and Resources

Cannabis & blockchain: Bad romance or a perfect match?

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Gowling WLG | Shaela W. Rae | October 17 2018

Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes".

According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21.

See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – Canada Crowdfunding Offer

Some Canadians' views on cannabis seem to be similar to the views on alcohol during the prohibition era in the United States. For example, in the prohibition era people used slang terminology to describe alcohol, similarly how the terms, "weed", "pot" and "dope" have been used to describe cannabis. Alcohol was attributed as a cause of moral decay and criminal activity. Academics have debated whether alcohol caused an increased criminal activity during that era, as well as whether there actually was an increase in crime or rather just a perception of an increase in crime. Some cannabis anti-legalization protestors believe that the cannabis industry is surrounded by crime since they view cannabis as a gateway drug that will lead to illegal drug use and illegal activities.

The question is, how can the cannabis industry gain more transparency and legitimacy? While legislation and regulation is turning an illegal industry into a legitimate one, blockchain technology may be able to help. Health Canada's tracking system is designed to track the plant from where it is grown to where it is sold to prevent legal cannabis from being diverted to the illegal market. While the tracking system is not based on blockchain technology, blockchain may be one technology that could help cannabis companies comply with the legislative reporting requirements.

Like cannabis, the blockchain industry has also suffered from a stigma, often arising from a fundamental misunderstanding of how the technology works, paired with a conflation of concepts and terminology such as blockchain, cryptocurrency and Bitcoin. Cryptocurrencies and anonymous buyers are often found in the same sentence as dark-web markets and illicit activity. Given this narrative, the natural inclination is to assume that partnerships between the cannabis and crypto worlds are a recipe for bad news in a domain that requires more transparency, not less. But there is a major flaw in this line of thinking, and here it is in simple terms: crypto ≠ blockchain ≠ Bitcoin. Just because some bad guys use cryptocurrency to do bad things, doesn't mean it is inherently evil. If that were case, we would have to conclude that money in general is inherently evil.

See:  U.S. pot industry: High tech, high finance, and high times

Blockchain, a general term for the distributed ledger technology upon which cryptocurrencies such as the popular Bitcoin (one type of cryptocurrency out of hundreds) are built, is completely legal, completely legitimate, and in fact, may be considered one of the most important technological innovations of the past decade. Blockchain offers a new way to store and record data in such a way that its accuracy is constantly confirmed by all stakeholders, and transactions are able to take place automatically and instantly. In theory, what makes blockchain so valuable is that its inherent design structure makes it an immutable, accurate record of transactions that is virtually tamper-proof.

What does this mean for the cannabis sector? Despite the legalization of recreational-use marijuana on the horizon in Canada, many major financial institutions still won't touch the cannabis industry, leaving players in that world to rely mostly on untraceable cash transactions. What better way to introduce security and transparency into the cannabis sector than by integrating payment platforms based on blockchain technology?

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

Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
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Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
Read More
The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
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Exploring cryptoasset regulation
NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
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FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
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Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
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CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
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Nubank Investment Underscores Tencent’s Quick Investing Pace
Peter Diamandis | Blog | Oct 8, 2018 Governments are one of the last strongholds of an undigitized, linear sector of humanity, and they are falling behind fast. Apart from their struggle to keep up with private sector digitization, federal governments are in a crisis of trust. At almost a 60-year low, only 19 percent of Americans reported that they could trust their government “always” or “most of the time” in a recent Pew survey. And the U.S. is not alone. See:  Immersive 2-day Blockchain Developer Training Course (Nov 10-11, Toronto): Decentralized Application Development The Edelman Trust Barometer revealed last year that 47 percent of the world population distrust their nations’ institutions. Even in Canada, only 26 percent of surveyed Canadians consider regulators and government officials to be credible. In many cases, the private sector — particularly tech behemoths — are driving greater progress in regulation-targeted issues like climate change than state leaders. And as decentralized systems, digital disruption, and private sector leadership take the world by storm, traditional forms of government are beginning to fear irrelevance. However, the fight for exponential governance is not a lost battle. Early visionaries like Estonia and the UAE are leading the way in digital governance, empowered by ...
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The Future of Government... in a Digital Age
NCFA Canada | Oct 5, 2018 Ep12-Oct 5:  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups About this episode:   On this week's episode of the Fintech Friday$ podcast our host Manseeb Khan sits down with Mathieu Glaude the CEO and president of Northern Block. They talk about having a sovereign digital identity, the excitement behind stable coins and why supply chain in blockchain shouldn't be overlooked. Enjoy! Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  MATHIEU GLAUDE, President and CEO, Northern Block (LinkedIn) Bio:  Mr. Glaude is the President and CEO of Northern Block, a Toronto-based blockchain product development company building decentralized applications, enterprise solutions and developer tools for blockchain ecosystems.  Mr. Glaude brings extensive expertise to product development in the enterprise technology space. Prior to Northern Block, he worked for Capital One Bank where he led many large scale customer-facing software development initiatives.  Additionally, he owns a private equity fund focused on making early stage investments in the blockchain and emerging technology sectors. Subscribe and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey this is Manseeb Khan and you are tuning into a brand-new episode of fintech Fridays. Manseeb Khan: Today I have ...
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FINTECH FRIDAY$ (EP.12-Oct 5):  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups with Mathieu Glaude, President and CEO of Northern Block

 

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Exploring cryptoasset regulation

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Investment Executive | James Langton | Oct 12, 2018

Money laundering and tax evasion are key concerns

Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon.

In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space.

Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day.

At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives.

“Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size and links to the financial system continue to grow,” the BoC report states. “The markets are largely unregulated in many countries and are characterized by high price volatility, fragile liquidity, and frequent fraud and cyberattacks.”

See:  International Anti-Money Laundering Standards for Crypto Expected in October

The Senate committee’s original report in 2015 acknowledged risks, such as money laundering and tax evasion, that could accompany widespread use of cryptocurrencies. The report also recognized that a heavy-handed approach to regulation could stifle innovation and lead to missed opportunities – opportunities resulting from the development of the underlying financial technology that enables the creation of cryptocurrencies (via blockchain [a.k.a. distributed ledger] technology) and improves inclusion and enhances the efficiency and security of cryptocurrencies in financial transactions.

Now, as the cryptoassets market continues to flourish, the Senate committee is revisiting the subject. However, the committee has had its financial services sector expertise bolstered since its initial report with the addition of Howard Wetston, former chairman of the Ontario Securities Commission, and Sabi Marwah, former vice chairman and chief operating officer at Bank of Nova Scotia.

The Senate committee began questioning federal Finance Minister Bill Morneau in late September about the current condition of the cryptoassets market and its evolution in the three years since the committee issued its recommendations as part of its overall mandate to review the state of the financial services system.

During that hearing, Morneau said that because the cryptoasset phenomenon is global in nature, the policy response must be co-ordinated at the global level: “The world’s financial systems are highly integrated and it’s easy for sophisticated users of cryptoassets to adapt their practices – for initial coin offerings or subsequent exchanges – to avoid regulation.”

However, a report from the Financial Stability Board (FSB), a global umbrella group for fi- nancial services sector policy- makers, concluded in July that at this point, the cryptoassets market is too small to represent any systemic risk to the global financial services system.

See:  Don Tapscott urges ‘sensible’ cryptocurrency regulations

According to the BoC’s report, the total worldwide market value of all cryptoassets peaked at more than $1 trillion at the beginning of 2018. In contrast, the market capitalization of global equities markets was more than $75 trillion. Notably, the market value of cryptoassets has fallen substantially since that peak.

Given the FSB’s report’s conclusion, Morneau noted, most countries (including Canada) still are taking a restrained approach to regulation. They remain wary of suppressing innovation by cracking down too hard on the industry, but also now are beginning to erect defences due to long-standing concerns about tax evasion and money laundering.

Indeed, Morneau indicated that money laundering has emerged as the central concern for global policy-makers in regard to cryptoassets.

“We have had this discussion literally every time the G7 finance ministers and central bank governors get together,” Morneau told the Senate committee. “The focus has been on trying to find ways we can work together because this is an area [in which] we have no choice but to work together.”

Later this month, the global intergovernmental Financial Action Task Force on Money Laundering (FATF) is expected to issue guidance that would establish how its regulatory standards for fighting money laundering and terrorist financing should be applied in the cryptoassets industry.

“This is a significant step forward,” Morneau said, noting that this step will mean the FATF is going beyond simply monitoring the issues, and taking action.

Over the summer, the Department of Finance Canada launched a consultation on proposed changes to Canada’s anti-money laundering (AML) rules that aim to capture dealers of cryptoassets and virtual currencies under the existing framework for monitoring financial transactions in Canada.

When those changes take effect, financial services firms will be required to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and develop compliance strategies for detecting and reporting suspicious transactions.

At the same time, the revised AML regulations aim to define “cryptoassets” and draw a line between these investment instruments and traditional currencies.  “This approach will improve regulatory certainty surrounding cryptoassets without regulating the underlying technology, in keeping with our goal of mitigating risk without stifling innovation,” Morneau said.

Yet, the Senate committee questioned if extending FINTRAC rules to the cryptoassets space is enough. Marwah noted that cryptoassets are designed to evade regulation. He also wonders whether simply applying the AML requirements from the traditional financial system to the emerging cryptoassets markets is adequate. He questioned whether Canada should require that cryptoassets be traded on securities exchanges, where those investment instruments can be more easily monitored.

See:  CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January

During the Senate hearing, Rob Stewart, associate deputy minister of finance and G7/G20 deputy for Canada, indicated that there are ongoing discussions among Finance Canada, the BoC and the provincial securities regulators about tracking cryptoasset trading activity.

“At this point, the judgment has not been that we need to, collectively or at an individual level, tighten the rules further than we have currently proposed to do in the AML rules,” Stewart said.

Wetston told the hearing that there appears to be an appetite for regulation among firms establishing the cryptoassets market: “My discussion with some of the digital currency firms suggests they want a framework. They want to function in a legitimate environment.”

Wetston also noted the global financial crisis highlighted the risks in allowing certain financial activities to grow unchecked: “I implore you to think about our experiences in the past and avoid the delay that’s necessary to put this framework in place [to] ensure these businesses can function on a platform and have the regulatory audit, tracking, tracing and transparency necessary.”

Stewart believes the cryptoassets market is receiving “greater scrutiny” as a result of the financial crisis. But, he said, the industry is not considered significant enough to warrant a major effort to regulate the space tightly: “The judgment call at this point in time is that the scale of the activity at a market level has not come anywhere near the scale of the activity of derivatives or asset-backed commercial paper.”

Thus, policy-makers aren’t yet prepared to impose an overarching regulatory framework on the cryptoassets industry.

“We are enhancing consumer protections and disclosure,” Stewart noted, adding that securities regulators are focusing on investor protection and federal authorities are targeting the money laundering concern.

The Standing Senate Committee on Banking, Trade and Commerce plans to study the concept of “open banking,” which is an approach to enhancing competition in the financial services sector that the federal government also is set to explore.

Continue to the full article --> here


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

Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
Read More
Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
Read More
The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
Read More
Exploring cryptoasset regulation
NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
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FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
Read More
Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
Read More
CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
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Nubank Investment Underscores Tencent’s Quick Investing Pace
Peter Diamandis | Blog | Oct 8, 2018 Governments are one of the last strongholds of an undigitized, linear sector of humanity, and they are falling behind fast. Apart from their struggle to keep up with private sector digitization, federal governments are in a crisis of trust. At almost a 60-year low, only 19 percent of Americans reported that they could trust their government “always” or “most of the time” in a recent Pew survey. And the U.S. is not alone. See:  Immersive 2-day Blockchain Developer Training Course (Nov 10-11, Toronto): Decentralized Application Development The Edelman Trust Barometer revealed last year that 47 percent of the world population distrust their nations’ institutions. Even in Canada, only 26 percent of surveyed Canadians consider regulators and government officials to be credible. In many cases, the private sector — particularly tech behemoths — are driving greater progress in regulation-targeted issues like climate change than state leaders. And as decentralized systems, digital disruption, and private sector leadership take the world by storm, traditional forms of government are beginning to fear irrelevance. However, the fight for exponential governance is not a lost battle. Early visionaries like Estonia and the UAE are leading the way in digital governance, empowered by ...
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The Future of Government... in a Digital Age
NCFA Canada | Oct 5, 2018 Ep12-Oct 5:  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups About this episode:   On this week's episode of the Fintech Friday$ podcast our host Manseeb Khan sits down with Mathieu Glaude the CEO and president of Northern Block. They talk about having a sovereign digital identity, the excitement behind stable coins and why supply chain in blockchain shouldn't be overlooked. Enjoy! Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  MATHIEU GLAUDE, President and CEO, Northern Block (LinkedIn) Bio:  Mr. Glaude is the President and CEO of Northern Block, a Toronto-based blockchain product development company building decentralized applications, enterprise solutions and developer tools for blockchain ecosystems.  Mr. Glaude brings extensive expertise to product development in the enterprise technology space. Prior to Northern Block, he worked for Capital One Bank where he led many large scale customer-facing software development initiatives.  Additionally, he owns a private equity fund focused on making early stage investments in the blockchain and emerging technology sectors. Subscribe and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey this is Manseeb Khan and you are tuning into a brand-new episode of fintech Fridays. Manseeb Khan: Today I have ...
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FINTECH FRIDAY$ (EP.12-Oct 5):  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups with Mathieu Glaude, President and CEO of Northern Block

 

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Data is a 2-way street in a post-GDPR world

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Beam Platform | Alec Gordon | Aug 24, 2018

THE PROBLEM

The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention.

By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we trust our business have done plenty to introduce technologies preserving and indexing customer data, undoubtedly pleasing their shareholders, but little to no effort has gone to building interfaces and access points, through which the customers themselves can read that data. Therein lies the imbalance the GDPR stands to address, promoting a mutually beneficial exchange, and giving users a window into their own content.

See:  The world’s new oil and AI’s imminent impact on the future of Fintech

Consent and opt-in aside, the key tenet of GDPR is therefore granting citizens the ability to control and manage the data and content they produce, through normal everyday use of services. While everyone understands this in context of browsing the internet, few considerations have been given to data privacy in telecommunications, phone calls in particular.

Now think about all the times you called a bank or a mobile service provider, and heard the Nth rendition of “this call is being recorded for XYZ” line. Yet we never stop to think that “this is my data too”… Organizations utilize sophisticated technological machinery in order to process this intake, recording, storing, transcribing and ultimately distilling this conversational data into something usable, something that will help them improve. Yet you, the loyal customer, are stuck with nothing but the handwritten/typed up notes you took during the call. The data you automatically generate during your customer interaction is therefore lost, but only to you. Which got us thinking — there has got to be a better way.

THE SOLUTION

Given the ease with which those companies capture your conversation, the average user stands to derive significant benefit, should those records be as accessible on your phone as, say, long transcribed text conversation. Scrolling through it, they way you would, you can certainly pick out items worth remembering — date of next bill, authorization to transfer funds, a request to send over PDF — the list goes on. For all the notes you jot down, this surely will shave a few hours off your precious time. Having this data at your fingertips will make you a better customer, yet asking said company for it will get you nowhere. “Internal use only”, or so they say.

See:  Global Governance Insights on Emerging Risks

We at Beam are convinced Multiformat Communications technology like BeamCall is the way forward in giving people back the right to access their own conversations. Not through the Bank’s web portal, that will export a lengthy .txt file. But right on your device. In your hand — you can scroll through every recorded/transcribed call with your thumb, in real-time. With tools like BeamCall, your cognitive demands are subsidized with a persistent record of everything that happens. Accessible the moment you are.

Continue to the full article --> here


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

Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
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International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
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Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
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NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
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FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
Read More
Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
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Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
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Peter Diamandis | Blog | Oct 8, 2018 Governments are one of the last strongholds of an undigitized, linear sector of humanity, and they are falling behind fast. Apart from their struggle to keep up with private sector digitization, federal governments are in a crisis of trust. At almost a 60-year low, only 19 percent of Americans reported that they could trust their government “always” or “most of the time” in a recent Pew survey. And the U.S. is not alone. See:  Immersive 2-day Blockchain Developer Training Course (Nov 10-11, Toronto): Decentralized Application Development The Edelman Trust Barometer revealed last year that 47 percent of the world population distrust their nations’ institutions. Even in Canada, only 26 percent of surveyed Canadians consider regulators and government officials to be credible. In many cases, the private sector — particularly tech behemoths — are driving greater progress in regulation-targeted issues like climate change than state leaders. And as decentralized systems, digital disruption, and private sector leadership take the world by storm, traditional forms of government are beginning to fear irrelevance. However, the fight for exponential governance is not a lost battle. Early visionaries like Estonia and the UAE are leading the way in digital governance, empowered by ...
Read More
The Future of Government... in a Digital Age
NCFA Canada | Oct 5, 2018 Ep12-Oct 5:  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups About this episode:   On this week's episode of the Fintech Friday$ podcast our host Manseeb Khan sits down with Mathieu Glaude the CEO and president of Northern Block. They talk about having a sovereign digital identity, the excitement behind stable coins and why supply chain in blockchain shouldn't be overlooked. Enjoy! Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  MATHIEU GLAUDE, President and CEO, Northern Block (LinkedIn) Bio:  Mr. Glaude is the President and CEO of Northern Block, a Toronto-based blockchain product development company building decentralized applications, enterprise solutions and developer tools for blockchain ecosystems.  Mr. Glaude brings extensive expertise to product development in the enterprise technology space. Prior to Northern Block, he worked for Capital One Bank where he led many large scale customer-facing software development initiatives.  Additionally, he owns a private equity fund focused on making early stage investments in the blockchain and emerging technology sectors. Subscribe and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey this is Manseeb Khan and you are tuning into a brand-new episode of fintech Fridays. Manseeb Khan: Today I have ...
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FINTECH FRIDAY$ (EP.12-Oct 5):  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups with Mathieu Glaude, President and CEO of Northern Block

 

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Advancing Competition in a Changing Marketplace

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Competition Bureau | Oct 10, 2018

Speech

Remarks by Interim Commissioner of Competition Matthew Boswell

Global Series 2018
October 10, 2018
Ottawa, Ontario

Thank you. I’m pleased to be here to speak with you today.

Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today.

Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us.

Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018.

On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication.

See:  Canada’s ‘innovation economy’ has been over-hyped and needs a reality check

From there, the news gets a little grey. Overall, we rank 17th among 47 high-income countries. That’s like getting a B-minus report card.

We score lower on three measures: Knowledge and Technology Outputs, Business Sophistication and Creative Outputs.

In other words, there’s a gap between what we put in and what we get out of our innovation efforts.

So why the gap?

At the Competition Bureau, we’ve asked ourselves that question and have considered carefully what we can contribute to help solve this innovation dilemma. After all: innovation in the economy is a priority for the Government of Canada. It’s an all-hands-on-deck challenge.

So for the Bureau, our innovation focus is on building our knowledge base and strengthening our enforcement capacity.

Why we do this is what’s really important to understand.

Imagine a well-functioning economy as the Starship Enterprise, with innovation thriving thanks to strong, unimpeded competition.  Captain Kirk will take risks, forge ahead and break new ground – sometimes in a disruptive fashion. Mr. Spock, on the other hand, ensures rules are followed, in a logical and predictable fashion. Just like Spock and Kirk, competition and innovation work better together.

Competition drives businesses to innovate and helps spread the gains they make throughout the economy. On the other hand, if competition is impeded, the economy may be harmed. Conduct or mergers that may harm competition are like roadblocks that could hold back innovation.

The Bureau helps clear those roadblocks. We do that by administering and enforcing the law. Fairly. And predictably. That means:

  • taking action against anti-competitive behaviour and deceptive marketing practices;
  • reviewing mergers to ensure they don’t hurt competition; and
  • empowering consumers and businesses.

And what about innovation? Why do we care so much about it? You don’t have to look far to find the answer.

See:  NCFA: Canada Needs a Harmonized Securities Environment as Current Provincial Approach is a Fintech Innovation Killer

The huge gains made from innovation create a lucrative race to the top. Those that innovate are often rewarded with a larger market share. We see plenty of examples in businesses worldwide about how to do that.

In Amazon’s early days, Jeff Bezos channelled company profits back into research and development, fuelling innovation there. Chatting with Alexa and having groceries shipped to your door are just two of many outcomes.

Apple famously steered their way back from bankruptcy by pledging to “innovate our way out of this.” By executing on that pledge, they changed the way we think about mobile phones and computers.

In the music industry, Spotify launched a freemium streaming application in 2008. Today, music streaming is the norm in how we listen to music online and share it legally with others.

We’ve never before been this deeply connected across the country and around the world—doing more with data and turning it into knowledge. Globally we’ve never before seen such overall improvements in education, life expectancy and quality of life as we have in just the last forty years.

The Government has a role in creating the right climate for bold ideas to take root and grow. One way this is done is by passing and enforcing competition and intellectual property laws.

Let’s take a minute and talk specifically about the Bureau’s approach to enforcement and advocacy for competition, innovation and intellectual property.

First, we reduce barriers to entry. That means those entering the market are less likely to be shut out by bigger existing firms. And those who are thinking of entering don’t see roadblocks that deter them from giving it a shot.

See:  Competition Bureau weighs in on fintech: urgent action required

Next, we make it easier for those newcomers to grow and for incumbents to innovate. That sometimes means preventing mergers that would otherwise significantly lessen or prevent competition. That way, incumbents have an incentive to invest in innovation so that they can compete on the strength of their product or service.

At the Bureau, we support those businesses who seek to compete by legitimate means. Here are a couple of recent examples that support our approach.

...

Addressing FinTech

Another area of study for the Bureau has been on FinTech. We studied the industry for 18 months and published a Market Study report in December 2017. There, we made 30 recommendations to Canada’s regulators and policy makers. Eleven of these focused more broadly on how to strike the right balance in regulation to ensure Canadians are protected while also promoting innovation.

One of these recommendations was that regulation should be tech neutral and device agnostic – not, for example, limited to one type of device. Many consumers still face instances where service providers require face-to-face interactions to collect personal information and verify identity.

But the Internet and mobile computing have changed how consumers wish to consume services—and how providers provide them.

In practice, we saw the B.C. Securities Commission release a consultation in February 2018 on its Securities Law Framework for FinTech Regulation which focused on a number of regulatory challenges.

See:  Nov 20, 2017: NCFA Canada Welcomes Competition Bureau’s recommendations to encourage competition and innovation in Canada’s financial services sector

In our submission to their consultation, we applauded the BCSC’s consideration of automation to meet compliance obligations for “know-your-client” assessments.

This signals a shift away from relying on face-to-face conversations to ensure compliance. It paves the way for automation and artificial intelligence to improve the quality and efficiency of investment advice that is tailored to each customer.

This is only one example of the changes we’ve seen since the release of our Market Study Report.

Making the case for humility on what we regulate

Advances in technology make the future hard to predict. Recent history has shown us plenty of examples of seemingly unassailable products that have been overtaken by innovative new products, such as Canada’s BlackBerry. These advances illustrate the increased importance of an evidence-based approach.

In 2015, former FTC Chair Maureen Ohlhausen warned against prescriptive regulation. She said: “We need to make every effort to tolerate complex phenomena and to develop institutions that are robust in the face of rapid innovation.”

In my view, this means we must take a careful approach to how we address certain issues. As I’ve said before, our focus should be to do no harm and not to overreach.  At the same time, we are guided by the strength of our institutions in setting sensible rules and enforcing them.

Antitrust enforcement does not and should not address all problems.

Continue to the full article --> here


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

Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
Read More
Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
Read More
The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
Read More
Exploring cryptoasset regulation
NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
Read More
FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
Read More
Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
Read More
CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
Read More
Nubank Investment Underscores Tencent’s Quick Investing Pace
Peter Diamandis | Blog | Oct 8, 2018 Governments are one of the last strongholds of an undigitized, linear sector of humanity, and they are falling behind fast. Apart from their struggle to keep up with private sector digitization, federal governments are in a crisis of trust. At almost a 60-year low, only 19 percent of Americans reported that they could trust their government “always” or “most of the time” in a recent Pew survey. And the U.S. is not alone. See:  Immersive 2-day Blockchain Developer Training Course (Nov 10-11, Toronto): Decentralized Application Development The Edelman Trust Barometer revealed last year that 47 percent of the world population distrust their nations’ institutions. Even in Canada, only 26 percent of surveyed Canadians consider regulators and government officials to be credible. In many cases, the private sector — particularly tech behemoths — are driving greater progress in regulation-targeted issues like climate change than state leaders. And as decentralized systems, digital disruption, and private sector leadership take the world by storm, traditional forms of government are beginning to fear irrelevance. However, the fight for exponential governance is not a lost battle. Early visionaries like Estonia and the UAE are leading the way in digital governance, empowered by ...
Read More
The Future of Government... in a Digital Age
NCFA Canada | Oct 5, 2018 Ep12-Oct 5:  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups About this episode:   On this week's episode of the Fintech Friday$ podcast our host Manseeb Khan sits down with Mathieu Glaude the CEO and president of Northern Block. They talk about having a sovereign digital identity, the excitement behind stable coins and why supply chain in blockchain shouldn't be overlooked. Enjoy! Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  MATHIEU GLAUDE, President and CEO, Northern Block (LinkedIn) Bio:  Mr. Glaude is the President and CEO of Northern Block, a Toronto-based blockchain product development company building decentralized applications, enterprise solutions and developer tools for blockchain ecosystems.  Mr. Glaude brings extensive expertise to product development in the enterprise technology space. Prior to Northern Block, he worked for Capital One Bank where he led many large scale customer-facing software development initiatives.  Additionally, he owns a private equity fund focused on making early stage investments in the blockchain and emerging technology sectors. Subscribe and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey this is Manseeb Khan and you are tuning into a brand-new episode of fintech Fridays. Manseeb Khan: Today I have ...
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FINTECH FRIDAY$ (EP.12-Oct 5):  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups with Mathieu Glaude, President and CEO of Northern Block

 

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Nubank Investment Underscores Tencent’s Quick Investing Pace

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Crunchbase News | Alex Wilhelm | October 8, 2018

Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir.

However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony.

Tencent’s Early Christmas

Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other).

October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list:

Regarding Nubank, TechCrunch’s Jon Shieber has the story, including why the Brazilian and Chinese companies are swapping shares for cash:

See: 

[Nubank cofounder David] Velez stressed that Nubank, which had raised $150 million in a February financing round led by DST, did not need the additional capital. “We found so much value in partnering with Tencent,” Velez said. “Particularly everything there is to learn about the Chinese financial market.” Velez hopes to take those lessons and apply them back to the market in Brazil.

Continue to the full article --> here


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

Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
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Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
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The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
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Exploring cryptoasset regulation
NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
Read More
FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
Read More
Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
Read More
CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
Read More
Nubank Investment Underscores Tencent’s Quick Investing Pace
Peter Diamandis | Blog | Oct 8, 2018 Governments are one of the last strongholds of an undigitized, linear sector of humanity, and they are falling behind fast. Apart from their struggle to keep up with private sector digitization, federal governments are in a crisis of trust. At almost a 60-year low, only 19 percent of Americans reported that they could trust their government “always” or “most of the time” in a recent Pew survey. And the U.S. is not alone. See:  Immersive 2-day Blockchain Developer Training Course (Nov 10-11, Toronto): Decentralized Application Development The Edelman Trust Barometer revealed last year that 47 percent of the world population distrust their nations’ institutions. Even in Canada, only 26 percent of surveyed Canadians consider regulators and government officials to be credible. In many cases, the private sector — particularly tech behemoths — are driving greater progress in regulation-targeted issues like climate change than state leaders. And as decentralized systems, digital disruption, and private sector leadership take the world by storm, traditional forms of government are beginning to fear irrelevance. However, the fight for exponential governance is not a lost battle. Early visionaries like Estonia and the UAE are leading the way in digital governance, empowered by ...
Read More
The Future of Government... in a Digital Age
NCFA Canada | Oct 5, 2018 Ep12-Oct 5:  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups About this episode:   On this week's episode of the Fintech Friday$ podcast our host Manseeb Khan sits down with Mathieu Glaude the CEO and president of Northern Block. They talk about having a sovereign digital identity, the excitement behind stable coins and why supply chain in blockchain shouldn't be overlooked. Enjoy! Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  MATHIEU GLAUDE, President and CEO, Northern Block (LinkedIn) Bio:  Mr. Glaude is the President and CEO of Northern Block, a Toronto-based blockchain product development company building decentralized applications, enterprise solutions and developer tools for blockchain ecosystems.  Mr. Glaude brings extensive expertise to product development in the enterprise technology space. Prior to Northern Block, he worked for Capital One Bank where he led many large scale customer-facing software development initiatives.  Additionally, he owns a private equity fund focused on making early stage investments in the blockchain and emerging technology sectors. Subscribe and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey this is Manseeb Khan and you are tuning into a brand-new episode of fintech Fridays. Manseeb Khan: Today I have ...
Read More
FINTECH FRIDAY$ (EP.12-Oct 5):  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups with Mathieu Glaude, President and CEO of Northern Block

 

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The Future of Government… in a Digital Age

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Peter Diamandis | Blog | Oct 8, 2018

Governments are one of the last strongholds of an undigitized, linear sector of humanity, and they are falling behind fast.

Apart from their struggle to keep up with private sector digitization, federal governments are in a crisis of trust.

At almost a 60-year low, only 19 percent of Americans reported that they could trust their government “always” or “most of the time” in a recent Pew survey. And the U.S. is not alone.

See:  Immersive 2-day Blockchain Developer Training Course (Nov 10-11, Toronto): Decentralized Application Development

The Edelman Trust Barometer revealed last year that 47 percent of the world population distrust their nations’ institutions. Even in Canada, only 26 percent of surveyed Canadians consider regulators and government officials to be credible.

In many cases, the private sector — particularly tech behemoths — are driving greater progress in regulation-targeted issues like climate change than state leaders.

And as decentralized systems, digital disruption, and private sector leadership take the world by storm, traditional forms of government are beginning to fear irrelevance.

However, the fight for exponential governance is not a lost battle.

Early visionaries like Estonia and the UAE are leading the way in digital governance, empowered by a host of converging technologies.

In this blog, we will cover three key trends:

  1. Digital governance divorced from land
  2. AI-driven service delivery and regulation
  3. Blockchain-enforced transparency

Let’s dive in.

Governments Going Digital 

States and their governments have forever been tied to physical territories, and public services are often delivered through brick-and-mortar institutions.

Yet public sector infrastructure and services will soon be hosted on servers, detached from land and physical form.

Enter e-Estonia.

Perhaps the least expected on a list of innovative nations, this former Soviet Republic-turned digital society is ushering in an age of technological statecraft.

Hosting every digitizable government function on the cloud, Estonia could run its government almost entirely on a server.

Starting in the 1990s, Estonia’s government has covered the nation with ultra-high-speed data connectivity, laying down tremendous amounts of fiber-optic cable. By 2007, citizens could vote from their living rooms.

With digitized law, Estonia signs policies into effect using cryptographically secure digital signatures, and every stage of the legislative process is available to citizens online.

Citizens’ healthcare registry is run on the blockchain, allowing patients to own and access their own health data from anywhere in the world — X-rays, digital prescriptions, medical case notes — all the while tracking who has access.

See:  Plowing Ahead: Bermuda Continues Crypto-Friendly Push With Digital ID Partnership

Today, most banks have closed their offices as 99 percent of banking transactions occur online (with 40 percent of citizens using cryptographically secured e-IDs). And by 2020, e-tax will be entirely automated with Estonia’s new e-Tax and Customs Board portal, allowing companies and tax authority to exchange data automatically.

And i-Voting, civil courts, land registries, banking, taxes, and countless e-facilities allow citizens to access almost any government service with an electronic ID and personal PIN online.

But perhaps Estonia’s most revolutionary breakthrough is its recently introduced e-citizenship.

With over 30,000 e-residents, Estonia issues electronic IDs to global residents anywhere in the world. While e-residency doesn’t grant territorial rights, over 5,000 e-residents have already established companies within Estonia’s jurisdiction.

After registering companies online, entrepreneurs pay automated taxes — calculated in minutes and transmitted to the Estonian government with unprecedented ease.

The implications of e-residency and digital governance are huge. As with any software, open-source code for digital governance could be copied perfectly at almost zero cost, lowering the barrier to entry for any group or movement seeking statehood.

We may soon see the rise of competitive governing ecosystems, each testing new infrastructure and public e-services to compete with mainstream governments for taxpaying citizens.

And what better to accelerate digital governance than AI?

Legal Compliance Through AI

Just last year, the UAE became the first nation to appoint a State Minister for AI (actually a friend of mine, H.E. Omar Al Olama), aiming to digitize government services and halve annual costs. Among multiple sector initiatives, the UAE hopes to deploy robotic cops by 2030.

Meanwhile, the U.K. now has a Select Committee on Artificial Intelligence, and just last month, world leaders convened at the World Government Summit to discuss guidelines for AI’s global regulation.

As AI infuses government services, emerging applications have caught my eye:

  1. Smart Borders and Checkpoints:

With biometrics and facial recognition, traditional checkpoints will soon be a thing of the past.

Cubic Transportation Systems — the company behind London’s ticketless public transit — is currently developing facial recognition for automated transport barriers. Digital security company Gemalto predicts that biometric systems will soon cross-reference individual faces with passport databases at security checkpoints, and China has already begun to test this at scale.

See:  Exclusive: Ant Financial shifts focus from finance to tech services: sources

While the Alibaba Ant Financial affiliate’s “Smile to Pay” feature allows users to authenticate digital payments with their face, nationally overseen facial recognition technologies allow passengers to board planes, employees to enter office spaces, and students to access university halls.

With biometric-geared surveillance at national borders, supply chains and international travelers could be tracked automatically, and granted or denied access according to biometrics and cross-referenced databases.

  1. Policing and Security:

Leveraging predictive analytics, China is also working to integrate security footage into a national surveillance and data-sharing system. By merging citizen data in its “Police Cloud” — including everything from criminal and medical records, transaction data, travel records and social media — it may soon be able to spot suspects and predict crime in advance.

But China is not alone.

During London’s Notting Hill Carnival this year, the Metropolitan Police used facial recognition cross-referenced with crime data to pre-identify and track likely offenders.

  1. Smart Courts:

AI may soon be reaching legal trials as well.

UCL computer scientists have developed software capable of predicting courtroom outcomes based on data patterns with unprecedented accuracy.

Assessing risk of flight, the National Bureau of Economic Research now uses an algorithm leveraging data from hundreds of thousands of NYC cases to recommend whether defendants should be granted bail.

But while AI allows for streamlined governance, the public sector’s power to misuse our data is a valid concern and issues with bias as a result of historical data still remain.

As tons of new information is generated about our every move, how do we keep governments accountable?

Enter the blockchain.

Transparent Governance and Accountability

Without doubt, alongside AI, the government’s greatest disruptor is the newly minted blockchain.

Relying on a decentralized web of nodes, blockchain can securely verify transactions, signatures, and other information. This makes it essentially impossible for hackers, companies, officials, or even governments to falsify information on the blockchain.

See:  Q&A: Walmart’s Frank Yiannas on the use of blockchain for food safety

As you’d expect, many government elites are therefore slow to adopt the technology, fearing enforced accountability. But blockchain’s benefits to government may be too great to ignore.

First, blockchain will be a boon for regulatory compliance.

As transactions on a blockchain are irreversible and transparent, uploaded sensor data can’t be corrupted. This means middlemen have no way of falsifying information to shirk regulation, and governments eliminate the need to enforce charges after the fact.

Apply this to carbon pricing, for instance, and emission sensors could fluidly log carbon credits onto a carbon credit blockchain, such as that developed by Ecosphere+. As carbon values are added to the price of everyday products or to corporations’ automated taxes, compliance and transparency would soon be digitally embedded.

Blockchain could also bolster government efforts in cybersecurity. As supercities and nation-states build IoT-connected traffic systems, surveillance networks and sensor-tracked supply chain management, the blockchain is critical in protecting connected devices from cyberattack.

Continue to the full article --> here

 


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

Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
Read More
Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
Read More
The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
Read More
Exploring cryptoasset regulation
NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
Read More
FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
Read More
Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
Read More
CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
Read More
Nubank Investment Underscores Tencent’s Quick Investing Pace
Peter Diamandis | Blog | Oct 8, 2018 Governments are one of the last strongholds of an undigitized, linear sector of humanity, and they are falling behind fast. Apart from their struggle to keep up with private sector digitization, federal governments are in a crisis of trust. At almost a 60-year low, only 19 percent of Americans reported that they could trust their government “always” or “most of the time” in a recent Pew survey. And the U.S. is not alone. See:  Immersive 2-day Blockchain Developer Training Course (Nov 10-11, Toronto): Decentralized Application Development The Edelman Trust Barometer revealed last year that 47 percent of the world population distrust their nations’ institutions. Even in Canada, only 26 percent of surveyed Canadians consider regulators and government officials to be credible. In many cases, the private sector — particularly tech behemoths — are driving greater progress in regulation-targeted issues like climate change than state leaders. And as decentralized systems, digital disruption, and private sector leadership take the world by storm, traditional forms of government are beginning to fear irrelevance. However, the fight for exponential governance is not a lost battle. Early visionaries like Estonia and the UAE are leading the way in digital governance, empowered by ...
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The Future of Government... in a Digital Age
NCFA Canada | Oct 5, 2018 Ep12-Oct 5:  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups About this episode:   On this week's episode of the Fintech Friday$ podcast our host Manseeb Khan sits down with Mathieu Glaude the CEO and president of Northern Block. They talk about having a sovereign digital identity, the excitement behind stable coins and why supply chain in blockchain shouldn't be overlooked. Enjoy! Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  MATHIEU GLAUDE, President and CEO, Northern Block (LinkedIn) Bio:  Mr. Glaude is the President and CEO of Northern Block, a Toronto-based blockchain product development company building decentralized applications, enterprise solutions and developer tools for blockchain ecosystems.  Mr. Glaude brings extensive expertise to product development in the enterprise technology space. Prior to Northern Block, he worked for Capital One Bank where he led many large scale customer-facing software development initiatives.  Additionally, he owns a private equity fund focused on making early stage investments in the blockchain and emerging technology sectors. Subscribe and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey this is Manseeb Khan and you are tuning into a brand-new episode of fintech Fridays. Manseeb Khan: Today I have ...
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FINTECH FRIDAY$ (EP.12-Oct 5):  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups with Mathieu Glaude, President and CEO of Northern Block

 

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JUST LAUNCHED: 4th VanFUNDING 2018 Vancouver Conference: CONVERGE – Building Bridges and Capital with Emerging Blockchain, Fintech and AI Innovations on November 29-30, 2018

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NCFA Canada | Team VF2018 | Oct 5, 2018

VANCOUVER, Canada - (Oct 5, 2018): The National Crowdfunding & Fintech Association of Canada announces VanFUNDING 2018: CONVERGE, the leading 4th Annual financial technology and capital conference held in downtown Vancouver.

The expanded #VF2018 offers world-class education, funding and networking opportunities delivered via keynotes, TEDx-style presentations, panels, workshops, executive round tables, investor pitching, meeting exchanges and mentoring. #VF2018 will cover Fintech, Blockchain, Crypto, Artificial Intelligence, Crowd and Distributed Finance, Regtech, Payments, Digital banking, Identify and Security, International Trade, Alternative Investing and Innovation Finance and more, from a diverse range of perspectives.

This year’s theme, CONVERGE, immerses participants and builds bridges across the most disruptive emerging technologies, capital market innovations and key stakeholders that are powering new global markets, new decentralized models, new forms of computer intelligence, new IP, new infrastructure and new alternative investment opportunities toward the vision of a Web 3.0. 

#VF2018: CONVERGE will feature 1.5 days of immersive educational content, 50+ speakers, dragon’s den pitching program and a multitude of networking and partnership opportunities.  New to the program this year is a unique storytelling style that attendees will experience culminating into the co-creation of the first fintech digital pop-up magazine issue.

 “We are witnessing unprecedented change that is already affecting our daily lives - how we interact with financial services, generate digital wealth, invest, evaluate, consume, vote, and store, transfer and purchase anything of value.”  Craig Asano, Founding CEO, NCFA

If you are a fintech innovator, an investment professional or a company actively raising capital, or a key decision maker/stakeholder in technology and digital finance, #VF2018 is a must attend event bringing together fintech leaders, investors and emerging innovators from start-ups to scale-ups to government regulatory bodies and policy makers who have a vision for the future of finance.

PITCHING and SPEAKING APPLICATIONS now open.

 

Links:

VanFUNDING 2018

Speaking Applications Now open

Pitching Applications (Submit by Nov 4)

 

 


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

Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
Read More
Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
Read More
The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
Read More
Exploring cryptoasset regulation
NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
Read More
FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
Read More
Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
Read More
CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
Read More
Nubank Investment Underscores Tencent’s Quick Investing Pace
Peter Diamandis | Blog | Oct 8, 2018 Governments are one of the last strongholds of an undigitized, linear sector of humanity, and they are falling behind fast. Apart from their struggle to keep up with private sector digitization, federal governments are in a crisis of trust. At almost a 60-year low, only 19 percent of Americans reported that they could trust their government “always” or “most of the time” in a recent Pew survey. And the U.S. is not alone. See:  Immersive 2-day Blockchain Developer Training Course (Nov 10-11, Toronto): Decentralized Application Development The Edelman Trust Barometer revealed last year that 47 percent of the world population distrust their nations’ institutions. Even in Canada, only 26 percent of surveyed Canadians consider regulators and government officials to be credible. In many cases, the private sector — particularly tech behemoths — are driving greater progress in regulation-targeted issues like climate change than state leaders. And as decentralized systems, digital disruption, and private sector leadership take the world by storm, traditional forms of government are beginning to fear irrelevance. However, the fight for exponential governance is not a lost battle. Early visionaries like Estonia and the UAE are leading the way in digital governance, empowered by ...
Read More
The Future of Government... in a Digital Age
NCFA Canada | Oct 5, 2018 Ep12-Oct 5:  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups About this episode:   On this week's episode of the Fintech Friday$ podcast our host Manseeb Khan sits down with Mathieu Glaude the CEO and president of Northern Block. They talk about having a sovereign digital identity, the excitement behind stable coins and why supply chain in blockchain shouldn't be overlooked. Enjoy! Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  MATHIEU GLAUDE, President and CEO, Northern Block (LinkedIn) Bio:  Mr. Glaude is the President and CEO of Northern Block, a Toronto-based blockchain product development company building decentralized applications, enterprise solutions and developer tools for blockchain ecosystems.  Mr. Glaude brings extensive expertise to product development in the enterprise technology space. Prior to Northern Block, he worked for Capital One Bank where he led many large scale customer-facing software development initiatives.  Additionally, he owns a private equity fund focused on making early stage investments in the blockchain and emerging technology sectors. Subscribe and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey this is Manseeb Khan and you are tuning into a brand-new episode of fintech Fridays. Manseeb Khan: Today I have ...
Read More
FINTECH FRIDAY$ (EP.12-Oct 5):  Building Blockchain Products & Decentralized Solutions for Enterprise and Startups with Mathieu Glaude, President and CEO of Northern Block

 

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