Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Category Archives: Marketing, Strategy, Growth
Record 2023 US Crypto Lobbying Expenditure
Crypto | Dec 4, 2023
Image by Freepik
US cryptocurrency industry sets a new record in federal lobbying expenditure in 2023
In 2023, the US cryptocurrency industry is on track to surpass its previous record in federal lobbying spending. As reported by Reuters, according to OpenSecrets, a nonprofit research group, crypto companies have already spent $18.96 million in the first three quarters, exceeding the $16.1 million spent during the same period in 2022.
A look back to 2021: Crypto lobbying is going off the charts
This surge in lobbying efforts comes in the wake of reputational damage and the need for favorable legislation, despite the high-profile collapse of FTX, a major spender in this arena last year.
Why It's Important
This record spending in lobbying by the US crypto industry highlights the sector's determination to influence policy and regulatory frameworks amid increasing scrutiny and regulatory challenges. This trend signals crypto's evolving role and the need for clear regulatory guidelines which is crucial for its long-term stability and growth.
Questions and Answers
How much has the cryptocurrency industry spent on lobbying in the first three quarters of 2023?
- The cryptocurrency industry spent $18.96 million on lobbying in the first three quarters of 2023, marking a significant increase from the previous year.
Which companies are leading the lobbying expenditure in the US crypto industry?
- Coinbase, the largest US crypto exchange, is leading the lobbying expenditure, followed by Foris DAX (operating Crypto.com), the Blockchain Association, and Binance Holdings.
See: Unraveling Crypto’s Role in Global Terrorist Financing
What are the main reasons behind the increased lobbying spending by the crypto industry?
- The increased lobbying spending is primarily to repair reputations following scandals like the FTX collapse and to navigate the growing regulatory scrutiny from bodies like the US Securities and Exchange Commission (SEC).
What are the legislative goals of the crypto industry in their lobbying efforts?
- The crypto industry's legislative goals include combating SEC lawsuits, advocating for the approval of a spot bitcoin exchange-traded fund (ETF), and advancing crypto-friendly legislation in the House of Representatives.
Despite the passage of major bills, what is the ongoing advocacy strategy of the crypto industry?
- Despite the passage of major bills in the House committee, the crypto industry continues its advocacy efforts. For instance, Coinbase has launched a grassroots campaign and is planning more meetings with lawmakers to further their objectives.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Super Apps Are Redefining Daily Life
Fintech Innovation | Dec 5, 2023
Image: VCA, Succeeding with Super Apps, Chart
Super Apps Are Redefining Convenience in the Digital Age
A super app is essentially a multi-utility mobile application offering a wide array of services, from financial transactions and e-commerce to social networking and entertainment. Such apps have transformed user experience by integrating various functionalities into a single, user-friendly platform, enabling easy and seamless access to a multitude of services. Visa Consulting & Analytics (VCA) published a recent report titled "Succeeding with Super Apps," highlighting its rapid global growth and key drivers.
See: Will Elon’s X Become A Fintech Super App in 2024?
The super app market, valued at over US$60 billion in 2022, is anticipated to grow at a staggering 27% annually, potentially reaching US$426 billion by 2030. This growth is propelled by super apps' ability to cater to diverse consumer needs efficiently within a single platform.
Growth Drivers
Key factors driving this phenomenal growth include:
- Younger generations, familiar and comfortable with digital technologies, show a preference for integrated digital platforms.
- A digital transition from traditional brick-and-mortar services to digital platforms has been observed globally, enhancing the appeal of super apps.
- The convenience of a single app handling multiple services is a welcome change from managing numerous individual applications.
- Companies are increasingly expanding their digital offerings, evolving into super apps.
- The popularity of digital platforms among peer groups and the attraction to popular marketplaces fuel the growth of super apps.
Regional Variations
The adoption and evolution of super apps show significant regional variations. The table below compares how super apps are being shaped by regional characteristics and how they are evolving to meet diverse consumer needs.
| Region | Description | Example | Details |
|---|---|---|---|
| Asia Pacific | Dominated by mobile usage and favorable demographics, this region sees super apps integrating extensively into daily life. | Started as a messaging app but has evolved into an all-in-one platform, offering services ranging from social media and mobile payments to ride-hailing and bookings. | |
| Central Europe, Middle East, and Africa | Driven by smartphone adoption and a vibrant, dynamic market, super apps are rapidly growing. | Careem | Began as a ride-hailing service but has expanded into a super app, providing services like food delivery, payments, and logistics. |
| Europe and UK | A fragmented regulatory landscape and strict data privacy laws have shaped the growth of local super app players. | Revolut | Initially launched as a fintech startup offering banking services, Revolut has expanded its scope significantly, including currency exchange, stock trading, and insurance services. |
| Latin America | Focuses on financial inclusion and convenience, with super apps evolving from delivery service platforms and marketplaces. | Rappi | Started as a delivery service and has transformed into a super app, offering a wide range of services including grocery delivery, financial services, and travel bookings. |
| North America | Presents a challenging environment for super apps due to established players and regulatory hurdles. | PayPal | Primarily known for online payments, PayPal has expanded its services to include features like savings, credit, and shopping tools, moving towards a super app model. |
Challenges and Insights
Super apps, despite their increasing popularity and utility, face several challenges including:
- Super apps often operate across multiple sectors and, which can bring them under the scrutiny of various regulatory bodies. Regulatory hurdles and compliance with diverse and sometimes conflicting regulations in different jurisdictions can be challenging.
- With super apps collecting vast amounts of personal and financial data, ensuring data privacy and security is paramount. The challenge is to maintain robust data protection measures while offering seamless user experiences.
- In regions where multiple super apps are vying for dominance, there is a risk of market saturation. Super apps have to continually innovate and diversify their offerings to stay competitive and relevant.
See: Interview with Inter CEO: Insights into the Super App’s Success
- Developing and maintaining a super app that integrates various services smoothly is technically challenging. Ensuring reliability, scalability, and seamless integration of different services requires substantial investment in technology and expertise.
- Balancing the complexity of multiple services with a user-friendly interface is crucial. A cluttered or unintuitive app design can deter users, making it essential to focus on a seamless and engaging user experience.
- Super apps need to be culturally and regionally adaptable to succeed in different markets. What works in one region may not necessarily appeal to users in another, requiring localized strategies and customization.
- Finding effective monetization models while keeping the app attractive to users is a delicate balance. Super apps need to devise strategies that generate revenue without compromising user experience or data privacy.
- Users must trust the app with sensitive data and transactions. Building and maintaining this trust, especially in regions with skepticism towards digital services, is a significant challenge.
- Dependency Risks: The centralization of multiple services in one app creates a dependency risk. If the app faces downtime or security issues, it can disrupt several essential services for users.
- Keeping Pace with Technological Advances: The rapid pace of technological advancement means super apps must continually evolve and innovate to stay relevant and meet changing consumer expectations and technological capabilities.
3 Impacts on the Average Person
- Super apps will streamline daily activities, from shopping and banking to social interactions and entertainment, offering a more integrated lifestyle management system.
See: SEC Intensifies Probe of Wall Street’s Use of Messaging Apps
- With advanced data analytics and AI, super apps will offer highly personalized experiences, recommendations, and services tailored to individual preferences and habits.
- In regions with high unbanked populations, super apps will provide access to financial services, enhancing financial inclusivity and economic empowerment. To overcome smart phone affordability issues, communities can look at shared devices, subsidized programs and offline functionality.
3 Impacts for Businesses
- Businesses will leverage super apps as new marketing channels, utilizing their broad reach and data analytics for targeted advertising and customer engagement.
- Traditional businesses may need to shift their business models to fit the super app ecosystem, focusing more on digital services and customer experience.
- The convenience and immediacy of super apps will raise customer expectations, pushing businesses to enhance their customer service and support capabilities.
Image courtesy of DALL E
Example Customer Journey Touchpoints
- 6:30 AM - Morning Wake-Up: Emily's day begins with the soft chime of her alarm through her super app. She quickly checks her schedule on the same app, a convenient hub for her daily planner.
- 7:15 AM - Commute Planning: While having breakfast, she opens her super app to book a ride to work. The integrated transport services offer real-time updates on traffic and public transport, making her commute hassle-free.
- 12:30 PM - Lunch Break: During lunch, Emily uses the super app to order food delivery. She browses through multiple cuisines and restaurants available within the app, enjoying the ease of in-app payment.
See: The Customer’s Voice: Harnessing Feedback for Continuous Improvement
- 3:00 PM - Midday Errands: She receives a notification from the super app reminding her to pay her utility bills. With a few taps, she completes the transaction smoothly, appreciating the app's one-stop financial management capability.
- 6:00 PM - Evening Wind Down: After work, Emily plans to catch up with friends. She uses the app's social feature to coordinate and book a table at a popular restaurant, all within the same platform.
- 9:30 PM - Entertainment and Relaxation: Back home, Emily relaxes by streaming her favorite show through the super app’s entertainment section, a perfect end to her day.
Throughout the day, Emily's super app seamlessly integrates various aspects of her life, from routine tasks to leisure activities, embodying the essence of convenience and efficiency in her digital-driven lifestyle.
Outlook
These super apps aren't just aggregating services. We're quickly heading into a new era where technology is deeply woven into the fabric of our everyday routines.
See: Rise of the super app
As they continue to evolve and adapt to regional needs and technological advancements, super apps stand poised to reshape not only individual lifestyles but also the landscape of global business and commerce. They promise a future of seamless interaction, heightened connectivity, and endless possibilities. Having said that, clearly not everyone will be thrilled with increased device time!
Download the 13 page PDF report --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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AccelerateIP Launches New $12.5 Million IP Program for Startups
Intellectual Property | Dec 4, 2023
Image by Freepik
AccelerateIP launches with $12.5 million funding to help over 600 startups understand and secure their intellectual property
- The launch of AccelerateIP, as reported by Techcouver, is expected to help over 600 startups across British Columbia, Yukon, Nunavut, and the Northwest Territories with the $12.5 million funding received.
- The program's collaboration with the Province of British Columbia on their Intellectual Property Strategy initiatives further amplifies its impact. Led by New Ventures BC and supported by Innovate BC, along with a network of accelerator partners.
ElevateIP Program Background
- ElevateIP, a program initiated by the Government of Canada a year ago, is designed to help Business Accelerators and Incubators (BAIs) provide Canadian startups with the necessary tools to understand, strategically manage, and leverage their IP. This initiative is part of the broader National Intellectual Property Strategy launched in 2018.
- The program was announced in the 2021 Budget, with an allocation of $90 million over four years starting from 2022-2023.
- Key activities include:
- Facilitating IP support by BAIs to startups across Canada;
- Increasing IP capacity in the BAI ecosystem through IP education for BAIs and their client startups; and
- Enabling BAIs to provide targeted supports customized to the unique requirements of each startup, helping them secure and maintain IP rights.
See: Landmark Legal NFT Decision Favours Intellectual Property Owners
- ElevateIP focuses on three main areas for startups: IP education and awareness, development, and implementation of IP strategies
- The program selected several recipients (delivery agents) through a nation-wide competitive call for proposals to provide startups across Canada with access to IP supports including:
- Springboard Atlantic Inc.: Supporting startups in Newfoundland and Labrador, Nova Scotia, New Brunswick, and Prince Edward Island.
- Mouvement des accélérateurs d’innovation du Québec (MAIN): Supporting startups in Québec.
- Communitech Corporation: Supporting startups in Ontario, Manitoba, and Saskatchewan.
- University of Calgary with Innovate Calgary & Economic Development Lethbridge: Supporting startups in Alberta.
- New Ventures BC Society: Supporting startups in British Columbia, Yukon, Nunavut, and the Northwest Territories.
- For any queries about the program, startups can contact Innovation Canada at ic.icspnpelevateip-icspepeleverpi.ic@ised-isde.gc.ca or call 1-800-328-6189.
IP as a Competitive Edge
For fintech startups, IP is not just about legal protection; it's a strategic asset. It enables companies to secure funding, forge partnerships, and enter new markets with confidence. Programs like ElevateIP and AccelerateIP equip startups with the knowledge to develop and implement effective IP strategies, ensuring that their innovations are safeguarded and monetized effectively.
See: Canada’s Ranks 15th on WIPO 2023 Innovation Index
Many fintech startups face challenges in IP management, including limited resources and expertise. Understanding the evolving IP landscape, especially in areas like generative AI, blockchain and digital payments, is crucial for fintech companies to stay ahead and drive innovation and competitive advantage.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Amazon Launches ‘Q’ AI Chatbot for Businesses
AI | Nov 29, 2023
Image: Unsplash/Sunrise King
Amazon has recently unveiled 'Q', an innovative AI-powered chatbot designed for businesses operations offering tailored solutions and advice
Q was announced at Amazon’s re:Invent conference in Las Vegas, emphasizing its potential to revolutionize how businesses interact with AI technology and is trained on 17 years of AWS knowledge, offering tailored solutions and advice for a wide range of business queries.
It's priced at $20 per user per year and currently in public preview and can be integrated with various business-specific applications like Salesforce, Jira, Zendesk, and Gmail, allowing it to learn and adapt to a company's unique structure and needs.
Highlights
- The chatbot has advanced analytical capabilities and can analyze business data to identify customer pain points and suggest improvements, drawing from its extensive database and business-specific information.
- Beyond answering questions, Q can generate content like blog posts and emails, and execute tasks such as creating service tickets and updating dashboards, enhancing business efficiency.
See: Amazon’s Anthropic Investment Shaping Future Job Landscape
- Q is designed with a strong emphasis on security and privacy, ensuring that it only accesses and provides information that the user is authorized to see, addressing potential concerns about data privacy and AI ethics.
- Ties in with Amazon’s CodeWhisperer, enabling it to generate tests and draft plans for software development, further extending its utility in the tech development sphere.
Importance of 'Q'
Its ability to understand and interact with complex business environments, coupled with its emphasis on security and customization, positions it as a game-changer in the industry. Q offers businesses a powerful tool to enhance decision-making, automate routine tasks, and gain deeper insights into their operations. The integration of Q into various business functions promises to streamline processes, improve customer experiences, and foster innovation.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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ReliablyME Launches AI Accountability Coach GPT, Blending Philosophy & Tech
NCFA Member Innovation Spotlight | Nov 28, 2023
ReliablyME launches an AI-powered Accountability Coach GPT blending ancient philosophical wisdom and modern AI technology to offer a unique approach to personal and professional development.
- The ReliablyME Accountability Coach GPT is now accessible through ChatGPT Plus.
- The tool is designed for a wide range of users, including professionals, entrepreneurs, students, and anyone interested in disciplined goal-setting and ethical practices. It stands out as an accessible, flexible, and cost-effective coaching solution.
- Founded in 2018, ReliablyME has been committed to delivering innovative and effective coaching solutions. With its focus on ethical and balanced growth, the company continues to be a leader in developing tools and resources that empower individuals and organizations to reach their full potential.
Example Use Cases
1. Setting and Achieving Personal Goals
Users seek assistance in defining clear, achievable objectives using the SMART (Specific, Measurable, Achievable, Relevant, Time-bound) framework. This often involves exploring personal or professional goals, such as improving productivity, pursuing a new skill, or achieving a specific fitness target. Accountability Coach GPT guides users in formulating these goals in a manner that is aligned with Stoic principles of focusing on what is within their control and Taoist concepts of flowing with natural tendencies.
See: Entrepreneurial Spirit: How Does Business Education Affect Personality?
2. Developing Resilience and Mindfulness
Many users are interested in cultivating a resilient mindset and a more mindful approach to life, drawing upon Stoic practices for coping with adversity and Taoist principles for living in harmony with the natural world. This can include strategies for managing stress, dealing with unexpected life changes, or simply cultivating a more peaceful and focused state of mind.
3. Navigating Life Transitions and Decision-Making
Users often seek guidance during significant life changes or when facing important decisions. Here, the blend of Stoic and Taoist philosophies is particularly helpful. Stoicism provides a framework for accepting change and focusing on one’s response to it, while Taoism offers insights into intuitive decision-making and aligning actions with the natural course of events.
Image: Unsplash/Miquel Parera
Structured Approach to Accountability Coaching
Managing and encouraging commitments as the ReliablyME Accountability Coach GPT involves a structured approach that integrates philosophical principles with practical goal-setting and tracking methods. Here's how it might manage and encourage your commitments:
Step 1 - Understanding and Clarifying Motivations
Start by engaging users in discussions to understand their underlying motivations and desires. This helps in aligning their commitments with their true interests and values, which is crucial for long-term adherence and success.
Step 2 - Setting SMART Objectives
Guide users to define their commitments using the SMART framework (Specific, Measurable, Achievable, Relevant, Time-bound). This ensures that goals are clear, realistic, and trackable, which increases the likelihood of commitment adherence.
See: The Silent Mental Health Crisis: Leadership Burnout
Step 3 - Incorporating Stoic and Taoist Principles
- Stoicism: Emphasize the Stoic principle of focusing on what is within one's control. This helps in setting realistic commitments and developing resilience against external factors that might hinder progress.
- Taoism: Incorporate Taoist concepts of intuitive goal setting and Wu Wei (effortless action). This approach encourages users to align their commitments with their natural tendencies and flow, making them more manageable and in harmony with their life circumstances.
Step 4 - Encouraging Presence and Mindfulness
Through Stoic and Taoist practices, encourage users to be present and mindful. This helps them stay focused on their commitments and be aware of their progress and the challenges they face.
Step 5 - Journaling and Reflection
Regular journaling and reflection are encouraged to track progress, understand challenges, and acknowledge achievements. This self-reflection is a critical component of accountability and helps in maintaining commitment.
Step 6 - Adapting to Change
Guide users in developing flexibility and adaptability, crucial for maintaining commitments amidst life's inevitable changes. This includes revisiting and adjusting goals as necessary.
Step 7 - Regular Follow-ups and Accountability Checks
Conclude conversations with a commitment to a follow-up schedule. Users are encouraged to book check-in calls (using the provided Calendly link) to review progress and adapt future commitments. This regular check-in promotes accountability and continuous engagement with their goals.
Step 8 - Commitment Summary
At the end of each session, provide a summary of the conversation, including the commitments, plans, and key philosophical points. This summary is used by the user for their Calendly reservation, ensuring they have a clear record of their commitments and progress.
Image: Unsplash/Mathias Jensen
Looking Forward
By combining these strategies, ReliablyME's Accountability Coach GPT can help users not only set and manage their commitments but also develop a mindset and habits that support lifelong personal growth and development.
For more information, visit the website or Founder and CEO of ReliablyME (NCFA member) Alex Todd, contact info@ReliablyME.com.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Support NCFA by Following us on Twitter!Follow @NCFACanada |
Bitfarms Ltd. Announces Upgrade to Its Mining Operations
Bitcoin Mining | Nov 28, 2023
Image by Freepik
Bitfarms Ltd., a Canadian-based and publicly traded on NASDAQ and TSX, a leading global bitcoin mining company, recently announced a significant upgrade to its mining operations to boost the company's operational capacity and efficiency.
The upgrade involves the acquisition of 35,888 Bitmain T21 miners, with an option for an additional 28,000 units, potentially elevating Bitfarms' operational capacity to an impressive 17 EH/s and 391 MW by the second half of 2024.
See: One of Biggest Bitcoin Mining Firms in Canada, Bitfarms, to Adjust HOLD Strategy
- Last week, Bitfarms announced a $60 million Canadian private placement with U.S. institutional investors with the net proceeds from this private placement earmarked for the acquisition of new miners, expansion of infrastructure, and enhancement of the company's working capital.
- Bitfarms' purchase of 35,888 Bitmain T21 miners, priced at $2,660 each, enables unparalleled efficiency and mining power. This upgrade aligns with the upcoming bitcoin halving in April 2024, an event that typically triggers increased market activity and valuation fluctuations.
- The new T21 miners boast a highly efficient 3 Phase 415v PSU and High Energy Mode, aligning with global shifts towards sustainable mining practices.
Third Quarter 2023 Results
Bitfarms Ltd.'s financial results for the third quarter of 2023 highlights the company's earnings of 1,172 BTC, an increase in hashrate to 6.1 EH/s, and the development of operating capacity to 290 MW in Q1 2024. The report also covers the company's strategic expansions and upgrades in its mining operations, including the use of renewable power in Québec and low-cost energy in Latin America.
Importance of the Upgrade
Bitfarms Ltd.'s strategic upgrade demonstrates a forward-thinking approach, balancing technological advancement with environmental responsibility. This move not only prepares Bitfarms for the upcoming challenges in the cryptocurrency world but also sets a new benchmark for others in the industry.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Support NCFA by Following us on Twitter!Follow @NCFACanada |
Syngrafii Integrates Trulioo’s Advanced Identity Verification to Enhance eSignature Security
Digital Identity | Nov 28, 2023
Image by pressfoto on Freepik
Syngrafii Announces Integration with Trulioo Identity Document Verification, Enhancing its iinked Sign™ and Video Signing Room™ (VSR) platforms.
Syngrafii's strategic integration helps secure electronic signatures, addressing the evolving needs of regulatory bodies and combating financial crimes like mortgage and auto loan fraud. The integration not only streamlines the identity verification process but also fortifies compliance with KYC, KYB, and AML protocols, setting a new standard in the digital signing realm.
See: Digital Identity in the Age of Web3: Empowering Individuals, Transforming Organizations
Key Points:
- The integration with Trulioo's Identity Document Verification brings a new level of assurance in signatory authentication, combining e-signature and IDV processes into a unified, more secure platform.
- This integration is a response to the changing demands of regulatory agencies, law societies, and financial institutions, ensuring compliance and mitigating risks associated with financial crimes, and meets the standards of NIST and DIACC
- Syngrafii's iinked Sign™ now includes a "Write to Sign" feature, allowing signatories to use their own handwriting, enhancing the authenticity and non-repudiation of electronic signatures.
- This collaboration supports Syngrafii's expansion in core markets like Canada and the U.S., while enhancing global trust in digital transactions.
- Syngrafii's suite, including the patented iinked Sign™, VSR™, and LongPen® technologies, offers a robust platform for compliant, secure, and versatile electronic signing experiences.
Why It Matters
See: Mastercard is Navigating Global Trust Frameworks and Building a Global Digital Identity Network
By ensuring higher levels of security and compliance, Syngrafii and Trulioo are not only enhancing the trustworthiness of digital signatures but are also paving the way for safer, more reliable online transactions across various sectors. This is a noteworthy milestone along the journey towards a safer digital future.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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