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To Support Disruptive Technologies, Take Bigness Seriously

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Denise Hearn | Myth of Capitalism | May 24, 2019

future start - To Support Disruptive Technologies, Take Bigness SeriouslyShivaun Moeran and her husband Adam Raff founded one of the most promising startups you’ve never heard of.  Adam managed Europe’s supercomputers used for weather forecasting and Shivaun managed software products for General Motors. While having a cigarette outside his office one day in 2006, Adam was struck with a brilliant idea. What if you could create an online search platform to find the best price for any product? It would aggregate specific information about category verticals, and nothing like it existed at the time.

They quit their jobs, hired a team, and began beta testing. Their site, Foundem.com ranked well on Google and they were receiving a steady flow of traffic. However, a few days after the official site launch, visitors to the site disappeared and never came back.

Upon investigation, they discovered that Google had updated their search ranking algorithm and had demoted the site, so it appeared on page 4 or even 170 of search results. Foundem had effectively disappeared from the internet – blacklisted. They suspected that they had been intentionally knocked out of the market and, after speaking with other entrepreneurs who had similar experiences, filed a complaint with the European Commission. Nearly 13 years later, Google was fined 2.4 billion euros for crushing competitors and steering users to its own product search sites. This was the first of 3 big antitrust fines leveled at the company, the third coming this past March.

The story of these two entrepreneurs is representative of the challenges facing many new entrepreneurs today – they are up against concentrated and centralized power not seen since the first Gilded Age, making it very difficult to compete.

See:  Advancing Competition in a Changing Marketplace

Across many industries in the US and Canada, (and indeed globally), industries have become increasingly concentrated via waves of mergers and acquisitions. Many Canadians are aware of the main oligopolies of telco companies and banking. Banking is controlled by the Big 5 (TD Bank, RBC, Bank of Nova Scotia, Bank of Montreal, CIBC) which would have been the Big 3 had the Competition Bureau not blocked merger proposals in 1998. And The Wireless Telecom industry in Canada is heavily concentrated, with the big three capturing an estimated 88.7% of the market between Rogers, Bell, and Telus.

But fewer are aware of how industrial concentration has seeped into nearly all areas of the economy: eyeglasses, pharmacies, grocers, retail, and even funeral services. Park Lawn Corp, Canada’s largest publicly traded funeral service provider, went from owning 9 funeral facilities in 2013 to over 149 locations by the middle of 2018. Investment strategists praise the company’s consolidation efforts because death, though unsexy, is now becoming highly profitable for shareholders.

When companies merge, they announce the great savings from “synergies” that they will share with customers.  To give you a sense of how outlandish the estimates are, the accounting firm Deloitte calculated that the announced cost savings of the current mergers boom amounted to $1.9 trillion, which is more than the entirety of Canada’s GDP. Despite the purported ‘efficiency gains’ meant to come from merging, Canadians pay some of the highest rates globally for international travel, cell phone packages, and banking services.

Wall Street earned $21 billion in merger fees last year, so there is an incentive to keep this engine running.  And the US has its sights set on Canada: outbound deals into the U.S. increased by 40% from $80.56-billion in 2017 to $112.9-billion in 2018 (USD).

This matters for fintech firms for a variety of reasons. Most crucially, it should serve as a warning. The internet was invented to avoid single points of failure and protect from nuclear attack. Yet, in 2014, nearly 50% of all internet traffic moved through the Google and Facebook universe. Today, it is closer to 70%. What was meant to be the world’s decentralized, democratized exchange of information has become beholden to two choke point companies that extract the majority of revenue value from the internet.

See:  Technology is the ‘most profound force bearing down’ on big banks, ex-Barclays boss says

Denise Hearn ffcon19 - To Support Disruptive Technologies, Take Bigness SeriouslyBlockchain-backed cryptocurrencies were invented with a similar premise of decentralization and democratization. However, Bitmain, a Chinese bitcoin mining company, is estimated to have 70 to 80% market share in bitcoin miners, earning $2.8 billion in revenue in 2018. It is unclear, more than 10 years since inception, who has benefitted most from blockchain technology as it has yet failed to significantly deliver on its most lofty claims about equitable distribution.

This is why it is increasingly important to recognize the powerful forces with incentives to re-centralize power, and to set up appropriate checks and balances via regulation and citizen engagement to support the next wave of Canadian entrepreneurs – fintech or otherwise.

For regulators and government: Tax and transfer approaches treat symptoms, not the true disease of concentrated market power and capital ownership. We need to adopt economic policies that support distributed economies that more widely disseminate power. We also need to get serious about bigness. Antitrust and merger review need a return to the forefront of political discourse, as they increasingly are in the United States. Caring about innovation means taking concentrated power seriously and supporting disruptive industries like fintech, crowdfunding, and blockchain.

Funders should change success metrics away from chasing elusive unicorns with billion dollar valuations to fostering thousands of stronger locally grown and supported companies. Yes, we want national champions, but we also want a robust network of medium-sized businesses that are sustainable and adding value to the economy that do not get swallowed by foreign giants.

Lack of competition in markets hurts consumers, workers, innovators and entrepreneurs. It leads to a host of other symptomatic ills like income inequality and, by extension, populism. As the famous US Supreme Court Justice Louis Brandeis said,

“We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can’t have both.”

See:

The time is now to admonish incumbent oligopolists and to support challenger entrepreneurs.

Disruptive technologies will play a key role, but it is incumbent upon regulators to foster markets where everyone has a chance to compete. We all have a responsibility to help create a more equitably distributed economic future.

 

Denise Hearn, Co-Author, Myth of Capitalism, mythofcapitalism.com

Denise Hearn 200 - To Support Disruptive Technologies, Take Bigness SeriouslyDenise writes, presents, and consults on economics, systems change, and human flourishing. She has presented to over 50,000 people at venues including:  The Oxford Union, Bloomberg, a Canadian Parliamentary Standing Committee, and group homes for foster children. Things she find fun: investigating complex social and economic problems and co-creating organizational growth strategies with entrepreneurs and founders. She has done this across diverse fields: impact investing, education, the sharing economy, and macroeconomics.


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

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NCFA Canada | May 24, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep32-May 24:  Rallying behind Bitcoin with Frederick T. Pye HOST: Manseeb Khan, Fintech Friday's show host GUEST:  FREDERICK T. PYE, President & CEO, 3iQ Corp (Linkedin) BIO:  Fred kick-started his career as a precious metal and foreign exchange trader at Guardian Trust. In 1986, they were the first to list gold, silver, and platinum certificates on the Montreal Stock Exchange. Fred later joined Fidelity Investments, where he was part of a team that saw its assets rise from 85 million to over 7.5 billion. Through the launch of creative and exotic investment products, Fred started his own firm, which worked diligently with Canadian regulatory bodies to establish the first mutual fund in Canada that was allowed to take short positions. Finally, as founder and CEO of 3iQ, he and his team have worked cooperatively with the OSC for the last 2 and a half years to launch the first regulated Bitcoin fund in Canada. This fund will be the first major exchange-traded cryptocurrency fund in North America. About this episode:  On this week's episode of NCFA's Fintech Friday Podcast, our host sits down with Frederick T. Pye from 3iQ. The chat ...
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Denise Hearn | Myth of Capitalism | May 24, 2019 Shivaun Moeran and her husband Adam Raff founded one of the most promising startups you’ve never heard of.  Adam managed Europe’s supercomputers used for weather forecasting and Shivaun managed software products for General Motors. While having a cigarette outside his office one day in 2006, Adam was struck with a brilliant idea. What if you could create an online search platform to find the best price for any product? It would aggregate specific information about category verticals, and nothing like it existed at the time. They quit their jobs, hired a team, and began beta testing. Their site, Foundem.com ranked well on Google and they were receiving a steady flow of traffic. However, a few days after the official site launch, visitors to the site disappeared and never came back. Upon investigation, they discovered that Google had updated their search ranking algorithm and had demoted the site, so it appeared on page 4 or even 170 of search results. Foundem had effectively disappeared from the internet – blacklisted. They suspected that they had been intentionally knocked out of the market and, after speaking with other entrepreneurs who had similar experiences, ...
Read More
future start - To Support Disruptive Technologies, Take Bigness Seriously
ATB Financial (Government of Alberta) | May 23, 2019 Crowdfunding and Crowdlending platform Opportunity Notice and Information Organization: ATB Financial Organization Address: Reference Number: AB-2019-03314 Solicitation Number: 20.06 Solicitation Type: Request for Information Posting (MM/dd/yyyy): 05/15/2019 03:49:51 PM Alberta Time Closing (MM/dd/yyyy): 05/31/2019 02:00:59 PM Alberta Time Last Update (MM/dd/yyyy): 05/15/2019 03:49:51 PM Alberta Time Agreement Type: Non-Applicable Region of Opportunity: Open Region of Delivery: Alberta Opportunity Type: Open & Competitive Commodity Codes: T005A: Graphic Design Services - including website Preview the RFI --> 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 ...
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The Next Web | Radek Zaleski | May 21, 2019 Are Europeans really coming? “The US market is vast. There are a lot of consumers in the US that use outdated technologies, and from that perspective we see huge potential here [in the US],” announced Nicolas Kopp, US CEO of N26, during a panel at Netguru’s Disruption Forum. Over the past few years, the fintech industry has started to prove that it can be a driving force to disrupt the financial services sector. Banks now have serious competition from tech-forward lending companies, transfer startups, personal finance and investment apps, and non-traditional banks. The majority of this activity has come from fintech companies in Europe. Why? See:  Canada’s financial upstarts are lining up behind open banking, but bigger players may need convincing Europe has led the charge in bridging the gap between older banking practices and rapidly advancing consumer technology. Some even estimate that these new challenger companies have taken up to one third (33%) of new revenue across the industry in Europe alone. When compared to the US, the difference is vast – the same report estimates that US fintechs have only captured just over 3% of the new revenue ...
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Financial Post | Bermuda Development Agency Release | May 15, 2019 NEW YORK — Bermuda highlighted its world-respected regulatory and legal framework for fintech business, as a delegation of government and industry experts returned for a second year to “Blockchain Week” in New York for Consensus 2019. Bermuda promoted its pioneering legal & regulatory framework for fintech startups during New York’s Blockchain Week, attending Consensus and an interview with @bloombergradio Premier David Burt, accompanied by Finance Minister Curtis Dickinson and Bermuda Business Development Agency CEO Andy Burrows, led a group of regulatory and industry representatives to the annual three-day midtown conference which attracted 4,500 attendees, including major sponsoring companies such as IBM, Deloitte, Microsoft, Citi, RBC and eBay. Along with a business development team from the BDA were Assistant Financial Secretary Stephen Gift, Chief Fintech Advisor to the Premier Denis Pitcher, and fintech experts from the Bermuda Monetary Authority (BMA), Deloitte Bermuda, PwC Bermuda, and global law firms Appleby, Conyers, and Walkers. See:  The Future of Government… in a Digital Age “Events like this are important because they bring a lot of the major players from well-established companies that are going to be the largest companies of the future,” said ...
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Bermuda premier David Burt - To Support Disruptive Technologies, Take Bigness Seriously
Koho Release | May 15, 2019 TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- KOHO announced today that it has closed a $42 million fundraising round led by Portag3 Ventures (“Portag3”), including Greyhound Capital and other strategic investors. The announcement comes as KOHO, a fintech company that offers Canadians an alternative to their traditional banking experience, continues to see rapid growth. In less than two years, KOHO has grown to over 120,000 accounts, moved their HQ to Toronto and released 43 new versions of the app. With over $500 million in annualized transactions and a KOHO card used every 4 seconds, KOHO has built a current account Canadians love (they boast a Net Promoter Score of 80 and App Store rating of 4.8/5 stars). “KOHO’s mission is to restore balance to Canadians by giving them control over their own finances. This new funding is both validation of what we’ve done and a vote of confidence for the work left to do,” said Daniel Eberhard, Founder and CEO of KOHO. Having raised $8 million from Portag3 in their Series-A funding round, KOHO is thrilled to continue the relationship with an investment from Portag3 Ventures LP II. See:  Banks’ Revenue Growth at Risk ...
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Koho - To Support Disruptive Technologies, Take Bigness Seriously
NCFA Canada | May 14, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep31-May 14:  Blockchain Law with Jason Saltzman About this episode: On this episode of the Fintech Friday's Podcast, our host Manseeb Khan sits down with Jason Saltzman partner at Gowlings WLG law firm. They chat about how to make your ICO compliant, Blockchain in law and how to create a business structure.  Enjoy! HOST: Manseeb Khan, Fintech Friday's show host GUEST:  JASON SALTZMAN, Partner, Gowling WLG (Canada) LLP (Linkedin) BIO:  Jason Saltzman is a partner in Gowling WLG (Canada) LLP’s Toronto office practising in corporate finance and securities law, with an emphasis on securities offerings, mergers and acquisitions, private equity and venture capital transactions and regulatory compliance matters.  Jason assists issuers, investment dealers, investment portals and institutional and private investors on complex equity and debt financing transactions, ranging from start-up investments, venture capital and private equity investments, to larger public offerings and project finance.  Jason has taken numerous companies public on the TSX, TSX Venture Exchange and Canadian Securities Exchange by IPO, reverse takeover, capital pool transactions and direct listings. He also advises securities dealers, advisers, investment fund managers and other market participants in connection with their ...
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Forbes | Billy Bambrough | May 13, 2019 Bitcoin has been soaring over the weekend, boosting most major cryptocurrencies including ethereum, litecoin, Ripple's XRP, EOS, and bitcoin cash—and adding some $25 billion to the overall cryptocurrency market capitalization since Friday morning, taking it over $200 billion of the first time this year. The bitcoin price is now trading at a little over $7,000 per bitcoin, after beginning the year at under $4,000, taking the total value of all bitcoins over $124 billion and making up 58% of the broader cryptocurrency market cap. Over the weekend some major bitcoin holders, known as whales, moved a staggering number of the digital tokens, potentially pushing the market higher, with the single biggest whale moving 47,000 bitcoin worth an eye-watering $343 million, according to data from Whale Alert, which tracks big cryptocurrency moves. Bitcoin whales have traded around 100,000 bitcoin over the weekend, with a total value of some $670 million dollars. Most of the bitcoin whales have been moving their holdings out of major cryptocurrency exchanges, with just a few of the biggest transactions over the weekend involving cryptocurrency wallets moving bitcoin to an exchange. Large bitcoin and cryptocurrency transactions can prop up the market, with ...
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Bitcoin May 2019 - To Support Disruptive Technologies, Take Bigness Seriously
Coindesk | Yogita Khatri | May 10, 2019 Figure Technologies, a fintech startup founded by former SoFi CEO Mike Cagney, has closed a $1 billion “uncommitted” line of credit on a blockchain. Investment bank Jefferies and WSFS Financial Corporation, the parent of WSFS Bank, are the project’s participants, Figure announced Thursday. As part of the deal, Jefferies may periodically lend to Figure under a variable funding note, which is secured by Figure’s home equity lines. WSFS Financial is acting as trustee for Jefferies. Lines of credit have a maximum loan amount that can be borrowed as needed, paid back, and borrowed again. Figure’s financing facility is custodied on its own blockchain platform called Provenance, according to the announcement. See:  FaceCoin: Here’s What Facebook Could Build In Blockchain And Cryptocurrency The platform can support “the entire end-to-end financing of loans, from origination to funding to servicing to financing,” said Cagney, adding: “It paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers.” Brian McGrath, head of the securitized markets group at Jefferies, commented on using the blockchain: “We’ve gained full transparency into the underlying assets, real-time access to loan performance and ...
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PYMNTS | May 6, 2019 The suit can proceed. The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. Judge Victor Marrero, presiding over the U.S. District Court for the Southern District of New York, said the case can proceed, a ruling that denied a dismissal of the suit requested by the Office of the Comptroller of the Currency (OCC). The New York department had argued that the OCC had stepped beyond its regulatory authority (and is misinterpreting the National Bank Act) when it had offered the “special purpose” charter in the middle of last year. The judge ruled that “such dramatic disruption of federal state relationships in the banking industry occasioned by a federal regulatory agency lends weight to the argument that it represents exercise of authority that exceeds what Congress may have contemplated in passing the NBA . Indeed, if DFS’ characterization of the impact is accurate – which the Court assumes, given the posture of this order … the OCC’s reading is not so much an ‘interpretation’ as ‘a fundamental ...
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April 24, 2019 (Toronto Live Jazz and Jazzovation launch): Tim Booth’s Toronto Art Orchestra

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Jazzovation | Tim Booth | April 22, 2019

Tim Booth Art Orchestra and Jazzovation 2 - To Support Disruptive Technologies, Take Bigness Seriously

Wednesday, April 24, 2019 | 8:30pm

Tim Booth’s Toronto Art Orchestra
Advance $20.00 / Door $25.00 *

One of Canada’s top jazz orchestras is returning to the Toronto stage in what will truly be an all-star event.

Toronto Art Orchestra (TAO), led by bass trombonist and jazz educator Timothy Booth, includes many of Canada’s first-call jazz players, including Colleen Allen, Bruce Cassidy, Andrew McAnsh, and John McLeod.

The ensemble features vocalists Jessica Lalonde and Tanya Wills. TAO will present the works of two of the greatest jazz orchestra composers of all time: Maria Schneider and Bob Brookmeyer.

Attend in-person or online

The Toronto Art Orchestra concert will also be video-streamed with professional production values by JazzOvation.org (formerly TheJazzBox.ca) — a platform for Canadian jazz composers and performers that currently serves more than 60 artists. Be on the lookout for a growing series of upcoming JazzOvation concerts, featuring the best of Toronto’s – and Canada’s – jazz artists, as they perform at our finest jazz venues.

About Tim Booth

Tim Booth has been on the Canadian music scene for over 30 years, performing with a wide array of groups in the Montreal and Toronto areas. He has played with such artists as Aretha Franklin, Pavarotti, Yes, John Pizzarelli, George Burns, Chris De Burgh to name just a few. He has also played such musicals as Phantom of the Opera, Les Miserables, Kiss of the Spider Woman, Showboat, Ragtime, Miss Saigon. Lion King and Beauty and the Beast. In 2006 he created the Toronto Art Orchestra, a jazz orchestra devoted to playing the greatest jazz master’s works.

For more information, contact

Timothy Booth,
Founder, Toronto Art Orchestra and JazzOvation.org
timothybooth9@gmail.com


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

Latest news - To Support Disruptive Technologies, Take Bigness SeriouslyFF Logo 400 v3 - To Support Disruptive Technologies, Take Bigness Seriouslycommunity social impact - To Support Disruptive Technologies, Take Bigness Seriously
FFCON19 Fearless team - To Support Disruptive Technologies, Take Bigness Seriously

NCFA Canada | May 24, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep32-May 24:  Rallying behind Bitcoin with Frederick T. Pye HOST: Manseeb Khan, Fintech Friday's show host GUEST:  FREDERICK T. PYE, President & CEO, 3iQ Corp (Linkedin) BIO:  Fred kick-started his career as a precious metal and foreign exchange trader at Guardian Trust. In 1986, they were the first to list gold, silver, and platinum certificates on the Montreal Stock Exchange. Fred later joined Fidelity Investments, where he was part of a team that saw its assets rise from 85 million to over 7.5 billion. Through the launch of creative and exotic investment products, Fred started his own firm, which worked diligently with Canadian regulatory bodies to establish the first mutual fund in Canada that was allowed to take short positions. Finally, as founder and CEO of 3iQ, he and his team have worked cooperatively with the OSC for the last 2 and a half years to launch the first regulated Bitcoin fund in Canada. This fund will be the first major exchange-traded cryptocurrency fund in North America. About this episode:  On this week's episode of NCFA's Fintech Friday Podcast, our host sits down with Frederick T. Pye from 3iQ. The chat ...
Read More
FF EP32 Fred Pye banner - To Support Disruptive Technologies, Take Bigness Seriously
Denise Hearn | Myth of Capitalism | May 24, 2019 Shivaun Moeran and her husband Adam Raff founded one of the most promising startups you’ve never heard of.  Adam managed Europe’s supercomputers used for weather forecasting and Shivaun managed software products for General Motors. While having a cigarette outside his office one day in 2006, Adam was struck with a brilliant idea. What if you could create an online search platform to find the best price for any product? It would aggregate specific information about category verticals, and nothing like it existed at the time. They quit their jobs, hired a team, and began beta testing. Their site, Foundem.com ranked well on Google and they were receiving a steady flow of traffic. However, a few days after the official site launch, visitors to the site disappeared and never came back. Upon investigation, they discovered that Google had updated their search ranking algorithm and had demoted the site, so it appeared on page 4 or even 170 of search results. Foundem had effectively disappeared from the internet – blacklisted. They suspected that they had been intentionally knocked out of the market and, after speaking with other entrepreneurs who had similar experiences, ...
Read More
future start - To Support Disruptive Technologies, Take Bigness Seriously
ATB Financial (Government of Alberta) | May 23, 2019 Crowdfunding and Crowdlending platform Opportunity Notice and Information Organization: ATB Financial Organization Address: Reference Number: AB-2019-03314 Solicitation Number: 20.06 Solicitation Type: Request for Information Posting (MM/dd/yyyy): 05/15/2019 03:49:51 PM Alberta Time Closing (MM/dd/yyyy): 05/31/2019 02:00:59 PM Alberta Time Last Update (MM/dd/yyyy): 05/15/2019 03:49:51 PM Alberta Time Agreement Type: Non-Applicable Region of Opportunity: Open Region of Delivery: Alberta Opportunity Type: Open & Competitive Commodity Codes: T005A: Graphic Design Services - including website Preview the RFI --> 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 ...
Read More
ATB financial RFI crowdfunding and crowdlending platform - To Support Disruptive Technologies, Take Bigness Seriously
The Next Web | Radek Zaleski | May 21, 2019 Are Europeans really coming? “The US market is vast. There are a lot of consumers in the US that use outdated technologies, and from that perspective we see huge potential here [in the US],” announced Nicolas Kopp, US CEO of N26, during a panel at Netguru’s Disruption Forum. Over the past few years, the fintech industry has started to prove that it can be a driving force to disrupt the financial services sector. Banks now have serious competition from tech-forward lending companies, transfer startups, personal finance and investment apps, and non-traditional banks. The majority of this activity has come from fintech companies in Europe. Why? See:  Canada’s financial upstarts are lining up behind open banking, but bigger players may need convincing Europe has led the charge in bridging the gap between older banking practices and rapidly advancing consumer technology. Some even estimate that these new challenger companies have taken up to one third (33%) of new revenue across the industry in Europe alone. When compared to the US, the difference is vast – the same report estimates that US fintechs have only captured just over 3% of the new revenue ...
Read More
european fintech expansion - To Support Disruptive Technologies, Take Bigness Seriously
Financial Post | Bermuda Development Agency Release | May 15, 2019 NEW YORK — Bermuda highlighted its world-respected regulatory and legal framework for fintech business, as a delegation of government and industry experts returned for a second year to “Blockchain Week” in New York for Consensus 2019. Bermuda promoted its pioneering legal & regulatory framework for fintech startups during New York’s Blockchain Week, attending Consensus and an interview with @bloombergradio Premier David Burt, accompanied by Finance Minister Curtis Dickinson and Bermuda Business Development Agency CEO Andy Burrows, led a group of regulatory and industry representatives to the annual three-day midtown conference which attracted 4,500 attendees, including major sponsoring companies such as IBM, Deloitte, Microsoft, Citi, RBC and eBay. Along with a business development team from the BDA were Assistant Financial Secretary Stephen Gift, Chief Fintech Advisor to the Premier Denis Pitcher, and fintech experts from the Bermuda Monetary Authority (BMA), Deloitte Bermuda, PwC Bermuda, and global law firms Appleby, Conyers, and Walkers. See:  The Future of Government… in a Digital Age “Events like this are important because they bring a lot of the major players from well-established companies that are going to be the largest companies of the future,” said ...
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Bermuda premier David Burt - To Support Disruptive Technologies, Take Bigness Seriously
Koho Release | May 15, 2019 TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- KOHO announced today that it has closed a $42 million fundraising round led by Portag3 Ventures (“Portag3”), including Greyhound Capital and other strategic investors. The announcement comes as KOHO, a fintech company that offers Canadians an alternative to their traditional banking experience, continues to see rapid growth. In less than two years, KOHO has grown to over 120,000 accounts, moved their HQ to Toronto and released 43 new versions of the app. With over $500 million in annualized transactions and a KOHO card used every 4 seconds, KOHO has built a current account Canadians love (they boast a Net Promoter Score of 80 and App Store rating of 4.8/5 stars). “KOHO’s mission is to restore balance to Canadians by giving them control over their own finances. This new funding is both validation of what we’ve done and a vote of confidence for the work left to do,” said Daniel Eberhard, Founder and CEO of KOHO. Having raised $8 million from Portag3 in their Series-A funding round, KOHO is thrilled to continue the relationship with an investment from Portag3 Ventures LP II. See:  Banks’ Revenue Growth at Risk ...
Read More
Koho - To Support Disruptive Technologies, Take Bigness Seriously
NCFA Canada | May 14, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep31-May 14:  Blockchain Law with Jason Saltzman About this episode: On this episode of the Fintech Friday's Podcast, our host Manseeb Khan sits down with Jason Saltzman partner at Gowlings WLG law firm. They chat about how to make your ICO compliant, Blockchain in law and how to create a business structure.  Enjoy! HOST: Manseeb Khan, Fintech Friday's show host GUEST:  JASON SALTZMAN, Partner, Gowling WLG (Canada) LLP (Linkedin) BIO:  Jason Saltzman is a partner in Gowling WLG (Canada) LLP’s Toronto office practising in corporate finance and securities law, with an emphasis on securities offerings, mergers and acquisitions, private equity and venture capital transactions and regulatory compliance matters.  Jason assists issuers, investment dealers, investment portals and institutional and private investors on complex equity and debt financing transactions, ranging from start-up investments, venture capital and private equity investments, to larger public offerings and project finance.  Jason has taken numerous companies public on the TSX, TSX Venture Exchange and Canadian Securities Exchange by IPO, reverse takeover, capital pool transactions and direct listings. He also advises securities dealers, advisers, investment fund managers and other market participants in connection with their ...
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FF EP 31 Jason Saltzman resize - To Support Disruptive Technologies, Take Bigness Seriously
Forbes | Billy Bambrough | May 13, 2019 Bitcoin has been soaring over the weekend, boosting most major cryptocurrencies including ethereum, litecoin, Ripple's XRP, EOS, and bitcoin cash—and adding some $25 billion to the overall cryptocurrency market capitalization since Friday morning, taking it over $200 billion of the first time this year. The bitcoin price is now trading at a little over $7,000 per bitcoin, after beginning the year at under $4,000, taking the total value of all bitcoins over $124 billion and making up 58% of the broader cryptocurrency market cap. Over the weekend some major bitcoin holders, known as whales, moved a staggering number of the digital tokens, potentially pushing the market higher, with the single biggest whale moving 47,000 bitcoin worth an eye-watering $343 million, according to data from Whale Alert, which tracks big cryptocurrency moves. Bitcoin whales have traded around 100,000 bitcoin over the weekend, with a total value of some $670 million dollars. Most of the bitcoin whales have been moving their holdings out of major cryptocurrency exchanges, with just a few of the biggest transactions over the weekend involving cryptocurrency wallets moving bitcoin to an exchange. Large bitcoin and cryptocurrency transactions can prop up the market, with ...
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Bitcoin May 2019 - To Support Disruptive Technologies, Take Bigness Seriously
Coindesk | Yogita Khatri | May 10, 2019 Figure Technologies, a fintech startup founded by former SoFi CEO Mike Cagney, has closed a $1 billion “uncommitted” line of credit on a blockchain. Investment bank Jefferies and WSFS Financial Corporation, the parent of WSFS Bank, are the project’s participants, Figure announced Thursday. As part of the deal, Jefferies may periodically lend to Figure under a variable funding note, which is secured by Figure’s home equity lines. WSFS Financial is acting as trustee for Jefferies. Lines of credit have a maximum loan amount that can be borrowed as needed, paid back, and borrowed again. Figure’s financing facility is custodied on its own blockchain platform called Provenance, according to the announcement. See:  FaceCoin: Here’s What Facebook Could Build In Blockchain And Cryptocurrency The platform can support “the entire end-to-end financing of loans, from origination to funding to servicing to financing,” said Cagney, adding: “It paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers.” Brian McGrath, head of the securitized markets group at Jefferies, commented on using the blockchain: “We’ve gained full transparency into the underlying assets, real-time access to loan performance and ...
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ex sofi CEO closes 1 billion line of credit - To Support Disruptive Technologies, Take Bigness Seriously
PYMNTS | May 6, 2019 The suit can proceed. The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. Judge Victor Marrero, presiding over the U.S. District Court for the Southern District of New York, said the case can proceed, a ruling that denied a dismissal of the suit requested by the Office of the Comptroller of the Currency (OCC). The New York department had argued that the OCC had stepped beyond its regulatory authority (and is misinterpreting the National Bank Act) when it had offered the “special purpose” charter in the middle of last year. The judge ruled that “such dramatic disruption of federal state relationships in the banking industry occasioned by a federal regulatory agency lends weight to the argument that it represents exercise of authority that exceeds what Congress may have contemplated in passing the NBA . Indeed, if DFS’ characterization of the impact is accurate – which the Court assumes, given the posture of this order … the OCC’s reading is not so much an ‘interpretation’ as ‘a fundamental ...
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NCFA 2019 Conference Closes with Renewed Focus on Fostering Innovation in Fintech

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NCFA | Team FFCON19 | April 16, 2019

FFCON19 group shot - To Support Disruptive Technologies, Take Bigness Seriously

5th annual Fintech and Financing Conference in Toronto addressed challenges and successes of entrepreneurs and innovators transforming the financial industry

TORONTO, ON / ACCESSWIRE / April 16, 2019 / The National Crowdfunding & Fintech Association (NCFA), the non-profit cross-body organization that promotes and supports fintech and funding throughout Canada, closed its 5th annual flagship Fintech and Financing Conference - FFCON - which featured numerous fintech market leaders, as well as industry experts, government officials, and prominent tech investors.

"FEARLESS" was the theme for this year's conference, celebrating the boldness and innovative nature of the FinTech industry, where entrepreneurs constantly challenge pre-existing financial systems with innovative new products and services. The conference brought together more than 500 attendees who experienced keynote speeches, immersive learning, workshops, startup pitch presentations and awards, an exhibitor floor, and networking receptions.

Key themes explored at FFCON19: FEARLESS:

  1. RISK is a conscious choice and necessary to innovate;
  2. Digital trust and security are essential for mass adoption;
  3. The digital bank and future of fintech is already here;
  4. Collaboration and new social (decentralized) models can revitalize markets controlled by incumbents with too much power and no incentive to change;
  5. Private-public market funding trends shifting - seek low-cost liquidity, online funding does work, needs aligned critical mass, can unlock value;
  6. Digital asset markets evolving (EIO, STO, stablcoins). Revisit playbooks, diversify, invest/build/prep for growth in securities, currency, record keeping, smart contracts;
  7. Canadian fintech lacks a national strategy; regulation is complex, costly and needs to be streamlined and government at all levels are encouraged to collaborate with industry.

Conference Highlights include:

  • Over 50+ leading fintech, blockchain, AI and alternative finance experts, 9 pitching finalists and 40+ innovation ecosystem partners gathered to discuss the latest industry developments, trends, insider views and best practices.
  • The 2019 FFCON Pitch Competition Winner was Vacation Fund - an employer-matched travel savings program for employees. The winning pitch was by Erica Pearson, co-founder & CEO, who accepted the award on behalf of Vacation Fund from Richard Carlton, CEO of the Canadian Securities Exchange (CSE).
  • Jon Medved, CEO of OurCrowd, who has raised over $1 billion for their companies gave a special keynote speech on the first day. OurCrowd was recently named the most active investor in Israel by PitchBook, with investments in 170 startups, and 18 funds, along with 29 exits so far.
  • FFCON19 FEARLESS was proud to have screened the Toronto premiere of TRUST MACHINE: The Story about Blockchain. The documentary and Q&A with John Lyotier, RightMesh CEO, was well received by the sold-out room at Gowlings and shone a light on the history and advancements of blockchain technology.
  • FFCON19 held an extremely popular consultation with The Honorable Bill Walker, Minister of Consumer and Government Services in Ontario, and steward of the province's new data policy.
  • NCFA expanded this year's program with the formal launch of its inaugural online Global Fintech Education program for entrepreneurs in conjunction with Next Decentrum Technologies. Attendees had an exclusive first look at the program with VIP attendees having received complimentary enrolment with conference registration. Early access to the program is now open and program directors are encouraging partners and fintech experts globally to connect to explore opportunities here.

Announcements at FFCON19

NCFA announced a partnership with Export Canada that will provide opportunities for qualifying Canadian fintech ventures to connect with global markets and investors with its first mission to enter Asia in early 2020.

Coinsquare, the Toronto based cryptocurrency exchange, announced the launch of eCAD™, the first stablecoin pegged to the Canadian Dollar. eCAD™ marks the beginning of a new era for cryptocurrency mass adoption as it will create the first transparent, affordable, and secure way of transferring value in Canada and beyond, without the risk of instability of the traditional cryptocurrency market. Coinsquare continues to cement their place as one of Canada's most reliable cryptocurrency exchanges.

3iQ Corp, the investment fund manager with a focus on cryptocurrency holdings, announced that it signed a letter of intent (LOI) to acquire First Block Capital's FBC Bitcoin Trust and Distributed Ledger Technology Adopters ETF.

Watch the FFCON19 highlight video.

Check out the photo album or presentation decks

The organizers offer special thanks to the conference partners, all the speakers, companies, and volunteers that helped make FFCON19 an informative and memorable event.

About the NCFA

The National Crowdfunding & Fintech Association (NCFA) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. 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 and cryptocurrency, Regtech, and Insuretech sectors. To learn more about NCFA visit www.ncfacanada.org.

About FFCON

FFCON (Fintech and Financing Conference) is an annual conference hosted by Canada's National Crowdfunding and Fintech Association (NCFA). Now in its fifth year, FFCON19 brought together professionals and innovators in fintech, blockchain, cryptocurrency, and alternative finance. The theme of FFCON19 was FEARLESS which exudes the boldness of the fintech space where small players are challenging orthodoxy, going against convention and transforming the financial industry with innovative models and thinking. Further information about the conference series can be found at www.fintechandfunding.com.

FFCON Contacts

Craig Asano
Founder and CEO, NCFA
casano@ncfacanada.org
(416) 618-0254

Partnership Inquiries

Lauren Linton
Advisor, NCFA
lauren@ncfacanada.org
(416) 569-4349

Media Contact

Michele McDermott-Fox
The Top Floor Public Relations
pr@thetopflooragency.com
(905) 379-1893

SOURCE: National Crowdfunding & Fintech Association of Canada


Latest news - To Support Disruptive Technologies, Take Bigness SeriouslyFF Logo 400 v3 - To Support Disruptive Technologies, Take Bigness Seriouslycommunity social impact - To Support Disruptive Technologies, Take Bigness Seriously
FFCON19 Fearless team - To Support Disruptive Technologies, Take Bigness Seriously

NCFA Canada | May 24, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep32-May 24:  Rallying behind Bitcoin with Frederick T. Pye HOST: Manseeb Khan, Fintech Friday's show host GUEST:  FREDERICK T. PYE, President & CEO, 3iQ Corp (Linkedin) BIO:  Fred kick-started his career as a precious metal and foreign exchange trader at Guardian Trust. In 1986, they were the first to list gold, silver, and platinum certificates on the Montreal Stock Exchange. Fred later joined Fidelity Investments, where he was part of a team that saw its assets rise from 85 million to over 7.5 billion. Through the launch of creative and exotic investment products, Fred started his own firm, which worked diligently with Canadian regulatory bodies to establish the first mutual fund in Canada that was allowed to take short positions. Finally, as founder and CEO of 3iQ, he and his team have worked cooperatively with the OSC for the last 2 and a half years to launch the first regulated Bitcoin fund in Canada. This fund will be the first major exchange-traded cryptocurrency fund in North America. About this episode:  On this week's episode of NCFA's Fintech Friday Podcast, our host sits down with Frederick T. Pye from 3iQ. The chat ...
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FF EP32 Fred Pye banner - To Support Disruptive Technologies, Take Bigness Seriously
Denise Hearn | Myth of Capitalism | May 24, 2019 Shivaun Moeran and her husband Adam Raff founded one of the most promising startups you’ve never heard of.  Adam managed Europe’s supercomputers used for weather forecasting and Shivaun managed software products for General Motors. While having a cigarette outside his office one day in 2006, Adam was struck with a brilliant idea. What if you could create an online search platform to find the best price for any product? It would aggregate specific information about category verticals, and nothing like it existed at the time. They quit their jobs, hired a team, and began beta testing. Their site, Foundem.com ranked well on Google and they were receiving a steady flow of traffic. However, a few days after the official site launch, visitors to the site disappeared and never came back. Upon investigation, they discovered that Google had updated their search ranking algorithm and had demoted the site, so it appeared on page 4 or even 170 of search results. Foundem had effectively disappeared from the internet – blacklisted. They suspected that they had been intentionally knocked out of the market and, after speaking with other entrepreneurs who had similar experiences, ...
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future start - To Support Disruptive Technologies, Take Bigness Seriously
ATB Financial (Government of Alberta) | May 23, 2019 Crowdfunding and Crowdlending platform Opportunity Notice and Information Organization: ATB Financial Organization Address: Reference Number: AB-2019-03314 Solicitation Number: 20.06 Solicitation Type: Request for Information Posting (MM/dd/yyyy): 05/15/2019 03:49:51 PM Alberta Time Closing (MM/dd/yyyy): 05/31/2019 02:00:59 PM Alberta Time Last Update (MM/dd/yyyy): 05/15/2019 03:49:51 PM Alberta Time Agreement Type: Non-Applicable Region of Opportunity: Open Region of Delivery: Alberta Opportunity Type: Open & Competitive Commodity Codes: T005A: Graphic Design Services - including website Preview the RFI --> 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 ...
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ATB financial RFI crowdfunding and crowdlending platform - To Support Disruptive Technologies, Take Bigness Seriously
The Next Web | Radek Zaleski | May 21, 2019 Are Europeans really coming? “The US market is vast. There are a lot of consumers in the US that use outdated technologies, and from that perspective we see huge potential here [in the US],” announced Nicolas Kopp, US CEO of N26, during a panel at Netguru’s Disruption Forum. Over the past few years, the fintech industry has started to prove that it can be a driving force to disrupt the financial services sector. Banks now have serious competition from tech-forward lending companies, transfer startups, personal finance and investment apps, and non-traditional banks. The majority of this activity has come from fintech companies in Europe. Why? See:  Canada’s financial upstarts are lining up behind open banking, but bigger players may need convincing Europe has led the charge in bridging the gap between older banking practices and rapidly advancing consumer technology. Some even estimate that these new challenger companies have taken up to one third (33%) of new revenue across the industry in Europe alone. When compared to the US, the difference is vast – the same report estimates that US fintechs have only captured just over 3% of the new revenue ...
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Financial Post | Bermuda Development Agency Release | May 15, 2019 NEW YORK — Bermuda highlighted its world-respected regulatory and legal framework for fintech business, as a delegation of government and industry experts returned for a second year to “Blockchain Week” in New York for Consensus 2019. Bermuda promoted its pioneering legal & regulatory framework for fintech startups during New York’s Blockchain Week, attending Consensus and an interview with @bloombergradio Premier David Burt, accompanied by Finance Minister Curtis Dickinson and Bermuda Business Development Agency CEO Andy Burrows, led a group of regulatory and industry representatives to the annual three-day midtown conference which attracted 4,500 attendees, including major sponsoring companies such as IBM, Deloitte, Microsoft, Citi, RBC and eBay. Along with a business development team from the BDA were Assistant Financial Secretary Stephen Gift, Chief Fintech Advisor to the Premier Denis Pitcher, and fintech experts from the Bermuda Monetary Authority (BMA), Deloitte Bermuda, PwC Bermuda, and global law firms Appleby, Conyers, and Walkers. See:  The Future of Government… in a Digital Age “Events like this are important because they bring a lot of the major players from well-established companies that are going to be the largest companies of the future,” said ...
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Koho Release | May 15, 2019 TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- KOHO announced today that it has closed a $42 million fundraising round led by Portag3 Ventures (“Portag3”), including Greyhound Capital and other strategic investors. The announcement comes as KOHO, a fintech company that offers Canadians an alternative to their traditional banking experience, continues to see rapid growth. In less than two years, KOHO has grown to over 120,000 accounts, moved their HQ to Toronto and released 43 new versions of the app. With over $500 million in annualized transactions and a KOHO card used every 4 seconds, KOHO has built a current account Canadians love (they boast a Net Promoter Score of 80 and App Store rating of 4.8/5 stars). “KOHO’s mission is to restore balance to Canadians by giving them control over their own finances. This new funding is both validation of what we’ve done and a vote of confidence for the work left to do,” said Daniel Eberhard, Founder and CEO of KOHO. Having raised $8 million from Portag3 in their Series-A funding round, KOHO is thrilled to continue the relationship with an investment from Portag3 Ventures LP II. See:  Banks’ Revenue Growth at Risk ...
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NCFA Canada | May 14, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep31-May 14:  Blockchain Law with Jason Saltzman About this episode: On this episode of the Fintech Friday's Podcast, our host Manseeb Khan sits down with Jason Saltzman partner at Gowlings WLG law firm. They chat about how to make your ICO compliant, Blockchain in law and how to create a business structure.  Enjoy! HOST: Manseeb Khan, Fintech Friday's show host GUEST:  JASON SALTZMAN, Partner, Gowling WLG (Canada) LLP (Linkedin) BIO:  Jason Saltzman is a partner in Gowling WLG (Canada) LLP’s Toronto office practising in corporate finance and securities law, with an emphasis on securities offerings, mergers and acquisitions, private equity and venture capital transactions and regulatory compliance matters.  Jason assists issuers, investment dealers, investment portals and institutional and private investors on complex equity and debt financing transactions, ranging from start-up investments, venture capital and private equity investments, to larger public offerings and project finance.  Jason has taken numerous companies public on the TSX, TSX Venture Exchange and Canadian Securities Exchange by IPO, reverse takeover, capital pool transactions and direct listings. He also advises securities dealers, advisers, investment fund managers and other market participants in connection with their ...
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FF EP 31 Jason Saltzman resize - To Support Disruptive Technologies, Take Bigness Seriously
Forbes | Billy Bambrough | May 13, 2019 Bitcoin has been soaring over the weekend, boosting most major cryptocurrencies including ethereum, litecoin, Ripple's XRP, EOS, and bitcoin cash—and adding some $25 billion to the overall cryptocurrency market capitalization since Friday morning, taking it over $200 billion of the first time this year. The bitcoin price is now trading at a little over $7,000 per bitcoin, after beginning the year at under $4,000, taking the total value of all bitcoins over $124 billion and making up 58% of the broader cryptocurrency market cap. Over the weekend some major bitcoin holders, known as whales, moved a staggering number of the digital tokens, potentially pushing the market higher, with the single biggest whale moving 47,000 bitcoin worth an eye-watering $343 million, according to data from Whale Alert, which tracks big cryptocurrency moves. Bitcoin whales have traded around 100,000 bitcoin over the weekend, with a total value of some $670 million dollars. Most of the bitcoin whales have been moving their holdings out of major cryptocurrency exchanges, with just a few of the biggest transactions over the weekend involving cryptocurrency wallets moving bitcoin to an exchange. Large bitcoin and cryptocurrency transactions can prop up the market, with ...
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Bitcoin May 2019 - To Support Disruptive Technologies, Take Bigness Seriously
Coindesk | Yogita Khatri | May 10, 2019 Figure Technologies, a fintech startup founded by former SoFi CEO Mike Cagney, has closed a $1 billion “uncommitted” line of credit on a blockchain. Investment bank Jefferies and WSFS Financial Corporation, the parent of WSFS Bank, are the project’s participants, Figure announced Thursday. As part of the deal, Jefferies may periodically lend to Figure under a variable funding note, which is secured by Figure’s home equity lines. WSFS Financial is acting as trustee for Jefferies. Lines of credit have a maximum loan amount that can be borrowed as needed, paid back, and borrowed again. Figure’s financing facility is custodied on its own blockchain platform called Provenance, according to the announcement. See:  FaceCoin: Here’s What Facebook Could Build In Blockchain And Cryptocurrency The platform can support “the entire end-to-end financing of loans, from origination to funding to servicing to financing,” said Cagney, adding: “It paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers.” Brian McGrath, head of the securitized markets group at Jefferies, commented on using the blockchain: “We’ve gained full transparency into the underlying assets, real-time access to loan performance and ...
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ex sofi CEO closes 1 billion line of credit - To Support Disruptive Technologies, Take Bigness Seriously
PYMNTS | May 6, 2019 The suit can proceed. The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. Judge Victor Marrero, presiding over the U.S. District Court for the Southern District of New York, said the case can proceed, a ruling that denied a dismissal of the suit requested by the Office of the Comptroller of the Currency (OCC). The New York department had argued that the OCC had stepped beyond its regulatory authority (and is misinterpreting the National Bank Act) when it had offered the “special purpose” charter in the middle of last year. The judge ruled that “such dramatic disruption of federal state relationships in the banking industry occasioned by a federal regulatory agency lends weight to the argument that it represents exercise of authority that exceeds what Congress may have contemplated in passing the NBA . Indeed, if DFS’ characterization of the impact is accurate – which the Court assumes, given the posture of this order … the OCC’s reading is not so much an ‘interpretation’ as ‘a fundamental ...
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#FFCON19 talked about how to build trust in the 21st century

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TechDaily | Stefan Palios  | April 8, 2019

FFCON19 dan rosen - To Support Disruptive Technologies, Take Bigness Seriously

To be fearless, you have to set up the right conditions and environment. Taking this perspective to heart, #FFCON19, a conference put on by the National Crowdfunding & Fintech Association, pondered how to create the right conditions so entrepreneurs can be fearless in their work.

From conversations about AI creating fake videos to open banking, the wide-ranging conference detailed that fearlessness comes from using the right tech at the right time, desiring a positive outcome more than wanting to avoid a negative outcome, and putting the right regulations in place.

Deep fakes and identifying what’s real

Kicking off the conference, entrepreneur Toufi Saliba brought the idea of ‘deep fake’ to the conversation, the premise that artificial intelligence technology can make videos appear to be of certain people.

See:  The growing cost of cybersecurity

“Deep fake enables everyone with a computer to download software to enable you to put someone speaking in a video, saying something they did not actually say,” Saliba explained.

While innocently used in gag videos, the negative side is much more concerning. With this technology, said Saliba, hackers and other malicious actors can declare war, pretending to be a head of state.

“Imagine seeing Barack Obama on video, except it’s not actually Barack Obama,” Saliba said, explaining that with deep fake technology, someone can film themselves speaking and gesturing but have it appear on screen as anyone.

Saliba went on to explain that cryptography – the computer science practice of securing files with nearly-impossible-to-hack hash codes – can help identify whether a video is real. If cryptographic platforms reach mainstream use, each person will have their own identifying code, as will each video. If there’s a fraud concern, the platform can verify if the source of the video that seemingly features Person A actually came from Person A. While this technology theoretically exists today in the form of official passwords and ‘verified’ accounts, cryptography adds an incredibly high additional level of security, offering true ‘verification’ of the source.

 

Providing value and relinquishing control

Once you can verify the source of information, a must for fearlessness since it helps reduce the unknown and manage risk, entrepreneurs must find additional ways to deliver value. John Lyotier, CEO of decentralized communications framework RightMesh, added that in the 21st century, providing value also means relinquishing control.

In a classic blockchain industry pushback on central systems, Lyotier argued that providing real value to the world means not controlling but simply facilitating. This seems in line with Saliba’s commentary about cryptography and deep fakes – no human is verifying the videos, only decentralized computer nodes.

See:  Trust Machine: The Story of Blockchain to Screen at 5th Annual Fintech and Financing Conference in Toronto

He said the job of a trusted agent – for example, an accountant, consultant, or lawyer – is to “sit between those who want and those who have, then put the two together”, but made the bold claim that those individuals are to be “disrupted and disintermediated”. With a trust system based on humans, there is an inherent limit to how much trust someone can put, said Lyotier, since they are ultimately relying on people who can be perversely incentivized. Instead, the new method of providing value is to enable people to connect one-to-one on a global scale without a human in the middle.

The entrepreneur believes blockchain is the technology that will deliver the promise of increased value and decreased central control, but he was not so naive as to think that the whole world would simply switch over. Lyotier echoed a comment made by Saliba that new platforms must deliver incredible efficiency gains to get people on board, but he re-phrased the question to be: how do you incentivize people to take action? For him, that’s the potential value of RightMesh’s proprietary cryptocurrency, but he left the question open ended for the audience to ponder.

 

Promoting trust

On the subject of regulation and ensuring support for scaling startups, a day-two panel took aim at Facebook’s famous “move fast and break things” mantra.

When it comes to regulation, said the panel, you have to go a little slower at first to get regulation right. Then you can move fast and break things, because the frameworks that protect investors act as bumpers to keep you on track. Once regulations are set up to both protect those who need protecting without stifling risk taking, then innovation can truly take place.

Continue to the full article --> here


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

Latest news - To Support Disruptive Technologies, Take Bigness SeriouslyFF Logo 400 v3 - To Support Disruptive Technologies, Take Bigness Seriouslycommunity social impact - To Support Disruptive Technologies, Take Bigness Seriously
FFCON19 Fearless team - To Support Disruptive Technologies, Take Bigness Seriously

NCFA Canada | May 24, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep32-May 24:  Rallying behind Bitcoin with Frederick T. Pye HOST: Manseeb Khan, Fintech Friday's show host GUEST:  FREDERICK T. PYE, President & CEO, 3iQ Corp (Linkedin) BIO:  Fred kick-started his career as a precious metal and foreign exchange trader at Guardian Trust. In 1986, they were the first to list gold, silver, and platinum certificates on the Montreal Stock Exchange. Fred later joined Fidelity Investments, where he was part of a team that saw its assets rise from 85 million to over 7.5 billion. Through the launch of creative and exotic investment products, Fred started his own firm, which worked diligently with Canadian regulatory bodies to establish the first mutual fund in Canada that was allowed to take short positions. Finally, as founder and CEO of 3iQ, he and his team have worked cooperatively with the OSC for the last 2 and a half years to launch the first regulated Bitcoin fund in Canada. This fund will be the first major exchange-traded cryptocurrency fund in North America. About this episode:  On this week's episode of NCFA's Fintech Friday Podcast, our host sits down with Frederick T. Pye from 3iQ. The chat ...
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FF EP32 Fred Pye banner - To Support Disruptive Technologies, Take Bigness Seriously
Denise Hearn | Myth of Capitalism | May 24, 2019 Shivaun Moeran and her husband Adam Raff founded one of the most promising startups you’ve never heard of.  Adam managed Europe’s supercomputers used for weather forecasting and Shivaun managed software products for General Motors. While having a cigarette outside his office one day in 2006, Adam was struck with a brilliant idea. What if you could create an online search platform to find the best price for any product? It would aggregate specific information about category verticals, and nothing like it existed at the time. They quit their jobs, hired a team, and began beta testing. Their site, Foundem.com ranked well on Google and they were receiving a steady flow of traffic. However, a few days after the official site launch, visitors to the site disappeared and never came back. Upon investigation, they discovered that Google had updated their search ranking algorithm and had demoted the site, so it appeared on page 4 or even 170 of search results. Foundem had effectively disappeared from the internet – blacklisted. They suspected that they had been intentionally knocked out of the market and, after speaking with other entrepreneurs who had similar experiences, ...
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future start - To Support Disruptive Technologies, Take Bigness Seriously
ATB Financial (Government of Alberta) | May 23, 2019 Crowdfunding and Crowdlending platform Opportunity Notice and Information Organization: ATB Financial Organization Address: Reference Number: AB-2019-03314 Solicitation Number: 20.06 Solicitation Type: Request for Information Posting (MM/dd/yyyy): 05/15/2019 03:49:51 PM Alberta Time Closing (MM/dd/yyyy): 05/31/2019 02:00:59 PM Alberta Time Last Update (MM/dd/yyyy): 05/15/2019 03:49:51 PM Alberta Time Agreement Type: Non-Applicable Region of Opportunity: Open Region of Delivery: Alberta Opportunity Type: Open & Competitive Commodity Codes: T005A: Graphic Design Services - including website Preview the RFI --> 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 ...
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ATB financial RFI crowdfunding and crowdlending platform - To Support Disruptive Technologies, Take Bigness Seriously
The Next Web | Radek Zaleski | May 21, 2019 Are Europeans really coming? “The US market is vast. There are a lot of consumers in the US that use outdated technologies, and from that perspective we see huge potential here [in the US],” announced Nicolas Kopp, US CEO of N26, during a panel at Netguru’s Disruption Forum. Over the past few years, the fintech industry has started to prove that it can be a driving force to disrupt the financial services sector. Banks now have serious competition from tech-forward lending companies, transfer startups, personal finance and investment apps, and non-traditional banks. The majority of this activity has come from fintech companies in Europe. Why? See:  Canada’s financial upstarts are lining up behind open banking, but bigger players may need convincing Europe has led the charge in bridging the gap between older banking practices and rapidly advancing consumer technology. Some even estimate that these new challenger companies have taken up to one third (33%) of new revenue across the industry in Europe alone. When compared to the US, the difference is vast – the same report estimates that US fintechs have only captured just over 3% of the new revenue ...
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Financial Post | Bermuda Development Agency Release | May 15, 2019 NEW YORK — Bermuda highlighted its world-respected regulatory and legal framework for fintech business, as a delegation of government and industry experts returned for a second year to “Blockchain Week” in New York for Consensus 2019. Bermuda promoted its pioneering legal & regulatory framework for fintech startups during New York’s Blockchain Week, attending Consensus and an interview with @bloombergradio Premier David Burt, accompanied by Finance Minister Curtis Dickinson and Bermuda Business Development Agency CEO Andy Burrows, led a group of regulatory and industry representatives to the annual three-day midtown conference which attracted 4,500 attendees, including major sponsoring companies such as IBM, Deloitte, Microsoft, Citi, RBC and eBay. Along with a business development team from the BDA were Assistant Financial Secretary Stephen Gift, Chief Fintech Advisor to the Premier Denis Pitcher, and fintech experts from the Bermuda Monetary Authority (BMA), Deloitte Bermuda, PwC Bermuda, and global law firms Appleby, Conyers, and Walkers. See:  The Future of Government… in a Digital Age “Events like this are important because they bring a lot of the major players from well-established companies that are going to be the largest companies of the future,” said ...
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Bermuda premier David Burt - To Support Disruptive Technologies, Take Bigness Seriously
Koho Release | May 15, 2019 TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- KOHO announced today that it has closed a $42 million fundraising round led by Portag3 Ventures (“Portag3”), including Greyhound Capital and other strategic investors. The announcement comes as KOHO, a fintech company that offers Canadians an alternative to their traditional banking experience, continues to see rapid growth. In less than two years, KOHO has grown to over 120,000 accounts, moved their HQ to Toronto and released 43 new versions of the app. With over $500 million in annualized transactions and a KOHO card used every 4 seconds, KOHO has built a current account Canadians love (they boast a Net Promoter Score of 80 and App Store rating of 4.8/5 stars). “KOHO’s mission is to restore balance to Canadians by giving them control over their own finances. This new funding is both validation of what we’ve done and a vote of confidence for the work left to do,” said Daniel Eberhard, Founder and CEO of KOHO. Having raised $8 million from Portag3 in their Series-A funding round, KOHO is thrilled to continue the relationship with an investment from Portag3 Ventures LP II. See:  Banks’ Revenue Growth at Risk ...
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Koho - To Support Disruptive Technologies, Take Bigness Seriously
NCFA Canada | May 14, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep31-May 14:  Blockchain Law with Jason Saltzman About this episode: On this episode of the Fintech Friday's Podcast, our host Manseeb Khan sits down with Jason Saltzman partner at Gowlings WLG law firm. They chat about how to make your ICO compliant, Blockchain in law and how to create a business structure.  Enjoy! HOST: Manseeb Khan, Fintech Friday's show host GUEST:  JASON SALTZMAN, Partner, Gowling WLG (Canada) LLP (Linkedin) BIO:  Jason Saltzman is a partner in Gowling WLG (Canada) LLP’s Toronto office practising in corporate finance and securities law, with an emphasis on securities offerings, mergers and acquisitions, private equity and venture capital transactions and regulatory compliance matters.  Jason assists issuers, investment dealers, investment portals and institutional and private investors on complex equity and debt financing transactions, ranging from start-up investments, venture capital and private equity investments, to larger public offerings and project finance.  Jason has taken numerous companies public on the TSX, TSX Venture Exchange and Canadian Securities Exchange by IPO, reverse takeover, capital pool transactions and direct listings. He also advises securities dealers, advisers, investment fund managers and other market participants in connection with their ...
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Forbes | Billy Bambrough | May 13, 2019 Bitcoin has been soaring over the weekend, boosting most major cryptocurrencies including ethereum, litecoin, Ripple's XRP, EOS, and bitcoin cash—and adding some $25 billion to the overall cryptocurrency market capitalization since Friday morning, taking it over $200 billion of the first time this year. The bitcoin price is now trading at a little over $7,000 per bitcoin, after beginning the year at under $4,000, taking the total value of all bitcoins over $124 billion and making up 58% of the broader cryptocurrency market cap. Over the weekend some major bitcoin holders, known as whales, moved a staggering number of the digital tokens, potentially pushing the market higher, with the single biggest whale moving 47,000 bitcoin worth an eye-watering $343 million, according to data from Whale Alert, which tracks big cryptocurrency moves. Bitcoin whales have traded around 100,000 bitcoin over the weekend, with a total value of some $670 million dollars. Most of the bitcoin whales have been moving their holdings out of major cryptocurrency exchanges, with just a few of the biggest transactions over the weekend involving cryptocurrency wallets moving bitcoin to an exchange. Large bitcoin and cryptocurrency transactions can prop up the market, with ...
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Bitcoin May 2019 - To Support Disruptive Technologies, Take Bigness Seriously
Coindesk | Yogita Khatri | May 10, 2019 Figure Technologies, a fintech startup founded by former SoFi CEO Mike Cagney, has closed a $1 billion “uncommitted” line of credit on a blockchain. Investment bank Jefferies and WSFS Financial Corporation, the parent of WSFS Bank, are the project’s participants, Figure announced Thursday. As part of the deal, Jefferies may periodically lend to Figure under a variable funding note, which is secured by Figure’s home equity lines. WSFS Financial is acting as trustee for Jefferies. Lines of credit have a maximum loan amount that can be borrowed as needed, paid back, and borrowed again. Figure’s financing facility is custodied on its own blockchain platform called Provenance, according to the announcement. See:  FaceCoin: Here’s What Facebook Could Build In Blockchain And Cryptocurrency The platform can support “the entire end-to-end financing of loans, from origination to funding to servicing to financing,” said Cagney, adding: “It paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers.” Brian McGrath, head of the securitized markets group at Jefferies, commented on using the blockchain: “We’ve gained full transparency into the underlying assets, real-time access to loan performance and ...
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ex sofi CEO closes 1 billion line of credit - To Support Disruptive Technologies, Take Bigness Seriously
PYMNTS | May 6, 2019 The suit can proceed. The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. Judge Victor Marrero, presiding over the U.S. District Court for the Southern District of New York, said the case can proceed, a ruling that denied a dismissal of the suit requested by the Office of the Comptroller of the Currency (OCC). The New York department had argued that the OCC had stepped beyond its regulatory authority (and is misinterpreting the National Bank Act) when it had offered the “special purpose” charter in the middle of last year. The judge ruled that “such dramatic disruption of federal state relationships in the banking industry occasioned by a federal regulatory agency lends weight to the argument that it represents exercise of authority that exceeds what Congress may have contemplated in passing the NBA . Indeed, if DFS’ characterization of the impact is accurate – which the Court assumes, given the posture of this order … the OCC’s reading is not so much an ‘interpretation’ as ‘a fundamental ...
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Canada’s Regulatory System for Fintech is Complex, Costly and Chaotic. It is Stifling Fintech Innovation

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Crowdfund Insider | | Apr 4, 2019

michael king - To Support Disruptive Technologies, Take Bigness SeriouslyCanada may be a smaller market but it has a robust, highly sophisticated economy and a vibrant Fintech sector. Toronto, the financial center of the country, is home to dozens of Fintechs including payment firms, online lending, AI, wealth management, blockchain and more. Yet while there are promising indications of financial innovation and a good number risk-taking Fintech entrepreneurs, a recent Canadian report noted a “need for a clear Fintech strategy by the federal and provincial governments with the intent of supporting innovation and growth for the Canadian financial services sector.”

Like most other industries, competition in financial services is intense. As it is a highly regulated sector of industry, participants must continuously manage compliance demands while interacting with diverse public officials and regulatory requirements. These same rules, if duplicative or misaligned, can act as a barrier to positive innovation and change that challenges established firms and entrenched orthodoxies.

The emergence of Fintech and the digitization of financial services, from banking and beyond, has seen multiple Fintech centers of prominence emerge. The UK has long been known for its Fintech friendly regulatory environment. Regulators frequently engage with emerging new business models as it is mandated for these officials to foster competition.

See:  Inside the power struggle between big banks and fintechs to modernize financial services

In Hong Kong, an important global financial center, public officials have not only talked about fostering Fintech innovation, but much money and resources have been dedicated to encouraging innovation. Fintech is viewed as strategically important to maintain a dominant position in the global financial industry.

So can Canada do more?

Crowdfund Insider recently reached out to Michael King for his perspective on the status of Fintech in Canada. King is co-Director of the Scotiabank Digital Banking Lab at Ivey Business School and an advisor to the National Crowdfunding and Fintech Association of Canada. He spent multiple years in the private sector working in the global banking industry so he has plenty of hands-on experience.

King recently created a helpful database of Fintechs operating in Canada which provides a good overview of these new firms. King believes Canadian officials, both regulatory and elected, must do more to catch up in the international race to remain relevant and competitive in the global financial sector.

So will Canadian policymakers listen? Our conversation is shared below.


Which international jurisdictions do you believe are doing the best in fostering Fintech innovation?

Michael King: The leading jurisdictions for Fintech are the UK, Australia, Hong Kong, and Singapore. Each of these countries has outlined a national strategy to be a leader in Fintech and is coordinating both public sector and private sector bodies towards achieving this goal. These small open economies understand that financial services are a global industry that has been opened up to foreign competition by the internet, cloud computing, smartphones and other technologies.

Canada is lagging, with no coordination nationally and harmful competition between Fintech centres across Canada.

See:  NCFA Letter to Ontario Economic Development on Burden (Jan 2019)

The leading jurisdictions for #Fintech are the UK, Australia, Hong Kong, and Singapore. Each of these countries has outlined a national strategy to be a leader in Fintech 

Which sectors of Fintech do you believe hold the most promise?

Michael King: The payments sector is the front line of the battle between Fintechs and incumbents. This trillion-dollar industry is complex, with many players collaborating and competing in overlapping networks. Consumers and businesses face many pain points, such as high costs, slow transfers, poor service and little to no transparency. Payments is where the largest and most successful Fintech companies have made their mark, led by PayPal, Square, Stripe and Adyen.

Canada’s Lightspeed POS is the leader in this space, although there are dozens of smaller start-ups targeting lucrative segments of this value chain.

Payments is also the space where global technology companies are able to compete most effectively by bundling payments with their other customer offerings: Alipay (Alibaba), Amazon Pay, Apple Pay, Google Pay, Samsung Pay and WePay (Tencent).

These “Techfins” have put technology first and financial services second when developing their ecosystems. But access to customer payments will bring data and insights to drive future financial product offerings.

On relative terms, how does Canada size up when it comes to Fintech innovation?

Michael King:  Canada remains in the top 10 for Fintech innovation with investment by both start-ups and incumbent banks, insurance companies and asset managers.

Canada has been gaining ground in key areas of Fintech, namely payments, cryptoassets and blockchain, online lending, and wealth management.

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

On a public policy basis, what has been done so far?

Michael King:  Federal politicians in Canada are pursuing a policy of benign neglect towards the Fintech sector, preferring to leave policy to provincial governments and regulators while focusing on other innovation priorities. Canada has not published a national strategy on Fintech, none of the funding for superclusters was directed to Fintech, and no politicians are offering speeches to support this sector. The only recent indication of support is the public consultations on open banking, which has already been adopted in the European Union, United Kingdom and Australia.

Canada prefers to be a follower on open banking, balancing the need for more openness with the desire to maintain a sound and stable financial system.

Continue to the full article --> here


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

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NCFA Canada | May 24, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep32-May 24:  Rallying behind Bitcoin with Frederick T. Pye HOST: Manseeb Khan, Fintech Friday's show host GUEST:  FREDERICK T. PYE, President & CEO, 3iQ Corp (Linkedin) BIO:  Fred kick-started his career as a precious metal and foreign exchange trader at Guardian Trust. In 1986, they were the first to list gold, silver, and platinum certificates on the Montreal Stock Exchange. Fred later joined Fidelity Investments, where he was part of a team that saw its assets rise from 85 million to over 7.5 billion. Through the launch of creative and exotic investment products, Fred started his own firm, which worked diligently with Canadian regulatory bodies to establish the first mutual fund in Canada that was allowed to take short positions. Finally, as founder and CEO of 3iQ, he and his team have worked cooperatively with the OSC for the last 2 and a half years to launch the first regulated Bitcoin fund in Canada. This fund will be the first major exchange-traded cryptocurrency fund in North America. About this episode:  On this week's episode of NCFA's Fintech Friday Podcast, our host sits down with Frederick T. Pye from 3iQ. The chat ...
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Denise Hearn | Myth of Capitalism | May 24, 2019 Shivaun Moeran and her husband Adam Raff founded one of the most promising startups you’ve never heard of.  Adam managed Europe’s supercomputers used for weather forecasting and Shivaun managed software products for General Motors. While having a cigarette outside his office one day in 2006, Adam was struck with a brilliant idea. What if you could create an online search platform to find the best price for any product? It would aggregate specific information about category verticals, and nothing like it existed at the time. They quit their jobs, hired a team, and began beta testing. Their site, Foundem.com ranked well on Google and they were receiving a steady flow of traffic. However, a few days after the official site launch, visitors to the site disappeared and never came back. Upon investigation, they discovered that Google had updated their search ranking algorithm and had demoted the site, so it appeared on page 4 or even 170 of search results. Foundem had effectively disappeared from the internet – blacklisted. They suspected that they had been intentionally knocked out of the market and, after speaking with other entrepreneurs who had similar experiences, ...
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ATB Financial (Government of Alberta) | May 23, 2019 Crowdfunding and Crowdlending platform Opportunity Notice and Information Organization: ATB Financial Organization Address: Reference Number: AB-2019-03314 Solicitation Number: 20.06 Solicitation Type: Request for Information Posting (MM/dd/yyyy): 05/15/2019 03:49:51 PM Alberta Time Closing (MM/dd/yyyy): 05/31/2019 02:00:59 PM Alberta Time Last Update (MM/dd/yyyy): 05/15/2019 03:49:51 PM Alberta Time Agreement Type: Non-Applicable Region of Opportunity: Open Region of Delivery: Alberta Opportunity Type: Open & Competitive Commodity Codes: T005A: Graphic Design Services - including website Preview the RFI --> 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 ...
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ATB financial RFI crowdfunding and crowdlending platform - To Support Disruptive Technologies, Take Bigness Seriously
The Next Web | Radek Zaleski | May 21, 2019 Are Europeans really coming? “The US market is vast. There are a lot of consumers in the US that use outdated technologies, and from that perspective we see huge potential here [in the US],” announced Nicolas Kopp, US CEO of N26, during a panel at Netguru’s Disruption Forum. Over the past few years, the fintech industry has started to prove that it can be a driving force to disrupt the financial services sector. Banks now have serious competition from tech-forward lending companies, transfer startups, personal finance and investment apps, and non-traditional banks. The majority of this activity has come from fintech companies in Europe. Why? See:  Canada’s financial upstarts are lining up behind open banking, but bigger players may need convincing Europe has led the charge in bridging the gap between older banking practices and rapidly advancing consumer technology. Some even estimate that these new challenger companies have taken up to one third (33%) of new revenue across the industry in Europe alone. When compared to the US, the difference is vast – the same report estimates that US fintechs have only captured just over 3% of the new revenue ...
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european fintech expansion - To Support Disruptive Technologies, Take Bigness Seriously
Financial Post | Bermuda Development Agency Release | May 15, 2019 NEW YORK — Bermuda highlighted its world-respected regulatory and legal framework for fintech business, as a delegation of government and industry experts returned for a second year to “Blockchain Week” in New York for Consensus 2019. Bermuda promoted its pioneering legal & regulatory framework for fintech startups during New York’s Blockchain Week, attending Consensus and an interview with @bloombergradio Premier David Burt, accompanied by Finance Minister Curtis Dickinson and Bermuda Business Development Agency CEO Andy Burrows, led a group of regulatory and industry representatives to the annual three-day midtown conference which attracted 4,500 attendees, including major sponsoring companies such as IBM, Deloitte, Microsoft, Citi, RBC and eBay. Along with a business development team from the BDA were Assistant Financial Secretary Stephen Gift, Chief Fintech Advisor to the Premier Denis Pitcher, and fintech experts from the Bermuda Monetary Authority (BMA), Deloitte Bermuda, PwC Bermuda, and global law firms Appleby, Conyers, and Walkers. See:  The Future of Government… in a Digital Age “Events like this are important because they bring a lot of the major players from well-established companies that are going to be the largest companies of the future,” said ...
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Bermuda premier David Burt - To Support Disruptive Technologies, Take Bigness Seriously
Koho Release | May 15, 2019 TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- KOHO announced today that it has closed a $42 million fundraising round led by Portag3 Ventures (“Portag3”), including Greyhound Capital and other strategic investors. The announcement comes as KOHO, a fintech company that offers Canadians an alternative to their traditional banking experience, continues to see rapid growth. In less than two years, KOHO has grown to over 120,000 accounts, moved their HQ to Toronto and released 43 new versions of the app. With over $500 million in annualized transactions and a KOHO card used every 4 seconds, KOHO has built a current account Canadians love (they boast a Net Promoter Score of 80 and App Store rating of 4.8/5 stars). “KOHO’s mission is to restore balance to Canadians by giving them control over their own finances. This new funding is both validation of what we’ve done and a vote of confidence for the work left to do,” said Daniel Eberhard, Founder and CEO of KOHO. Having raised $8 million from Portag3 in their Series-A funding round, KOHO is thrilled to continue the relationship with an investment from Portag3 Ventures LP II. See:  Banks’ Revenue Growth at Risk ...
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Koho - To Support Disruptive Technologies, Take Bigness Seriously
NCFA Canada | May 14, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep31-May 14:  Blockchain Law with Jason Saltzman About this episode: On this episode of the Fintech Friday's Podcast, our host Manseeb Khan sits down with Jason Saltzman partner at Gowlings WLG law firm. They chat about how to make your ICO compliant, Blockchain in law and how to create a business structure.  Enjoy! HOST: Manseeb Khan, Fintech Friday's show host GUEST:  JASON SALTZMAN, Partner, Gowling WLG (Canada) LLP (Linkedin) BIO:  Jason Saltzman is a partner in Gowling WLG (Canada) LLP’s Toronto office practising in corporate finance and securities law, with an emphasis on securities offerings, mergers and acquisitions, private equity and venture capital transactions and regulatory compliance matters.  Jason assists issuers, investment dealers, investment portals and institutional and private investors on complex equity and debt financing transactions, ranging from start-up investments, venture capital and private equity investments, to larger public offerings and project finance.  Jason has taken numerous companies public on the TSX, TSX Venture Exchange and Canadian Securities Exchange by IPO, reverse takeover, capital pool transactions and direct listings. He also advises securities dealers, advisers, investment fund managers and other market participants in connection with their ...
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FF EP 31 Jason Saltzman resize - To Support Disruptive Technologies, Take Bigness Seriously
Forbes | Billy Bambrough | May 13, 2019 Bitcoin has been soaring over the weekend, boosting most major cryptocurrencies including ethereum, litecoin, Ripple's XRP, EOS, and bitcoin cash—and adding some $25 billion to the overall cryptocurrency market capitalization since Friday morning, taking it over $200 billion of the first time this year. The bitcoin price is now trading at a little over $7,000 per bitcoin, after beginning the year at under $4,000, taking the total value of all bitcoins over $124 billion and making up 58% of the broader cryptocurrency market cap. Over the weekend some major bitcoin holders, known as whales, moved a staggering number of the digital tokens, potentially pushing the market higher, with the single biggest whale moving 47,000 bitcoin worth an eye-watering $343 million, according to data from Whale Alert, which tracks big cryptocurrency moves. Bitcoin whales have traded around 100,000 bitcoin over the weekend, with a total value of some $670 million dollars. Most of the bitcoin whales have been moving their holdings out of major cryptocurrency exchanges, with just a few of the biggest transactions over the weekend involving cryptocurrency wallets moving bitcoin to an exchange. Large bitcoin and cryptocurrency transactions can prop up the market, with ...
Read More
Bitcoin May 2019 - To Support Disruptive Technologies, Take Bigness Seriously
Coindesk | Yogita Khatri | May 10, 2019 Figure Technologies, a fintech startup founded by former SoFi CEO Mike Cagney, has closed a $1 billion “uncommitted” line of credit on a blockchain. Investment bank Jefferies and WSFS Financial Corporation, the parent of WSFS Bank, are the project’s participants, Figure announced Thursday. As part of the deal, Jefferies may periodically lend to Figure under a variable funding note, which is secured by Figure’s home equity lines. WSFS Financial is acting as trustee for Jefferies. Lines of credit have a maximum loan amount that can be borrowed as needed, paid back, and borrowed again. Figure’s financing facility is custodied on its own blockchain platform called Provenance, according to the announcement. See:  FaceCoin: Here’s What Facebook Could Build In Blockchain And Cryptocurrency The platform can support “the entire end-to-end financing of loans, from origination to funding to servicing to financing,” said Cagney, adding: “It paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers.” Brian McGrath, head of the securitized markets group at Jefferies, commented on using the blockchain: “We’ve gained full transparency into the underlying assets, real-time access to loan performance and ...
Read More
ex sofi CEO closes 1 billion line of credit - To Support Disruptive Technologies, Take Bigness Seriously
PYMNTS | May 6, 2019 The suit can proceed. The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. Judge Victor Marrero, presiding over the U.S. District Court for the Southern District of New York, said the case can proceed, a ruling that denied a dismissal of the suit requested by the Office of the Comptroller of the Currency (OCC). The New York department had argued that the OCC had stepped beyond its regulatory authority (and is misinterpreting the National Bank Act) when it had offered the “special purpose” charter in the middle of last year. The judge ruled that “such dramatic disruption of federal state relationships in the banking industry occasioned by a federal regulatory agency lends weight to the argument that it represents exercise of authority that exceeds what Congress may have contemplated in passing the NBA . Indeed, if DFS’ characterization of the impact is accurate – which the Court assumes, given the posture of this order … the OCC’s reading is not so much an ‘interpretation’ as ‘a fundamental ...
Read More
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Announcing New FFCON19 Keynote Apr 3: JON MEDVED, CEO OurCrowd Equity Crowdfunding portal with $1billion in Commitments

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Jon Medved, CEO OurCrowd will make a special appearance and deliver a keynote at FFCON19 on April 3 at Gowling WLG (Canada) LLP.  Jon originally spoke at this same conference back in 2015 when it was called CCS (Canadian Crowdfinance Summit). 
 
Jon medved ourcrowd - Announcing New FFCON19 Keynote Apr 3:  JON MEDVED, CEO OurCrowd Equity Crowdfunding portal with $1billion in Commitments Since then OurCrowd has reached a new milestone: The global equity crowdfunding platform announced it reached $1 billion in commitments in six years. During the OurCrowd Global Investor Summit in Jerusalem on Thursday, founder and CEO Jon Medved said the company now counts 170 startups, 18 funds, and 29 exits.
 

While many of its startups are based in Israel, OurCrowd’s network of 30,000 registered investors hail from over 150 countries (although primary investors are based in the United States). Members average seven investments, with a portfolio size of over $350,000.

“Our portfolio is, by design, quite diverse,” Medved said during a press conference. “We have companies that run the gamut from drones to agtech, from cybersecurity to food technology, to consumer software and medical products, digital health, and big cloud data.”

Notable OurCrowd exits in 2018 include dual camera technology producer Corephotonics (by Samsung), electric scooter startup Jump Bikes (by Uber), and computer vision firm Invertex acquisition (by Nike).

 

'He's truly a money magnet, if you're interested in raising capital for early stage tech start-ups across all sectors, this is a talk you don't want to miss.'  Craig Asano, NCFA

 

Source:  NCFA

 


NCFA Jan 2018 resize - Announcing New FFCON19 Keynote Apr 3:  JON MEDVED, CEO OurCrowd Equity Crowdfunding portal with $1billion in Commitments The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Announcing New FFCON19 Keynote Apr 3:  JON MEDVED, CEO OurCrowd Equity Crowdfunding portal with $1billion in CommitmentsFF Logo 400 v3 - Announcing New FFCON19 Keynote Apr 3:  JON MEDVED, CEO OurCrowd Equity Crowdfunding portal with $1billion in Commitmentscommunity social impact - Announcing New FFCON19 Keynote Apr 3:  JON MEDVED, CEO OurCrowd Equity Crowdfunding portal with $1billion in Commitments
FFCON19 Fearless team - Announcing New FFCON19 Keynote Apr 3:  JON MEDVED, CEO OurCrowd Equity Crowdfunding portal with $1billion in Commitments

NCFA Canada | May 24, 2019 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep32-May 24:  Rallying behind Bitcoin with Frederick T. Pye HOST: Manseeb Khan, Fintech Friday's show host GUEST:  FREDERICK T. PYE, President & CEO, 3iQ Corp (Linkedin) BIO:  Fred kick-started his career as a precious metal and foreign exchange trader at Guardian Trust. In 1986, they were the first to list gold, silver, and platinum certificates on the Montreal Stock Exchange. Fred later joined Fidelity Investments, where he was part of a team that saw its assets rise from 85 million to over 7.5 billion. Through the launch of creative and exotic investment products, Fred started his own firm, which worked diligently with Canadian regulatory bodies to establish the first mutual fund in Canada that was allowed to take short positions. Finally, as founder and CEO of 3iQ, he and his team have worked cooperatively with the OSC for the last 2 and a half years to launch the first regulated Bitcoin fund in Canada. This fund will be the first major exchange-traded cryptocurrency fund in North America. About this episode:  On this week's episode of NCFA's Fintech Friday Podcast, our host sits down with Frederick T. Pye from 3iQ. The chat ...
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FF EP32 Fred Pye banner - Announcing New FFCON19 Keynote Apr 3:  JON MEDVED, CEO OurCrowd Equity Crowdfunding portal with $1billion in Commitments
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5th ANNUAL 2019 FINTECH & FINANCING CONFERENCE HOSTED BY NCFA AND PARTNERS

FEARLESS

 

Day(s)

:

Hour(s)

:

Minute(s)

:

Second(s)

APR 3-4 TORONTO

FINTECH 360. BLOCKCHAIN. AI CONFIDENTIAL.  FUNDING INNOVATION.  ALTERNATIVE FINANCE. GLOBAL EDUCATION. INDUSTRY WORKSHOPS. PITCHING. PRIME NETWORKING. AWARDS

Thanks to the CITY OF TORONTO for Sponsoring STARTUP DEALS to attend FFCON19!  Get one before they're gone...>95% SOLD Now

share save 171 16 - Announcing New FFCON19 Keynote Apr 3:  JON MEDVED, CEO OurCrowd Equity Crowdfunding portal with $1billion in Commitments

NCFA Announces Additions to Speaker Line-Up and Program for 5th Annual Fintech and Financing Conference in Toronto

FFCON19 bold visions on sale now
share save 171 16 - NCFA Announces Additions to Speaker Line-Up and Program for 5th Annual Fintech and Financing Conference in Toronto

NCFA / Team FFCON19, March 19, 2019

FFCON19 FEARLESS to address the challenges and successes of entrepreneurs and innovators in the vanguard of transforming the financial industry

TORONTO, BC / ACCESSWIRE / March 19, 2019 / The National Crowdfunding & Fintech Association (NCFA), the non-profit cross-body organisation that promotes and supports fintech and funding throughout Canada, is proud to announce additions to the speaker line-up and programme for its flagship Fintech and Financing Conference - FFCON19: FEARLESS - taking place in Toronto April 3-4.

Now in its 5th year, FFCON19 will bring together prominent industry experts, entrepreneurs, professionals, regulatory bodies and ecosystem stakeholders in fintech, blockchain, crypto, AI, capital markets innovation and alternative finance to discuss Canadian fintech and its ability to innovate and globally compete, the latest industry developments, emerging regulation, trends and thought leadership in a fearless framework and forum.

The two-day event will feature inspiring keynote addresses and panel discussions with industry leaders, pitching competitions, awards, and prime networking opportunities.

Prominent speakers include The Honorable Bill Walker, Minister of Consumer and Government Services, Ontario, and steward of the Province's new Data policy; and Teri Kirk, Founder & CEO of Fundingportal who will discuss Open Data vs. Proprietary Data, examining public and private sector values, views, and issues.

Notable investors speaking at FFCON19 include Robert Antoniades General Partner and Co-Founder Information Venture Partners, Karim Gillani General Partner Luge Capital, Christian Lassonde Founder & Managing Partner Impression Ventures, Russell Samuels Partner Whitecap Venture Partners, and Sunil Sharma Managing Director Techstars Toronto.

''FFCON19 is very honoured to have such influential speakers at this year's conference,'' said Craig Asano, Founder and CEO of NCFA. ''FFCON is proving to be an increasingly important event for promoting innovation in the fintech and funding industry in Canada. The support and contributions of these authoritative leaders will serve to further advance innovation in the sector.''

Among the featured entrepreneurs and innovators sharing their FEARLESS strategies for innovation and growth are Anthony Di Iorio Co-Founder, Founder & CEO of Ethereum, and Jaxx & Decentral; Dr. Dan Rosen Chief Executive Officer d1g1t Inc., the enterprise financial technology company serving the wealth management industry; Eli Fathi President and CEO Mindbridge AI, recognised as a CIX Top 20 in 2017; and Toufi Saliba Founder and CEO TODA Network.

Keynotes and Program Speakers:

  • Hon. Bill Walker, Minister of Government and Consumer Services Ontario
  • Alan Wunsche, CEO & Chief Token Officer, TokenFunder
  • Ali Pourdad, CEO, Progressa
  • Andrew Dix, Co-Founder & CEO, Crowdfund Insider
  • Anthony Di Iorio, Founder & CEO, Decentral & Jaxx | Co-Founder, Ethereum
  • Bernd Petak, Investment Partner, Northmark Ventures
  • Brice Penaud, Founder & CEO, Commercial Passport
  • Bruce Silcoff, CEO, Shyft Network International
  • Bryan Uyanwune, Co-Founder & CIO, Korapay
  • Charlene Cieslik, Chief Anti Money Laundering Officer, Coinsquare
  • Denise Hearn, Co-Author, The Myth of Capitalism
  • Denise Weeres, Director, New Economy, Alberta Securities Commission
  • Dr Dan Rosen, CEO, d1g1t Inc.
  • Eli Fathi, CEO, Mindbridge AI
  • Eytan Bensoussan, Co-Founder & CEO, NorthOne
  • Hussein Hallak, CEO & Co-Founder, Next Decentrum
  • Iliana Oris Valiente, Managing Director, Canada, Innovation Hub & Blockchain Lead, Accenture
  • Jason Saltzman, Partner, Gowling WLG (Canada) LLP
  • Jennifer Reynolds, President & CEO, Toronto Finance International
  • Muhammad Rashid, Co-Founder & CEO, Moregidge
  • Peter-Paul Van Hoeken, Founder & CEO, FrontFundr
  • Robert Antoniades, General Partner & Co-Founder, Information Venture Partners
  • Russell Samuels, Partner, Whitecap Venture Partners
  • Safwan Zaheer, Head of Fintech (US), KPMG
  • Sharon Zohar, Founding Partner, The Big Push
  • Shidan Gouran, President, Global Blockchain Mining Corp.
  • Teri Kirk, Founder & CEO, Funding Portal
  • Toufi Saliba, Founder & CEO, TODA.network

The growing list of speakers can be found at the conference speaker page.

 

The Programme

Day 1 will feature an afternoon program of interactive sessions to discuss topics key to industry growth, regulatory challenges in fintech sectors, and advanced workshops such as applying design thinking to develop consumer-centric, data-driven products followed by a VIP networking reception at Gowling WLG (Canada) LLP.

Day 2 will feature the full day FFCON19 conference that showcases new technologies and fresh thinking around challenging topics from open banking, digital securities, crypto commodities and investment crowdfunding to the latest developments in AI finance models and enterprise blockchain adoption, use cases and projects. Twelve people's choice emerging fintech start-ups will pitch and the main stage will host a consultation with the Ontario Government, CSA Regulators and fearless dialogues on Canada's ability to innovate, compete, grow and sustain industry.

The full agenda can be accessed on the FFCON programme page and interested parties are invited to cast their vote for the most innovative emerging fintech start-ups they would like to see pitch on the main stage.

New for 2019

Building on the success of last year's sold-out conference, NCFA has expanded this year's program with the formal launch its inaugural Global Fintech Education program for entrepreneurs in conjunction with Next Decentrum Technologies. Attendees will get an exclusive first look at the program and VIP attendees will receive complimentary enrolment with conference registration.

Supporting Start-Ups

To promote innovation and funding for early stage companies FFCON19 is offering start-ups discounted tickets which can be applied for via this link:

Registration

Registration for FFCON19 is open. Learn more at https://fintechandfunding.com/tickets/

FFCON19 bold visions on sale now 1 - NCFA Announces Additions to Speaker Line-Up and Program for 5th Annual Fintech and Financing Conference in Toronto

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About the NCFA

The National Crowdfunding & Fintech Association (NCFA) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. 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 and cryptocurrency, Regtech, and Insuretech sectors. To learn more about NCFA visit www.ncfacanada.org

 

About FFCON19: FEARLESS

FFCON19 (2019 Fintech and Financing Conference) is an annual conference hosted by Canada's National Crowdfunding and Fintech Association (NCFA). Now in its fifth year, FFCON19 will bring together professionals and innovators in fintech, blockchain, cryptocurrency, and alternative finance. The theme of FFCON19 is FEARLESS which exudes the boldness of the fintech space where small players are challenging orthodoxy, going against convention and transforming the financial industry with innovative models and thinking. The event is being held April 3-4 in downtown Toronto. #FFCON19

Further information about the conference can be found at www.fintechandfunding.com

 

FFCON19 Contacts:

Craig Asano
Founder and CEO, NCFA
casano@ncfacanada.org
(416) 618-0254

Partnership Inquiries
Lauren Linton Advisor, NCFA
lauren@ncfacanada.org
(416) 569-4349

 

Media Contact

Michele McDermott-Fox
The Top Floor Public Relations
pr@thetopflooragency.com
(905) 379-189

SOURCE: National Crowdfunding & Fintech Association of Canada

share save 171 16 - NCFA Announces Additions to Speaker Line-Up and Program for 5th Annual Fintech and Financing Conference in Toronto