Category Archives: NCFA Blog

FINTECH FRIDAYS Podcast: Season 3

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JOIN US ON A STORYTELLING JOURNEY:  SEASON 3

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EP41:  40% pandemic growth, taking risks and innovating Insurtech in Canada

NCFA FF Podcast Ep41 Danish Yusuf Zensurance Banner - FINTECH FRIDAYS Podcast:  Season 3

 

GUEST: DANISH YUSUF, Founder and CEO, Zensurance (Linkedin)

BIO:  Danish Yusuf is the Founder and CEO of Zensurance, a Toronto-based technology company focused on building curated insurance solutions for business owners.  Danish is a former leader in McKinsey & Company's Digital Insurance practice, supporting insurance clients globally on defining their digital strategy. Prior to McKinsey, Danish was a software architect and developer at IBM Canada, covering everything from mainframe development to web development.  Danish earned a bachelor’s degree in Software Engineering from the University of Toronto and has an MBA from Harvard Business School. In 2018, he was named by Canadian Underwriter as one of the Top 10 Brokers Under 40 in the Canadian Property and Casualty industry.

Enjoy! (Full TRANSCRIPT)

PAST SEASON 2 EPISODES:

Ep20-Jan 11:  Bitcoin Backed Loans and 2x Credit - Putting Your Crypto to Work (Mauricio Di Bartolomeo)

Ep21-Jan 18:  Meritocracy, Decentralized Innovation and the Power of Collaboration (Hussein Hallak)

Ep22-Jan 25:  Reducing Regulatory Burden by 25% in Ontario (Amar Nijjar)

Ep23-Feb 1:  Getting Smart About Crypto and Insurtech Snapchat Models (Justin Hartzman)

Ep24-Feb 8:  Re-imagining Philanthropy (Daryl Hatton)

Ep25-Feb 15:  Unlock the World (Kate Guimbellot and Jason Sosnowski)

Ep26-Feb 22:  Investing in Private Canadian Companies (Peter-Paul Van Hoeken)

Ep27-Mar 1:  Blockchain Gaming and esports (Shidan Gouran)

Ep28-Mar 8:  Rethinking Brokers (Muhammad Rashid)

Ep29-Mar 22:  The Future of Securities (Richard Carleton)

Ep30-Apr 12:  The Future of Canadian Crypto (Andrei Poliakov)

Ep31-May 14:  Blockchain Law (Jason Saltzman)

Ep32-May 24:  Rallying behind Bitcoin (Frederick T. Pye)

Ep33-May 31:  Indexing Consumer Loans and Financial Literacy (Phillip Postrehovsky)

Ep34-Jul 6:  Accelerating Fintech Growth (Brendan Holt Dunn)

Ep35-Aug 9:  Autonomous Alternative Lending (Vit Arnautov)

Ep36-Aug 22:  Techfins (Michael King)

Ep37-Sep13:  Funding is Female (Jill Earthy)

Ep38-Mar25: Why Identity Matters in an Evolving Online Environment (David Lucatch)

Ep39-Apr23: The Power of Digitization and How to Get Exponential (James Wallace)

Ep40-May22:  Why Bitcoin Exists and Education for the Masses (Austin Hubbell)

FINTECH FRIDAY$ is a weekly podcast brought to you by NCFA and partners, where we sit down with the incredible people in the Fintech and Funding community and talk about trends, product innovations, developments and challenges!

Fintech Fridays is an evolving and innovative educational platform focused on delivering authentic personalities, content and story telling on the journey of mainstream adoption of new financial technologies and their impact on the future of finance.

Subscribe and tune in each Friday to check out the latest movers and shakers with hosts Manseeb Khan, Tristram Waye, Anna Niemira, and others coming soon.

Want to get involved?  Contact us about partnerships opportunities, hosting and more:  info@ncfacanada.org

NCFA Fintech Fridays podcast - FINTECH FRIDAYS Podcast:  Season 3

NCFA Jan 2018 resize - FINTECH FRIDAYS Podcast:  Season 3 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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CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



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David Durand, Founder and Managing Partner of Durand Lawyers, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group

NCFA Advisor, David Durand
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NCFA Canada | Craig Asano | September 9, 2020

Headshot david durand - David Durand, Founder and Managing Partner of Durand Lawyers, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group

David Durand, Advisor, Innovation and Advocacy

TORONTO, September 9, 2020 – The National Crowdfunding & Fintech Association of Canada (NCFA) announced today that David Durand, Founder and Managing Partner of Durand Lawyers, has joined the Association`s national Advisory Group to advise in the areas of Fintech innovation and advocacy (Profile | LinkedIn).

David Durand, LL.L., B.Sc. chem., – Founder and Managing Partner of Durand Lawyers – Lawyer (Québec) and Trademark Agent – Lecturer at the University of Ottawa (IP)

David’s background in law and science has transformed Durand Lawyers into a leading boutique law firm with a focus on intellectual property, technology law and data privacy in the fast evolving fintech, crypto and software-as-a-service (SaaS) spaces.

David has been called upon on Canada’s Standing Committee on Finance (FINA) to provide insight on crypto-assets and blockchain within its review of the PCMLTFA, and has, since then, made submissions before the OSC, CSA/IIROC, IOSCO and most recently before the Financial Stability Board (FSB).

As a lawyer and member of the Québec Bar, David and members of the Durand Lawyers team have represented clients in various contract negotiations and transactions, as well as before different Courts, including the Québec Court of Appeal, the Superior Court of Quebec and numerous administrative tribunals.

Prior to founding Durand Lawyers, worked in top-tier IP boutique firms, based in Toronto and Montréal, as well as in the pharmaceutical industry.

“I am proud to be joining the NCFA Advisory Group and look forward to contributing our insights to the association in the fast-evolving FinTech and crypto-asset space. Promoting and supporting technological advancements as well as balanced regulatory environment are key to making Canada a go-to destination for FinTech innovation.” – Me David Durand

“David brings a tremendous amount of bench strength in the areas of fintech innovation and advocacy, and we’re excited to have him join NCFA and contribute his depth of knowledge for the benefit of advancing fintech innovation in Canada.” – Craig Asano, CEO & Founder, NCFA

About 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, cryptocurrency, regtech, and insurtech sectors. For more information, please visit:  https://ncfacanada.org/

About Durand Lawyers

Durand Lawyers brings Law & Business Together. We are a law and business advisory firm specialized in intellectual property, business strategy, as well as civil and corporate law. We are uniquely positioned to help clients in emerging technology industries including SaaS and FinTech. For more information visit our website at www.durand-lex.com.

Source: NCFA

# # #

 

MEDIA CONTACTS:
Craig Asano
Founder and CEO
NCFA Canada
416 618 0254
casano@ncfacanada.org


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CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - David Durand, Founder and Managing Partner of Durand Lawyers, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group



NCFA COVID 19 letter to government to support Fintechs and SMEs - David Durand, Founder and Managing Partner of Durand Lawyers, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group

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NCFA Response to the Modernizing Ontario’s Capital Markets Consultation Taskforce

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NCFA Canada | Craig Asano | Sep 8, 2020

Ontario capital markets modernization committee - NCFA Response to the Modernizing Ontario’s Capital Markets Consultation Taskforce

Date:  September 7, 2020
Capital Markets Modernization Taskforce
Frost Building North, 4th floor
95 Grosvenor Street
Toronto, Ontario
M7A 1Z1

BY E-MAIL:   CMM.Taskforce@ontario.ca

 

Subject: Consultation – Modernizing Ontario’s Capital Markets

Dear colleagues and distinguished members of the Taskforce:

Joint goals. As a not-for-profit association representing over 3,500 members in the FinTech and crowd-funding space throughout Canada, the NCFA applauds the Taskforce’s proposals to modernize Ontario’s capital markets, many of which also support the NCFA’s mission to promote a vibrant and innovative FinTech and funding industry in Canada.

NCFA’s high-level position(s). The NCFA is pleased to provide its input on the following:

 

Governance reform

The NCFA agrees with the Taskforce that Ontario Securities Commission (“OSC”) and IIROC governance should be reformed. Without it, Canada can never be a leading regulator of capital markets; with it, capital markets regulators in Canada can contribute more positively to economic prosperity.

 

Regulatory approach

The OSC must be transformed into a more cost-effective, risk based, and outcomes focused regulator with three (equal) high level objectives, namely: (1) consumers are treated fairly; (2) market integrity; and (3) promoting competition.  With a change in culture and approach, over time, the NCFA believes that much regulatory burden (shown not to be justified under a more outcomes focused regime) would melt away, and the OSC would more proactively support the economy and innovation.  The NCFA very much supports a competition objective, as well as a closer relationship between the OSC and the Competition Bureau. The NCFA also agrees with the sandbox proposals and notes the recent UK FCA announcement of the Digital sandbox pilot: DataSprint.

Indeed, a change in regulatory approach and culture at the OSC would make it easier for the NCFA to support the Cooperative Capital Markets Regulatory (“CCMR”) system. The NCFA also supports moving towards open data and open finance in conjunction with modernized and enhanced data protection and privacy standards as, example, those set forth in Europe (e.g., GDPR, PSD2), the UK and/or Australia.

Though, after a lengthy consultation on cross-border data transfers, the Office of the Privacy Commissioner of Canada concluded “[…] that its guidelines for processing personal data across borders will remain unchanged under the current law” and “[…] will now focus its efforts on how a reformed law can best protect Canadians’ privacy rights when their information is transferred between organizations”. The NFCA believes that the foregoing foreign legislation will provide meaningful insight for better data rights, which are key for a successful open banking framework.

The NCFA strongly believes that open finance will bring more competition and innovation, including intellectual property, to financial services and products. It will increase competitor offerings and give consumers more choice and control over their data and financial history.

The NCFA supports the collaborative efforts of the CSA with respect to the adoption of a passport system and, with a change in regulatory culture, supports a national securities regulator.

Further information regarding the need for regulatory change can be found on the NCFA’s website.

 

Change management at the OSC

Changing the culture and approach at the OSC would require enormous commitment from the Premier and Cabinet, senior officials in relevant Ministries, and a new OSC Chair and CEO (selected in large part for their change management skills). As the experience in the UK shows, that commitment must be unrelenting, senior managers at the OSC must be constantly ‘on-message’, staff must be trained and properly supported, and communication with the industry and other stakeholders must be clear, consistent, and persuasive. A wider range of skills at the regulators is also needed (e.g., economists, risk experts).

Also essential is a Government strategy for innovation that connects Government legislation and support (e.g., accelerators, loans, and grants) with relevant regulators (including the OSC), and with other relevant provincial, federal, and overseas bodies.

 

Level playing field

The NCFA believes that the best starting point for a level playing field is principles-based regulation. More constraining detail or prescription should be imposed on firms only where clearly justified (the onus being on the regulator). Principles based regulation allows firms to comply and to meet desired regulatory outcomes in the way that best suits their businesses.  Enhancing investor protection does not require layers of prescriptive requirements. Quite the opposite, the approach of the UK FCA illustrates this very well - keeping in mind that some prescriptive requirements in the UK were required by European Union laws. In the longer term, unjustified prescriptive burden harms the market and consumers.

 

Regulatory burden

While the NCFA generally agrees with the proposals on burden in section 2.2 of the Consultation Report, it submits that:

  • The proposals on accredited investor(s) are too restrictive. “Experience” (to support accreditation) should include, for example: (i) legal/accounting/actuarial practice in the financial services sector, (ii) work as staff in a regulator, or (iii) university/college lecturer on financial services. Investors should be able to self-certify as accredited with appropriate back-up provided in the certificate.
  • Less burdensome harmonized crowdfunding exemptions are required to support capital raising for start-ups. We lag far behind jurisdictions such as the UK and US, among others.

The onus should always be on the regulator to show, with hard evidence and CBA, that burdens and restrictions are justified.

Separate tribunal

The NCFA does not think that separation of the supervision/staff from the adjudicative function is essential, but given the size of the OSC and the Ontario market, as well as the perceptions of bias, it should probably be done now, and could be done by adding the function to the Financial Services Tribunal. Funds acquired as a result of fines or disgorgement could be devoted to education or to compensation of harmed consumers/investors.

 

Ombudsman

Giving the Ombudsman for Banking Services and Investments the power to issue binding decisions and to order a registered firm (or individuals) to pay compensation is long overdue. Consumer protection in the UK is significantly enhanced by a very effective Ombudsman.

 

Supporting innovation: a pathway to success and seizing opportunity

We need to get this right.  With the pandemic, incoming OSC Chair, and ample evidence that our regulatory environment is lagging behind, without significant changes we’ll end up with a similar result. As we have recommended in the past (see footnotes) we must:

  • Improve access to capital for startups and entrepreneurs as follows:
  • Issuer caps should be increased to $5 million Canadian dollars, to fall into line with foreign jurisdictions, and allow a broader range of companies to participate. For example:
  • In the United States, companies can raise US$5M under RegCF;
  • In Australia, companies can raise A$5M; and
  • In Germany, companies can raise €8M.
  • Allow qualified accredited investors to participate fully without caps;
  • Establish a regulatory regime that recognizes and accepts that the activities of P2P lenders (and simple loan agreements) are inherently different from equity investments and should regulated differently; and
  • Capital raise readiness reimbursement and matching investment program for qualified companies and investors raising capital via crowdfunding platforms.
  • Improve data collection and analysis and reporting transparency.

 

The lack of basic data collection is a recurring theme that requires a solution. The NCFA is willing to collaborate with any government body to help develop and provide a solution.

  • Provide more support and funding for educational initiatives with industry so as to build credibility and investor confidence in a more digital world.

 

In addition. the NCFA believes that a Canada-wide technology innovation sandbox that fully integrates all provincial regulators should be a priority and that the innovation sandbox should have clear end-to-end processes and visible metrics for the streamlined onboarding and graduation of fintech innovators in the innovation sandbox.  Cooperation with regulators in the UK and Singapore is critical for our startups to have clear paths to going global from Canada.

See more of NCFA's advocacy initiatives

Sign-up for our newsletter

Become an Industry Partner

 

Conclusion

Given today’s environment and governmental initiatives to foster and promote innovation, the NCFA believes that the success of the Taskforce’s efforts in, for example, enabling greater access to capital for Canadian start-ups and entrepreneurs are key to:

  • sparking Canada’s leadership and presence in the global FinTech space, especially when foreign regulators, such as the UK FCA, MAS, and FINMA, have already adopted friendly regulatory environments and have captured a significant portion of the FinTech innovation space; and
  • becoming more: (i) competitive in the global capital markets, (ii) innovative, and (iii) adaptive to new technologies (or technological advancements).

 

In other words, the Minister of Finance, as well as Canadian securities regulators, including the OSC and the CSA, must act now. Time is of the essence, as Canada cannot continuously fall behind international trends and markets (at multiple levels).

The NCFA hopes that its comments and publications are of value to the Taskforce. The NCFA is ready to engage with the Taskforce to provide further insight and any additional information.

This submission is informed by a wide range of voices from within NCFA and its Advisory Group, including content from Craig Asano (Founding CEO of the NCFA), Richard Remillard (RCG Group), Robin Ford (Robin Ford Consulting), and Me David Durand (Durand Lawyers) and Michelle Beyo (Finavator), Alan Wunsche (Tokenfunder) as well as the NCFA’s industry partners and affiliates in the aggregate.

Continue to Download the submitted letter (PDF)--> here

 


NCFA Jan 2018 resize - NCFA Response to the Modernizing Ontario’s Capital Markets Consultation Taskforce 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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CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - NCFA Response to the Modernizing Ontario’s Capital Markets Consultation Taskforce



NCFA COVID 19 letter to government to support Fintechs and SMEs - NCFA Response to the Modernizing Ontario’s Capital Markets Consultation Taskforce

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FFCON20 Week 8 Fintech Draft Finals: Congratulations to the Winners! SolidBlock and DivDot

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FFCON20 Week 8 Wrap-Up: Fintech Draft

On August 27, the final week of FFCON20, a total of 8 pitching and demo finalists competed with each other to win the title of 2020 Fintech Draft champion.  Each presenting company delivered a short pitch (max 7mins) followed by answering 5mins of Q&A from prominent investor judges and a crowdvote.  Learn more about the finalists here: https://fintechandfunding.com/fintech-draft-finalists/

Pitching Competition Finalists:             

  • WALO App
  • Trust Anchor Group
  • Sneso.ai
  • SolidBlock
  • FundMore.ai

Demo Competition Finalists:

  • Corl Financial Technologies Inc
  • DivDot
  • CycleBit

 

Congratulations to the Pitching Competition Winner!  SolidBlock

2020 Fintech Draft Pitching Winner SolidBlock wide  - FFCON20 Week 8 Fintech Draft Finals: Congratulations to the Winners!  SolidBlock and DivDot

About SolidBlock

While most other markets have been digitized through modern technological platforms, the real estate market is undergoing a massive transformation. Currently, it lacks the advantage of liquidity and remained tedious, complex, slow-moving and costly. SolidBlock aims to build a new asset class based on real estate, combining the stability of the property market growth and efficiency of blockchain-based financial products.

SolidBlock offers a new platform that allows anybody to invest and benefit in the asset class of real estate and to enable them to protect and grow their wealth. As mentioned in her pitch for SolidBlock, CMO and Co-Founder Yael Tamar believes:

"A big part of why real estate is largely inaccessible to most people is that the field is closed by design.  The nature of the investments are highly illiquid and intensive capital is required that individuals don’t have."

SolidBlock enables investors to buy and sell any property at any time anywhere and aims to function like a NASDAQ for real estate.

SolidBlock 3 - FFCON20 Week 8 Fintech Draft Finals: Congratulations to the Winners!  SolidBlock and DivDot

Their ideal scenario is to transform real estate into a tradeable financial product that gives asset owners and investors opportunities through a securitized token offering platform. The SolidBlock platform is fully operational with deals worth over $100 million and extensive pipeline of over $1 billion worth of projects. By using blockchain technology and global network, they've been able to offer a model that lowers capital requirement, attain global reach, and facilitate tradeability and liquidity.

On taxation from transactions, SolidBlock mentions that it is very similar to that of other financial products in which participating investors should expect a similar amount of taxation as typical financial portfolios in real estate. Taxation through the sale of real estate assets would most likely be categorized as capital gains tax, while receiving a dividend on an asset class would most likely be categorized as income tax.

SolidBlock differentiates themselves from competitors by focusing on providing financial solutions and a bridge into the world of DeFi. SolidBlock believes that now is the time to invest in tokenization with blockchain-based securitization providing infrastructure for trade as well as increased demand for liquid products as a result of COVID-19.

Congratulations to the Demo Competition Winner!  DivDot

2020 Fintech Draft Demo Winner DivDot wide  - FFCON20 Week 8 Fintech Draft Finals: Congratulations to the Winners!  SolidBlock and DivDot

About DivDot

Despite a clear transition in the North American payments environment towards electronic payments in the consumer realm, businesses are still heavily reliant on manual, paper-based processes. DivDot is a payment platform that aims to aid in the transition that enables businesses to send and receive no limit payments for a flat fee. It simplifies and automates businesses’ entire payment cycle from payment initiation to reconciliation.

DivDot CEO and Co-Founder Matthew Smith provided data showing that 668 million cheques were processed in Canada and 14.5 billion were processed in the US for 2018, which he believes is crazy in today’s modern digital age. The aim of DivDot is to help digitize business payments by providing a software to power a business’s payment operations. Users would be able to send payment to suppliers, receive payments from customers, move money between accountants, and set-up recurring payments.

DivDot 3 - FFCON20 Week 8 Fintech Draft Finals: Congratulations to the Winners!  SolidBlock and DivDot

The DivDot product demo showed how a transaction would work, both for walking through how a customer would send their payment to a business on the platform as well as how a business would pay suppliers. Both of these functions take place in a very straightforward and efficient process. The goal is to provide a simple and secure payment network for businesses to exchange funds while integrating with a large array of financial institutions to draw funds from.

DivDot 2 - FFCON20 Week 8 Fintech Draft Finals: Congratulations to the Winners!  SolidBlock and DivDot

Smith mentions that 70% of businesses today still use checks, partly due to a focus on how accounts want to solve problems rather than the businesses themselves.

Taking feedback from business owners, DivDot believes that business owners have different ideas and want to get paid efficiently and as soon as possible. DivDot is the perfect alternative for its target audience’s needs.


NCFA Jan 2018 resize - FFCON20 Week 8 Fintech Draft Finals: Congratulations to the Winners!  SolidBlock and DivDot 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 - FFCON20 Week 8 Fintech Draft Finals: Congratulations to the Winners!  SolidBlock and DivDotFF Logo 400 v3 - FFCON20 Week 8 Fintech Draft Finals: Congratulations to the Winners!  SolidBlock and DivDotcommunity social impact - FFCON20 Week 8 Fintech Draft Finals: Congratulations to the Winners!  SolidBlock and DivDot

CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - FFCON20 Week 8 Fintech Draft Finals: Congratulations to the Winners!  SolidBlock and DivDot



NCFA COVID 19 letter to government to support Fintechs and SMEs - FFCON20 Week 8 Fintech Draft Finals: Congratulations to the Winners!  SolidBlock and DivDot

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FFCON20 Week 7 Wrap-up: Artificial Intelligence in Fintech

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NCFA Canada | Samuel He | August 2, 2020

AI in your daily life - FFCON20 Week 7 Wrap-up: Artificial Intelligence in Fintech

Overview

Innovation in technology has been rising at an unprecedented pace in today’s day and age. There is no doubt that technological advancements with artificial intelligence will play a key role in all sectors, which includes financial services. This session features a keynote describing the roles that technology plays in an individual’s life, a panel on consumer-centric technologies and governance, and a panel discussing how AI is transforming the financial services sector.

Keynote: AI Implementation in China: A Day in the Life in Shanghai (info | video)

In this session, Rich Turrin walks us through a day in his life in Shanghai and the role that technology plays. One notable role is with payment. Rich says that people in Shanghai has pretty much gone cash-free and most use either WeChat Pay or AliPay, which functions by scanning a QR code and utilizing the built-in facial recognition system. Additionally, Rich uses technology for speech to text translation, which helps in rideshare apps like Didi which has a built-in messaging and translation system to aid communication. Technology is also utilized in the creation of a COVID-19 monitor, which uses AI to track and trace COVID-19 and predict who might have the virus. Rich wants to emphasize that one should not see artificial intelligence as a cold war and ask, “Who is winning the AI race?” but rather embrace that innovation in AI is ultimately a good thing that brings a lot more benefits.

“This is not a cold war” – Rich Turrin, on the AI arms race

 

Panel: Consumer-centric AI Technologies, Governance and Experiences (info | video)

In this panel, the speakers discuss the impact of innovation within AI and technology and the importance of consumer-centric governance. With large data available created by users, machine learning can be used to extract a lot of significant insights. Unfortunately, it is mostly big companies who have access to majority of the data, which is a problem because smaller companies don’t have this access to utilize. The panelists believe that in order for AI to be implemented on a large scale in financial services, their trust must be won by the consumers. An important aspect is that consumers should be able to reap the benefits of using the technology without having to give away data. In essence, one’s digital “self” is not controlled by the individual but rather controlled by big companies, which can be problematic. The panelists believe strongly in the future of blockchain and cryptocurrency, which promises sovereignty over digital interactions.

"One’s digital self is not actually controlled by the individual" - Alex Tapscott

 

Panel: How AI is Transforming How We Interact with Financial Institutions (info | video)

This session featured panelists who discussed the different ways in which AI has transformed how we interact with financial institutions. From the consumer perspective, RoboAdvisors has helped with the financial service experience and AI has increased efficiency done on background checks. Additionally, banks have their own apps, with automated bots used both for security measures as well as answering customers’ questions, all done with machine learning. The panelists believe a key challenge that AI/Fintech need to address before mass adoption is to promote open banking, creating policy where consumers own their data instead of third-party institutions. Essentially, a landscape has to be created which puts the customer at the forefront.

Conclusion

Artificial intelligence is a field that will certainly play a key role in our lives going forward. Instead of focusing on potential threats of AI as it relates to an arms race between countries, it is important to embrace the innovation and see all the benefits that AI has brought to our lives. The developments in AI has led to a lot of consumer-generated data, and it is important to put the consumer at the front and in control of the data. This helps bridge the gap between the user and the financial institution to positively usher in the new wave that is artificial intelligence.

Continue to watch the FFCON20 Session Recordings --> here

 


NCFA Jan 2018 resize - FFCON20 Week 7 Wrap-up: Artificial Intelligence in Fintech 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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FFCON20 Pitching and Demo Winners - FFCON20 Week 7 Wrap-up: Artificial Intelligence in Fintech



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2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27

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NCFA Canada | August 25, 2020

FFCON20 Week 8 Fintech Draft Pitch and Demo Finals banner - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27

FFCON20 Fintech Draft Finalists to Pitch & Demo LIVE August 27th

The inaugural FFCON20 Fintech Draft identifies and features emerging and high growth fintech startups and scaleups who will compete on Thursday, August 27, 2020 in an online pitching competition and demo competition. Applicants were drawn globally with a total of 5 pitching and 3 demo companies being selected

The format is akin to the sports draft concept where the finalists for each competition will deliver a short 5-7 minute presentation to pitch their product and engage in a Q&A before a panel of judges. A vote will take place and a single pitch and single demo company will emerge as the winners of the FFCON20 People’s Choice Awards and receive a 1 year industry partnership with NCFA and other partner perks.

Congratulations to the following pitching and demo competition finalists!

5 x Pitching Competition Finalists

WALO 1 - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27WALO

Young people who participated in a financial education program are 3 times more likely to spend less than they earn, borrow less and save more. WALO’s mission is to ensure the next generation’s financial wellbeing through a gamified financial literacy platform. Teens are taught how to manage money and be put on the path to becoming money-savvy young adults. Learn more about WALO App here: https://fintechandfunding.com/ffcon20-fintech-draft-walo/

 

Trust Anchor Group - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27Trust Anchor Group

Modern infrastructure, digitalization and fast connectivity has made cars, buildings, factories, and homes smarter and smarter. This has led to increased cost to protect against cyber-crime, such as identity theft, data breaches, and monetary fraud. Trust Anchor Group provides a foundation for the smart society by connecting existing infrastructure within multiple domains to the latest technology and standards for internet of things and smart payments. Learn more about Trust Anchor Group here: https://fintechandfunding.com/ffcon20-fintech-draft-trust-anchor-group/

 

SolidBlock 1 - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27SolidBlock

While most other markets have been digitized through modern technological platforms, the real estate market has not experienced this. As a result, it lacks the advantage of liquidity and remained tedious, complex, slow-moving and costly. SolidBlock aims to build a new asset class based on real estate, combining the stability of the property market growth and efficiency of blockchain-based financial products. Learn more about SolidBlock here: https://fintechandfunding.com/ffcon20-fintech-draft-solidblock/.

 

Senso.ai  1 - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27Senso.ai

Financial Institutions/Lenders are facing declining margins in loan portfolios from market factors including increased competition from non-traditional lenders and consumer preference for a “personalized” experience leading to higher customer churn. Senso embeds predictive revenue intelligence into lender operations to optimize loan portfolio retention, acquisition, and product cross sell. Learn more about Senso.ai here: https://fintechandfunding.com/ffcon20-fintech-draft-senso/

 

fundmore.ai  - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27FundMore.ai

Currently, there are a lack of tools and underwriting platforms in North America that are capable of providing real-time assessment to reduce risk, improve cycle times and lenders more profitable. FundMore.ai is an automated underwriting system that uses machine learning (ML) to streamline the pre-funding process for loans. It was created to service mortgage lenders that do not have access to the proprietary software relied upon by large institutions. Learn more about FundMore.ai here: https://fintechandfunding.com/ffcon20-fintech-draft-fundmore-ai/.

 

3 x Demo Competition Finalists

 

DivDot - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27DivDot

Despite a clear transition in the North American payments environment towards electronic payments in the consumer realm, businesses are still heavily reliant on manual, paper-based processes. DivDot is a payment platform that aims to aid in the transition that enables businesses to send and receive no limit payments for a flat fee. It simplifies and automates businesses’ entire payment cycle from payment initiation to reconciliation. Learn more about DivDot here: https://fintechandfunding.com/ffcon20-fintech-draft-divdot/

 

Corl - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27Corl Financial Technologies Inc.

The Digital Economy is worth 3+ trillion dollars today, and yet, the majority of small businesses in this space don’t have access to growth capital because they don’t have tangible assets to collateralize. Corl has developed a financing platform that leverages data, automation, and machine learning to offer revenue-sharing financing to small businesses. Learn more about Corl here: https://fintechandfunding.com/ffcon20-fintech-draft-corl/

 

Cyclebit - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27Cyclebit

Cryptocurrency is a very hot rising topic in the current financial services industry. Cyclebit solves the last mile in payments for cryptocurrencies. They increase the revenue generated by our merchants by reducing the transaction fees while leveraging blockchain technology to reduce fraud. Learn more about Cyclebit here: https://fintechandfunding.com/ffcon20-fintech-draft-cyclebit/

 

Join us for an interactive online competition on August 27

Registration is FREE to attend!

Free Registration - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27

NCFA Jan 2018 resize - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27 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 - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27FF Logo 400 v3 - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27community social impact - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27

CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - 2020 Fintech Draft: Congrats to the Pitching & Demo Competition Finalists who Compete LIVE Dragon’s Den Style August 27



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FFCON20 Week 6 Wrap-Up: Currency Wars, Digital Assets, & The Rise of DeFi

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NCFA Canada | Samuel He | August 2, 2020

Decentralized finance - FFCON20 Week 6 Wrap-Up: Currency Wars, Digital Assets, & The Rise of DeFi

Overview

The modern advancements in technology have led to new innovative methods in the banking and payment sectors. This has led to traditional methods being enhanced through digital assets. This session features panels discussing the futures of CBDCs and digital assets, the anatomy of digital securities, and the rising field of decentralized finance and its impact on the banking and payment sector.

Fireside Keynote: Enhancing Traditional Banking and Payments Through Digital Assets (info | video)

The session began with a fireside keynote with Tom Pageler and Lisa Hook on the topic of digital assets and how it has enhanced traditional banking and payments. Tom notes the current success of digital assets with innovative products such as AliPay in the currency market. Tom has a very positive view of the role of digital assets in that it’s allowed new enhanced infrastructure as well as transparency. With more and more industries going digital, he believes that if done properly, enhancing current methods with digital assets can lead to higher profit margins and efficiency. Notably, the public ledger with the digital platform would allow smoother transactions across jurisdictions. While Tom believes that the transition has been going extremely well with governments starting to show support, he also mentions potential risks as well. These can involve fraud related to tracking IDs and IP addresses that need to be taken in consideration.

Panel: The Future of CBDCs, Digital Assets and Trading (info | video)

This panel featured talks about the future of central bank digital currency (CBDC), its biggest advantages, and perspectives on how its adoption will play out. One of the biggest advantages that digital currency offers is its speed and efficiency, particularly between parties internationally. Currently, there frequently exists friction across countries, making transactions both timely and costly. The panel also believes the adoption of digital currency will be a good transition away from cash, which has many inefficiencies such as susceptibility to forgery and criminal activity. The panelists also noted that the transition must be gradual as not everyone is on the internet and simply getting rid of cash as a means of transaction will exclude a lot of people.

Austin Hubbell: “One of the biggest risks of CBDCs is technology risk”

 

TEDx: The Road to Crypto Approval & What It Means for Fintechs (info | video)

In this session, Blair Wiley shares his experience with getting his business WealthSimple to receive regulatory approval from every securities regulator to offer a crypto trading platform in Canada. He describes the journey to regulatory crypto approval and offers lessons he has learned along the way. Blair has strong belief that cryptocurrency is the future in financial services, but with various fraud cases involving digital assets in Canada, they don’t have the best reputation with regulators. However, Blair believes that it is important to look at things from the perspective of the regulators and understand that regulations want to ensure compliance and offer protection for consumers. The lesson he offers is to go for natural extension to current regulations and stick to their core tenets. Blair also recommends going to regulators with a fully built product rather than just an idea or concept as it gives the impression of better preparation done in the eyes of the regulators.

Blair Wiley: "speak the language of the regulators"

Panel: The Rise of Decentralized Finance (info | video)

The next panel discusses the concept of decentralized finance – frequently referenced as DeFi – and its significance. DeFi is defined as the ability to create financial services with blockchain technology. This would allow anyone to create applications that enable financial activity to take place without the involvement of a centralized institution. The panelists believe that some factors that contribute to the rise in DeFi is gamification and efficiency. With cryptocurrency, users can now earn interest, and the lending and borrowing infrastructure is also growing. The panelists believe that the future of DeFi will see more things scalable like sports betting as well as moving outside of trading digital assets. Their prediction that 80% of finances will be run on blockchain technology in next 5 years.

Workshop: Anatomy of Digital Securities by Exponential (info | video)

Digital securities JW Exponential - FFCON20 Week 6 Wrap-Up: Currency Wars, Digital Assets, & The Rise of DeFi

The final presentation was a workshop presented by James Wallace about the anatomy of digital assets and securities. James believes that digital securities help build a more efficient global economy and trading system. Some of the benefits that he emphasized are less barriers to entry, more accessibility, less friction across borders, and less compliance and regulations. Also mentioned was its security – There is very low risk with storage and ownership is recorded and verified on immutable ledger. James also showed many charts, one illustrating the substantial costs savings and value creation of digital assets. Digitizing will remove significant costs as well as generate new growing liquidity that should drive the asset value higher.

 

Conclusion

The future of banking and payments has a bright future with new innovations with digital assets. Digital transactions have benefits of greater efficiency, speed, and accessibility to a wider range of the population. Government support for digital assets helps tackle precautions that need to be taken to avoid fraud and other risks associated with digital transactions. With majority of finances likely to be run on digital assets, it is time to embrace these new innovative methods.

 

Continue to watch the FFCON20 Session Recordings --> here

 


NCFA Jan 2018 resize - FFCON20 Week 6 Wrap-Up: Currency Wars, Digital Assets, & The Rise of DeFi 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 - FFCON20 Week 6 Wrap-Up: Currency Wars, Digital Assets, & The Rise of DeFiFF Logo 400 v3 - FFCON20 Week 6 Wrap-Up: Currency Wars, Digital Assets, & The Rise of DeFicommunity social impact - FFCON20 Week 6 Wrap-Up: Currency Wars, Digital Assets, & The Rise of DeFi

CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - FFCON20 Week 6 Wrap-Up: Currency Wars, Digital Assets, & The Rise of DeFi



NCFA COVID 19 letter to government to support Fintechs and SMEs - FFCON20 Week 6 Wrap-Up: Currency Wars, Digital Assets, & The Rise of DeFi

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