Category Archives: NCFA In The News

Global News Radio Interview with Michelle Beyo: Alipay – Moving Money Between Countries

NCFA Canada | Michele Beyo | Aug 19, 2020

Michele Beyo interview on the Shift Alipay Moving Money Between Countries - Global News Radio Interview with Michelle Beyo:  Alipay - Moving Money Between Countries

Checkout NCFA Advisor - Payments, Michelle Beyo's interview on Global News Radio

 


NCFA Jan 2018 resize - Global News Radio Interview with Michelle Beyo:  Alipay - Moving Money Between Countries 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 - Global News Radio Interview with Michelle Beyo:  Alipay - Moving Money Between Countries



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Refusal to embrace open banking puts Canada behind yet another curve

Financial Post | Kevin Carmichael | July 10, 2020

Adam Feleskey Portag3 ventures - Refusal to embrace open banking puts Canada behind yet another curveAdam Felesky, chief executive of Portag3 Ventures LP, the venture-capital arm of Power Corp. of Canada, was primed to put his home country on the leading edge of finance at the end of last year.

“We’re on a mission to build global champions from a Canadian base,” Felesky told the TechCrunch website in early December when Portag3 announced it had raised $427 million for a new fund aimed at digital finance startups.

The “majority” of that money remains unallocated, Felesky told me this week, but that could soon change. The social distancing demanded by COVID-19 has sped up the shift to a digital economy, a boon for outfits such as Toronto-based Portag3, which specializes in identifying startups that have plans to disrupt finance. The pandemic caused a terrible recession, but anyone focused on digital technology barely noticed.

“We’ve been playing offence,” Felesky said during a Zoom interview organized by the National Crowdfunding & Fintech Association. “We’re excited about the environment right now. There are lots of opportunities.”

Without access to data, digital upstarts have little chance of stealing market share from legacy institutions, even if they offer a better service

Unfortunately for Canada, which, like most countries, will need all the investment it can get to recover from the coronavirus crisis, most of the opportunities that Felesky sees are elsewhere.

See:  Open banking would help the recovery

That’s because we Canadians — and, by extension, our elected representatives — refuse to get excited about open banking, the industry term for a regulatory regime that grants control of financial information to clients rather than the financial institutions that serve them.

Without access to data, digital upstarts have little chance of stealing market share from legacy institutions, even if they offer a better service. The United Kingdom, European Union and Australia are among the jurisdictions that have adopted open banking over the past couple of years and will benefit from a first-mover advantage as a result.

Prime Minister Justin Trudeau’s government, meanwhile, keeps postponing a decision on whether it intends to follow, which probably suits the established banking oligopoly just fine.

Around the time Portag3 closed its latest round of fundraising, an expert committee appointed by Finance Minister Bill Morneau was finishing up a report that was relatively enthusiastic about open banking. In January, Morneau released the review and announced additional consultations would be held in the spring. Those meetings were postponed until autumn because of the pandemic, meaning regulatory clarity is at least a year away, if not longer.

As a result, Portag3’s money probably will end up in places where governments have decided to embrace the future, rather than serve the interests of legacy interests by dallying. Canada will have exposure to the digital shift in financial services thanks to the ownership stakes Portag3 and others take in various international firms. But the actual champions of global finance will continue to come from elsewhere, and their clients in Europe and Asia will be first to enjoy the benefits of better service.

See:  NCFA Open Letter: Government should collaborate with Fintechs

“Unfortunately, we’re spending more time outside of Canada than inside of Canada because of some of these (regulatory) headwinds,” Felesky said. “It’s difficult to make some of these investments believing something may occur. We just don’t have any capital in businesses that are dependent on open banking.”

A new generation of finance entrepreneurs think decades of coddling have left the big banks too risk averse to be successful in the digital economy

There is a strongly held view among fintech advocates that the big banks are using their influence to delay regulatory changes that would entice new challengers for as long as they can.

Given the banking oligopoly’s outsized role in the federal government’s COVID-19 rescue, it’s fair to wonder if it will have even greater sway over Ottawa once the emergency is over. The argument that the guarantee of financial stability justifies protecting the largest institutions from competition will be strengthened by Bay Street’s ability to keep many mortgage holders and smaller companies afloat during the crisis.

See:  NCFA Announces Updated Virtual Interactive Programme for FFCON20 DIGITAL, the 6th annual Fintech and Financing Conference

There will need to be more urgency in Ottawa, too, and some of that will have to be directed by us, so call your member of Parliament. The opportunity cost of letting the banks and their regulators sort out open banking is too great.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Refusal to embrace open banking puts Canada behind yet another curve 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 - Refusal to embrace open banking puts Canada behind yet another curve



NCFA COVID 19 letter to government to support Fintechs and SMEs - Refusal to embrace open banking puts Canada behind yet another curve

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Sixth Annual Fintech & Funding Conference —FFCON20— Connects Fintech Community Thru Virtual Interactive Program

NetworkNewsWire | Jonathan Keim | June 16, 2020
FFCON20 banner image1 - Sixth Annual Fintech & Funding Conference —FFCON20— Connects Fintech Community Thru Virtual Interactive Program
  • Virtual interactive forum on fintech issues & developments
  • Eight weeks, eight themes
  • Presentations from leading industry figures
  • Connecting entrepreneurs and investors
  • Networking opportunities galore

What could be more apposite than a virtual fintech conference? After all, digital technologies, including those related to finance, are part and parcel of the immense virtual world known as the internet. Without digital tech, it would be impossible for the Internet to even exist — and vice versa. So it should come as no surprise to entrepreneurs, investors and others to discover that this year the annual Fintech & Funding Conference, hosted by the National Crowdfunding & Fintech Association (“NCFA”) in conjunction with the Toronto Finance International (“TFI”), has a virtual interactive agenda. The online event — FFCON20 DIGITAL — will take place every Thursday afternoon at 2 p.m. ET from July 9 through Aug. 27.

See: Vote on your favourite FFCON20 Fintech Draft companies and see them Pitch & Demo July 9 - Aug 27

For each of the eight weeks, the event will focus on a different fintech theme. A global lineup of fintech’s finest will discuss their projects, as well as the latest trends in the space. Attendees will be treated to presentations from a number of notable companies and enjoy ample opportunity to network and engage with peers and presenters.

Since its debut in 2015, FFCON has been providing a platform for pioneers and innovators in the fintech space to share new ideas and insights with each other. The gathering has also developed into an important crucible in the fintech space, catalyzing and facilitating crucial relationships between entrepreneurs and investors. It’s no wonder, then, that FFCON has turned out to be one of Canada’s top tech-networking forums. This year’s FFCON20 DIGITAL is likely to be no different, for the overarching theme of the eight-week event is RISE.

The FFCON series of conference has, year after year, drawn professionals from around the world. Attendees can expect to meet and greet influential figures from diverse fields, including AI, blockchain and crypto, capital markets, digital banking, payments, peer-to-peer finance and wealth management. Participants find themselves in an environment designed to spur growth in the Canadian fintech industry and bring its markets to life.

FFCON event organizers believe that when open-minded and innovative professionals gather together in a convivial environment that fosters discussion and the sharing of ideas, opportunities naturally follow. As such, FFCON offers participants a wealth of opportunity to develop new leads, discover new market channels and forge partnerships around innovation, technology and financing outcomes.

See: Get Your Ticket to FFCON20 DIGITAL before Jun 30 and SAVE 30%

FFCON20 DIGITAL Weekly themes cover a heterogeneous array of industry issues, including the following:

  • July 09: FFCON20 Kickoff | Scaling FinTech Funding, Innovation and Competition
  • July 16: Digital Banking, Open X, Future of PayTech
  • July 23: Sustainable Finance
  • July 30: Leadership and Adaptability
  • August 06: Digital Identity and Convergence Marketplaces
  • August 13: Currency Wars and the Rise of DeFi
  • August 20: AI in FinTech: Biased and in Need of Regulation?
  • August 27: The Biggest Debates in Fintech (Rated X) | Official Close of FFCON20

The stellar lineup of speakers includes Robert Asselin, senior director of public policy at Blackberry; Pat Chaukos, deputy director of OSC LaunchPad; Elisabeth Laett, managing partner of the Xaphan Group; Dan Dickinson, senior vice president and CIO of EQ Bank and Alixe Cormick, president of Venture Law Corporation.

For more information, visit https://fintechandfunding.com.

About NetworkNewsWire

NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

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NCFA Jan 2018 resize - Sixth Annual Fintech & Funding Conference —FFCON20— Connects Fintech Community Thru Virtual Interactive Program 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 - Sixth Annual Fintech & Funding Conference —FFCON20— Connects Fintech Community Thru Virtual Interactive ProgramFF Logo 400 v3 - Sixth Annual Fintech & Funding Conference —FFCON20— Connects Fintech Community Thru Virtual Interactive Programcommunity social impact - Sixth Annual Fintech & Funding Conference —FFCON20— Connects Fintech Community Thru Virtual Interactive Program

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



FFCON20 Pitching and Demo Winners - Sixth Annual Fintech & Funding Conference —FFCON20— Connects Fintech Community Thru Virtual Interactive Program



NCFA COVID 19 letter to government to support Fintechs and SMEs - Sixth Annual Fintech & Funding Conference —FFCON20— Connects Fintech Community Thru Virtual Interactive Program

NCFA Newsletter subscribe600 - Sixth Annual Fintech & Funding Conference —FFCON20— Connects Fintech Community Thru Virtual Interactive Program

 

Cryptocurrency Payments Processor CoinPayments Appoints Jason Butcher as New CEO

Crowdfund Insider | | May 14, 2020

Jason butcher - Cryptocurrency Payments Processor CoinPayments Appoints Jason Butcher as New CEOCryptocurrency payments processor CoinPayments announced on Wednesday it has appointed Jason Butcher as its new CEO. CoinPayment reported that Butcher has been its Chief Operating Officer since 2017, and previously as an advisor starting in 2015, helped boost CoinPayments’ monthly transactions to more than $100 million.

According to CoinPayments, Butcher brings nearly three decades of experience building businesses globally in diverse industries and markets. He founded HODLTech and DIGISURE in 2018, Parallel Payments in 2011, and is actively involved in a number of global FinTech, Crowdfunding, and Blockchain technology projects. He also serves as an advisor with the Blockchain Association of Canada and is the Fintech advisor for the National Crowdfunding and Fintech Association.

“Crypto-payment accessibility allows businesses to be more agile with customers and partners by offering improved security and faster transactions without red tape. Our aim is to further enable more businesses globally with custom tools and services, as well as a superior customer service experience.”

See:  WeChat live Streaming pumps life into local business in China

CoinPayments further reported it is planning to do the following under Butcher’s leadership in 2020:

  • A continued focus on delivering easy-to-use solutions and exceptional customer service to merchants
  • New advisors including world-renowned payments and cryptocurrency executives
  • Global partnerships that will deliver the CoinPayments platform directly to thousands of new merchants

Continue to the full article --> here


NCFA Jan 2018 resize - Cryptocurrency Payments Processor CoinPayments Appoints Jason Butcher as New CEO 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 - Cryptocurrency Payments Processor CoinPayments Appoints Jason Butcher as New CEO



NCFA COVID 19 letter to government to support Fintechs and SMEs - Cryptocurrency Payments Processor CoinPayments Appoints Jason Butcher as New CEO

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FFCON20: RISE Event Challenges, Grows Canadian Fintech Industry

Global NewsWire | FFCON Team | Feb 6, 2020

FFCON20 spirit of competition 500 - FFCON20: RISE Event Challenges, Grows Canadian Fintech IndustryTORONTO, Feb. 06, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – The sixth annual Fintech & Funding Conference and Expo (RISE) convenes on March 23–24, 2020, in Toronto. The must-attend, two-day gathering features a fintech challenge, industry workshops, invaluable pitching, prime networking and a global education. Co-hosted by the National Crowdfunding & Fintech Association (NCFA Canada) and Toronto Finance International (TFI), the conference and expo is designed to forge crucial relationships between entrepreneurs, investors and major financial stakeholders.

“FFCON isn’t just about bringing people together,” said Craig Asano, NCFA Founder and CEO. “We are dedicated to creating an experiential environment designed to challenge and grow the Canadian fintech industry and bring markets to life. We have learned that when open-minded and innovative professionals get together and facilitate engagement, debate and share ideas, the opportunities flow. That is what happens at FFCON.”

This year’s event is expected to attract more than 750 attendees, participants and sponsors from leading fintech startups/scale-ups, investors, industry leaders and key stakeholders. Participants come to develop new leads, discover new market channels and forge partnerships around innovation, technology and financing outcomes.

FFCON has gained a reputation for gathering world-class speakers who drive lively debate and thought-provoking discussions. These professionals share new ideas, important experiences and interesting developments within the fintech space. Presentations also explore the latest topics and innovations along with emerging regulation and its impact on financial technology markets.

“We have the opportunity to leverage North America’s second-largest financial centre, combined with its third-largest tech cluster, and use this momentum to become a global fintech leader. Collaboration among industry stakeholders is a critical element required to move Toronto into the top tier of international fintech hubs, and we are pleased to be working with NCFA to support and grow the sector’s innovation ecosystem,” said Jennifer Reynolds, President & CEO, TFI.

FFCON events are built on the idea that all good business starts with an initial relationship, partnership or project. The FFCON20: RISE agenda is strategically designed to create invaluable opportunities for participants to meet and network with entrepreneurs, investors, regulators and government officials as they search for mentors, investment or funding.

Additional details about FFCON20: RISE, slated for March 23–24, 2020, can be found at https://fintechandfunding.com.

About FFCON

FFCON is a must-attend event focused on raising capital, blockchain technology and alternative investing as well as uncovering and celebrating the rising stars and who’s who of fintech, blockchain, and alternative finance. The conference and expo connect high-growth entrepreneurs and startups seeking seed and growth capital with venture capitalists, retail and accredited investors and institutional asset managers.

About National Crowdfunding & Fintech Association

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. For more information, please visit: ncfacanada.org

About Toronto Finance International

Toronto Finance International (TFI) is a public-private partnership between Canada’s three levels of government, the financial services sector and academia. TFI’s mission is to lead collective action that drives the competitiveness and growth of Toronto’s financial sector and establishes its prominence as a leading international financial centre. For more information, please visit: www.tfi.ca


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



FFCON20 Pitching and Demo Winners - FFCON20: RISE Event Challenges, Grows Canadian Fintech Industry



NCFA COVID 19 letter to government to support Fintechs and SMEs - FFCON20: RISE Event Challenges, Grows Canadian Fintech Industry

NCFA Newsletter subscribe600 - FFCON20: RISE Event Challenges, Grows Canadian Fintech Industry

 

NetworkNewsWire Announces Official Newswire Status, Media Sponsorship of FFCON20: RISE Event

NNW Release | Jonathan Keim | Feb 4, 2020

FFCON and NNW - NetworkNewsWire Announces Official Newswire Status, Media Sponsorship of FFCON20: RISE Event

NEW YORK, Feb. 04, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – NetworkNewsWire (“NNW”), a multifaceted financial news and publishing company and part of the InvestorBrandNetwork (“IBN”), is pleased to announce its continued collaboration with the National Crowdfunding & Fintech Association (“NCFA”) and Toronto Finance International (“TFI”). NNW will serve as the official newswire partner for FFCON20: RISE, FFCON’s sixth annual Fintech & Funding Conference and Expo, held March 23–24, in Toronto. Co-hosted by NCFA and TFI, this premier event is designed to bring people together to focus on challenging and growing the Canadian fintech industry and bringing markets to life.

“We are pleased to be the official newswire of FFCON20: RISE and to be working with NCFA again,” said Jonathan Keim, communications director for NNW. “As with all our sponsored events, we will be utilizing InvestorBrandNetwork’s powerful suite of resources to bring greater awareness to the FFCON conference as well as the participants.”

As an official dissemination partner, NNW will distribute FFCON20 news and announcements. NNW will also release additional syndicated articles created by professional writers and communication experts. Information on the event will be further distributed through IBN, which has 1+ million social media followers collectively across 40+ brands.

FFCON20: RISE is expected to attract more than 750 attendees, participants and sponsors from leading fintech startups and scaleups, investors, industry leaders and key stakeholders. The two-day conference and expo is designed to provide invaluable opportunities for those in attendance to develop leads, discover new market channels, and forge partnerships around innovation, technology and financing outcomes.

See:  NCFA and Toronto Finance International partner to co-host Canada’s ultimate fintech experience

A financial innovation ecosystem, the National Crowdfunding & Fintech Association (NCFA) provides education, market intelligence, industry stewardship, networking and funding opportunities and services to the fintech community. The group is a network of entrepreneurs, investors and participants in the emerging fintech economy, with a growing membership that includes consultants, marketing and media specialists, investors, lawyers, accountants and social enterprise groups that support and encourage innovative capital markets and financial services.

In the past, NCFA and NNW worked together to heighten the visibility of VanFUNDING, a leading fintech and capital conference that explores the explosive growth happening relative to blockchain, AI, fintech and funding innovations, global market developments and alternative investing opportunities.

“We are thrilled to have NetworkNewsWire as an FFCON20: RISE media sponsor and active participant in the marketing efforts,” said Craig Asano, NCFA Founder and CEO. “This conference is a high-exposure opportunity for participants who wish to get involved as event partners while connecting with leading experts and investors interested in helping fintech businesses achieve success in funding and scaling efforts. NNW has the expertise, tools and global partnerships in place to share that message and bring added awareness to this must-attend event.”

Additional details about the FFCON20: RISE, slated for March 23–24 in Toronto, can be found at https://fintechandfunding.com.

 

About NetworkNewsWire

NetworkNewsWire (“NNW”) is a financial news and content distribution company, one of 40+ brands within our InvestorBrandNetwork (“IBN”), that provides: (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release services to ensure maximum impact; (4) social media distribution via IBN to 1+ million followers; and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience comprising investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

For more information please visit https://www.NetworkNewsWire.com.


NCFA Jan 2018 resize - NetworkNewsWire Announces Official Newswire Status, Media Sponsorship of FFCON20: RISE Event 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 - NetworkNewsWire Announces Official Newswire Status, Media Sponsorship of FFCON20: RISE EventFF Logo 400 v3 - NetworkNewsWire Announces Official Newswire Status, Media Sponsorship of FFCON20: RISE Eventcommunity social impact - NetworkNewsWire Announces Official Newswire Status, Media Sponsorship of FFCON20: RISE Event

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



FFCON20 Pitching and Demo Winners - NetworkNewsWire Announces Official Newswire Status, Media Sponsorship of FFCON20: RISE Event



NCFA COVID 19 letter to government to support Fintechs and SMEs - NetworkNewsWire Announces Official Newswire Status, Media Sponsorship of FFCON20: RISE Event

NCFA Newsletter subscribe600 - NetworkNewsWire Announces Official Newswire Status, Media Sponsorship of FFCON20: RISE Event

 

Canada Update: Alberta Updates Crowdfunding Regulations but Where Does Canada Stand in the National Harmonization of Rules? What about Fintech Development?

Crowdfund Insider | | Oct 7, 2019

Canadian flag2 - Canada Update: Alberta Updates Crowdfunding Regulations but Where Does Canada Stand in the National Harmonization of Rules? What about Fintech Development?Last week, the Alberta Securities Commission (ASC) adopted a “Blanket Order” for “Startup Crowdfunding Registration and Prospectus Exemptions.” In effect, the ASC was seeking to improve access to capital for smaller firms – a good thing- but the move also highlights the disparity between the provinces and a greater need for national harmonization of online capital formation rules. Financial services in Canada are all regulated at the provincial level thus there exists a degree of disparity regarding rules.

While a smaller country by population, Canada has consistently ranked high in entrepreneurship and innovation. According to a recent KPMG report, the Canadian Fintech ecosystem is thriving but, like any other country, more can be done.

Crowdfund Insider reached out to Denise Weeres, Director, New Economy at the ASC and Craig Asano, Executive Director and founder of the National Crowdfunding and Fintech Association of Canada (NCFA). The NCFA has long led the charge advocating on behalf of Canada’s emerging Fintech market and various securities crowdfunding platforms.

The New Economy Division of the ASC works closely with staff to coordinate efforts to facilitate capital-raising by new economy companies entering the capital market. The Division also strives to anticipate and act on issues and opportunities relating to emerging financial technologies (Fintech).

Our discussion with the two innovation proponents is shared below.


The ASC update to rules is in advance of national harmonization. Why update now?

Denise Weeres: It takes a while to get a national instrument in place.  We wanted to allow Alberta businesses and investors to be able to participate in this regime now.

What is the status of harmonization?

Denise Weeres: All of the CSA [Canadian Securities Administrators] jurisdictions are working cooperatively on the national instrument  – we are looking at harmonizing and exploring targeted amendments to improve upon the existing regime.

The maximum raise amount appears to be low in contrast to some other jurisdictions. Are there any expectations for this amount to be raised?

Denise Weeres: The maximum raise is consistent with the other participating CSA jurisdictions start-up crowdfunding regimes.

Start-up crowdfunding is intended for the very early-stage businesses.  It requires a very simple offering document – and significantly doesn’t require financial statements.

A funding portal that is not registered as a dealer can be used too.  The limits reflect the fact that investors likely won’t get all the information they would typically (both at the time of the offering and thereafter) and they may be using a funding portal that isn’t registered and wouldn’t get the protections associated with a registered dealer.

But start-up crowdfunding is not the only way to crowdfund in Canada.  It’s just one of a number of options available.

See:  Sep 22, 2019: NCFA Response to ASC Consultation Paper 11-701: Energizing Alberta’s Capital Market

For example, businesses can crowdfund through a registered dealer funding portal under the offering memorandum [OM] exemption where there is no limit at all on the maximum raise and much higher amounts for the amount that individual investors can invest;

  • $10K for anyone,
  • $30K for an “eligible investor” e.g., someone who had had and expects to have $75K net income or has $400K net assets
  • up to $100K for an eligible investor who also gets advice from a dealer that the investment is suitable for them and
  • no limit for accredited investors.

Under the offering memorandum exemption, the offering document has more detailed disclosure – more similar to the offering document used for U.S. crowdfunding – and like other jurisdictions, it involves a funding portal that is registered as a dealer.

In #Canada, businesses can crowdfund through a registered dealer funding portal under the offering memorandum (OM) exemption where there is no limit on the max raise & much higher amounts for the investors

Craig, how is the Canadian ecosystem evolving, in your opinion?

Craig Asano: The Fintech ecosystem in Canada is growing, albeit not fast enough!  ‘slow and steady’ compared to high competition, fast iterations and market depth of UK/US markets but Canadian tech is starting to attract the interest of US funds and international Fintech brands are taking notice too of which many are planning to include Canada in their rollout plans (ie Revolut).

New Fintech startups are launching all the time in a growing number of private and public incubators, accelerators, innovation hubs and grassroot event ecosystems that include a wide range of AI/data, Regtech (KYC, compliance automation), peer to peer debt/equity platforms, digital asset, crypto, DLT, NEO/challenger bank, Insurtech, personal finance, wealth management and alternative investing models.

Although the ecosystem is evolving the average consumer is conservative with lower Fintech awareness and adoption rates (similar to the US) than comparators in Europe and Asia.  Incumbents are strong and many Fintechs have partnered with institutions to tap capital resources, customers, data and global expansion infrastructure.  Canadian markets are smaller than the US and while it’s easy to launch it’s challenging to achieve sustainable business with significant compliance costs to operate across the country while acquiring customers not yet fully accustom to switching financial products.  There have been many successful fintech startups that are scaling from Lending Loop to Wealthsimple to Borrowell and FrontFundr who are all providing consumer-centric, simple to access, low cost, and tech-enabled financial products and services for new economy.

Open Banking is a juggernaut of an opportunity for data-driven Fintechs and consumers looking for choice, lower fees and innovative products but conversations are at a standstill until after the upcoming election.  The Ministry of Finance in Ottawa and appointed open banking advisory committee are no doubt watching the implementation challenges of PSD2 in Europe along with the progress being achieved in countries like Australia who are advancing national innovation initiatives like Open Banking ahead of Canada (and the US for what it’s worth).  Will these delays put Canada behind the eight-ball, or will we be able to catch-up quickly (leapfrog) and marry our robust tech sector with a historically strong banking system and begin to replace outdated infrastructure?

Specific to crowdfunding regulation in Canada, there’s still a long way to go to remain globally competitive in terms of caps, operating costs and the appropriate amount of regulation for the risk while making it feasible for licensed dealers and funding portals to have a sustainable practice.  The lack of harmonization and overly complex set of rules initially caused quite a backlash to the reputation of industry.

At present, there are far too few crowdfunding platforms and we need more operators to increase market volumes and reignite transactional interest among service providers, funding specialists, securities lawyers, and both retail and accredited investors.  Peer to peer lending is now proven and helping hundreds of companies’ access growth-orientated loans but needs its own set of proportionate regulation to level up further.  I look forward to next year to full harmonization which the CSA staff mentions will be out next year (ideally with the changes NCFA has been advocated for on behalf of industry for years).

Open Banking is a juggernaut of an opportunity for data-driven #Fintechs and consumers looking for choice, lower fees and innovative products 

How has NCFA’s collaboration with provincial regulators helped to move things along?

Craig Asano: We’ve developed a mutually beneficial relationship with regulators from the start which has been informative for both parties.  NCFA bridges the gap between stakeholder wants and needs and helps regulators better understand emerging innovations that are essential for Canada to remain competitive and current with the times.  The association polls its wide network of industry practitioners and aggregates feedback to regulators through comment letters, committee participation and bespoke submissions and calls.

We work with other agencies and encourage regulators to recognize a competitive perspective in their difficult role of regulating fair and efficient capital markets while protecting investors.  NCFA also gathers a significant amount of global market intel and research on how other jurisdictions are performing and shares with market participants and regulators alike in effort to bridge gaps and help stakeholders understand varied perspectives.  Regulators are regularly invited to NCFAs annual conferences where they participate to provide updates on emerging regulatory initiatives, challenges and concerns while providing education and resources for industry, companies and investors.

NCFA is appreciative of the challenge facing regulators and positions itself as an educational resource and network for the various provincial commissions to rely on at anytime.  While we advocate for specific asks on behalf of industry, we do so in ‘Canadian style’ which is a collaborative effort.

NCFA bridges the gap between stakeholder wants and needs and helps regulators better understand emerging innovations that are essential for Canada to remain competitive and current with the times #Fintech

What are your expectations for 2020?

Craig Asano: I expect to see more growth and investor appetite while regulators continue to reduce the burden which is overly burdensome now.  This means small wins for the industry but doubtful for large scale national initiatives like Open Banking to reach implementation by 2020.

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NCFA Jan 2018 resize - Canada Update: Alberta Updates Crowdfunding Regulations but Where Does Canada Stand in the National Harmonization of Rules? What about Fintech Development? 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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