NCFA Canada | Samuel He | August 2, 2020

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

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 | Samuel He | August 2, 2020

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)

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

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 Weekly Fintech Intelligence Sep 5-11, 2026

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