Category Archives: Podcasts

Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff

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Rebank Podcast - Banking the Future| June 19, 2020

Tinkoff building a digital bank - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff

Oliver Hughes is the CEO of Tinkoff Group, one of the world’s most successful digital banking groups with over ten million customers.

Tinkoff is publicly listed, which brings clarity to its operating model in a time when many noteworthy consumer digital banks are pursuing customer acquisition at the expense of profitability.

Oliver has led Tinkoff through three financial crises, so brings experience and perspective to the current COVID crisis.

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NCFA Jan 2018 resize - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff 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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Innovate Finance: Spotlight on Innovation: Canada Fintech Podcast

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The Global City | Jun 4, 2020

Powering the fintech revolution - Rebank Podcast: How to Build a Profitable Digital Bank with TinkoffWelcome to part two of Spotlight on Innovation, a series of discussions that look in detail at fintech in global markets recorded in partnership with Innovate Finance.

This episode will look in detail at the fintech landscape in Canada. Lord Mayor Alderman William Russell and Innovate Finance’s Head of Commercial and Business Development Caroline Vaughan are joined by two guests to discuss everything from investment into Canadian fintech and emerging trends to the effects of Covid-19 on innovate firms.

With special thanks to Jennifer Reynolds, President & CEO of Toronto Finance International and Robert Baldassare, Senior Advisor – Fintech at MaRS for their time and insights.

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NCFA Jan 2018 resize - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff 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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Fintech Fridays EP40: Why Bitcoin Exists and Education for the Masses

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NCFA Canada | May 29, 2020

JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY.

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EP40: Why Bitcoin Exists and Education for the Masses

HOST: Manseeb Khan, Fintech Fridays podcast episode

GUEST: AUSTIN HUBBELL, Founder and CEO, Consilium Crypto (Linkedin)

About this episode: On this episode our host Manseeb Khan sits down with Austin Hubbell from Consilum Crypto. They chat about how quarantine is going, the state crypto and much more. Enjoy!

 

BIO:  Austin is the CEO and co-founder of Consilium Crypto (https://consiliumcrypto.ai/), a big data company developing institutional grade investment analytics and liquidity access tools for the digital asset markets, helping funds find alpha and place large orders efficiently in times of thin liquidity. With a background in software development and machine learning, as well as previous tech startup experience, Austin brings a skillset balanced between the technology and business worlds. He previously worked with a distributed team based in L.A./San Francisco to build predictive models for crime hotspotting in major US cities, before transferring to the FinTech world to build machine learning based trading systems for currency markets. Enjoy!

FFCON consilium crypto - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff

Subscribe and tune in each Friday to check out the latest movers and shakers in fintech.

Listen to more podcasts here: Season 1 | Season 2

 


Transcription of Interview

Intro: Welcome fintech Friday's a weekly podcast brought to you by the National Crowdfunding and Fintech Association of Canada and partners.Covering all things fintech block chain be AI and alternative finance.

 

Manseeb Khan: [00:00:19] Hey everybody Manseeb Khan. Thank you for tuning into another fantastical episode of the Fintech Fridays podcast, Quarantine Edition. Hopefully you guys are staying safe, but also staying said it might feel like the movie Groundhog Day. I know it does for me personally. Everyday feels like Sunday and also Tuesday. It's very weird, very strange. But you know what? It is what it is. On this week's episode, we have Austin Hubbell from Consilium Crypto to kick off the first episode of the Fintech Friday Qurantine edition. So enjoy it. Awesome. Austin, Thank you so much for joining me today.

 

Austin Hubbell: [00:00:56] Thanks a lot for having me, Manseeb. Great to be here.

 

Manseeb Khan: [00:00:58] Awesome. So awesome. Give us a little bit of who you are and what you do.

 

Austin Hubbell: [00:01:03] Absolutely. So I'm a CEO and co-founder of Consilium Crypto.  Consilium s a big data company that captures siloed data sets from digital asset markets around the globe and brings them into one system where they can be easily transformed into valuable insights for investors. Every month we capture and analyze more transactions than the Toronto, London and Hong Kong stock exchanges all combined. And we're a B2B company, so we work with funds, exchanges and ATC desks to provide machine learning powered trading tools.

 

Manseeb Khan: [00:01:35] That's awesome. So how have you been holding up during this whole quarantine thing? I know I'm definitely getting a little star crazy. You know, before before we jumped on me, my best friends jumped on a Zoom call, and we all watched the NFL draft together just to get some sort of semblance of human interaction. How have you been holding up how is especially being a CEO especially working remote? How's that transition been going?

 

Austin Hubbell: [00:02:02] It's been it's been an adjustment for sure. I think our company, as long as well as a lot of other tech companies, are in a better position than a lot of other small businesses just because we continue to operate despite some of these restrictions. It definitely has had an effect on communication with the team. I think there's a few things going around right now apart from Corona. So a few of our our team members have been sick and out of work for a little while. But apart from that, things are going fairly well. We're also fortunate to have a little bit of practice with the remote work just because we do have a team in Toronto and a team in Montreal. So we do have a little bit of practice kind of keeping that team cohesion from a distance. But there's no doubt that it's had a lot of negative impacts on our business, just like everyone else's.

 

Manseeb Khan: [00:02:48] Yeah, I know for sure. It's definitely a very interesting shift and it should be very interesting to see how businesses are going to currently adapt by working remotely.  You know, some companies are going to thrive from working remotely like, you know, hopefully you guys are and some are not. But, you know, let's let's let's dig into the how did how did you get started into the whole crypto realm, as you say?  I mean, you know, for me, I was just a you know, my crypto journey probably started two years ago. I was just Googling a bunch of things and just found this crypto thing fun to watch people on LinkedIn. And then I kind of jumped up like, honestly, that's the whole purpose of this show, is to sit down with amazing experts like you so I can kind of learn more and, you know, let my audience learn more as well.

 

Manseeb Khan: [00:03:33] Well, it's a bit of a winding path. Like most people are getting into crypto previously worked at a proprietary trading firm in Montreal focusing on forex. So global currencies, we were looking at G10 spot markets and trying to do some interesting things with machine learning to get an edge in that market for trading purposes. At the time, I had a few friends that were very involved and then blockchain and crypto and they kept kind of bugging me about it more or less. They kept coming to me and saying, You have to check this out, you have to check this out. And so near the end of 2016, I started studying for the C4 certificate. So it's the crypto currency certification consortium. I'm missing one of the C's in there, but that's one of the really great. Yeah, exactly. Well, it's one of these online courses that teaches you the fundamentals of Bitcoin and blockchain. And one thing that I thought was really cool about that, course is in the end, you take this test and if you pass, you can get a certificate, but they force you to pay for that certificate in Bitcoin. You can't use PayPal, you can't use your credit card. So you have to actually go get some Bitcoin somehow, create a transaction and actually pay for it in Bitcoins. So that was my my intro into the crypto world. And then about seven or eight months later would have been around Q3 2017. The opportunity just kind of presented itself to make the leap over from Forex and start something new in cryptocurrency. And basically what I saw was the opportunity to collect this amazing dataset of raw transaction data, bids and ask to order book data, from these exchanges and distill it into value for investors. And that's something that would be incredibly expensive to do in traditional markets and within crypto. It was a lot easier at the time, at least.

 

Manseeb Khan: [00:05:25] Yeah, no, that's That's. Wow, that's awesome. The fact that you have to actually purchase is difficult in Bitcoin That's.  Wow, that that's amazing. You know.  Creating a system or creating a program that helps funds understand Crypto more, I guess what would be your, I guess know, diluted tips and tricks of the trade that you can share with our audience, that things that there should be kind of looking for things that you've picked up along the way.  I mean, granted, you're definitely a lot better now at understanding and like analyzing these assets than you were from day one. Were there like a couple of things that you kept in mind that's helped you stay the course?

 

Austin Hubbell: [00:06:12] Well, I think it's important to treat these things as a technology first and an investment second, so really understanding how these things operate. The risks involved, especially the tail risk involved with these things. For example, vulnerabilities in smart contracts, things like that. Companies that operate in the cryptocurrency world, if they're not very careful about how their funds are managed and that the security protocols in place, it really creates a price on your back for hackers. So I would say that for people who are just coming into crypto, don't treat it as a speculative investment, treat it as a new technology. So think of buying an individual crypto asset as buying an app on the app store. So put in five to ten dollars, play with it for a while until you have a thoroughly understanding of how it works and then decide if you want to go up a tier or how you want to actually engage with this if you want to use it for its intended purpose of kind of maybe remittances or transferring payments or peer to peer cash or if you want to use it as an investment. And so once you've kind of made that decision, I would say at some point the next step would be to manage your own wallet. So it's a very powerful process to control your own private keys and understand the signing process works and really just go slow and steady, ask for help at every step in the process if you need it, and just focus on education and really understanding the tech side rather than just treating it like some kind of slot machine.

 

Manseeb Khan: [00:07:41] Yeah, I know for sure. I mean, understanding that, you know, it is not a lot like looking much is not speculative.  The app, the app things, it was it was a great example. Education is going to be the key education's That's. Hey, that's that's the purpose of this show, right. Of letting people know what it is. What's the purpose of it?  You know you know, us being a global pandemic right now is a really interesting test case of, you know, banks are shutting down. ATMs are going to have limited cash like, you know, like three months ago you might have wanted to buy a house. Guess what? You can't. You want to buy that. You can't. Right. Like, it's everybody's everybody's money is now held up. This is why crypto came into place, right, so the should be very interesting test case for Crypto.

 

Austin Hubbell: [00:08:28] Absolutely. Yeah. I'm glad you brought that up, actually, because I have a little anecdote from the last two weeks. Oh, perfect. You were just trying to. Sorry. We were just trying to convert some USD to CAD within our own bank account. So it's not not a complex transaction. Should be very simple. I couldn't do this through the online system with our bank. I called their their their support number and they said that there's super long wait time. I waited for about an hour and a half on there. Got transferred between different departments and their final say was, I'm sorry, you have to go into an actual branch to do this. And that's crazy. So I said, OK, well, I don't want to do that. No. One, because that's just what the opposite of what everyone's supposed to be doing right now. This is really not an essential thing for my life to be done. And then secondly, I looked up at my branch was completely closed. So what do you do now? You know, this is just craziness, but how do the funds been in stable coins, for example? So a Canadian dollar stable coin and a U.S. dollar stable coin. I would have been able to go to any number of exchanges and go make that transaction instantly and get those funds and move on with my life. And so I think that's one area that that hopefully banks will take a second look at one, this whole storm passes and they kind of revisit these processes.

 

Manseeb Khan: [00:09:51] Yeah. No, I mean, hopefully it's something Banks again, hopefully some people actually look into, right of education is gonna be the key. Knowledge is power in a sense of understanding. They're like, hey, you know what the current economic systems are in are extremely vulnerable. This is exactly why new digitalization of money is coming in. This is why it is going to such a huge push from people in our industry for the digitization of money. Cryptocurrency blockchain because in the next world pandemic, which is now inevitable of, you know, now just the countdown of what is going to happen. Hopefully the next time around, a lot of people have more money and assets where they're not wasting half an hour on call to transfer funds. I mean, anecdote, for me was a couple days ago, I ran to the local bank to the ATM just to get up, get money out.  Unfortunately I wasn't with that bank and that ATM was locked. So I'm like, OK, I need cash. I had to walk to walk to the actual drive through of the ATM to pull out cash. And I was like, OK, well, this is it. This is ridiculous. Like, what are we doing here?

 

Austin Hubbell: [00:11:02] And 2020, to have that be the process, just to go buy something with your own money that you should control at all times. It seemed a little bit crazy to me.

 

Manseeb Khan: [00:11:10] Yeah, no, it's it's just it's ridiculous. So aside from the new digitilization of money. What are you most excited about when it comes to the space? When it when it comes to fintech? What are you most excited and what are you most passionate about?

 

Austin Hubbell: [00:11:28] I think that the education side, when it comes to personal money management or wealth management, having people understand the different ways that a portfolio can be created, whether that's gold based investing, where you're you're actually looking towards a certain thing that you want to purchase in the future, whether it's a vacation or house or something like that, and really just diving into how people can retain control of their money. Well, still manage it and sophisticated, smart ways. So I think the ability for technology to do a little bit more hand holding with the end user or with the person whose funds are being managed as opposed to just kind of completely handing it off and hoping for the best and hoping that you're either financial adviser or robo advisor does a good job without really understanding the underlying principles. I think that's a huge opportunity for FinTech. And then the second one, I would say just to circle back the blockchain a little bit, would be the digitization and tokenization of assets. So I think fractional ownership in assets and the ability for people to trade these things peer-to-peer around the world and really bring the kind of less fortunate emerging markets, third world, whatever you want to call it, and bring that into the capital market system and give them access to capital and give investors access to those amazing opportunities and ideas without the friction of the financial systems and different countries and having their own infrastructure and kind of payment rails and whatnot. I think that's a huge opportunity.

 

Manseeb Khan: [00:13:04] Yeah, 100 percent.  The fact that opening up micro investments into like into like, hey, you know, you can own a fraction of a classic car or a condo or or a commercial like real estate like opening up those little markets is going to make and break is going to be make the biggest difference in the world. Right. Especially now where, you know, a lot of people want to be a lot more liquid. A lot of people want are definitely rethinking where to put their money. I mean, are you going to put on stocks or not? Probably not going to buy a house for enough. Good luck. Are you gonna do that?  Like, it's like having the access of, hey, buying a 67 Camaro. Pretty, pretty awesome right now. You realize that that's a young, dumb investment that I definitely make right now. If I had that. If I had the ability to for sure.

 

Austin Hubbell: [00:13:56] Amazing, yeah. Everybody's got their own their own 67 Camaro that they want one day. So I'll think with the right education, the right tools. We can all get there.

 

Manseeb Khan: [00:14:06] 100 percent. So what do you see? The biggest shifts being in the industry post-covid.  Right. You know, businesses are definitely become more remote. This is I mean, aside from the whole money aspect of it, how companies are gonna start working and interacting. You're going to see a lot more virtual teams, right? A lot of crypto companies, a lot of blockchain companies are in all aspects. They're global. Right. So unfortunately, can't all be in a room, but they all can be in a virtual room. So how do you see the shift happening in the industry? Post this pandemic?

 

Austin Hubbell: [00:14:41] I think one of the biggest things will be automation. I think right now and for the next few months, there will be a lot of belt tightening among big companies and small companies that really just kind of taking a step back and looking at the business and saying, OK, what part of these processes can be automated? How much is it gonna cost me to build out those automation's and how much am I going to save in the long term? So I think this has been a big accelerate towards automating all these processes and kind of removing humans from parts of the process where they're just simply not needed. And then the second interesting point that kind of ties into that a little bit is we are doing a little bit of a soft test right now as a society with UBI. So this isn't technically universal basic income, but the amount of support coming from the government right now. This is a little bit of a trial run to see how people react to this, to see how the economy reacts, to see how society reacts. I think the intersection of automation and potentially some form of a few UBI down the road might be really interesting to see how that plays out.

 

Manseeb Khan: [00:15:47] Yeah, 100 percent. I mean, it should be. What we're running, like you said, was running a test. This is just a trial run to see, you know, what works, what doesn't work. I believe the automation thing that should be very interesting of seeing how companies are going to come out, come out of this and reassess, hey, what in our definition or whatever you want to call it, qualifies as an essential worker. Right. And can we automate these things right? Your SLOWLY seeing it right now or with restaurants, grocery stores, everybody is doing this stuff online.  A lot of people are waking up, knowing, missing, hey, I could do a lot of these things online and out to actually be there in person, which is amazing. Absolutely. For sure. Yeah. Which is incredible. Austin is there any is there any like, finals like things has been top of mind for you since this like pandemic. Anything that I guess popped in your head that hasn't popped before before we before we wrap this up.

 

Austin Hubbell: [00:16:51] Well, at Consilium, we we spend a lot of time looking at markets and whether that's crypto currency markets or traditional markets. I think the biggest takeaway from this is find a way to manage your tail risk or at least be aware of what tail risk can look like because this thing came out of nowhere. There was I would say that there's no real regulation or government policy that could have prevented this, unlike some kind of things like the global financial crisis in 2008. This was something that came out of nowhere that no policy could have prevented. And that's a true kind of black swan or tail risk event. And we're all feeling it in terms of our day to day lives. Also in our portfolios and also just how society as a whole is reacting to this. So just be aware of what tail risks that tail risk can happen. And just just re-examine everything in your life and think about how can I manage this? How can I hedge against this, even if it's in some small way so that you can sleep at night when this next event comes? Hopefully not anytime soon. But I think the way that the trend is that these things will be happening more often throughout the next few decades.

 

Manseeb Khan: [00:18:01] Yeah. Awesome. Austin thank you so much. Would be the best way for our audience to either reach out to you if there's any questions about Consilium, if they have any any questions of, you know, mitigating the tail risk.  How would I would on audience contact with you?

 

Austin Hubbell: [00:18:16] Well, as a company, we try to be very active on LinkedIn. So I'd say the first thing would be to follow our company page on LinkedIn. And then also just feel free to reach out through through the Web site contact form. We always reply to everybody that comes through there. So, yes, please feel free to reach out anytime if you have questions or you're looking to learn more about the company or crypto assets as a whole.

 

Manseeb Khan: [00:18:37] Awesome, Austin thank you so much for sitting down with us today. And I'm excited to sit down with you, hopefully in a real room after this pandemic.

 

Austin Hubbell: [00:18:46] Sounds great. Thanks a lot for having me. Manseeb take care.

 

Outro : you've been listening to fintech Fridays brought to you by NCFA and partners. Tune in weekly for the latest fintech Friday podcast by subscribing to this channel. The National crowdfunding and FinTech Association of Canada is a non-profit actively engaged with social and investment fintech sectors around the globe and provide education research industry stewardship services and networking opportunities to thousands of members and subscribers. For more information please visit and see if a Canada dot org. Oh yea.

 

End of Podcast

 

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NCFA Jan 2018 resize - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff 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 - Rebank Podcast: How to Build a Profitable Digital Bank with TinkoffFF Logo 400 v3 - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoffcommunity social impact - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff

ATTEND ONE OR ALL 8 WEEKLY FFCON20 SESSIONS!
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NCFA COVID 19 letter to government to support Fintechs and SMEs - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff

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NCFA and FFCON20 | Release | July 8, 2020 TORONTO — July 8, 2020 — The National Crowdfunding & Fintech Association (NCFA), Toronto Finance International (TFI), and partners are pleased to announce that together with their sponsor, KABN Systems North America Inc. (“KABN”), attendees of FFCON20 DIGITAL, taking place from July 9 through August 27 inclusive, will receive an exclusive Liquid Avatar FFCON 20 iconic digital pin to celebrate their attendance at the event. The FFCON20 digital pin is the first event pin offered by Liquid Avatar (www.liquidavatar.com) in support of its new app to power users to verify, manage and monetize their digital identity. Liquid Avatar, a KABN product offering, provides users with the ability to verify, manage and control their digital identity through an easy to use app or web page. Using high quality icons, users can create their digital identity and verify themselves using KABN’s bank grade validation process and biometrics, supported by Blockchain technologies. “We’re honored to be able to present our first Liquid Avatar event pin at FFCON 20 DIGITAL,” said Mr. Ben Kessler, CEO – KABN. “Liquid Avatar gives users control over the use of their digital identity and data providing them with the ...
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Attend One or All 8 Weekly FFCON20 Sessions! Links:  Program | Speakers | Experience | Vote in Fintech Draft Attend Week 1:  Thursday, July 9 from 1:45PM - 4:45PM EDT Scaling Fintech Funding, Innovation and Competition Attend this Session for $25! (Expires July 7 midnight) 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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Competition Markets Authority | Release | Jul 1, 2020 The CMA is calling on the government to introduce a new pro-competition regulatory regime to tackle Google and Facebook’s market power. The dynamic nature of digital advertising markets and the types of concerns identified by the Competition and Markets Authority (CMA) in its market study are such that existing laws are not suitable for effective regulation. It is therefore recommending a new pro-competition regulatory regime to govern the behaviour of major platforms funded by digital advertising, like Google and Facebook. This recommendation to government is the result of a year-long examination of the markets. The CMA used its statutory information gathering powers to lift the lid on how advertising revenue drives the business model of major platforms. The CMA’s concerns UK expenditure on digital advertising was around £14bn in 2019, equivalent to about £500 per household. About 80% of this is earned by just 2 companies: Google and Facebook. Google enjoys a more than 90% share of the £7.3 billion search advertising market in the UK, while Facebook has a share of over 50% of the £5.5 billion display advertising market. Google’s revenue per search has more than doubled since 2011, ...
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NCFA | Team FFCON20 | July 6, 2020 We have great thought leaders and authors that will be speaking at FFCON20 (also some prizes!) Check these out and stay at the forefront of digital change in financial services: Banking in today’s day and age has evolved rapidly, especially in the recent decade. With the rise in digital and open banking, new opportunities are sprouting up and disrupting the traditional ways of banking. Prominent banks such as JPMorgan Chase (USA) and ING (Europe) are fully aware of this and have adopted radical new approaches to best adapt and survive the changing environment. Voted one of the most influential people in banking by The Financial Brand, Chris Skinner provides detailed interviews with 5 banks in Doing Digital and shares his commentary on the secrets to thrive in the new era of finance and technology. Get DOING DIGITAL book now See Chris Skinner speak at FFCON20 Week 3:  July 23 Sustainable Finance:  Purpose Driven Finance The financial services industry has been evolving at unprecedented speeds with increasing competition from both within and outside the industry, notably from entrepreneurial FinTech start-ups and non-financial technology-based companies. Some of these entrants are looking to replace the ...
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NCFA | Team FFCON20 | Jul 6, 2020 Buy 2 or more Tickets Save 40% (Available until July 7 @11:59pm EST) Time remaining for this deal ...
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NCFA | Samuel He, Market Research Analyst Intern | July 3, 2020 Today, millions live paycheck to paycheck, struggling to get by financially. This lack of resources and a poor credit score makes getting a loan difficult. And the options that are available, make the problem worse with high rates and aggressive rules. Traditional payday loans use aggressive deadlines and lump sum payments that often results in the customer spiraling into a debt trap. The challenge for the customer is accessibility to resources and the opportunity to improve their credit capacity for future, cheaper loans. Founded by Samir Issa, MoneyMates is an alternative lender that prioritizes the welfare of its customers by offering expert guidance not just on getting the loan, but how to improve their credit situation. See:  Shopify expands capital lending program to help Canadian merchants weather COVID-19 They do this by offering customers an extended repayment period of up to two months rather than the typical two weeks. In the event of a missed payment, MoneyMates will work with the customer on a solution to avoid additional fees and penalties. MoneyMates has also added a unique savings feature to help borrowers accrue savings. Customers are given the ...
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IMF Blog | By Ulric Eriksson von Allmen, Purva Khera, Sumiko Ogawa, and Ratna Sahay | July 1, 2020 The COVID-19 pandemic could be a game changer for digital financial services. Low-income households and small firms can benefit greatly from advances in mobile money, fintech services, and online banking. Financial inclusion as a result of digital financial services can also boost economic growth. While the pandemic is set to increase use of these services, it has also posed challenges for the growth of the industry’s smaller players and highlighted unequal access to digital infrastructure. Several actions will need to be taken to ensure maximum inclusion going forward. Low-income households and small firms can benefit greatly from advances in mobile money, fintech services and online banking. The shift towards digital financial services was already helping societies advance financial inclusion before the pandemic started, benefiting many low-income households and small firms with typically little access to traditional financial institutions. Lockdowns and social distancing are accelerating the use of digital financial services, just as the SARS epidemic in 2003 hastened China’s launching of digital payments and e-commerce. See:  Cambridge launches the Global Alternative Finance Industry Benchmark & Covid-19 Rapid Assessment Survey in Partnership ...
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Bank of Canada | Release | Jun 30, 2020 The Bank for International Settlements (BIS) and the Bank of Canada announced today they will be launching a BIS Innovation Hub centre to advance fintech innovation within the central banking community. The centre will open in Toronto within two years and is one of four locations scheduled to open in North America and Europe. This partnership will advance the Bank’s understanding of the digital economy and the technological transformation of financial services. It builds on the Bank’s existing research and collaboration with partners in the central bank and technology communities on digital currencies and fintech. “We’re proud to host a BIS innovation centre in Toronto and to strengthen our collaboration with other central banks and the private sector on digital technologies,” said Bank of Canada Governor Tiff Macklem. “This partnership will allow the Bank to continue its work on behalf of Canadians to explore how technology will shape the future of our economy and financial system.” See:  Bank of Canada Speech: Money and Payments in the Digital Age Growth in Canadian FinTechs Having Impact on Canada’s Banking Landscape Open Banking In Canada: Navigating The Future Of Money  “Toronto is an ideal location ...
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Consilium Crypto | Austin Hubbell | Jun 29, 2020 TORONTO, June 29, 2020 /PRNewswire/ - Consilium Crypto, provider of Institutional-grade trading & risk management tools for digital asset markets, today launches its Liquidity Routing System for cryptocurrency exchanges, Consilium ORS. This product has multiple one of a kind features built in, designed to meet the needs of high-volume crypto traders (hedge funds, miners, OTC trading desks). High-volume clients can save 10% and more on transactions of select coins including Ethereum, Litecoin and Zcash. Consilium ORS also significantly improves pricing on Bitcoin and other digital assets, spreading orders across multiple exchanges to avoid disrupting prices, enabling users to get more for their money. Furthermore, there is no fixed cost for this service. Costs are a function of the trader's savings. If customers don't save on a transaction, they pay $0! See:  Fintech Fridays EP40: Why Bitcoin Exists and Education for the Masses We offer a streamlined Liquidity Routing System that does not require custody of funds, a new concept in this type of trading. Consilium Crypto users keep complete control over all their assets, from quote to execution. All trading is done directly between the user and the exchange, reducing the risk ...
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FundThrough Blog | Jun 26, 2020 TORONTO – FundThrough, North America’s leading invoice funding solution for small businesses, has announced it will provide $10 million in free funding for clients as the economy reopens from COVID-19. The company announced it as part of a broader initiative to help small businesses, who invoice their customers and wait to for invoice payments, get back on their feet in the wake of the COVID-19 economic shutdown and has expedited this capital commitment for SMBs looking for a practical source of funding. The Toronto-based Fintech company will provide working capital to small businesses in exchange for outstanding customer invoices, based on the creditworthiness of the payor. Clients that sell goods and services to larger customers and need working capital quickly are encouraged to apply. “We are proud to announce this initiative to help kick start the North American economy and ensure that companies get paid immediately for the work they have completed and the products they have delivered,” said FundThrough Co-Founder and CEO Steven Uster. “Large companies often stretch out their payment terms for their suppliers. We are levelling the playing field so that suppliers no longer have to act as a bank for ...
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Podcast: When Currencies Fail: A Primer on the Dollar Crisis in Lebanon

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Coindesk | Nathaniel Whittemore | Apr 29, 2020

Crisis in lebanon - Rebank Podcast: How to Build a Profitable Digital Bank with TinkoffA massive shortage of dollars is instigating economic chaos, including a more than 50% loss of value in the Lebanese pound and what looks like an enormous local premium for bitcoins. Presented in podcast and full-transcript formats.

The Lebanese pound has lost at least 50% of its value against the dollar since last year. About 220,000 people have lost their jobs. Food prices are up 58%. An estimated 75% of the population needs assistance of some kind. And over the last two nights, at least a dozen banks have been torched by protesters.

See:  Living on Defi: How I Survive Argentina’s 50% Inflation

The catalyst? Not coronavirus but a massive dollar shortage destroying an economy that relies on inflows of U.S. dollars to function.

In this episode, NLW breaks down how Lebanon models what it looks like for a currency to fail, and why this likely isn’t the last emerging market currency to experience a similar crisis in the months to come.

A few Snippets from the full transcript

It is Wednesday, April 29th and today we are going to be talking about Lebanon, specifically the currency crisis overlapping a political crisis overlapping a larger economic crisis that is engulfing Lebanon and I think has relevance for how we understand the dollar in the world, the dollar's role in the world and the fallout from COVID-19. I wanted to bring this episode to you because I noticed last week Lebanon start to emerge in the crypto sphere and there were two contexts:

The first was Dan Tapiero. He picked up on a piece by newsBTC noticing that Bitcoin seemed to be trading at fifteen thousand dollars in lebanon via localbitcoins.com which is a peer to peer platform for trading Bitcoin between people. He said the classic emerging market funding crisis was made worse by deflationary dollar peg that is breaking. Study this case as it will be modeled for other weak emerging markets. It will be a key part of the macro story behind the upcoming Bitcoin price rally.

Banks start to limit withdrawals, which is exactly what happened.

Banks started to limit how much could be withdrawn in USD and that creates more demand for dollars. All of a sudden that activity moves to the black markets because if banks won't allow people to withdraw money or get access to dollars, black markets will, but the black market price is not going to stay the same as that official peg.

See: 

This keeps going on. As people start to see the peg fall further, they want to minimize loss.

They go from, "I don't want to lose the value that I would have had at that official peg going on the black market" to "The black markets, the only place I can get those [US] dollars

if it's 2000 Lebanese pounds to the dollar, now, I want to lock in that loss rather than worry or take the risk of a loss of greater debasement of the value of the Lebanese pound in months to come.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff 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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FintechBeat Podcast: Save the Money

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Roll Call | Chris Brummer | April 7, 2020

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Fintech Beat sits down with Linda Jeng and Dan Gorfine to talk about how online lending, open banking and a digital dollar — with the right policies — could immediately improve the plight of those affected by the coronavirus.

 


NCFA Jan 2018 resize - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff 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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Bank On It Podcast: Turning a Funding Failure Into a Win

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Bank On It podcast | John Siracusa | March 11, 2020

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This nugget was pulled from episode 160 from an interview with Brett Crosby,  co-founder & COO of PeerStreet. This nugget is on turning a funding failure into a win.

About Brett Crosby:

Brett is the co-founder and COO of PeerStreet, a platform for investing in real estate-backed loans. Crosby was previously the director of product marketing at Google, where he co-founded Google Analytics, helped start Google’s mobile advertising business and recently ran the global marketing teams responsible for the growth of Chrome, Gmail, Docs and Drive.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff 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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Fintech Fridays EP38: Why Identity Matters in an Evolving Online Environment

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NCFA Canada | March 25, 2020

JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY.

FF EP38 KABN Systems North America - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff


Mar 25:  Why identity matters in an evolving online environment

HOST: Tristram Waye, Fintech Friday's podcast episode

GUEST: DAVID LUCATCH, President & Director – KABN Systems North America Inc. (Linkedin)

KABN Links:  kabnsystemsna.comliquidavatar.com

About this episode:

David Lucatch of KABN Networks North America joins Tristram Waye for this episode of Fintech Friday. David discusses why identity is a foundational element of the evolving online and data environment, and why KABN Networks North America has developed a business around it. During this episode he will also discuss:

  • How KABN ID works and why it’s a foundational technology
  • The suite of products KABN Networks North America has developed around identity and why
  • Their vision of the future including the release of Liquid Avatar

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BIO: David Lucatch has spent more almost 35 years in the international marketing arena and over 25 years of that developing technologies and taking them to market.  David has held senior management posts and directorships at both private and public technology and media firms. David is an active supporter of numerous non-profit organizations and has been recognized and awarded internationally for his service and community support activities. In 1997, David developed the concept and led the initial eCommerce payment gateway team for the Canadian banking industry with support from VISA and MasterCard, Scotiabank and Citibank Canada.

In 2005, David created one of Canada’s first incubators, financing, creating and supporting projects globally in online AI / ML / NLP language technology, VoIP telephony, online mapping, music and entertainment, live performance, mobile marketing and eCommerce.

After leaving his posts at 2 public companies, in early 2017, David founded Pegasus Fintech. Pegasus is positioned to support founders, innovative technology developers and emerging companies in their efforts to preserve long-term ownership and promote growth opportunities through compliant business solutions.

In late 2017, David became a co-founder KABN to focus on the compliance and liquidity issues surrounding digital currencies.  By mid-2018, the Pegasus team also developed KABN’s identity platform KABN ID allowing users and commercial clients to verify, manage and monetize identity on a continuous, Always On global scale reducing the need to do identity verification for multiple transactions with a user.    In May 2019, David and 2 partners filed a US Patent for the invention of a process to use the Blockchain for Identity Attestations.

David’s focus today is set squarely on KABN and its mission to put ownership, control and profitability of identity back into the hands of individuals.  KABN’s products and programs covers over 180 countries worldwide and is expanding its regional leadership teams in 2019 and 2020.

David is a graduate from the University of Toronto and continues to serve as mentor to a variety of student programs and leadership initiatives globally. In 2010 David was a recipient of an Arbor Award from the University of Toronto, recognizing his continued activities and contributions to his alma mater and served a term as a member of the University’s Electoral College.  David served as an inaugural member of the Ontario Securities Commission SME Committee and is a member of the NCFA Advisory Board.

Some additional “fun facts”:

In addition to his technology accomplishments, David is also active in the media industry:

David and his team were instrumental in achieving a Guinness World Record in 2011 for the Most Nationalities in an Online Chat together with Gene Simmons and Paul Stanley of KISS;

In 2013, David and his team worked with Disney Animation to create a global, multi-language “flash event”’ for the worldwide online video premiere for the Academy Award and Grammy Award song Let It Go from the movie Frozen;

In 2017, David and his partners at created and produced Stars and Pinstripes, a New York Yankees television series featured on the YES Network and Direct TV and were nominated in 2017 for a NY Emmy Award in the Entertainment Program / Special category.

 

Subscribe and tune in each Friday to check out the latest movers and shakers in fintech.

Listen to more podcasts here: Season 1 | Season 2

 


Transcription of Interview

Intro: Welcome fintech Friday's a weekly podcast brought to you by the National Crowdfunding and Fintech Association of Canada and partners.Covering all things fintech block chain be AI and alternative finance.

Tristram: We have David Lucatch, co founder, director and president of KABN Network, North America as a special guest today. David, thanks for being here.

David: Thank you very much Tristram.

Tristram:  Let's start with a little bit about your background. Tell us tell us about your path, your current project.

David: Well, you know, I've been in the space since the early days of the internet and that several companies with new technology, one was the original - I like to think it was the original purveyor or designer of the commerce gateways for Canadian banking. So we, we were one of the first companies at that time to allow people to use credit cards online. So I did that. I've run incubators. I've run AI and machine learning and natural language processing, technology companies for language translation. So I've been around a few years but our new and latest one, it's not really new anymore - I would say it's a couple years old -  called cabin is focused in online identity. And we're in the business of verifying, managing and monetizing online identity.

Tristram: Okay, so can you tell me a bit more about about KABN? And I noticed you have a full suite of products. How does that fit together?

David: Oh, well, thank you. It's fairly simple. I mean, the first part of identity especially online identity, is verifying that you are who you say you are. It's really easy in the real world to verify yourself. If you walk through an airport, you'd have probably have two or three times where you'd have to show a passport or some kind of identification to get to the next stage. In the real world, that happens every day and or we see each other in most cases, face to face or we know each other. And that verification is done, one to one or one to few. But in the online world, anybody can say they're anybody in most cases. So what we've done is we've made it very simple for commercial companies to verify their constituents or their customers. And we've made it very easy for consumers to have a verified identity called a KABN ID that they can take with them when they go places online. And they can prove who they are. That's the first part of their business, KABN ID, that's the verification suite. We then take that private ID which is owned by you - we don't own it - and we help you manage on a on a pooled or aggregated basis, your data that makes you you what makes you a consumer, what do you like? What do you dislike? That, those pools of data can then be used to create customized offers that you want to see, and that people want to bring to you because you are part of a known identity pool. So at that point in time, we can help you verify, we can help you manage that data, and we help and we will manage it with you. And then we can help you create value from that data. So and in the value side or the monetization side, we have a number of products, including KABN KASH, which is our loyalty and engagement program. And we have our KABN financial services products, including the Pegasus Flyte debit card. In Canada, we have the ability to issue both a debit card and a mobile banking platform. And that kind of covers the suite of services we offer. And just to add to that, for a moment, we've introduced a new consumer product called Liquid Avatar, which I think we'll get into a little bit deeper as we go.

Tristram: Cool. Well, I'd like to take the opportunity to unpack each one of these services, which look really interesting to me. So on the ID side, as this is the foundation of your offering, is that correct?

David: That is correct.

Tristram: Now, what is the vision behind having ID as the core product are the foundation of your suite of products?

David: Well, that's a really good question. When you think about identification, in most cases, it's a single point in time. And, and there have traditionally been a number of companies, there's competitors in this space for identity verification, but each one of those competitors we call a pass or fail. They're they're not interested in supporting the consumer, in the long term. They're, they're really interested in supporting the commercial company, and telling you whether you pass or fail than identity verification. And they get paid, in most cases, either way. Our motivation was to look at the mousetrap and reinvent it. And we said, really, it's all about the consumer owning their identity. Because owning identity should be a basic human right. You should have control over that identity. So to do that, we created a service that once you're - it's called one and done or always on - where once we've identified or verified you, unless your documents change or there's a something that needs to be updated. We can verify you to a third party saying: Yes, I am who I say I am. I am David Lucatch. And I can prove that and KABN's going to verify that for me. So I don't have to hand third parties, unknown parties, any of my documentation that would water down the value of my identity.

Tristram: Okay, and so in terms of - this is based on on a blockchain is that correct?

David: Sorry?

Tristram: It's - the product is based on a blockchain as well. Is that correct?

David: Well, the product uses the blockchain you - it is, in fact not legal to put identity on the blockchain. So anybody who says or putting data on the blockchain is actually likely breaking privacy rules because the European privacy rules the Canadian privacy rules. Now the California rules. The rules basically say that consumer must have the ability to remove their data from a system and beyond removing any trace of that data has to be forgotten. If you put it on the blockchain because the blockchain is immutable, that's an impossibility. So what we've done is we've developed a system that uses the blockchain, only to hold what we would call a marker. And a marker to us is binary, you know, it's one or zero, on off true false, yes, no pass fail. We can put that marker on a blockchain registry. So when a registry that is connected to a database, a blockchain database, and we can say: You're not only verified, but that verification is connected to an online wallet, an online piece of data. It might be a field record for a hospital. Or it could be a educational record, that you are verified, you have passed verification. If anything ever changes, we can update or send a new marker that says you have failed. So when you think about it, for financial transactions, somebody who might be good today and passes everything in that moment in time, which is traditionally identity verification is done. And that's through a process called know your customer, or KYC, and anti money laundering check. We can keep that in compliance, or continuous. And make sure that, that you're not only good today, but you're good tomorrow and the day after, the day after that and so on. So it's a big change. We've really reinvented the process, in our opinion, of identity verification for digital use.

Tristram: So in other words, you really streamline the process for a basic, almost fundamental thing for everything we do in life.

David: Exactly. But the key here is, it's yours. It doesn't belong to a corporation, it doesn't belong to KABN, it's yours. And  that was a fundamental issue that we all know with Facebook and Cambridge Analytical was that people were using data. Well, you know, if large corporations in which they're going to have to down the road, adopt policies that keep the consumer protected and allow the consumer to have control over their data - which is where all the major legislation around the world is headed or been approved - then we're right in that sweet spot of compliance. So we've really created something that is getting. - we're getting a lot of attention on this because it's not only new and innovative, it doesn't reinvent the wheel in that respect. It's a process that people are used to. But behind the scenes, it has reinvented the wheel, because we changed all the control mechanisms to be consumer focused.

Tristram: That's great. Now, the one thing I notice - your site says something about using biometric ID. Can you elaborate on that a little bit?

David: Sure. And without getting too long winded or complex, but you know, if you think about it, I don't know how many passwords you have to remember. And I get on the phone with people they go: Oh my gosh, I have to remember all these passwords. But the the really overarching situation, we'll use a phone today. inherent in our mobile phone is usually fingerprint identity or retina or face recognition. That is built into the phone, that's for that device. And I won't go into the security of the complexity of that device, but it's not good enough for the whole world. So, what we've done is we've said, you know, what, if I'm proving you, are you, why shouldn't I add biometrics to that? Why shouldn't I add, you know, right now we use facial recognition. We could use voiceprint, or fingerprint or other tools, that it's not part of your phone, but part of our ecosystem, that when someone wants to authenticate you, you don't have to use a password long term, all you do is answer with your face. Or answer with your voiceprint. And we're seeing this a little bit more in the banking sector than other sectors. But at the end of the day, you know, there's enough confidence in the software that does this, to say that you are you, we've proven that on an ID basis using government ID and supporting documentation. Why shouldn't we use your face to make sure  you can verify that as well. We go forward.

Tristram: That's great. Well, it's a modern - it seems like a really modern take on the whole thing. Making it much simpler for the consumer.

David: We believe so.

Tristram: Now I noticed in your literature, you're talking- your product talks about the concept of Whitelist Membership. Can you get into that a little bit and explain what that means?

David: Sure. Simply put that when you start with KABN or you're brought into KABN let's say, to a commercial application, because someone's needed to verify you - then you're on you're on a particular whitelist. You can think of it as the point of entry of membership. And so, commercial client, again, not to get confusing, but so David comes in, I joined you know, Tris' organization Tris has to verify me, so I'm done. Okay, now, David has his KABN ID and he goes to Bob's site who needs to verify me that uses KABN. I just have to sign in with, with my KABN ID, I don't have to re verify. But I'm now on Tris's whitelist, his corporate whitelist, and I'm on Bob's corporate whitelist. But my origination point was Tris. It's a way of keeping things straight for us, that if there is certain requirements or documentation flow, we know where the origin point is. So but you can be on many different whitelist you can be all over the place. There's no restriction at this point in time of where you can join, unless you don't meet the restriction of that particular whitelist. Like we're only allowing people on this particular whitelist from Canada. Or from Canada, United States. Or we're only allowing people based on certain other attributes to join a particular whitelist that  might, that might be inherent to that list, but your KABN ID is global.

Tristram: Okay, that's interesting. Now let's move on to the Pegasus Flyte Visa. What does the card offer? And how is it different from other cards on the market?

David: So, when we look at the new emerging space, we thought that there's, I mean, we all know there's multiple types of currency. And, you know, when we say digital currency, people have a tendency to get a little bit nervous. But when you think about digital currency that's been going on for years. If you use a credit card from any of the major banks, you're using somebody else's currency, you're not using your own and it's generally digitally generated. So digital currency has many different forms. Fiat is considered traditional dollars, but our program works with both. Our program is one of the first programs in North America that allows the use of both digital currency, in certain respects you have to transfer that digital currency out to Fiat, but digital currency activations and, fiat currency activation. So, it makes it very different. We also have our own loyalty programs that are connected to the card - and it isn't it is a debit card is not a credit card.

Tristram: Okay.

David: And we have our ability to add a number of feature sets on our mobile banking platform. So it allows companies who issue points, companies who issue other types of digital currencies, to engage with their consumers in a way, that's going to make it easier to spend those digital currencies in, the real world. Or online.

Tristram: Okay, so it's...

David: Sorry, go ahead.

Tristram: No, sorry. Finish what you're going to say.

David: So it's just a new way of thinking. Again, we're all about the innovation cycle. What's been done traditionally, and how can we make it sort of better, faster, cheaper.

Tristram: Okay, now, the question I had was, so when you're describing it, are people able to use this card, not just to convert from digital currencies to Fiat, but are they are they able to pay with a digital currency with the card at this point?

David: Well, I candidly, that's not within the purview yet of the network's being Visa or MasterCard. I truly believe it will be. But it's not necessarily a complete straight line yet there is a little bit of curves in there.

Tristram: Right.

David: But I believe that if you get in early enough as we are, you'll find the straight lines first. So for us, it was dipping our toes in the water getting this started. Knowing that there would be curves or bumps in the road. But allowing early adopters to get in and do something that they will be excited to have been part of at the early stage. I think if you think back to e-commerce that the early days, you know, or even using the internet, you know, it was a dial up modem. And I think we can all remember those, tones. But you know, today now what we take for granted we had to go through a little bit of pain to get here.

Tristram: And I certainly remember when Visa specifically came out and said they would guarantee every transaction that you did with the card on the internet - probably early somewhere in 2000. What a difference that made for consumers using the cards for actual purchases

David: Yes, that comes with a price because ultimately all those bad transactions are in our interest rates that we pay on our credit cards.

Tristram: Right...

David: So by using KABN's verification system for large purchases, we can negate some of those potential bad transactions down the road. But that's that's another facet of our business that we're not we're not quite there yet.

Tristram: Okay. And just for my information are you are stablecoins going to be part of the mix on the card associated with the card?

David: It will depend on the stablecoin and the approval by our banking partners. The answer is, it will depend on the individual composition of the coin. So the answer is I'd like to have as many different coins and tokens available through the system and through our partner system because they have to be converted before they come over to us. I'd like as many as possible, but, again, it'll be on a case by case basis outside of the top several.

Tristram: Okay. And so you have a partnership with Visa with the card. How did that come about?

David: Well, it's actually - we don't really say it's a partnership with Visa. It's a Visa branded product.

Tristram: Okay.

David: We actually, we have a partnership with a private Canadian bank, that is licensed issue Visa cards and we work with them. They - but we did have to be approved by Visa before this program moved forward. So and we're in the KABN Network, there are other regions around the world that do have that approval as well. KABN Networks Group in in the UK and Europe both have that approval as well.

Tristram: Go ahead.

David: And we're looking to do that in the US as well.

Tristram: Okay, so you're currently available in Canada, is that what you're saying?

David: Well, the Canadian- the Canadian company KABN Systems North America Inc, which is our North American Division, offers the card in Canada and will offer it in the US. As well are the other partners in the KABN Network in Europe and the UK are separate and apart.

Tristram: Okay, and for people that want some more information on how to get access to the Pegasus Flyte card in North America, where would they go to find out about that?

David: They go to KABN Systems, that's plural, kabnsystemsna.com  North America. So kabn systems na.com

Tristram: Okay, perfect. And so and you're also approved for a Europe in the UK as you were saying right?

David: Again, through other partners in our network,

Tristram: Okay, terrific. And moving on to the loyalty program that you have that's KABN KASH is it not?

David: Yes. And KABN KASH is a rebate program - a consumer rebate or cashback program that we're launching, probably early summer that will allow people in our network to be able to get great deals and receive cash back on some of those deals. You've seen other programs in the marketplace that have done that, and we're quite excited about that opportunity. And you -  we expect to see some significant name brands in there, where the consumer can buy something online and have money put on their card directly or their their Pegasus Flyte Visa card.

Tristram: Okay, and can you elaborate on the kinds of businesses that might be interested in using this platform?

David: I think we'll recognize the names but we can't disclose that yet. We haven't done...

Tristram: Okay. (Laughter) Now, so your target market it's millennials and Gen X is that right?

David: Millennial and Gen Zed, or for American friends, Gen Z. So it's the younger demographic. Late X, late boomers and Xs and then really primarily millennials and Gen Z(eds).

Tristram: Okay, and how important is, these type of loyalty programs to this target market?

David: Well, I I'd like to comment on something which might make sense to everybody is that we've actually introduced a consumer program called the Liquid Avatar. And that Liquid Avatar is a - we think the genesis of where everything will go. From a consumer standpoint, we all know what an emoji is. We use them every day, you know, send them constantly. But imagine if you will, that you can have your own avatar and that avatar is actually a passport. That image that you send everyone is passport. You can  actually transport a URL or public data when you send that image by text or email, or through other methodologies - sharing social media. You can - that has a URL or other information built into it, that holds public data - my links to my Facebook page, Tic Toc. Whatever I want to have on there is within that Avatar and it's referred URL. And then on the other side, and we call that a public hearing, and the avatar also has a private key. So it has the ability to, through authentication, be able to move private data that you have and hold, not held by KABN, but you have through access points. So we believe that  the Liquid Avatar, and its liquidavatar.com - we expect our graphic, a full graphic site to be up within two weeks. But that is a new introduction from KABN. And that will also allow you to participate in all kinds of loyalty and engagement programs. We're talking to groups that handle 1200 campus operations, or campus opportunities in North America. We're talking to one of the large music brands. We're talking to a lot of people who are very interested in connecting to consumers through this gateway of people having avatars. And I think that's the long term approach to that. And then we connect into a loyalty program that allows merchants and vendors to reach you on a permission basis. They don't get to reach you directly. They reach you through KABN, and you can build loyalty and value with the things that you like. And we think that is an ideal way to engage within an ecosystem, allowing people to receive what they want, when they want, and how they want. And share what they want, when they want, how they want, and to whom they want.

Tristram: That's cool. Now, would you say that this is kind of a community approach in terms of the avatars the way that you're setting it up?

David: The answer is, it is and isn't. I mean, it can be a, I like to - I'm a little bit older, so I like to think of Tinker toy or Meccano or even, you know, Lego that you - that you can connect groups of like and unlike individuals based on certain attributes. And I think it's all going to be data driven. I think we're all kind of getting a bit weary from some of the social networks that all they do is make money off everything that we have. I mean, rules have changed, of course, but there was a day when companies like Facebook can take any picture that you had on your Facebook page, and they could sell it commercially. People were showing up and seeing ads with their family vacation photos..

Tristram: Ya, ya.

David: ...not knowing how they got there. Well, we think, again, you know, data is the new, you know, is the new gold, the new titanium. And if you own it, and you can manage it, and you can keep it safe, and you only dispense it as you need that would be really cool. I want to add one other point to the Liquid Avatar. For young people, parents can actually control it, so you can add trustees. So there is control over the Liquid Avatar. Or unfortunately, you know, you might want to add a trustee to your Liquid Avatar because if something happens to you, they have the ability to control information. And we're also talking with liquid avatar about things like, you know, break the glass emergency component in there. If something tragically goes wrong with you, how does someone get that information that may be contained in in a quasi private manner - with emergency medical records? I mean, you think about it everywhere we go, our information doesn't necessarily follow us. It just doesn't. And I think it's time that we empower ourselves with our own data, to make it ours and transportable and to use that data to a - going to be a little bit overzealous here, but to almost force vendors to give us the deals that are best for us because we deserve them. And I think, and based on our data. So I think what we're doing is we're starting to empower individuals to have more control over their own activities, and their own use of data when they're online.

Tristram: Okay, and so to help me conceptualize how this product can be used by an individual, can you give me like an example, of, you know, a day in the life type of a thing where I can see all the ways that I can use this?

David: Sure. I'm going to stretch out a little bit into the future because not everything will be available day one. You get up in the morning and, you know, you go to a site and instead of login with a password, you flip your digital avatar and they send you back - excuse me, pardon me - they send you back an authentication. And that authentication allows you to answer with your face and get into a very private site. Watch your morning news, but It's all customized for you, because your morning news - this company believes there's a benefit to giving you news that is only particular to you, and you've authenticated. You know, you get on a street car or a bus or a subway, and you show your Liquid Avatar and it pays for you. It debits an account, whether it's a PRESTO Card or some other kind of card, and or debit your bank account. Because you've authenticated. It pings you and you answer with your face and you're done. You go to buy something at a sandwich shop, it does the same thing. You want to send a business contact or a new friend, you want to send them information about yourself, you can send them your Liquid Avatar and they can visit your public page to ensure that they've got your links to all your Facebook pages and all your social media and anything else that you're doing online. So there's many different ways - you sign into a game or you want to play a game, or you're a gamer for argument's sake, and all your game ranks are in your public profile. There's - it's boundless of what you can do. There is no, there's no - everywhere that you think that you have to authenticate, sign in,or give data or share data, a Liquid Avatar can provide that interface for you. And in a way that you want to control. So, you know, today I want to talk about a new achievement that I did, you know, my personal life and I can do that. I only want to share certain information at certain times. I will be able to control that as well.

Tristram: That's amazing. That is clearly a, you know, a futuristic view of how data and identity is going to be used.

David: Absolutely. And you know there's been a lot of great papers written about this kind of thought process for years. And I you know, if I had to give credit to one individual that was an absolute, sort of an enlightened individual in the in the space, it would have been a gentleman - it is a gentleman named David Birch, who wrote a great article called: Psychic ID, I think it was around 2009. And after we built our product, we actually looked at this article and - someone sent it to us, and it was amazing. David had predicted at the time that there would be some way of electronically verifying yourself without having to give your ID Because we've already verified you, why do you need to do it again, and again, and again? It only waters down the value of your documentation. And why should - why should somebody at the liquor store need to see your ID, they're only going to look at it. Now we can actually verify that you're over the age of majority of purchasers.

Tristram: Right and of course, all these different businesses all have snippets of information that are not necessarily the same between one business or another business.

David: Agreed or think about it - I'll give you a really interesting example. We know that unfortunately, people are now going to jail for this, you know, parents who thought they'd empower their children by getting them augmented SAT scores or entrance opportunities, or whatever the case may be. And the parents are going to go to jail. And, or you take an exam online, and unfortunately, given the current situation, you know, a lot of children will be learning online - how do you know someone who's taking a test online is actually that person?

Tristram: Right.

David: Right. Or that taking that entrance exam or that professional exam, or attending a conference or doing this or that. And then when you think about the opportunities to build loyalty points, I mean, how many different touch points do you have for loyalty? So if I had one Liquid Avatar that could collect all my loyalty points in one location, you know, kind of hallelujah!

Tristram: Simplifies everything.

David: Absolutely. And the thing is, this Liquid Avatar, so now someone's probably thinking: well, how do I secure that? It's going to be secured by an ER 721 or non other non fungible token on the blockchain. So only you can change it. And say: OK, well then maybe I have to store my pr... We're looking at a situation now, and it's certainly not done yet, where the private keys will go into cold storage and you'll be able to get them out of cold storage based on your biometrics. Again, it's about solving little problems and adding them all together to solve a big problem.

Tristram: Right. Okay, now and the paper that you mentioned, is that relatively easy to find online? Because what I'll do is I'll attach the link to...

David: I would hope so - i don't - it was a couple years ago, but it's - David Birch is around, he's a very learned fellow, and it's called Psychic ID. And it was a UK publication, and it's probably worth the read for anybody who's really interested.

Tristram: Okay, that's terrific. Now let's, move to the business side. I understand you guys have a have a listing coming up on the Canadian Securities Exchange, is that correct?

David: We have a proposed reverse merger or business combination. Yes, we're working on that subject to all necessary approvals as we all shall say.

Tristram: Okay, and you don't have a symbol at this time do you?

David: Ah, we have one reserved and it- we'd like to say it's four letters and it's probably very synonymous, very synonymous with their name. But we certainly can't give that out until it's publicized by the exchange.

Tristram: Okay, and do you have an  ETA on when that might be available for people?

David: Sorry, I apologize.

Tristram: Do you have a timeline when you think this is going to be ready to go?

David: Well, where we are right now is, you know, we filed our documentation with the exchange and, they're doing an excellent job of reviewing it. And our business combination partner has a an event on March 31 to approve the transaction. KABN shareholders have already approved it. So based on those two things, we're working diligently to try and get conditional approval as soon as possible.

Tristram: Perfect. Now, let's talk about the future. What is your vision of the future? And how are you positioning KABN for that future?

David: Before I do that, I should mention just by one, just for one second, I should mention the symbol of the company we're doing the business combination with, in case anyone's interested in finding out the information. We're, we're doing a combination on the CSE with a company called Torino Power Solutions, or T isn't Tom p as in Peter, ss, and Samuel. So if anybody wants to look Torino Power Solutions up on the exchange listings, or they want to look sedar.com they can find out more information about that.

Tristram: Okay, perfect. I'll make sure that there's appropriate links for all of that in the in the transcript.

David: Thank you.

Tristram: So vision of the future?

David: Well, you know, I think an introduction of the Liquid Avatar is a big piece of our future. And again, we've just introduced it this past week. So when I think about identity, my hope and goal is that we're empowering consumers to have more control over their own data. And that will come with a huge number of opportunities as we move forward. I'm already looking at the day, you know, if we've ever any of us have seen the movie Ready Player One, we you know, there is a lot of value in the development of a virtual world. I mean, years ago, there was second life. And so I think more and more people will spend more and more time interacting online and, congregating online. Given the current state of affairs in the world today, more and more people will spend time online - just this week, I think, was yesterdayish. where Amazon announced that they want to hire 100,000 people because more and more people will be doing things online. So, at the end of the day, our vision is to empower people to take control of their data, own their data and profit from the data. So I think we're on a great trajectory to meet the objectives of where the world is coming.

Tristram: Okay, and liquid is - Liquid Avatar is it's in the process of rolling out right now?

David: It'll roll out May June but we're doing two things just if anybody's interested. One, you can sign up for a waitlist at liquidavatar.com and you can be among the first to get the Liquid Avatar. And the second thing is we'll be launching in the next, probably two weeks, and affiliate program or those that have friends and followers can sign up to be a referral agent from us and actually earn rewards for helping us build the network.

Tristram: Cool. Well, I'll make sure those are in the notes as well. We'll have...

David: Thank you.

Tristram Waye: So before we go, David, if people want to connect with you and get more information on KABN's suite of products, where can they do that?

David: Well, I'm available on on LinkedIn, that's that's a great place to get to me. They can also reach me at david.lucatch@kabn.network  And I'm sure you can post that link if you'd like.

Tristram: Yeah, I'll make sure all of that stuff is up so it's easy for people to get to you.

David: And we welcome the conversations. We welcome, you know, opportunities for partnership. If anyone is in interested in the investment  in our proposed RTO. If anyone's got thoughts or interesting ideas, you know, we do our best to get back to everyone as quickly as possible.

Tristram: That's terrific. Is there anything else that we didn't talk about that you'd like to you'd like to add in?

David: I think we've covered everything, including the kitchen sink.

Tristram: (Laughter) Thanks. Thanks for your time today, David, great to chat. And if you just hold on I'll press stop and we'll chat.

David: Thank you Tristram.

Outro : you've been listening to fintech Fridays brought to you by NCFA and partners. Tune in weekly for the latest fintech Friday podcast by subscribing to this channel. The National crowdfunding and FinTech Association of Canada is a non-profit actively engaged with social and investment fintech sectors around the globe and provide education research industry stewardship services and networking opportunities to thousands of members and subscribers. For more information please visit and see if a Canada dot org. Oh yea.

 

End of Podcast

 

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NCFA Jan 2018 resize - Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff 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 and FFCON20 | Release | July 8, 2020 TORONTO — July 8, 2020 — The National Crowdfunding & Fintech Association (NCFA), Toronto Finance International (TFI), and partners are pleased to announce that together with their sponsor, KABN Systems North America Inc. (“KABN”), attendees of FFCON20 DIGITAL, taking place from July 9 through August 27 inclusive, will receive an exclusive Liquid Avatar FFCON 20 iconic digital pin to celebrate their attendance at the event. The FFCON20 digital pin is the first event pin offered by Liquid Avatar (www.liquidavatar.com) in support of its new app to power users to verify, manage and monetize their digital identity. Liquid Avatar, a KABN product offering, provides users with the ability to verify, manage and control their digital identity through an easy to use app or web page. Using high quality icons, users can create their digital identity and verify themselves using KABN’s bank grade validation process and biometrics, supported by Blockchain technologies. “We’re honored to be able to present our first Liquid Avatar event pin at FFCON 20 DIGITAL,” said Mr. Ben Kessler, CEO – KABN. “Liquid Avatar gives users control over the use of their digital identity and data providing them with the ...
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