Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Ex-SoFI CEO’s Startup Closes $1 Billion Credit Line on a Blockchain
Coindesk | Yogita Khatri | May 10, 2019
Figure Technologies, a fintech startup founded by former SoFi CEO Mike Cagney, has closed a $1 billion “uncommitted” line of credit on a blockchain.
Investment bank Jefferies and WSFS Financial Corporation, the parent of WSFS Bank, are the project’s participants, Figure announced Thursday.
As part of the deal, Jefferies may periodically lend to Figure under a variable funding note, which is secured by Figure’s home equity lines. WSFS Financial is acting as trustee for Jefferies.
Lines of credit have a maximum loan amount that can be borrowed as needed, paid back, and borrowed again. Figure’s financing facility is custodied on its own blockchain platform called Provenance, according to the announcement.
See: FaceCoin: Here’s What Facebook Could Build In Blockchain And Cryptocurrency
The platform can support “the entire end-to-end financing of loans, from origination to funding to servicing to financing,” said Cagney, adding:
“It paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers.”
Brian McGrath, head of the securitized markets group at Jefferies, commented on using the blockchain:
“We’ve gained full transparency into the underlying assets, real-time access to loan performance and the process of accepting collateral has less friction than off chain.”
If the prospective securitization deal closes, it will become the first asset-backed security transaction with loans originated on a blockchain platform, said WSFS’ senior vice president and director of corporate trust, Kristin Moore.
Continue to the full article --> 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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Exploding Topics | Josh Howarth | Jan 20, 2023 The fintech space is making fast strides across many financial sectors, including consumer and B2B. Fintech investment and consumer adoption are clearly on the rise. But to what extent? And where is this industry headed? This list has you covered with a wide range of key, up-to-date financial technology (fintech) statistics. Fintech Industry Size: The fintech industry is worth approximately $180 billion (Deloitte) Global fintech industry revenue has nearly doubled since 2017 (Deloitte) There are currently over 26,000 fintech startups worldwide. This figure has grown dramatically over the past few years (up from only around 12,000 fintech startups in 2019). See: KPMG: Canadian Fintech Investment Drops in 2022, Mentality Shift to ‘Sensible’ Growth Investment: Fintech industry investment has increased 3.5x since 2015 (KPMG) In 2012, investment in fintech totaled $4 billion. By the end of 2021, fintech investment reached $210 billion. Venture capital distributions by sector funding: #1 Capital markets $8.07 billion #2 Payments $6.03 billion #3 Wealth management $5.43 billion #4 Digital lending $3.97 billion #5 SMB $3.36 billion #6 Banking $3.27 billion #7 Real estate $2.42 billion #8 Insurance $2.30 billion Adoption: 90% of Chinese citizens use fintech banking, ...
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CFPB | Mar 15, 2023 The Consumer Financial Protection Bureau (CFPB) issued a request for information on “data brokers,” “an umbrella term to describe firms that collect, aggregate, sell, resell, license, or otherwise share consumers’ personal information with other parties. See: Davos: Cooperation in a Fragmented World: In Data We Trust The CFPB is looking to better understand the “scope and breadth of data brokers’ business practices and the impact of those practices on the marketplace and peoples’ daily lives,” especially in relation to credit reporting and the requirements and intentions of the Fair Credit Reporting Act. Continue to view the announcement --> here Download the 13 page PDF RIF --> 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 ...
Read More
Reuters | Stefania Spezzati, Oliver Hirt and John O'Donnell | Mar 19, 2023 Move follows Swiss rescue of Credit Suisse and signals depth of concern over the global financial system Some of the world’s largest central banks came together on Sunday to stop a banking crisis from spreading as Swiss authorities persuaded UBS Group AG to buy rival Credit Suisse Group AG in a historic deal. UBS will pay 3 billion Swiss francs (US$3.23 billion) for 167-year-old Credit Suisse and assume up to US$5.4 billion in losses in a deal backed by a massive Swiss guarantee and expected to close by the end of 2023. Soon after the announcement late on March 19, the U.S. Federal Reserve, the Bank of Canada, European Central Bank and other major central banks came out with statements to reassure markets that have been walloped by a banking crisis that started with the collapse of two regional U.S. banks earlier this month. The Fed said it had joined with central banks in Canada, England, Japan, the EU and Switzerland in a coordinated action to enhance market liquidity. The banks said they would start offering daily loans in dollars to their banks to avert stress in ...
Read More
Stripe | March 15, 2023 Stripe, a financial infrastructure platform for businesses, today announced OpenAI has chosen Stripe to power payments as it moves to commercialize its groundbreaking ChatGPT and DALL·E generative AI technologies. Powering OpenAI with Stripe: OpenAI is working with Stripe to commercialize its generative AI technology. Using Stripe’s suite of products, OpenAI was able to launch a global payments system for multiple product lines in a matter of weeks. See: Human vs Machine’s Tug-of-War: Stockmarket Automation Lessons GPT-3: Stripe has long used artificial intelligence to enhance its products and experiences for users, including to help users manage fraud and increase conversion rates. Last year, Stripe worked with Microsoft’s Azure OpenAI team to implement GPT-3 for Stripe Support, which is helping agents identify quicker resolution paths for the many users they interact with each week. Seventy-five percent of the leading generative AI companies have signed up with Stripe to go to market quickly, scale with compliance in mind, and bring their products to many more users worldwide. They include OpenAI, Runway, Diagram, and Moonbeam. GPT-4: After joining the GPT-4 beta in January, Stripe identified a range of ways to use the technology to streamline operations and help users ...
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March 20, 2023 Cloud-based solutions utilize live data analysis to equip your HR managers with vital resources that can enhance staff involvement. These solutions also enable your HR team to create personalized development plans for each employee, empowering them to take ownership of their career paths and achieve their professional goals. Incorporating the following cloud-based solutions in your HR department can significantly improve employee satisfaction and boost company performance. This article will examine 5 cloud-based solutions to help HR leverage employee engagement: 1. Video conferencing tools Video conferencing tools are cloud-based solutions that have become increasingly popular as organizations look for ways to improve and maintain employee engagement and collaboration in remote work environments. These tools effectively allow your HR department to connect with employees regardless of location, enabling better communication, engagement and teamwork. They also allow the HR team to hold meetings, conduct interviews, and even organize virtual events, such as team-building activities, without being in the same physical location. These tools can enable you to easily communicate updates on company policies and procedures, discuss career development opportunities, and offer feedback on employee performance. 2. Digital signage software Cloud-based digital signage involves utilizing a digital signage system hosted on ...
Read More
March 18, 2023 Starting a business from scratch can be an extremely daunting and burdensome process, especially for aspiring entrepreneurs. Fortunately, there is another option – franchising. Franchising provides many advantages such as buying into an established system with proven success metrics and reduced risk of failure due to training, support systems, and brand recognition. Before taking the leap into becoming part of a franchise, however, it’s important to thoroughly research the market to ensure you get the best value out of your chosen opportunity. Here we will explore some key steps in researching the market for a franchise opportunity so that you can make informed decisions about what kind of venture you want to undertake. Identify the Local Market for Your Potential Franchise Identification of the local market for a potential franchise is an essential step in the research process. Aspiring entrepreneurs should take time to consider the characteristics of their area, including economic and demographic trends, the competitiveness of the industry they are considering entering, and consumer behavior. Knowledgeable entrepreneurs should come to fully understand the needs of their prospective customers and how those needs compare to existing offerings within the market. It is important to become comfortable ...
Read More
The Globe and Mail | Tim Kiladze and Stefanie Marotta | March 17, 2023 The United States’ largest financial institutions have agreed to deposit US$30-billion in First Republic Bank, an unconventional private-sector rescue designed to shore up confidence in the financial system and contain an emerging crisis. The agreement was brokered by the U.S. government, but is funded by 11 of the country’s largest lenders and investment banks. Bank of America, Citigroup, JP Morgan Chase and Wells Fargo, known as the Big Four U.S. banks, are leading the effort with US$5-billion each. It is an unusual approach. The banks appear keen on testing mechanisms that aren’t as extreme as full-blown takeovers. San Francisco-based First Republic is caught in the fallout from Silicon Valley Bank’s collapse last Friday. Its shares have plummeted as much as 70 per cent over the past week. Much like SVB, First Republic has not reported any sudden loan losses or writedowns. But clients nervous about its stability have been pulling deposits and transferring them to larger institutions, something known as a flight to quality. See: European Regulators Condemn US ‘incompetence’ in SVB Collapse The U.S. government has already insured all deposits at SVB and Silvergate Bank, ...
Read More
Fintech.ca | Knowlton Thomas | Mar 15, 2023 Several startups are at the forefront of “rent reporting” in Canada. Many also offer other features that aim to help renting Canadians gain a financial edge toward homeownership. Zenbase: Zenbase was founded with the vision of “becoming a trusted partner in managing household finances while eliminating late fees and predatory financing.” One of the primary features of Zenbase’s flexible platform is allowing users to split their rent into two payments, saving on stress and avoiding overdraft or late fees. Last year, Zenbase secured $4 million in seed funding in a round led by Global Founders Capital. Chexy: Launched in 2021, Chexy was the first Canadian payments experience that afforded tenants the possibility of paying home rent via plastic card. Users get cash-back and other rewards from spending on a card—both on rent and at Chexy partner brands—while also building credit. Chexy believes building credit through rent is an important step toward home ownership. See: Halal Mortgages Emerging in Canada’s Housing Market Requity Homes: Founded in 2020, Toronto-based real estate platform Requity Homes operates a rent-to-own program that empowers Canadians to get one step closer to home ownership by allowing them to rent and save for their dream home ...
Read More
FT | March 16 Europe’s financial regulators are furious at the handling of the Silicon Valley Bank collapse, privately accusing US authorities of tearing up a rule book for failed banks that they had helped to write. While the disapproval has yet to be conveyed in a formal setting, some of the region’s top policymakers are seething over the decision to cover all depositors at SVB, fearing it will undermine a globally agreed regime. One senior eurozone official described their shock at the “total and utter incompetence” of US authorities, particularly after a decade and a half of “long and boring meetings” with Americans advocating an end to bailouts. Europe’s supervisors are particularly irate at the US decision to break with its own standard of guaranteeing only the first $250,000 of deposits by invoking a “systemic risk exception” — despite claiming the California-based lender was too small to face rules aimed at preventing a rerun of the 2008 global financial crisis. A former senior UK policymaker who helped negotiate global standards for bank resolution described the SVB handling as a “disaster”. See: Superintendent of Financial Institutions took further action on the Silicon Valley Bank Canadian Branch While the Federal Reserve ...
Read More
MLSDev | Anastasiia Lastovetska | March 17, 2023 When it comes to motivating team members, every leader has their style. Some leaders prefer a more hands-on approach, while others prefer a more laissez-faire stance. So let's discuss the methods to inspire and motivate teammates as a leader. Come along! Establish Trust Establishing trust is one of the most important contributions you can bring to a team. Trust is the glue that holds groups together and allows them to accomplish great things. Moreover, it spreads over customers who come to get the help of dedicated software developers. But how do you build trust? It starts with being authentic and honest with your team members. Here are a few examples of what you can do: Be transparent about your own goals and expectations. Encourage open communication by creating an environment where team members feel comfortable sharing their thoughts and ideas. Make an effort to get to know each team member personally. Be truthful when giving feedback, both positive and negative. Most importantly, keep your word and follow through on your commitments. When team members trust each other, they are more likely to cooperate, collaborate, and be creative. They are also more likely ...
Read More
Exploding Topics | Josh Howarth | Jan 20, 2023 The fintech space is making fast strides across many financial sectors, including consumer and B2B. Fintech investment and consumer adoption are clearly on the rise. But to what extent? And where is this industry headed? This list has you covered with a wide range of key, up-to-date financial technology (fintech) statistics. Fintech Industry Size: The fintech industry is worth approximately $180 billion (Deloitte) Global fintech industry revenue has nearly doubled since 2017 (Deloitte) There are currently over 26,000 fintech startups worldwide. This figure has grown dramatically over the past few years (up from only around 12,000 fintech startups in 2019). See: KPMG: Canadian Fintech Investment Drops in 2022, Mentality Shift to ‘Sensible’ Growth Investment: Fintech industry investment has increased 3.5x since 2015 (KPMG) In 2012, investment in fintech totaled $4 billion. By the end of 2021, fintech investment reached $210 billion. Venture capital distributions by sector funding: #1 Capital markets $8.07 billion #2 Payments $6.03 billion #3 Wealth management $5.43 billion #4 Digital lending $3.97 billion #5 SMB $3.36 billion #6 Banking $3.27 billion #7 Real estate $2.42 billion #8 Insurance $2.30 billion Adoption: 90% of Chinese citizens use fintech banking, ...
Read More
Read More
CFPB | Mar 15, 2023 The Consumer Financial Protection Bureau (CFPB) issued a request for information on “data brokers,” “an umbrella term to describe firms that collect, aggregate, sell, resell, license, or otherwise share consumers’ personal information with other parties. See: Davos: Cooperation in a Fragmented World: In Data We Trust The CFPB is looking to better understand the “scope and breadth of data brokers’ business practices and the impact of those practices on the marketplace and peoples’ daily lives,” especially in relation to credit reporting and the requirements and intentions of the Fair Credit Reporting Act. Continue to view the announcement --> here Download the 13 page PDF RIF --> 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 ...
Read More
Read More
Reuters | Stefania Spezzati, Oliver Hirt and John O'Donnell | Mar 19, 2023 Move follows Swiss rescue of Credit Suisse and signals depth of concern over the global financial system Some of the world’s largest central banks came together on Sunday to stop a banking crisis from spreading as Swiss authorities persuaded UBS Group AG to buy rival Credit Suisse Group AG in a historic deal. UBS will pay 3 billion Swiss francs (US$3.23 billion) for 167-year-old Credit Suisse and assume up to US$5.4 billion in losses in a deal backed by a massive Swiss guarantee and expected to close by the end of 2023. Soon after the announcement late on March 19, the U.S. Federal Reserve, the Bank of Canada, European Central Bank and other major central banks came out with statements to reassure markets that have been walloped by a banking crisis that started with the collapse of two regional U.S. banks earlier this month. The Fed said it had joined with central banks in Canada, England, Japan, the EU and Switzerland in a coordinated action to enhance market liquidity. The banks said they would start offering daily loans in dollars to their banks to avert stress in ...
Read More
Read More
Stripe | March 15, 2023 Stripe, a financial infrastructure platform for businesses, today announced OpenAI has chosen Stripe to power payments as it moves to commercialize its groundbreaking ChatGPT and DALL·E generative AI technologies. Powering OpenAI with Stripe: OpenAI is working with Stripe to commercialize its generative AI technology. Using Stripe’s suite of products, OpenAI was able to launch a global payments system for multiple product lines in a matter of weeks. See: Human vs Machine’s Tug-of-War: Stockmarket Automation Lessons GPT-3: Stripe has long used artificial intelligence to enhance its products and experiences for users, including to help users manage fraud and increase conversion rates. Last year, Stripe worked with Microsoft’s Azure OpenAI team to implement GPT-3 for Stripe Support, which is helping agents identify quicker resolution paths for the many users they interact with each week. Seventy-five percent of the leading generative AI companies have signed up with Stripe to go to market quickly, scale with compliance in mind, and bring their products to many more users worldwide. They include OpenAI, Runway, Diagram, and Moonbeam. GPT-4: After joining the GPT-4 beta in January, Stripe identified a range of ways to use the technology to streamline operations and help users ...
Read More
Read More
March 20, 2023 Cloud-based solutions utilize live data analysis to equip your HR managers with vital resources that can enhance staff involvement. These solutions also enable your HR team to create personalized development plans for each employee, empowering them to take ownership of their career paths and achieve their professional goals. Incorporating the following cloud-based solutions in your HR department can significantly improve employee satisfaction and boost company performance. This article will examine 5 cloud-based solutions to help HR leverage employee engagement: 1. Video conferencing tools Video conferencing tools are cloud-based solutions that have become increasingly popular as organizations look for ways to improve and maintain employee engagement and collaboration in remote work environments. These tools effectively allow your HR department to connect with employees regardless of location, enabling better communication, engagement and teamwork. They also allow the HR team to hold meetings, conduct interviews, and even organize virtual events, such as team-building activities, without being in the same physical location. These tools can enable you to easily communicate updates on company policies and procedures, discuss career development opportunities, and offer feedback on employee performance. 2. Digital signage software Cloud-based digital signage involves utilizing a digital signage system hosted on ...
Read More
Read More
March 18, 2023 Starting a business from scratch can be an extremely daunting and burdensome process, especially for aspiring entrepreneurs. Fortunately, there is another option – franchising. Franchising provides many advantages such as buying into an established system with proven success metrics and reduced risk of failure due to training, support systems, and brand recognition. Before taking the leap into becoming part of a franchise, however, it’s important to thoroughly research the market to ensure you get the best value out of your chosen opportunity. Here we will explore some key steps in researching the market for a franchise opportunity so that you can make informed decisions about what kind of venture you want to undertake. Identify the Local Market for Your Potential Franchise Identification of the local market for a potential franchise is an essential step in the research process. Aspiring entrepreneurs should take time to consider the characteristics of their area, including economic and demographic trends, the competitiveness of the industry they are considering entering, and consumer behavior. Knowledgeable entrepreneurs should come to fully understand the needs of their prospective customers and how those needs compare to existing offerings within the market. It is important to become comfortable ...
Read More
Read More
The Globe and Mail | Tim Kiladze and Stefanie Marotta | March 17, 2023 The United States’ largest financial institutions have agreed to deposit US$30-billion in First Republic Bank, an unconventional private-sector rescue designed to shore up confidence in the financial system and contain an emerging crisis. The agreement was brokered by the U.S. government, but is funded by 11 of the country’s largest lenders and investment banks. Bank of America, Citigroup, JP Morgan Chase and Wells Fargo, known as the Big Four U.S. banks, are leading the effort with US$5-billion each. It is an unusual approach. The banks appear keen on testing mechanisms that aren’t as extreme as full-blown takeovers. San Francisco-based First Republic is caught in the fallout from Silicon Valley Bank’s collapse last Friday. Its shares have plummeted as much as 70 per cent over the past week. Much like SVB, First Republic has not reported any sudden loan losses or writedowns. But clients nervous about its stability have been pulling deposits and transferring them to larger institutions, something known as a flight to quality. See: European Regulators Condemn US ‘incompetence’ in SVB Collapse The U.S. government has already insured all deposits at SVB and Silvergate Bank, ...
Read More
Read More
Fintech.ca | Knowlton Thomas | Mar 15, 2023 Several startups are at the forefront of “rent reporting” in Canada. Many also offer other features that aim to help renting Canadians gain a financial edge toward homeownership. Zenbase: Zenbase was founded with the vision of “becoming a trusted partner in managing household finances while eliminating late fees and predatory financing.” One of the primary features of Zenbase’s flexible platform is allowing users to split their rent into two payments, saving on stress and avoiding overdraft or late fees. Last year, Zenbase secured $4 million in seed funding in a round led by Global Founders Capital. Chexy: Launched in 2021, Chexy was the first Canadian payments experience that afforded tenants the possibility of paying home rent via plastic card. Users get cash-back and other rewards from spending on a card—both on rent and at Chexy partner brands—while also building credit. Chexy believes building credit through rent is an important step toward home ownership. See: Halal Mortgages Emerging in Canada’s Housing Market Requity Homes: Founded in 2020, Toronto-based real estate platform Requity Homes operates a rent-to-own program that empowers Canadians to get one step closer to home ownership by allowing them to rent and save for their dream home ...
Read More
Read More
FT | March 16 Europe’s financial regulators are furious at the handling of the Silicon Valley Bank collapse, privately accusing US authorities of tearing up a rule book for failed banks that they had helped to write. While the disapproval has yet to be conveyed in a formal setting, some of the region’s top policymakers are seething over the decision to cover all depositors at SVB, fearing it will undermine a globally agreed regime. One senior eurozone official described their shock at the “total and utter incompetence” of US authorities, particularly after a decade and a half of “long and boring meetings” with Americans advocating an end to bailouts. Europe’s supervisors are particularly irate at the US decision to break with its own standard of guaranteeing only the first $250,000 of deposits by invoking a “systemic risk exception” — despite claiming the California-based lender was too small to face rules aimed at preventing a rerun of the 2008 global financial crisis. A former senior UK policymaker who helped negotiate global standards for bank resolution described the SVB handling as a “disaster”. See: Superintendent of Financial Institutions took further action on the Silicon Valley Bank Canadian Branch While the Federal Reserve ...
Read More
Read More
MLSDev | Anastasiia Lastovetska | March 17, 2023 When it comes to motivating team members, every leader has their style. Some leaders prefer a more hands-on approach, while others prefer a more laissez-faire stance. So let's discuss the methods to inspire and motivate teammates as a leader. Come along! Establish Trust Establishing trust is one of the most important contributions you can bring to a team. Trust is the glue that holds groups together and allows them to accomplish great things. Moreover, it spreads over customers who come to get the help of dedicated software developers. But how do you build trust? It starts with being authentic and honest with your team members. Here are a few examples of what you can do: Be transparent about your own goals and expectations. Encourage open communication by creating an environment where team members feel comfortable sharing their thoughts and ideas. Make an effort to get to know each team member personally. Be truthful when giving feedback, both positive and negative. Most importantly, keep your word and follow through on your commitments. When team members trust each other, they are more likely to cooperate, collaborate, and be creative. They are also more likely ...
Read More
Read More
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