Sue Britton, Advisor, Corporate Innovation & Partnerships
September 26th, 2018
Sue Britton is CEO & Founder of FGS (FinTech Growth Syndicate) – Canada’s leading FinTech innova[...]
Fintech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors
Fortune | Matt Harris | Aug 8, 2018
Matt Harris is a managing director at Bain Capital Ventures. He is consistently ranked as one of the top investors in fintech, having participated in the space since 2000.
I’ve been proven wrong once again.
For eight years running, I’ve predicted that fintech investment is going to plateau. Based on the start of 2018, it hasn’t yet. In fact, we saw more than $5.4 billion invested in fintech during the first quarter of the year, with no signs of slowing momentum. For perspective, fintech investment for all of 2014 was just under $4 billion, so that’s “5x” growth in four years. In 2001, per data from Venture Scanner, it was something like $300 million.
With that said, this whole “fintech” thing is kind of a charade. As I shared with attendees last month during our annual Fintech CEO Summit, co-hosted together with Nyca Partners, the CEOs in our portfolios don’t actually run “fintech businesses.” They run a payments business or a lending business, or they build investing technologies, or they sell to banks or insurance or real estate companies.
Regardless of what VCs tell limited partners, or how media cover the industry, these businesses don’t necessarily have much to do with each other (besides the obvious of moving money around).
So while the investment numbers are up in aggregate, each sub-sector has a very different story. And it’s worth diving in more deeply to understand what’s really going on.
Wealth/Investing: Race to the bank
Wealth tech companies get a steady 10% of fintech investment year after year. There’s a durable view that they show real opportunity for disruption. One of the more interesting trends right now is that all the wealth and investment companies that have achieved scale—like SoFi, Acorns, and Wealthfront (another disclosure: my team has backed Acorns)—are doing the same thing: They’re adding a checking account. You could paint with a broad brush and say they are all trying to become banks. Not necessarily licensed banks, but rather, leveraging third parties and new technologies to try to become a consumer’s primary financial partner.
See: Lifehacks for When a Robot Wants Your Job
This is really fascinating to me and raises a key question for our industry, and our society: Will consumers bail on traditional banks? Will they go to their employer with a new direct deposit authorization form and say “send my money to Betterment, to Acorns, to SoFi”? This is truly a new phenomenon. If it works, there’s a whole new era of fintech coming, where the banks go from the “Empire Strikes Back” phase that they’re in right now—and they start to worry again. It doesn’t mean wealth tech is toast if it doesn’t work, but it’s striking that all these companies had the same ideas at the same time.
Venture investment: $1.2 billion in 2017 (Source: CB Insights)
Startup energy: Steady as she goes
Insurance: Fast growth leads to full stack
Insurance startups are really at a pivot right now. Companies like Oscar or ZhongAn have scaled from nothing to billions a year in funding, and in the process, they’ve decided to be full stack. Historically, insurance startups Insureon and Zenefits were simply brokers or managing general agents, but increasingly there’s a take that startups need to be(come) carriers. I certainly understand that instinct—if you don’t control the product, someone else controls the capital. So, I get it. But return on equity for carriers tends to be around 9%. It doesn’t make sense for a VC to invest in a carrier. Not at all.
Moving forward, the insurance tech players need to figure this out. It will be the difference between insurance getting really transformed or having a bunch of brokers with fancy apps. And that second future is not going to create a lot of equity value.
Venture investment: $1.4 billion in 2017 (Source: CB Insights)
Startup energy: Awkward teenage years
Real Estate: Disruption in full effect
Real estate and crypto are the two areas where we see the most growth. In real estate, five of the venture world’s 10 most recent unicorns—Compass, OpenDoor, WeWork, Airbnb and UCommune—are real estate companies, whether you think of them that way or not. OpenDoor, for instance, invented a true “prop” brokerage, where they don’t broker a sale for 6%, but instead buy the property, find another buyer and make money on the spread. Zillow now says they’re doing the same thing, and there have been a bunch of fast followers. This incredibly stodgy industry—which hasn’t changed in a hundred years—is getting re-made.
See: Real estate crowdfunding in Canada: portal insights for 2017/18
Venture investment: $1.2 billion in 2017 (Source: PitchBook)
Startup energy: First-movers moving fast
Cryptocurrency/Blockchain: Time to get serious
What can we say about crypto? Last year at our Fintech CEO Summit, we talked about how people were going to go to jail for initial coin offerings (ICOs). No one has gone to jail yet, but it’s tricky. ICO volume is still frothy, with a peak of $4.1 billion raised in March but otherwise running at roughly $1.5 billion a month. Plus, the noise out of government is getting louder and clearer that this is not some sort of safe harbor.
Beyond ICOs, we think about the crypto space in three parts: the crypto investing ecosystem, enterprise blockchain, and distributed applications.
For the first, a key question is: Will crypto be an asset class? Provisionally, I believe the answer is “yes.” The investing ecosystem is now maturing nicely, and several pioneers like Basis and Compound (last disclosure: both are portfolio companies), are filling in key elements of market structure, assuming people want to trade crypto at scale more in the future.
Regarding enterprise blockchain, is it actually a standalone business? The market is thriving if you count press releases, but not if you look for revenue outside of proof-of-concept. We provisionally said “no” to this question in the early days, but we have great entrepreneurs working on it—and I’m sure they’ll prove us wrong.
See: ‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics
Finally, distributed applications are the big prize. It’s clearly early days, but this is where the talent is heading. Will the Airbnb, Uber, and Amazon Web Services of the future simply be open source protocols powered by tokens that change the way we store our files, book our houses, book our travel, and manage our transportation? I don’t know when, but I believe we’ll get there. Someday.
Venture investment: $716 million in 2017 (Source: CB Insights)
Startup energy: Wild, wild west (and east and north and south)
Continue to the full article --> here
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org
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Crowdfund Insider | By Bret Conkin | March 22, 2019 VoCare is raising capital for the launch of a new Medtech device, the Vitals360; a smartphone-sized diagnostic device for the Remote Patient Monitoring (RPM) and Point-of-Care verticals. Current investors include AGS Capital and SAW Capital and tax credits are available to Indiana investors via the State of Indiana. The Vitals360 eliminates the need for extra peripherals, hubs, and tablets for managing cardiac care, diabetes and other chronic conditions and offers cellular, Wi-Fi and Bluetooth enabled real-time data transfer to provider, patient and family portals. The Vitals360 device measurements include: (1) Blood Glucose, (2) Blood Pressure, (3) Pulse, (4) Oximetry, (5) Temperature, and (6) Electrocardiography (ECG). When reviewing their options to raise capital, VoCare researched and consulted with a number of crowdfunding platforms. Their goal was a $2M capital raise via Reg D 506c for trials and sales and marketing so VoCare developed the PPM required for compliance. After several years in R&D for a “doctor’s office in your pocket” vitals device, the Vitals360 was moving through FDA approvals. VoCare’s goals also wanted to build a community and attract partners. See: Search Finally. Canadian Securities Administrators Announce Intent to Harmonize & ...
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NCFA / Team FFCON19, March 19, 2019 FFCON19 FEARLESS to address the challenges and successes of entrepreneurs and innovators in the vanguard of transforming the financial industry TORONTO, BC / ACCESSWIRE / March 19, 2019 / The National Crowdfunding & Fintech Association (NCFA), the non-profit cross-body organisation that promotes and supports fintech and funding throughout Canada, is proud to announce additions to the speaker line-up and programme for its flagship Fintech and Financing Conference - FFCON19: FEARLESS - taking place in Toronto April 3-4. Now in its 5th year, FFCON19 will bring together prominent industry experts, entrepreneurs, professionals, regulatory bodies and ecosystem stakeholders in fintech, blockchain, crypto, AI, capital markets innovation and alternative finance to discuss Canadian fintech and its ability to innovate and globally compete, the latest industry developments, emerging regulation, trends and thought leadership in a fearless framework and forum. The two-day event will feature inspiring keynote addresses and panel discussions with industry leaders, pitching competitions, awards, and prime networking opportunities. Prominent speakers include The Honorable Bill Walker, Minister of Consumer and Government Services, Ontario, and steward of the Province's new Data policy; and Teri Kirk, Founder & CEO of Fundingportal who will discuss Open Data vs. Proprietary ...
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Bloomberg | By Doug Alexande and Matt Robinson | March 19, 2019 His crimes: identity theft related to a bank-and-credit card scam. His sentence: 18 months in U.S. federal prison and, later, deportation to Canada. Once there, Omar Dhanani underwent a remarkable transformation -- into a new identity and the wild world of cryptocurrencies. Dhanani, now known as Michael Patryn, has emerged as an enigmatic figure in the strange case of Quadriga Fintech Solutions Corp., the digital exchange owner that hasn’t been able to find C$260 million ($195 million) of clients’ cash and cryptocurrencies. Patryn co-founded Quadriga five years ago with the late Gerry Cotten, whose sudden death in December at age 30 left the Vancouver-based firm in shambles. Patryn denied he was Dhanani in a Feb. 8 report in Canada’s Globe and Mail newspaper and disputed a subsequent report linking him to a criminal past. But Canadian records obtained by Bloomberg News confirm he legally changed his name -- twice: in 2003 and in 2008. The revelation adds a new layer to the mystery surrounding Quadriga, whose closure in January left 115,000 clients wondering if they’ll ever get their money back. Cotten ran the operation mostly from his laptop, so ...
Read More
Ryan Aceman, special to BNN Bloomberg | March 15, 2019 #FFCON19 is set to showcase the importance of being fearless to succeed in Fintech 12 cutting-edge companies will compete in a ground-breaking pitch competition Key emerging trends from tech and investment realms will be highlighted Where finance and technology meet, lies one of the most fascinating sectors of the modern world. From its inception, the financial technology (Fintech) space has been built on inventive thinking and unconventional concepts. This crucial intersection has the power to transform global banking, investing, and many other sectors that people and businesses interact with on a daily basis. "The Canadian Fintech industry is leading the way in revolutionizing financial services and events such as FFCON19 to help create a strong ecosystem that cultivates innovation and growth. Excited to be a part of it!" — Dr. Dan Rosen, CEO of d1g1t.com From April 3rd–4th in Toronto, Ontario, FFCON2019: Fearless will aim to embody this innovative essence, hosting a variety of influential thought leaders, industry experts, and 750 attendees. The event will function as a comprehensive and daring expo showcasing innovators and disrupters that are having significant impacts within Fintech. Attendees will learn vital content delivered from ...
Read More
Chainbits | Nathan Rodriguez | March 14, 2019 After the ongoing saga of Canada’s largest cryptocurrency exchange QuadrigaCX’s downfall, another Canadian cryptocurrency company is now coming under scrutiny. Canada Bitcoin Exchange Inc. is now being investigated as a possible scam. Warning Against Canada Bitcoin Exchange The British Columbia Securities Commission (BCSC), a Canadian financial regulator, has issued a warning against Canada Bitcoin Exchange. The watchdog stated that the company was offering overly attractive BTC (Bitcoin) investment plans to its customers. Canada Bitcoin Exchange was offering 4 different BTC investment plans on its website. Each of the programs asked users to invest a certain amount of capital for a period of 24 to 48 hours. In return, the company offered returns that started at 3.586% and went as high as 7.985%. The website stated that Canada Bitcoin Exchange would reinvest customers’ BTC in other stocks as well as cryptocurrencies. The company claimed to have a team of professional market analysts in place who knew how to find hot stocks. The company also stated that this project was run by the Canada Bitcoin Exchange Group. Signs of a Scam Upon investigating the company, the BCSC found that Canada Bitcoin Exchange was an ...
Read More
Dr Dan Rosen is a FinTech Entrepreneur and Quant. He is currently the Chief Executive Officer of d1g1t Inc., a new digital wealth management platform, powered by analytics, that offers advanced transparent portfolio management services to advisors and their individual investors. He is an Adjunct Professor of Mathematical Finance at the University of Toronto and was the first Director of the Centre for Financial Industries at the Fields Institute for Research in Mathematical Sciences. Dr Rosen was the co-founder and CEO R2 Financial Technologies, acquired by S&P Capital IQ in 2012, and where he was Managing Director for Risk and Analytics until 2015. Prior to starting R2 in 2006, Dr Rosen had a successful career over a decade at Algorithmics Inc., where he led financial engineering and research, strategy, products and marketing. In addition to working with numerous financial institutions around the world, he lectures extensively on financial engineering, portfolio management, enterprise risk and capital management, credit and market risk, valuation of derivatives and structured finance. He has authored numerous risk management and financial engineering publications, including two books, and several patents, and serves in the editorial board of various industrial and academic journals. Dr Rosen was inducted in 2010 ...
Read More
NCFA | FFCON19 Team | March 14, 2019 Want some credit for being in Fintech? Things are tough out there for some parts of Fintech. If you are part of the ICO, blockchain economy for example, they tell you it’s winter. Those bear markets are tough. It’s like Rodney Dangerfield used to say: No respect. You just wish you could get some credit for your hard work and your groundbreaking innovation... I’ve got some good news for you. FFCON19: FEARLESS has partnered with a company that wants to give you the credit you deserve. Well, $10 bucks worth on your next ride with our friends at Lyft. (No taxi for you!) But only if you register and join us on April 3-4 in downtown Toronto. FFCON19 is a fintech focused conference and expo with several special guests, an amazing lineup of speakers, many well known investors and investment opportunities galore through a pitching competition. And guess what? You can still get a discounted ticket. But you only have 2, that’s right, TWO days left. This deal disappears on March 15, 2019. So if you would like Lyft to give you a little fintech credit while networking, pitching, speaking, connecting and ...
Read More
CSA | March 14, 2019 Toronto – The Canadian Securities Administrators (CSA) and Investment Industry Regulatory Organization of Canada (IIROC) today published Joint Canadian Securities Administrators/Investment Industry Regulatory Organization of Canada Consultation Paper 21-402 Proposed Framework for Crypto-Asset Trading Platforms. The consultation paper seeks input from the fintech community, market participants, investors and other stakeholders on how regulatory requirements may be tailored for crypto-asset trading platforms (platforms) operating in Canada. “This consultation outlines a proposed regulatory framework that provides clarity for platforms, greater market integrity and protection for investors,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “Platforms have told us that a tailored regulatory framework is welcome as they seek to build consumer confidence and expand their businesses across Canada and globally.” “The emergence of digital and crypto assets continues to be a growing area of interest for regulators, investors and marketplaces – and, together, securities regulators are taking steps to deepen our understanding of this area,” added Andrew J. Kriegler, President and CEO, IIROC. “We must adapt to innovation, and provide clarity to the market about how regulatory requirements might best be tailored and applied to these unique business models, while ...
Read More
Polymath / KABN release | March 11, 2019 TORONTO & SAINT MICHAEL, Barbados & GIBRALTAR--(BUSINESS WIRE)--Polymath (www.polymath.network), the global leader in software solutions that enable assets to be digitized, distributed, fractionally owned, and ultimately liquidated, has formed a consortium in close collaboration with KABN (www.kabn.network), a global financial services platform that has developed, among its suite of products, a patent pending, blockchain based, GDPR compliant, Always On, global identification and accreditation as a support service for investors and other types of contributors. Polymath is leading the effort to make it easier for organizations to create digital securities from traditional assets through partnerships and a community that supports a transparent and compliant process for issuers and investors. Through its extensive service provider network with firms like KABN, Polymath provides security token issuers with access to top quality service providers. “Our solution supports the creation of digital securities from a wide range of traditional and non-traditional assets,” said Kevin North, CEO of Polymath. “The intention of this partnership is to create a best practice model for customers who need help with the full lifecycle of an STO (Security Token Offering). In this model, the issuer would work with an integrated network of ...
Read More
NCFA Canada | Burden Reduction Committee | March 1, 2019 Executive Summary In response to the Ontario Securities Commission’s (OSC’s) January 14, 2019 request for comments, this submission responds to the eight questions set out in the OSC’s Staff Notice 11-784. This submission draws heavily on, and also updates, the Association’s earlier submission to the OSC dated August 24, 2017 (see Appendix), which primarily focused on the crowdfunding requirements in Ontario. The National Crowdfunding and Fintech Association of Canada (the Association) represents over 2,000 fintech SMEs and individual members that support financial and capital market innovation, small businesses and technology. We are pleased that the Ontario government is undertaking this important regulatory burden reduction initiative to the benefit of all Ontarians. The Association has consulted a number of diverse crowdfunding and fintech stakeholders – including exempt market dealers, industry experts, securities lawyers, regulators and government agencies and is proposing several recommendations to reduce unjustifiable burdens placed on Ontario’s businesses. The Association recommends that the province undertake the following: The OSC conduct a review and publish a report evaluating the effectiveness of Ontario’s crowdfunding regulations (45-108) compared to other jurisdictions in Canada and international competitors such as the UK, US and ...
Read More
Crowdfund Insider | By Bret Conkin | March 22, 2019 VoCare is raising capital for the launch of a new Medtech device, the Vitals360; a smartphone-sized diagnostic device for the Remote Patient Monitoring (RPM) and Point-of-Care verticals. Current investors include AGS Capital and SAW Capital and tax credits are available to Indiana investors via the State of Indiana. The Vitals360 eliminates the need for extra peripherals, hubs, and tablets for managing cardiac care, diabetes and other chronic conditions and offers cellular, Wi-Fi and Bluetooth enabled real-time data transfer to provider, patient and family portals. The Vitals360 device measurements include: (1) Blood Glucose, (2) Blood Pressure, (3) Pulse, (4) Oximetry, (5) Temperature, and (6) Electrocardiography (ECG). When reviewing their options to raise capital, VoCare researched and consulted with a number of crowdfunding platforms. Their goal was a $2M capital raise via Reg D 506c for trials and sales and marketing so VoCare developed the PPM required for compliance. After several years in R&D for a “doctor’s office in your pocket” vitals device, the Vitals360 was moving through FDA approvals. VoCare’s goals also wanted to build a community and attract partners. See: Search Finally. Canadian Securities Administrators Announce Intent to Harmonize & ...
Read More
Read More
NCFA / Team FFCON19, March 19, 2019 FFCON19 FEARLESS to address the challenges and successes of entrepreneurs and innovators in the vanguard of transforming the financial industry TORONTO, BC / ACCESSWIRE / March 19, 2019 / The National Crowdfunding & Fintech Association (NCFA), the non-profit cross-body organisation that promotes and supports fintech and funding throughout Canada, is proud to announce additions to the speaker line-up and programme for its flagship Fintech and Financing Conference - FFCON19: FEARLESS - taking place in Toronto April 3-4. Now in its 5th year, FFCON19 will bring together prominent industry experts, entrepreneurs, professionals, regulatory bodies and ecosystem stakeholders in fintech, blockchain, crypto, AI, capital markets innovation and alternative finance to discuss Canadian fintech and its ability to innovate and globally compete, the latest industry developments, emerging regulation, trends and thought leadership in a fearless framework and forum. The two-day event will feature inspiring keynote addresses and panel discussions with industry leaders, pitching competitions, awards, and prime networking opportunities. Prominent speakers include The Honorable Bill Walker, Minister of Consumer and Government Services, Ontario, and steward of the Province's new Data policy; and Teri Kirk, Founder & CEO of Fundingportal who will discuss Open Data vs. Proprietary ...
Read More
Read More
Bloomberg | By Doug Alexande and Matt Robinson | March 19, 2019 His crimes: identity theft related to a bank-and-credit card scam. His sentence: 18 months in U.S. federal prison and, later, deportation to Canada. Once there, Omar Dhanani underwent a remarkable transformation -- into a new identity and the wild world of cryptocurrencies. Dhanani, now known as Michael Patryn, has emerged as an enigmatic figure in the strange case of Quadriga Fintech Solutions Corp., the digital exchange owner that hasn’t been able to find C$260 million ($195 million) of clients’ cash and cryptocurrencies. Patryn co-founded Quadriga five years ago with the late Gerry Cotten, whose sudden death in December at age 30 left the Vancouver-based firm in shambles. Patryn denied he was Dhanani in a Feb. 8 report in Canada’s Globe and Mail newspaper and disputed a subsequent report linking him to a criminal past. But Canadian records obtained by Bloomberg News confirm he legally changed his name -- twice: in 2003 and in 2008. The revelation adds a new layer to the mystery surrounding Quadriga, whose closure in January left 115,000 clients wondering if they’ll ever get their money back. Cotten ran the operation mostly from his laptop, so ...
Read More
Read More
Ryan Aceman, special to BNN Bloomberg | March 15, 2019 #FFCON19 is set to showcase the importance of being fearless to succeed in Fintech 12 cutting-edge companies will compete in a ground-breaking pitch competition Key emerging trends from tech and investment realms will be highlighted Where finance and technology meet, lies one of the most fascinating sectors of the modern world. From its inception, the financial technology (Fintech) space has been built on inventive thinking and unconventional concepts. This crucial intersection has the power to transform global banking, investing, and many other sectors that people and businesses interact with on a daily basis. "The Canadian Fintech industry is leading the way in revolutionizing financial services and events such as FFCON19 to help create a strong ecosystem that cultivates innovation and growth. Excited to be a part of it!" — Dr. Dan Rosen, CEO of d1g1t.com From April 3rd–4th in Toronto, Ontario, FFCON2019: Fearless will aim to embody this innovative essence, hosting a variety of influential thought leaders, industry experts, and 750 attendees. The event will function as a comprehensive and daring expo showcasing innovators and disrupters that are having significant impacts within Fintech. Attendees will learn vital content delivered from ...
Read More
Read More
Chainbits | Nathan Rodriguez | March 14, 2019 After the ongoing saga of Canada’s largest cryptocurrency exchange QuadrigaCX’s downfall, another Canadian cryptocurrency company is now coming under scrutiny. Canada Bitcoin Exchange Inc. is now being investigated as a possible scam. Warning Against Canada Bitcoin Exchange The British Columbia Securities Commission (BCSC), a Canadian financial regulator, has issued a warning against Canada Bitcoin Exchange. The watchdog stated that the company was offering overly attractive BTC (Bitcoin) investment plans to its customers. Canada Bitcoin Exchange was offering 4 different BTC investment plans on its website. Each of the programs asked users to invest a certain amount of capital for a period of 24 to 48 hours. In return, the company offered returns that started at 3.586% and went as high as 7.985%. The website stated that Canada Bitcoin Exchange would reinvest customers’ BTC in other stocks as well as cryptocurrencies. The company claimed to have a team of professional market analysts in place who knew how to find hot stocks. The company also stated that this project was run by the Canada Bitcoin Exchange Group. Signs of a Scam Upon investigating the company, the BCSC found that Canada Bitcoin Exchange was an ...
Read More
Read More
Dr Dan Rosen is a FinTech Entrepreneur and Quant. He is currently the Chief Executive Officer of d1g1t Inc., a new digital wealth management platform, powered by analytics, that offers advanced transparent portfolio management services to advisors and their individual investors. He is an Adjunct Professor of Mathematical Finance at the University of Toronto and was the first Director of the Centre for Financial Industries at the Fields Institute for Research in Mathematical Sciences. Dr Rosen was the co-founder and CEO R2 Financial Technologies, acquired by S&P Capital IQ in 2012, and where he was Managing Director for Risk and Analytics until 2015. Prior to starting R2 in 2006, Dr Rosen had a successful career over a decade at Algorithmics Inc., where he led financial engineering and research, strategy, products and marketing. In addition to working with numerous financial institutions around the world, he lectures extensively on financial engineering, portfolio management, enterprise risk and capital management, credit and market risk, valuation of derivatives and structured finance. He has authored numerous risk management and financial engineering publications, including two books, and several patents, and serves in the editorial board of various industrial and academic journals. Dr Rosen was inducted in 2010 ...
Read More
Read More
NCFA | FFCON19 Team | March 14, 2019 Want some credit for being in Fintech? Things are tough out there for some parts of Fintech. If you are part of the ICO, blockchain economy for example, they tell you it’s winter. Those bear markets are tough. It’s like Rodney Dangerfield used to say: No respect. You just wish you could get some credit for your hard work and your groundbreaking innovation... I’ve got some good news for you. FFCON19: FEARLESS has partnered with a company that wants to give you the credit you deserve. Well, $10 bucks worth on your next ride with our friends at Lyft. (No taxi for you!) But only if you register and join us on April 3-4 in downtown Toronto. FFCON19 is a fintech focused conference and expo with several special guests, an amazing lineup of speakers, many well known investors and investment opportunities galore through a pitching competition. And guess what? You can still get a discounted ticket. But you only have 2, that’s right, TWO days left. This deal disappears on March 15, 2019. So if you would like Lyft to give you a little fintech credit while networking, pitching, speaking, connecting and ...
Read More
Read More
CSA | March 14, 2019 Toronto – The Canadian Securities Administrators (CSA) and Investment Industry Regulatory Organization of Canada (IIROC) today published Joint Canadian Securities Administrators/Investment Industry Regulatory Organization of Canada Consultation Paper 21-402 Proposed Framework for Crypto-Asset Trading Platforms. The consultation paper seeks input from the fintech community, market participants, investors and other stakeholders on how regulatory requirements may be tailored for crypto-asset trading platforms (platforms) operating in Canada. “This consultation outlines a proposed regulatory framework that provides clarity for platforms, greater market integrity and protection for investors,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “Platforms have told us that a tailored regulatory framework is welcome as they seek to build consumer confidence and expand their businesses across Canada and globally.” “The emergence of digital and crypto assets continues to be a growing area of interest for regulators, investors and marketplaces – and, together, securities regulators are taking steps to deepen our understanding of this area,” added Andrew J. Kriegler, President and CEO, IIROC. “We must adapt to innovation, and provide clarity to the market about how regulatory requirements might best be tailored and applied to these unique business models, while ...
Read More
Read More
Polymath / KABN release | March 11, 2019 TORONTO & SAINT MICHAEL, Barbados & GIBRALTAR--(BUSINESS WIRE)--Polymath (www.polymath.network), the global leader in software solutions that enable assets to be digitized, distributed, fractionally owned, and ultimately liquidated, has formed a consortium in close collaboration with KABN (www.kabn.network), a global financial services platform that has developed, among its suite of products, a patent pending, blockchain based, GDPR compliant, Always On, global identification and accreditation as a support service for investors and other types of contributors. Polymath is leading the effort to make it easier for organizations to create digital securities from traditional assets through partnerships and a community that supports a transparent and compliant process for issuers and investors. Through its extensive service provider network with firms like KABN, Polymath provides security token issuers with access to top quality service providers. “Our solution supports the creation of digital securities from a wide range of traditional and non-traditional assets,” said Kevin North, CEO of Polymath. “The intention of this partnership is to create a best practice model for customers who need help with the full lifecycle of an STO (Security Token Offering). In this model, the issuer would work with an integrated network of ...
Read More
Read More
NCFA Canada | Burden Reduction Committee | March 1, 2019 Executive Summary In response to the Ontario Securities Commission’s (OSC’s) January 14, 2019 request for comments, this submission responds to the eight questions set out in the OSC’s Staff Notice 11-784. This submission draws heavily on, and also updates, the Association’s earlier submission to the OSC dated August 24, 2017 (see Appendix), which primarily focused on the crowdfunding requirements in Ontario. The National Crowdfunding and Fintech Association of Canada (the Association) represents over 2,000 fintech SMEs and individual members that support financial and capital market innovation, small businesses and technology. We are pleased that the Ontario government is undertaking this important regulatory burden reduction initiative to the benefit of all Ontarians. The Association has consulted a number of diverse crowdfunding and fintech stakeholders – including exempt market dealers, industry experts, securities lawyers, regulators and government agencies and is proposing several recommendations to reduce unjustifiable burdens placed on Ontario’s businesses. The Association recommends that the province undertake the following: The OSC conduct a review and publish a report evaluating the effectiveness of Ontario’s crowdfunding regulations (45-108) compared to other jurisdictions in Canada and international competitors such as the UK, US and ...
Read More
Read More
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