Decentralized Venture Ecosystem

FINTECH FRIDAY$ (EP.10-Sep 21): A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport

NCFA Canada | Sep 21, 2018

FF EP10 Brice Penaud banner1000 - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport

Ep10-Sep 21: A Regtech-based Blockchain KYC Solution for Document Custody

About this episode: On this episode, our host Manseeb Khan sits down with the CEO of Commercial Passport Brice Penaud. They chat about what KYC looks like in blockchain, how fintech and regtech can work alongside with governments, and the benefits of creating a digital identity. Enjoy!

Host: Manseeb Khan, NCFA, Fintech Fridays show host

Guest: Brice Penaud, CEO, Commercial Passport

Bio: Commercial Passport provides global digital KYC solutions, helping financial institutions reduce the time to on-board clients by automating beneficial ownership analysis and client document maintenance. Based in Toronto, Canada, Commercial Passport’s Universal KYC Solution is a paradigm shift in KYC collection, providing senders and receivers a clear chain of custody for KYC documents through blockchain technology.

 

FF EP10 Brice Penaud THIN 1000 - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport

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

Listen to more Fintech Fridays podcasts here


Transcription of Interview

Manseeb Khan: Hey Everybody how are you doing today Manseeb Khan here . And you tuning in to Fintech Friday's today. I have. OK. I know I see this every episode. But I do have a really incredible guest today.

Manseeb Khan: I have Brice Penaud from Commercial Passport and Bryce pretty much is on the forefront of all the regulation tech. And all of the blockchain KYC that are going to be what are going to be hopefully implemented in the next 18 to 24 months that are going to help either investors or aspiring investors. Brice Thank you so much for sitting down with me today, I know you are super busy. This means the world to me.

Brice Penaud: Thank you so much for inviting me I'm happy to be here and help or share what I understand about the industry and where I think it's going and what people should expect to be doing and what the future kind of looks like for the space.

Manseeb Khan: So, could you I guess for the audience. Tell us a little bit about who you are and essentially what commercial passport is.

Brice Penaud: Sure. So, I'll start with who I am. So, my name is Brice. The company is called commercial passport and are like what you might guess by the actual name. The idea behind our business is that entities and companies should have a passport just like an individual. That's right. The difference is that it's a commercial passport it's a digital I.D. identity that basically verifies you our as a business. So, there is sort of different categories of KYC or KYB some are you know your customer, and some are not your business were obviously sort of more focused on the complex legal entities that need this IP and so that can be a mutual fund. If the sovereign funds it could be hedge funds from banks know wealth management arms so on and so forth. Anywhere where there is are even offshore component or sort of a complex environment that sort of who we're looking to help the most those people who have you know very complex ownership structures where there is an identified need for analyzing all those relationships and then which documents you need for which people based on the jurisdiction that you're in. So that is essentially the problem that we're tackling.

Manseeb Khan: You could you just touch base a little bit more of why is focusing on regulation like regulatory tech. So crucial for businesses like be it in just the regular fintech space or even if they are in the blockchain space why is either understanding regulatory tech and looking into regulatory tech why is it important?

Brice Penaud: Well I guess you have two ways of thinking about it. One is sort of like the legal legislative regulatory jurisdictional perspective which is mostly about staying in compliance and you know not getting slapped with fines or fees or getting caught doing something you're not supposed to be doing. So, from that perspective it's more about avoiding pain than anything else. But then the other perceptiveness about being I guess it’s OK forward thinking or forward minded or futuristic. And that is sort of hopefully what we want to inspire and the people that we work with. It's not just the fact that you know we're thinking about solving these you know problems that are regulatory based that are becoming more and more complex for sort of each line of business that you might associate KYC with for example you know typically it was only for you know large corporates who had all the sort of complex stuff that they need to submit. But now you have you know things of real estate that are coming out and insurance in the medical world this is slowly coming up as well. So, you have this creeping sort of KYC expansion that's reaching and touching these other industries that weren't necessarily always affected by it. Now we see that now with ICOs and sort of other sort of token offerings. So, with that happening we want people to think about OK how do we solve this in a way that's kind of frictionless in a way where we do some work up front to create this digital identity. This commercial passport. And then from there you're now being able to use that interchangeably with sort of a whole host of different businesses who you might do business with. And I think that's what we want people to sort of be aware of is not just reducing the pain but actually being proactive about what it means to work with other people so that you're not stuck in this world of Excel spreadsheets and PDF's and e-mails and sending faxing paperwork you know back and forth with just that that happens.

Manseeb Khan: I totally agree with that you don't want to be stuck in that little purgatory of Excel sheets and e-mails right just not just time and energy that's getting wasted and not being put into business to make you as incredible as you aim to be right.

Brice Penaud: So while it also prevents you from being productive in your job right if you're absolutely out doing all this paperwork you're now focused on oh what do we need right now and let's not get caught being behind on work versus we have what we need let's be proactive about how do we manage our relationship with our clients and also how do we seem modern ourselves. Right. You know how do you feel if someone's managing a fund of let's say you know 10 billion dollars and they're still asking you to fax stuff over it doesn't really seem like current does it. You know like you have some of the best traders in the world or whatever who are executing some and incredible investments on their behalf using all kinds of you know you are a crypto slash you know algorithmic analysis of different things that seems quite a quite cool and high tech but how does that sort of relationship juxtapose itself to you know saying hey the media that some this documentary or PDF or an email or your fax right that seems kind of a mismatch.

Manseeb Khan: Yes. It's not is not as efficient and fast pace as it really should be and that's the whole purpose of being in financial tech and being in the block chain space is like hey we want to be as we want to move in microseconds when it comes to these things.

Brice Penaud: Exactly.

Manseeb Khan: What does blockchain KYC look like?

Brice Penaud: So, I guess there's a couple different ways of thinking about it but for us we're using just the business application of blockchain. So, we're not necessarily creating any kind of you know new currency or anything like that and we're not necessarily taking people's ideas and putting them on the blockchain. where we're doing essentially is gathering the necessary documents for you know all of the due diligence or the compliance checks that people might have. Instead of publishing these ideas on the watch and what we're doing is we're publishing a hash of these documents so that there is a ledger as a chain of custody of all these documents somewhere that says hey isn't these documents have integrity they haven't been changed they haven't been altered. They're real they're the ones that have been submitted by clients. So, on and so forth so that when you have this sort of proof of sort of kind of like you would like track changes in Microsoft right it's kind of like the same idea. The difference is that here as you know that nothing has been changed be published. And even though the Hash presented documents no one has no access to the actual document itself. so, no one can reverse engineer what that document looks like. This is obviously quite sensitive as you let know personal and sensitive data. So that's kind of how we see KYC fitting with blockchain. We don't necessarily see it as you know you need to take people's ID and distribute them across the ledger. We don't necessarily think that that's the safest thing to do. But what is safe for us to sort of keep a track record of all these super sensitive documents that people want to make sure are valid and they're legal and they've been certified properly.

Manseeb Khan: So, some of the challenges that KYC may face I'm going to try to break this down is as detailed as I can. Sounds good. Yeah as the disparity of specification. Right. So, every bank has their own specifications that they adhere to. Some of them also might be stringent regulations by regulation. Rules are often changed they're often even added more. The compliance burdens on banks and the adverse impact to relationships with customers because banks is constantly have to keep hitting up the exact same customers even though they have the information. Again, it comes on the faxing right like a fax to one bank, but this other bank wants it. But OK. Right. Right. It just it just gets so troublesome and you just get and just get really angry. On top of that it starts escalating costs right. I mean like Reuters even talked about how like onboarding a KYC can increase your costs to go up above 18 percent. Right. And it takes a minimum of like 26 days to completely onboard a customer. How do you see commercial passport tackling these problems?

Brice Penaud: Well whether it's our company or another company I think that what you want to get access to is documents are being updated in real time that are also either changed or sort of you know Evolved with the regulation. So, like you mentioned if things change right. Because we know that all these new laws come out every year that sort of change the gathering or of a certain specification of these requirements. So, whether it's our company or someone else's that you know these financial institutions work with what they what they should want is to make sure that whenever someone says something they can send it in real time that can be updated that can be changed. And another way of thinking about this is if you know documents going to expire for example you won't be able to know that AND track that. And that sort of helps you stay ahead a little bit of the sort of regulation you know nightmare and the other piece too is you know kind of lobbying some of the you know bodies that sort of decide on these legislative matters. Right. Is giving them also the best information that fintech companies have because they actually deal with this on a day to day basis and giving them the information so they make you know informed decisions about what it means to have great data that is actually helpful to both you know the people who are supposed to be overseeing these financial institutions but also for them and for their clients.

Brice Penaud: So, what you really want is the synergy between you know the government and the fintech companies and the large institutions that are sort of now somewhat being sought after in terms of being you know compliant and you know being you know sort of responsible with the way that they're gathering information. So, I think whoever it is that is doing this needs to keep that in mind throughout the entire time. So for us obviously that's one of our key priorities and why we see the future for KYC of being you know in one sort of central location that has real time changes and updates that are going to be complaint with these banks don't get in trouble so that these financial institutions have exactly what they need without having to do this paper based chasing.

Manseeb Khan: Yeah. And to make sure I like we dot our p's and q's to make sure that everything is adds up.

Brice Penaud: Absolutely that that's exactly right. I think most people will subscribe to that idea but it's harder to implement in real life right and that also has to make a mental shift in their mind and say OK we understand it we've been doing it this way for 50 years and whether it's through fax or e-mail or PDF sharing or order or courier or whatever it might be. So, it means that whoever is you know leading inside these institutions they have to be willing to make a decision to say we understand that this process is outdated and it's not really going to be fit for purpose anymore. And so, if they want to you know be a leader is in that sense. I think they have to come to terms with the idea that no solutions are available out there we're not the only company doing that. But in either case, I think that there has to be a sort of a wave of a recognition that this change is coming and that these digital solutions are going to be a part of the future. And you know that's led both within the people who are you know innovative inside these institutions but also know from people in government we need to recognize it as a solution. It's better for everyone involved. So, there's sort of you know multiple layers of complexity of you know making this sort of happen. But it is going to come one way or any other and I think it's better to be sort of prepared and proactive about it then just wait and let it take you by storm when it's kind of too late and you suddenly have to do all these changes and be kind of unprepared for it.

Manseeb Khan: Yeah no I absolutely agree. I think if we start educating some of the lobbers and make them understand like hey this is the new tech that's coming in without like all the flash and bling. This is exactly what it does. This is why implementing companies like commercial passport and other KYC companies like us.  It's going to help just move faster and we're smoother I'm just going to be so much more ease of use. Right. I mean I don't like everybody knows the joke that like government officials and government workers are overworked already. Let's just try to make the jobs that are easier. So, we have to start moving and things a lot smoother.

Brice Penaud: That's exactly right. I mean and part of that you know helping people do that is having you know a digital version of things that's available to for example auditors. Right. I mean I don't know who really wants to sit through you know hours of paperwork and scan documents so on and so forth. You know people have this sort of no digital I.D. or version of a digital passport. Then you have something that actually people can look at in a currently you know I guess it's a speedy way to say hey this you know checks of all the compliance things that you know you know financial institutions are supposed to be doing. So, you're out. You're also helping. You know one hand kind of leads the other all the way up down the value chain of you know the KYC world. I think part of that needs to be taken into consideration. While the lobbying happens right. While the advocacy of this change happens is that this isn't just for the institutions or just for the fintech companies but it's also for the people who are supposed to be overseeing the process.

Manseeb Khan: Yeah, I love the how one had feed the other I know we touch this a little bit prior so some of the caveats of having KYC's in blockchain is having trusting parties right the trust factor that's built in block chain. It's very crucial to have to make sure OK how do we verify these trusting parties. what are the checks of the check off on the checklist to make sure hey this is up this is Manseeb's bank. This is. I meet all the regulations cool, you can move money and move crypto through me. dealing with the nature of blocking itself right, we have to decide OK we'll block chain be private will be public would it be a hybrid and just tracking variabilities right. So, which changes a lot. Right. So, investors and like people that have stake under 25 percent in a client’s company that's very hard to track, because it's such an it's such a minuscule amount. Right. It's like. So again, how do you how do you see commercial passport tackling this problem.

Brice Penaud: Well whether again whether it's us or another company that does things similar to us part of it is building tech that can help map what you just described out so you know mapping out you know who owns the interest and you know all those key things that you need to know to make sure that you're gathering the right documents from all the different entities or individuals. But the other key is that you get from about you know all the you know how is this trusted and how does that function within the greater scope of the longevity of the idea. And I think part of that is making sure that you're choosing you know a ledger or block chain that essentially you know is going to be around for a while. Right. There’re different ways of thinking about that but for us it's pretty obvious that you know Bitcoin ledger the public ledger makes more sense for now. It's the one that's been used it's one of the ones that has been you know sort of surpassed in terms of security flaws that it may have but even the application of that isn't necessarily to just secure a document it's more to secure the variability of what you said a change in the document. So even from that perspective we're safeguarding you know the documents and just publishing a hash of those documents. So, if you're thinking about how you know trust is built in part of it is how you're using the technology. It's not just using blockchain and the idea that oh well it's pretty secure right because it's decentralized. You can't just be thinking about it from those simple terms that have to also be OK but how does it specifically you know benefit us and our customers. Why do they get a benefit from us? Oh well they get a benefit. Because we understand that they can work at any of their documents being you know changed or signed or sent over to anyone without having to expose any real you know sensitive data. So, I think that's the way that we think about.

Manseeb Khan: Do you have any questions you want to you want to throw in or they've come up with on the the way?

Brice Penaud: Well sure. I mean I think that there are more questions for the greater community. You know people who are in regtech or fintech or the KYC side. which is you know if you are an innovator in this space and you're trying to help financial institutions are seeing the light and you know some of these changes that are coming I think part of it has to do with asking yourself how do I make sure that people who are going to be using these kinds of services or products from a fintech perspective how do we make sure we serve them in the best way possible but that fits current regulation. And there's some really interesting companies are doing great things out there. I'll mention one from the U.K. called Cube for example where they gather all the regulatory changes that happen every day and they have an ability to sort of source and track all these different jurisdictional changes. And so, if you're a company that's in that space. you need to be thinking about how to create partnerships with those kinds of businesses because not one company can do it all. So, a lot of that has to do with integrating and partnering to make sure that when this innovation does happen we have at least sort of cohort of solutions can coexist with each other right.

Brice Penaud: So, for example I think in the early days of Salesforce didn't necessarily do everything. But now the Salesforce exchange where no other parties can come in and help build top of what they do. And I think that that's essentially what's going to happen with the KYC space I think will be a couple big players who will of Win the sort of core of what KYC, you know automation in happens for you know from the digital perspective. But then there will be other people who come in and sort of build off that. And so, I think that the way to do that is to think about how do we best serve the people who are going to be using it and how do we best serve people. We need to follow those kinds of laws so that's just one question that poses you know how people think about that and how to focus to make sure that you're serving all the parties that are involved.

Manseeb Khan: It was mentioned a couple of episodes back but this whole thing is just it's a grand experimentation right. we're just testing and we're learning and we're failing and we're saying OK what works what doesn't work. OK what if we service our customers this way with this. OK. OK. Kind of sort of we did. Eighty percent. OK. Well I was going to get some next 20. How do we automate a couple spaces here? And we know it is an educational factor that we are throwing in. It's all we're all just like playing with the clay and hopefully molds into something.

Brice Penaud: That's exactly right. That's exactly right.

Manseeb Khan: Thank you so much for sitting down with me today. I definitely learned a lot more about KYC than I did 12 hours ago. so, thank you so much for sitting down with me today, very much educational and I'm very excited to see the journey that commercial password is going to embark on and all the other KYC companies

Brice Penaud: Thank you I really appreciate you having me on the show. And if anyone wants to reach out to me they can if I can be of help in any way and whether it's competitors whether it's institutions or people who just want to know a little bit more about the space and I'm happy to help.

Manseeb Khan: Awesome. What would be the best way to contact you would be through Twitter with snapchat you.

Brice Penaud: Yeah, I'm just I'm just on LinkedIn. It's just Brice Penaud. B.R.I.C.E , P.E.N.A.U.D and that's the easiest way to get me.

Manseeb Khan: Ok awesome. Brice Thank you so much again for sitting down with me. I cannot wait to have you on the show again.

Brice Penaud: Thanks so much for inviting me. And hello to all the listeners out there.

End of Podcast

 

Subscribe and Listen to more Fintech Fridays podcasts here

Join NCFA's weekly Podcast series 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges!

Interested in getting involved as a partner or participant? info@ncfacanada.org

 


NCFA Jan 2018 resize - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport 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 - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial PassportFF Logo 400 v3 - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passportcommunity social impact - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport

NCFA Canada | Jan 21, 2022 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. EP56: How We Raised $426 million Using Rewards Crowdfunding Featured Guest: ZACH SMITH, CEO and Co-Founder, Funded Today (LinkedIn) Zach Smith is a serial entrepreneur having never had a "real" job his entire life. He's always starting, selling, running, and managing businesses. Mr. Smith loves helping others turn their dreams, ideas, and inspirations into successful companies. This passion led to his creation of Funded Today, LLC, the world’s most successful crowdfunding firm. Funded Today has now cumulatively raised over $426 million and counting for 4,000+ crowdfunding campaigns across the world and in 2018 was the 27th fastest-growing-privately held company in the United States on the prestigious Inc. 5000 list, and #2 in Utah. Chances are, if you've seen a successful campaign on Kickstarter or IndieGoGo, Zach Smith and Funded Today have been the driving factor behind its success! Mr. Smith graduated Summa Cum Laude as the valedictorian from Weber State University's Goddard School of Business and Economics, with a business degree specializing in accounting. He is fluent in Mandarin Chinese and has been featured in numerous publications including Mixergy, The Wall Street Journal, USA Today, Entrepreneur, ...
Read More
NCFA FF EP56 Zach Smith Funded Today  - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport
Niche Gamer | Michael Valverde | January 18 Seven recent patent filings suggest retail giant Walmart is embracing crypto, NFTs, and more as they’re entering the Metaverse with a new business venture that incorporates VR gaming, cryptocurrency, and NFTs. These trademarks were filed to the US Patent and Trademark Office on December 30, 2021, outlining several potential applications that Walmart can pursue that incorporates the growing (and controversial) world of Web 3.0. One patent describes “downloadable e-commerce software” that would allow users to “perform electronic business transactions” by providing them with a “virtual marketplace” that accepts “digital currency, crypto currency, and virtual currency.” See:  Walmart to launch fintech startup with partner Ribbit Capital An example of this potential marketplace went viral earlier this month, when a video created by Mutual Mobile for SXSW 2017 resurfaced on Twitter. This video showcased a tech demo of a virtual Walmart shopping experience using Oculus virtual reality technology. Instead of the traditional e-commerce experience that involves clicking on a picture of an object to add it to a cart, this video shows how the user can manipulate specific products as physics objects placed inside a virtual representation of a real shopping cart, with FMV-style ...
Read More
Walmart files crypto and NFT patents - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport
Financial Health Network | Jan 20, 2022 Why Invest in Employee Financial Health? Now more than ever, employees at all income levels are struggling with their finances, especially those with low to moderate incomes. When people worry about their finances, they struggle to stay focused and productive at work. What’s more, employees have come to expect that their employers will provide wages and benefits that support their financial health. See:  Financial Health Network Report: Financial Data – The Consumer Perspective Investing in the financial health of your workforce can create a win-win for your employees and your business. But beyond being a smart thing to do, many companies recognize that investing in employee wellbeing is the right thing to do. Caring for the financial health of your workforce shows that you value your employees and the contributions they make to your company’s success. Diagnose Needs Employee needs are diverse. One-size-fits-all financial health solutions can result in low uptake and limited impact, because they don’t address the needs of the employees who could benefit most. Before designing solutions, take the time to understand your employees’ needs and prioritize the most acute challenges. Identify Solutions To find the right solutions for your ...
Read More
financial health network - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport
The Hub | Derrick Hunter | Jan 19, 2022 78 percent of the Canadian workforce are either entrepreneurs or are employed in businesses that at one time were created by entrepreneurs A core objective of every federal, provincial, and local government is to promote “economic development”, which is understood as the improvement of our standard of living through the creation of jobs, the support of innovation, the creation of wealth, and an overall better quality of life. Economic growth is more or less table stakes for officeholders who hope to be re-elected since a shrinking economy is never good news for the incumbent. Consequently, it is hardly surprising that jurisdictions will compete ferociously to attract fast-growing companies. Just witness the frenzy over the announcement by Amazon in 2018 of their intention to create a second headquarters. Dozens of cities across the U.S. and Canada offered extraordinary incentives in the attempt to win the prize. Atlanta offered to build an exclusive airport lounge. Boston offered zero-interest loans to Amazon employees. Columbus offered to make exceptional efforts to reduce their “unacceptable” murder rate. All of this on top of billions of dollars of incentives, subsidies, and tax reductions that were merely the ...
Read More
entrepreneurship core driver of economic growth - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport
CloudTree Ventures | Winston Ma | Jan 19, 2022 Today, China and the United States are competing and growing their technological capabilities in a wide array of sectors. The cutting-edge area of America and China’s technological war that’s been heating up recently is around who will dominate the blockchain and cryptocurrency industry. Although China has cracked down on cryptocurrencies, shutting down all domestic crypto exchanges and banning all ICOs, blockchain technology itself is recognized as a revolutionary development by the government. In a speech October 2019 speech, Chinese President Xi Jinping declared blockchain would play “an important role in the next round of technological innovation and industrial transformation.” That marked the first major world leader to issue such a strong endorsement of the widely hyped – but still unproven – distributed ledger technology (DLT). (By contrast, most governments in the West have been far more cautious.) See:  The Good, the Bad and the Ugly of Central Bank Digital Coins (CBDCs) Calling for blockchain to become a focus of national innovation, President Xi’s speech detailed the ways the Chinese government would support blockchain research, development, and standardization. China’s leadership position in the global competition of central bank digital currency (CBDC) is ...
Read More
E CNY Cross border global payments - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport
GBBC | Jan 19, 2022 Day 1: Jan 18 See:  Can Blockchain Solutions Unlock Capital to Fix Our Planet? Day 2: Jan 19 Download the 2 day virtual agenda --> 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 ...
Read More
GBBC Blockchain Central Davos Jan 18 19 - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport
CSA Release | Jan 19, 2022 Toronto – The Canadian Securities Administrators (CSA) today published guidance for investment funds on their disclosure practices that relate to environmental, social and governance (ESG) considerations, particularly funds whose investment objectives reference ESG factors and other funds that use ESG strategies (ESG-Related Funds). The guidance is based on existing regulatory requirements and addresses areas of disclosure, including investment objectives, fund names, investment strategies, risk disclosure, continuous disclosure and sales communications. See:  New SEC task force will scrutinize ESG and climate disclosures and marketing As the investment fund industry creates new funds and incorporates ESG considerations into existing funds to meet demand, there is an increased potential for “greenwashing” – where a fund’s disclosure or marketing intentionally or inadvertently misleads investors about the ESG-related aspects of the fund. “Interest in ESG investing is on the rise and this enhanced and practical guidance will play an important role in helping investors make informed decisions about ESG products, as well as preventing potential greenwashing,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. This guidance is intended to help investment funds and their fund managers enhance the ESG-related aspects of the funds’ regulatory ...
Read More
ESG fund disclosure guidance - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport
UK Law Society | Jan 11, 2022 We’ve published the second edition of our blockchain report, in collaboration with the Tech London Advocates (TLA) Blockchain Legal and Regulatory Group. Who wrote the report? The TLA Blockchain Legal and Regulatory Group put together the second edition of the blockchain legal and regulatory guidance. Read the first edition TLA's dedicated blockchain working group was founded in 2018 and serves as a hub for multi-disciplinary DLT experts. For the 2022 guidance, we’ve heard from experts including the law commissioner for commercial and common law, Professor Sarah Green, and Alessandro Palombo, CEO of Jur. See:  Blockchain Vulnerabilities, Forensics And Legal Challenges A full list of experts who have addressed and fed into the group’s work is set out at annex two of the report. What’s in the report? The guidance covers a range of key issues for legal practitioners to be aware of when advising on DLT-related matters. The report is divided into two parts: Continue to the full article --> here Download the 236 page PDF report --> 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 ...
Read More
blockchain legal and regulatory guidance 1 - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport
SEC | Jan 19, 2022 Navigating Your Capital Raising Options When raising capital, a business may not offer or sell securities unless the offering has been registered with the SEC or falls within an exemption from registration. Each exemption has specific requirements that a company must meet. See:  The Real Story of Access to Capital This interactive tool can help you navigate the many regulatory pathways to raise capital, based on the criteria that matter most to you. While this tool does not provide legal advice, it can help you better understand your options so that you make informed decisions. Let’s get started! New SEC funding tool to explore options --> 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
options to raise capital in the U.S - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport
CBC | Cassie Williams | Jan 18, 2022 Gerald Cotten died suddenly in 2018 and took keys to $250 million in crypto assets to his grave Robertson isn't under investigation and has never faced criminal charges. After Cotten's death, she agreed to forfeit $12 million in assets that included vehicles and real estate. She was allowed to keep $90,000 in cash, $20,000 in retirement savings, a 2015 Jeep Cherokee, $15,000 in furniture and some jewelry, including her wedding band. Cotten ran Quadriga like a Ponzi scheme Investigative journalists Amy Castor and Takara Small have spent years following and reporting on the Quadriga scandal.   Castor said Cotten operated Quadriga like a Ponzi scheme. "Whenever people put their money into the exchange, he sort of used it as his personal slush fund," she said. Small said people were bringing duffel bags of cash to the home Cotten and Robertson shared. She wonders why Robertson didn't think to question what was going on. See:  QuadrigaCX: A Review by Staff of the Ontario Securities Commission Robertson said she trusted Cotten, and any questions were explained away because banks were very "anti-bitcoin" and there were problems exchanging cryptocurrency for cash through traditional means. "It never ...
Read More
QuadricaCX gerry cotton - FINTECH FRIDAY$ (EP.10-Sep 21):  A Regtech-based Blockchain KYC Solution for Document Custody with Brice Penaud, CEO Commercial Passport

 

Leave a Reply

Your email address will not be published. Required fields are marked *