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[...]
Fintech Regulations
Equity Crowdfunding and Fintech Legal Issues
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding 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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Canadian Bar Review | Teresa Scassa | May 25, 2023 Canada's Bill C-27, The Digital Charter Implementation Act, features a proposed Artificial Intelligence and Data Act (AIDA). Canada’s Bill C-27, The Digital Charter Implementation Act, includes a proposed Artificial Intelligence and Data Act (AIDA). If passed, the AIDA would establish a series of obligations regarding the use of anonymized data in AI systems; the design, development and making available for use of AI systems generally; and the design, development and making available for use of high-impact AI systems. The bill is challenging to fully understand, as many of these obligations are left to be fleshed out in regulations, including even the definition of the “high impact” AI, to which the AIDA will apply. Oversight of the regime will be the responsibility of the Minister of Industry, who is also responsible for supporting the growth of the AI industry in Canada. See: OSFI and GRI report: AI in Finance Needs Safeguards, Explainability Key For Trust The AIDA is introduced amidst a rapidly changing AI landscape and international governance initiatives from the European Union and the United States, and aims to be both 'agile' and a form of risk regulation. The scope ...
Read More
Jun 8, 2023 Building the next fintech unicorn requires a combination of the right AI technologies, tapping into the right sector, having a solid data strategy, and putting together a team that can execute with precision and adaptability. Sector, model, and team: Look for untapped markets where AI can be revolutionary. According to the article, there are significant opportunities in taxes, personal finance, and compliance. Additionally, consider sectors where emotional and human-like interactions matter, such as wealth advisory and customer service. Building a successful fintech platform requires a combination of generative AI for front-end user experiences and predictive AI for backend processes. For instance, predictive AI can be used for fraud detection, risk modeling, and quantitative analysis, while generative AI can be utilized for chatbots, document automation, and investing research tools. Having a team with a deep understanding of the problem space combined with a strong technical profile is critical. This would enable the startup to have a quick go-to-market strategy. See: Foresight Lab: Embracing Uncertainty and Connecting Dots to the Future Focus on data, reliability, adaptability: Since financial data is mostly commoditized, you need to find ways to incorporate proprietary customer data into your AI models. This will not ...
Read More
Raconteur | Sam Forsdick | May 26, 2023 For Galloway, the solution is clear: young people, particularly young men, should embrace returning to the office. His justification? The need for in-person mentorship and a robust learning environment that is often absent in remote working situations. Galloway posits that the office provides an invaluable context for honing skills that are critical for success, including planning, decision-making, and self-control. Without the benefit of direct, interpersonal guidance, Galloway cautions that a generation of employees may be left lacking the vital skills necessary for career advancement. Galloway isn’t shy about stating the consequences of working from home. "The amount of time you spend at home is inversely correlated to your success, professionally and romantically," he claims. The implication is that personal and professional growth is largely contingent on stepping outside the confines of one's home. When it comes to the debate around work/life balance, Galloway dismisses it as a "myth". He suggests that those aspiring to achieve economic prosperity need to be prepared for a work-centric lifestyle. Drawing on his personal experience, he emphasizes the necessity of committing to years of consistent hard work for attaining financial success. "You can have it all, you ...
Read More
Jun 8, 2023 Between June 13 and 15, the Canadian Gaming Summit (CGS) arrives at the Metro Toronto Convention Centre. This will be the 26th edition of the event, which sees iGaming industry professionals and experts from across the country attend to discuss the latest trends and share ideas. This year is also a first for the CGS, as it’s being hosted by the SBC Events and the Canadian Gaming Association. The event is a chance for those working in the industry to share ideas and gain better insights into specific sectors, with a speaker list that features a who’s who of the Canadian iGaming industry. Canadian Gaming Summit 2023 is expected to attract more than 2,000 people, including author Gayle Mitchell who will be attending to research her upcoming book. Guest Speakers Perhaps the biggest appeal of the Canadian Gaming Summit is the appearance of guest speakers, who are all experts in the iGaming business. This year includes more than 150 speakers from across the industry, including names from some of the biggest companies currently operating in Canada. Some of the speakers include: Tom Mungham – Chief Executive Officer of the Alcohol and Gaming Commission of Ontario Scott Vanderwell ...
Read More
BIS | May 31, 2023 Discover how AI, data, and cross-border collaboration are shaking up the battle against financial crimes. Proof of Concept Completion and Advancements: The BIS Innovation Hub's Nordic Centre has successfully wrapped up Project Aurora, a proof of concept aimed at combating money laundering. By leveraging a synthetic data set representing real-world domestic and international payments data, advanced privacy-enhancing technologies, AI, and enhanced cooperation across entities and borders, the project showcased the transformative potential of these technologies in anti-money laundering (AML) efforts. Enhanced tools for data analysis helped identify suspicious patterns, moving beyond the limitations of current systems that often operate in silos. AML efforts have a significant financial burden on institutions, with costs rising by about $60 billion to roughly $274 billion between 2020 and 2022. Despite these efforts, a majority of laundered money remains undetected, indicating that existing methods are inadequate. Project Aurora offers a more effective and potentially cost-efficient approach, focusing on behavioral-based analysis, a stark contrast to the prevailing rules-based approach. Read: Opinion: The Financial Surveillance System May Be Less a Tool for Crime Prevention than a Means of Bureaucratic Ass Covering Implications and Future Steps: Project Aurora has demonstrated that technology, coupled ...
Read More
Finance Canada | Release | Jun 7, 2023 The Government of Canada has launched this public consultation to examine ways to improve Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime. Submissions to this consultation will close on August 1, 2023. The Government of Canada is undertaking a comprehensive review of its Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime in response to evolving risks and threats in the financial sector. The review is particularly crucial given the increased digitization of financial transactions and the emergence of new financial technologies, which present new potential avenues for illicit activity. The review will examine the effectiveness of existing legislative and regulatory frameworks in combating money laundering and terrorist financing and identify necessary improvements. It will also assess emerging risks in certain sectors, such as digital assets, crowdfunding platforms, mortgage lending entities, and armoured car companies, among others. See: Guide: How to spot potential money laundering Key objectives include improving the detection and disruption of money laundering and terrorist financing activities, addressing higher-risk vulnerabilities, positioning Canada for its next FATF evaluation, and responding to recommendations from the Cullen Commission. As part of this process, the government is seeking feedback on potential policy measures that could be ...
Read More
Techcrunch | Matthew Panzarino | Jun 5, 2023 The newly released Apple Vision Pro, a groundbreaking product offering in the mixed reality or extended reality (XR) space. Apple's Vision Pro represents a significant technological leap, thanks to a combination of its ambitious execution and unrivaled resources, with 5,000 patents filed over the past few years, a robust talent pool, and substantial capital. Well-equipped with state-of-the-art hardware, including a 24-million-pixel panel offering an immersive experience unparalleled by any other headset on the market. The device provides a comfortable and adjustable fit for different face sizes, facilitated by quick adjustable straps and various light seal options. What sets Apple Vision Pro apart is the effective mitigation of typical VR challenges like latency-induced nausea and isolation. Powered by Apple's R1 and M2 chips, the device provides a seamless experience with a 12ms system-wide polling rate, reducing motion blur and latency. See: Apple’s Foray into Metaverse: Anticipation of ‘xrOS’ Unveil at WWD As a caveat, it will be available 'early next year' to the masses, and the Apple Vision Pro comes with a hefty price tag of $3,500, positioning it as a product for power users and early adopters. As an advocate for innovative ...
Read More
SEC Release | Jun 6, 2023 The U.S. Securities and Exchange Commission (SEC) has taken emergency action against cryptocurrency platform Binance.US and its founder, Changpeng Zhao. They want to freeze assets and force the return of assets held for customers. This action is to make sure customer assets are safe and stay in the U.S. while the SEC investigates further. Read: SEC Files Charges Against Binance for Mishandling Funds and Deceiving Regulators In this emergency move, the SEC is asking for eight things: They want an explanation as to why an early court order shouldn't be applied to Binance and Zhao. They want to freeze BAM Management's assets. They want the return of assets held for customers of BAM Trading or BAM Management. They want further actions to protect the assets of BAM's customers. They want to stop the defendants from destroying records. They want a sworn statement of specific assets from the defendants. They want the right to quickly get information from the defendants. Lastly, they want the approval for alternate ways of service. View the original release --> here The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry ...
Read More
Aljazeera | Jun 5, 2-23 The United States Securities and Exchange Commission (SEC) has sued Coinbase, accusing the largest US cryptocurrency platform of operating illegally because it failed to register as an exchange. Coinbase, the largest US crypto platform, is under scrutiny for alleged security law breaches related to its staking rewards program. The SEC claims that Coinbase has been acting as an intermediary for cryptocurrency transactions since at least 2019, evading necessary investor protection disclosures. The company is also charged with trading at least 13 crypto assets deemed securities, which should have been registered, including Solana, Cardano, and Polygon. The lawsuit is part of SEC Chairman Gary Gensler's push to increase oversight of the rapidly growing crypto industry, which he has referred to as a "wild West" of investing. The legal actions against Coinbase and Binance signal the SEC's intent to enforce existing market regulations in the cryptocurrency sector, an industry that has often been accused of regulatory ambiguity. See: Breaking: SEC Files Charges Against Binance for Mishandling Funds and Deceiving Regulators Market Impact: Shares in Coinbase Global Inc dropped by as much as 20.9% following the announcement of the lawsuit, with customers reportedly withdrawing over $57m shortly after ...
Read More
Forbes | Alex Konrad | Jun 6, 2023 Venture capital’s biggest global brand is breaking up, with Sequoia’s China and India and Southeast Asia funds relaunching as new firms HongShan and Peak XV Partners. Sequoia Capital's Global Breakup: Venture capital heavyweight Sequoia Capital is splitting into three distinct entities, each targeting a specific geographic region. Sequoia Capital will focus on the U.S. and Europe, while the newly formed HongShan and Peak XV Partners will serve China and India/Southeast Asia respectively. This move could impact funding markets by adjusting the balance of power among global venture capital firms, potentially leading to a redistribution of capital and shifting the competitive landscape within the targeted regions. See: Which Companies Were Affected by FTX’s Collapse? Increased Regional Autonomy: As separate entities, HongShan and Peak XV Partners will no longer share profits or back-office functions with Sequoia Capital. This autonomy should allow each firm to better align their strategies with their respective regional market dynamics, while mitigating conflicts and complexities tied to centralized operations. It may trigger a ripple effect in the funding landscape as other venture capital firms may consider similar operational adjustments for their own regional branches. Repositioning Amidst Changing Geopolitical Landscape: Although ...
Read More
Canadian Bar Review | Teresa Scassa | May 25, 2023 Canada's Bill C-27, The Digital Charter Implementation Act, features a proposed Artificial Intelligence and Data Act (AIDA). Canada’s Bill C-27, The Digital Charter Implementation Act, includes a proposed Artificial Intelligence and Data Act (AIDA). If passed, the AIDA would establish a series of obligations regarding the use of anonymized data in AI systems; the design, development and making available for use of AI systems generally; and the design, development and making available for use of high-impact AI systems. The bill is challenging to fully understand, as many of these obligations are left to be fleshed out in regulations, including even the definition of the “high impact” AI, to which the AIDA will apply. Oversight of the regime will be the responsibility of the Minister of Industry, who is also responsible for supporting the growth of the AI industry in Canada. See: OSFI and GRI report: AI in Finance Needs Safeguards, Explainability Key For Trust The AIDA is introduced amidst a rapidly changing AI landscape and international governance initiatives from the European Union and the United States, and aims to be both 'agile' and a form of risk regulation. The scope ...
Read More
Read More
Jun 8, 2023 Building the next fintech unicorn requires a combination of the right AI technologies, tapping into the right sector, having a solid data strategy, and putting together a team that can execute with precision and adaptability. Sector, model, and team: Look for untapped markets where AI can be revolutionary. According to the article, there are significant opportunities in taxes, personal finance, and compliance. Additionally, consider sectors where emotional and human-like interactions matter, such as wealth advisory and customer service. Building a successful fintech platform requires a combination of generative AI for front-end user experiences and predictive AI for backend processes. For instance, predictive AI can be used for fraud detection, risk modeling, and quantitative analysis, while generative AI can be utilized for chatbots, document automation, and investing research tools. Having a team with a deep understanding of the problem space combined with a strong technical profile is critical. This would enable the startup to have a quick go-to-market strategy. See: Foresight Lab: Embracing Uncertainty and Connecting Dots to the Future Focus on data, reliability, adaptability: Since financial data is mostly commoditized, you need to find ways to incorporate proprietary customer data into your AI models. This will not ...
Read More
Read More
Raconteur | Sam Forsdick | May 26, 2023 For Galloway, the solution is clear: young people, particularly young men, should embrace returning to the office. His justification? The need for in-person mentorship and a robust learning environment that is often absent in remote working situations. Galloway posits that the office provides an invaluable context for honing skills that are critical for success, including planning, decision-making, and self-control. Without the benefit of direct, interpersonal guidance, Galloway cautions that a generation of employees may be left lacking the vital skills necessary for career advancement. Galloway isn’t shy about stating the consequences of working from home. "The amount of time you spend at home is inversely correlated to your success, professionally and romantically," he claims. The implication is that personal and professional growth is largely contingent on stepping outside the confines of one's home. When it comes to the debate around work/life balance, Galloway dismisses it as a "myth". He suggests that those aspiring to achieve economic prosperity need to be prepared for a work-centric lifestyle. Drawing on his personal experience, he emphasizes the necessity of committing to years of consistent hard work for attaining financial success. "You can have it all, you ...
Read More
Read More
Jun 8, 2023 Between June 13 and 15, the Canadian Gaming Summit (CGS) arrives at the Metro Toronto Convention Centre. This will be the 26th edition of the event, which sees iGaming industry professionals and experts from across the country attend to discuss the latest trends and share ideas. This year is also a first for the CGS, as it’s being hosted by the SBC Events and the Canadian Gaming Association. The event is a chance for those working in the industry to share ideas and gain better insights into specific sectors, with a speaker list that features a who’s who of the Canadian iGaming industry. Canadian Gaming Summit 2023 is expected to attract more than 2,000 people, including author Gayle Mitchell who will be attending to research her upcoming book. Guest Speakers Perhaps the biggest appeal of the Canadian Gaming Summit is the appearance of guest speakers, who are all experts in the iGaming business. This year includes more than 150 speakers from across the industry, including names from some of the biggest companies currently operating in Canada. Some of the speakers include: Tom Mungham – Chief Executive Officer of the Alcohol and Gaming Commission of Ontario Scott Vanderwell ...
Read More
Read More
BIS | May 31, 2023 Discover how AI, data, and cross-border collaboration are shaking up the battle against financial crimes. Proof of Concept Completion and Advancements: The BIS Innovation Hub's Nordic Centre has successfully wrapped up Project Aurora, a proof of concept aimed at combating money laundering. By leveraging a synthetic data set representing real-world domestic and international payments data, advanced privacy-enhancing technologies, AI, and enhanced cooperation across entities and borders, the project showcased the transformative potential of these technologies in anti-money laundering (AML) efforts. Enhanced tools for data analysis helped identify suspicious patterns, moving beyond the limitations of current systems that often operate in silos. AML efforts have a significant financial burden on institutions, with costs rising by about $60 billion to roughly $274 billion between 2020 and 2022. Despite these efforts, a majority of laundered money remains undetected, indicating that existing methods are inadequate. Project Aurora offers a more effective and potentially cost-efficient approach, focusing on behavioral-based analysis, a stark contrast to the prevailing rules-based approach. Read: Opinion: The Financial Surveillance System May Be Less a Tool for Crime Prevention than a Means of Bureaucratic Ass Covering Implications and Future Steps: Project Aurora has demonstrated that technology, coupled ...
Read More
Read More
Finance Canada | Release | Jun 7, 2023 The Government of Canada has launched this public consultation to examine ways to improve Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime. Submissions to this consultation will close on August 1, 2023. The Government of Canada is undertaking a comprehensive review of its Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime in response to evolving risks and threats in the financial sector. The review is particularly crucial given the increased digitization of financial transactions and the emergence of new financial technologies, which present new potential avenues for illicit activity. The review will examine the effectiveness of existing legislative and regulatory frameworks in combating money laundering and terrorist financing and identify necessary improvements. It will also assess emerging risks in certain sectors, such as digital assets, crowdfunding platforms, mortgage lending entities, and armoured car companies, among others. See: Guide: How to spot potential money laundering Key objectives include improving the detection and disruption of money laundering and terrorist financing activities, addressing higher-risk vulnerabilities, positioning Canada for its next FATF evaluation, and responding to recommendations from the Cullen Commission. As part of this process, the government is seeking feedback on potential policy measures that could be ...
Read More
Read More
Techcrunch | Matthew Panzarino | Jun 5, 2023 The newly released Apple Vision Pro, a groundbreaking product offering in the mixed reality or extended reality (XR) space. Apple's Vision Pro represents a significant technological leap, thanks to a combination of its ambitious execution and unrivaled resources, with 5,000 patents filed over the past few years, a robust talent pool, and substantial capital. Well-equipped with state-of-the-art hardware, including a 24-million-pixel panel offering an immersive experience unparalleled by any other headset on the market. The device provides a comfortable and adjustable fit for different face sizes, facilitated by quick adjustable straps and various light seal options. What sets Apple Vision Pro apart is the effective mitigation of typical VR challenges like latency-induced nausea and isolation. Powered by Apple's R1 and M2 chips, the device provides a seamless experience with a 12ms system-wide polling rate, reducing motion blur and latency. See: Apple’s Foray into Metaverse: Anticipation of ‘xrOS’ Unveil at WWD As a caveat, it will be available 'early next year' to the masses, and the Apple Vision Pro comes with a hefty price tag of $3,500, positioning it as a product for power users and early adopters. As an advocate for innovative ...
Read More
Read More
SEC Release | Jun 6, 2023 The U.S. Securities and Exchange Commission (SEC) has taken emergency action against cryptocurrency platform Binance.US and its founder, Changpeng Zhao. They want to freeze assets and force the return of assets held for customers. This action is to make sure customer assets are safe and stay in the U.S. while the SEC investigates further. Read: SEC Files Charges Against Binance for Mishandling Funds and Deceiving Regulators In this emergency move, the SEC is asking for eight things: They want an explanation as to why an early court order shouldn't be applied to Binance and Zhao. They want to freeze BAM Management's assets. They want the return of assets held for customers of BAM Trading or BAM Management. They want further actions to protect the assets of BAM's customers. They want to stop the defendants from destroying records. They want a sworn statement of specific assets from the defendants. They want the right to quickly get information from the defendants. Lastly, they want the approval for alternate ways of service. View the original release --> here The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry ...
Read More
Read More
Aljazeera | Jun 5, 2-23 The United States Securities and Exchange Commission (SEC) has sued Coinbase, accusing the largest US cryptocurrency platform of operating illegally because it failed to register as an exchange. Coinbase, the largest US crypto platform, is under scrutiny for alleged security law breaches related to its staking rewards program. The SEC claims that Coinbase has been acting as an intermediary for cryptocurrency transactions since at least 2019, evading necessary investor protection disclosures. The company is also charged with trading at least 13 crypto assets deemed securities, which should have been registered, including Solana, Cardano, and Polygon. The lawsuit is part of SEC Chairman Gary Gensler's push to increase oversight of the rapidly growing crypto industry, which he has referred to as a "wild West" of investing. The legal actions against Coinbase and Binance signal the SEC's intent to enforce existing market regulations in the cryptocurrency sector, an industry that has often been accused of regulatory ambiguity. See: Breaking: SEC Files Charges Against Binance for Mishandling Funds and Deceiving Regulators Market Impact: Shares in Coinbase Global Inc dropped by as much as 20.9% following the announcement of the lawsuit, with customers reportedly withdrawing over $57m shortly after ...
Read More
Read More
Forbes | Alex Konrad | Jun 6, 2023 Venture capital’s biggest global brand is breaking up, with Sequoia’s China and India and Southeast Asia funds relaunching as new firms HongShan and Peak XV Partners. Sequoia Capital's Global Breakup: Venture capital heavyweight Sequoia Capital is splitting into three distinct entities, each targeting a specific geographic region. Sequoia Capital will focus on the U.S. and Europe, while the newly formed HongShan and Peak XV Partners will serve China and India/Southeast Asia respectively. This move could impact funding markets by adjusting the balance of power among global venture capital firms, potentially leading to a redistribution of capital and shifting the competitive landscape within the targeted regions. See: Which Companies Were Affected by FTX’s Collapse? Increased Regional Autonomy: As separate entities, HongShan and Peak XV Partners will no longer share profits or back-office functions with Sequoia Capital. This autonomy should allow each firm to better align their strategies with their respective regional market dynamics, while mitigating conflicts and complexities tied to centralized operations. It may trigger a ripple effect in the funding landscape as other venture capital firms may consider similar operational adjustments for their own regional branches. Repositioning Amidst Changing Geopolitical Landscape: Although ...
Read More
Read More
