Fintech Regulations

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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

5G UK | By Jamie Carter Will 5G change the banking industry? Financial Technology – usually known as FinTech – definitely is. It's going to change how we spend, how we save, and how we buy financial services. It’s a realisation among hundreds of start-ups that software and modern technology can be used to sell financial services such as payments, investments, loans and money transfers in a way that seems natural to millennials and other consumers used to doing everything on their phones and tablets.  Fearing a huge disruption to their business by agile, flexible start-ups, the big retail banks are rushing to embrace all kinds of FinTech techniques fit for the mobile age. Why 5G? Why does this new wave of natively mobile and digital banking needs super-fast 5G? Surely it would all work perfectly well on 3G and 4G networks? 5G's critical role in FinTech is not really about speed. When 5G networks go online in the early 2020s, we should see smartphones capable of super-fast downloads of over 1Gbps. As 5G spreads, that could rise exponentially, hitting download rates of 20gbps and upload rates of 10gbps. However, 5G is as much about ultra-low latency as about speed ...
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Why FinTech needs 5G
McKinsey&Company | Oct 2018 Robust growth makes payments a dynamic sector for incumbents—and a draw for new competitors. Global payments revenues swelled to $1.9 trillion in 2017, the best single year of growth in the last five years (Exhibit 1). In last year’s report, we forecast that payments would become a $2 trillion business by 2020. Indeed, 2017’s market performance was so robust—its 11 percent growth rate fueled by continuing strength in the Asia–Pacific corridor—that global revenues are poised to surpass that $2 trillion threshold in 2018, and to approach $3 trillion within five years. This rapid growth makes payments an expanding and increasingly important component of the broader banking industry. After an extended period in which payments generated roughly 30 percent of overall banking revenues, this metric has turned sharply upward. The continued prominence of payments in banking revenues might come as a surprise, given the continued pressure on payments fees—increasing competition and regulatory pressure—and ongoing low-interest-rate environments in many developed economies. In contrast, the trend makes sense, given healthy underlying fundamentals, including electronic-transaction and digital-commerce growth, and increasing cross-border activity. The growth of the payments component also points to the imperative for financial institutions to develop and continually ...
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Global payments: Expansive growth, targeted opportunities
NCFA Canada | Oct 19, 2018 Ep14-Oct 19:  The Convergence of Data Intelligence and Money Algorithms About this episode: On this episode, NCFA Fintech Friday's host Manseeb Khan sits down Saroop Bharwani. Founder of Senso, a data intelligence platform for the financial services industry. They chat about regulations in the AI space, fears of AI taking over the world and how screens and machines are as important as the birds and the bees. Enjoy! Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest: SAROOP BHARWANI, Co-founder and CEO, Senso.ai (LinkedIn) Bio:  Saroop is the Founder of Senso, a data intelligence platform for the financial services industry. Curious about intelligent machines from an early age, Saroop pursued degrees in both Computer Engineering and Neuropsychology to explore the intersection between machines and the human brain. Saroop then spent over a decade building technology teams for global Fortune 100 companies with a focus on leveraging predictive modelling to automate consumer engagement. Having supported Toronto's startup ecosystem since the early 2000's, Saroop was well positioned to start Senso to solve an industry-wide problem which he identified through the use of advanced forms of artificial intelligence.   Subscribe and tune in each Friday to check out ...
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FINTECH FRIDAY$ (EP.14-Oct 19):  The Convergence of Data Intelligence and Money Algorithms with Ali Pourdad, Founder and CEO Senso.ai
BusinessWire release | Accenture | Oct 17, 2018 Digital-only banks, fintechs and big tech companies are quietly gaining customers, while incumbents struggle to make strategic investments in their digital future NEW YORK & LONDON & HONG KONG--(BUSINESS WIRE)--New entrants to the banking market — including challenger banks, non-bank payments institutions and big tech companies — are amassing up to one-third of new revenue, which is challenging the competitiveness of traditional banks, according to new research from Accenture (NYSE:ACN). “As the banking industry experiences radical change, driven by regulation, new entrants and demanding consumers, banks will need to reassess their assets, strengths and capabilities to determine if they are taking their business in the right direction” Accenture analyzed more than 20,000 banking and payments institutions across seven markets to quantify the level of change and disruption in the global banking industry. The study found that the number of banking and payments institutions decreased by nearly 20 percent over a 12-year period — from 24,000 in 2005 to less than 19,300 in 2017. However, nearly one in six (17 percent) current institutions are what Accenture considers new entrants — i.e., companies entering the market after 2005. While few of these new players ...
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Banks’ Revenue Growth at Risk Due to Unprecedented Competitive Pressure Resulting from Digital Disruption, Accenture Study Finds
Forbes | Michael del Castillo | Oct 18, 2018 The U.S. Securities and Exchange Commission is launching a portal for engaging with companies using blockchain, artificial intelligence and more. Available today, the new fintech hub, or FinHub for short, is designed to bring the SEC’s existing services to a single access point and provide an easier way for companies to communicate with the public. As startups building with blockchain increasingly come under the SEC’s attention, the new portal has the potential to streamline the process of building compliant platforms prior to launch. The SEC’s FinHub will be led by Valerie A. Szczepanik, senior advisor for digital assets and innovation and associate director in the SEC’s Division of Corporation Finance. “We’ve been doing these things for years,” Szczepanik told Forbes. “This is going to bring it all together.” The FinHub will be staffed by representatives from the SEC’s divisions and offices who have expertise and involvement in fintech-related issues. See:  Canadian securities regulators provide additional guidance on securities law implications for offerings of tokens In addition to asking questions of the SEC, those who use the site will be able to request meetings. To increase engagement, a binary code “Easter egg” ...
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SEC Launches Fintech Hub To Engage With Cryptocurrency Startups And More
Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
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Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
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The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
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Exploring cryptoasset regulation
NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
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FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
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Data is a 2-way street in a post-GDPR world

 

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