Paul Schulte, Advisor, Banking and Financial Services
August 22nd, 2019
Paul Schulte is the Founder and Managing Editor of Shulte Research based in Singapore. Paul's roles[...]
Fintech Startup SoFi to Roll Out Crypto Trading Via Partnership With Coinbase
Cointelegraph | Marie Huillet | Feb 27, 2019
Fintech startup SoFi — known for its online lending services — is partnering with major United States-based crypto exchange Coinbase to roll out crypto trading support, according to a CNBC report Feb. 26.
Sofi, which is headquartered in San Francisco, will reportedly launch its crypto services by the second quarter of 2019. Sofi CEO Anthony Noto — who was formerly Twitter’s chief operating officer and also a managing director at Goldman Sachs — told CNBC:
“Our target audience wants to see what the price of cryptocurrency is, and to buy it. They have a desire to do that and in many cases they already are.”
Buying, selling and price monitoring of cryptocurrencies is to be launched under the aegis of SoFi Invest — a new investment product that went live earlier this month. While not disclosing which cryptocurrencies are to be listed, Noto proposed that the notorious volatility of the digital assets and protracted crypto winter may in fact be considered an advantage by some. It’s a “two-sided coin,” he reportedly suggested, noting “some people may see it as an opportunity.”
See: The 11 Biggest Fintech Companies In America 2019
In addition to crypto services, SoFi — which launched with an initial focus on student-loan financing back in 2011 — is reportedly also introducing an Annual Percentage Yield account for user deposits. It has also reportedly filed for two exchange-traded-funds, a credit card, and an initial public offering (IPO) in the longer term.
As reported yesterday, Coinbase’s professional trading platform, Coinbase Pro, has just launched support for trading Ripple’s XRP token, with trading pairs against the U.S. dollar, the euro, and Bitcoin (BTC).
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
   |
NCFA | Samuel He, Market Research Analyst Intern | July 3, 2020 Today, millions live paycheck to paycheck, struggling to get by financially. This lack of resources and a poor credit score makes getting a loan difficult. And the options that are available, make the problem worse with high rates and aggressive rules. Traditional payday loans use aggressive deadlines and lump sum payments that often results in the customer spiraling into a debt trap. The challenge for the customer is accessibility to resources and the opportunity to improve their credit capacity for future, cheaper loans. Founded by Samir Issa, MoneyMates is an alternative lender that prioritizes the welfare of its customers by offering expert guidance not just on getting the loan, but how to improve their credit situation. See: Shopify expands capital lending program to help Canadian merchants weather COVID-19 They do this by offering customers an extended repayment period of up to two months rather than the typical two weeks. In the event of a missed payment, MoneyMates will work with the customer on a solution to avoid additional fees and penalties. MoneyMates has also added a unique savings feature to help borrowers accrue savings. Customers are given the ...
Read More
IMF Blog | By Ulric Eriksson von Allmen, Purva Khera, Sumiko Ogawa, and Ratna Sahay | July 1, 2020 The COVID-19 pandemic could be a game changer for digital financial services. Low-income households and small firms can benefit greatly from advances in mobile money, fintech services, and online banking. Financial inclusion as a result of digital financial services can also boost economic growth. While the pandemic is set to increase use of these services, it has also posed challenges for the growth of the industry’s smaller players and highlighted unequal access to digital infrastructure. Several actions will need to be taken to ensure maximum inclusion going forward. Low-income households and small firms can benefit greatly from advances in mobile money, fintech services and online banking. The shift towards digital financial services was already helping societies advance financial inclusion before the pandemic started, benefiting many low-income households and small firms with typically little access to traditional financial institutions. Lockdowns and social distancing are accelerating the use of digital financial services, just as the SARS epidemic in 2003 hastened China’s launching of digital payments and e-commerce. See: Cambridge launches the Global Alternative Finance Industry Benchmark & Covid-19 Rapid Assessment Survey in Partnership ...
Read More
Bank of Canada | Release | Jun 30, 2020 The Bank for International Settlements (BIS) and the Bank of Canada announced today they will be launching a BIS Innovation Hub centre to advance fintech innovation within the central banking community. The centre will open in Toronto within two years and is one of four locations scheduled to open in North America and Europe. This partnership will advance the Bank’s understanding of the digital economy and the technological transformation of financial services. It builds on the Bank’s existing research and collaboration with partners in the central bank and technology communities on digital currencies and fintech. “We’re proud to host a BIS innovation centre in Toronto and to strengthen our collaboration with other central banks and the private sector on digital technologies,” said Bank of Canada Governor Tiff Macklem. “This partnership will allow the Bank to continue its work on behalf of Canadians to explore how technology will shape the future of our economy and financial system.” See: Bank of Canada Speech: Money and Payments in the Digital Age Growth in Canadian FinTechs Having Impact on Canada’s Banking Landscape Open Banking In Canada: Navigating The Future Of Money “Toronto is an ideal location ...
Read More
Consilium Crypto | Austin Hubbell | Jun 29, 2020 TORONTO, June 29, 2020 /PRNewswire/ - Consilium Crypto, provider of Institutional-grade trading & risk management tools for digital asset markets, today launches its Liquidity Routing System for cryptocurrency exchanges, Consilium ORS. This product has multiple one of a kind features built in, designed to meet the needs of high-volume crypto traders (hedge funds, miners, OTC trading desks). High-volume clients can save 10% and more on transactions of select coins including Ethereum, Litecoin and Zcash. Consilium ORS also significantly improves pricing on Bitcoin and other digital assets, spreading orders across multiple exchanges to avoid disrupting prices, enabling users to get more for their money. Furthermore, there is no fixed cost for this service. Costs are a function of the trader's savings. If customers don't save on a transaction, they pay $0! See: Fintech Fridays EP40: Why Bitcoin Exists and Education for the Masses We offer a streamlined Liquidity Routing System that does not require custody of funds, a new concept in this type of trading. Consilium Crypto users keep complete control over all their assets, from quote to execution. All trading is done directly between the user and the exchange, reducing the risk ...
Read More
FundThrough Blog | Jun 26, 2020 TORONTO – FundThrough, North America’s leading invoice funding solution for small businesses, has announced it will provide $10 million in free funding for clients as the economy reopens from COVID-19. The company announced it as part of a broader initiative to help small businesses, who invoice their customers and wait to for invoice payments, get back on their feet in the wake of the COVID-19 economic shutdown and has expedited this capital commitment for SMBs looking for a practical source of funding. The Toronto-based Fintech company will provide working capital to small businesses in exchange for outstanding customer invoices, based on the creditworthiness of the payor. Clients that sell goods and services to larger customers and need working capital quickly are encouraged to apply. “We are proud to announce this initiative to help kick start the North American economy and ensure that companies get paid immediately for the work they have completed and the products they have delivered,” said FundThrough Co-Founder and CEO Steven Uster. “Large companies often stretch out their payment terms for their suppliers. We are levelling the playing field so that suppliers no longer have to act as a bank for ...
Read More
Finance Magnates | Matthew Unger | Jun 20, 2020 What will have the biggest impact? During the last decade, financial technology has improved dramatically, moving from mainframe trading computers and COBOL to mobile banking and blockchains. Never before have we been at such a critical inflection point as money, contracts, and regulations are combined into almost infinitely scalable code. Remote operations and contactless procedures are becoming the new normal, those financial services providers who previously resisted digitization now find themselves in a race for survival. As with any “gold rush”, this frenzy brings new opportunities for exploitation, fraud, theft, etc. One only has to review the Wild West scenarios that played out in the cryptocurrency sector to recognize the potential for fintech to be used to either create or extract value. While some made fortunes in the early crypto days, others lost a lot. Hotter than the cryptocurrency and ICO wave of 2015-2017, fintech platforms are growing faster than ever before. See: NCFA Announces Updated Virtual Interactive Programme for FFCON20 DIGITAL, the 6th annual Fintech and Financing Conference RegTech: The Financial Industry Disruptor Within the realm of fintech exist neo-banks, challenger banks, incumbents, and disruptors, each with unique threats, opportunities, ...
Read More
The Finanser | Chris Skinner | Jun 22, 2020 A friend of mine, Alessandro Hatami, wrote an interesting piece on Sifted that I shared in my news yesterday. He claims that neobanks like Monzo and Starling are not reinventing banking at all. They’re just modifying and improving it. Alessandro then goes on to cite the key things that banking should really focus upon: See: Fintech Fridays EP39: The Power of Digitization and How to Get Exponential There are three things banking customers fundamentally need — and are worth disrupting. Let us try to imagine what ‘transformation’ in these areas could look like in ‘The Ideal Neobank’: A Payment Account: Imagine a bank that allows you to seamlessly pay anyone, anywhere: be it your babysitter, your favourite retailer or a holiday home abroad. The bank takes care of everything and you can always be sure you will always get the fastest, cheapest, most secure solution possible. A Credit Line: Instead of an overdraft, personal loan, credit card, car finance or a mortgage you get a credit line. The bank knows you and will advance cash (with guarantees if required) as you need it. You make one payment a month — like ...
Read More
Finextra | Jun 15, 2020 New York's financial regulator is preparing to remove a number of regulatory hurdles impeding the development of cryptocurrency businesses in the US state. Virtual currency firms wanting to conduct business in New York currently have to apply for a BitLicence, which can take years to process. Under the new regime, firms will be able to apply under a new 'conditional licensing framework' that makes it easier for start-ups to enter the New York market by piggy-backing on the licences already authorised by DFS. Superintendent Linda Lacewell, says: “The DFS actions announced today in consultation with numerous industry participants and the public will boost responsible innovation and help get New York’s economy back on its feet. DFS is proud to foster accessibility and will continue to blaze a trail in the virtual currency marketplace.” See: Fidelity-backed crypto security startup Fireblocks launches ‘Secure Asset Transfer Network’ NetworkNewsWire Announces Official Newswire Status, Media Sponsorship of FFCON20: RISE Event As part of the initiative, the financial regulator has signed an MoU with State University of New York (Suny) to launch a new Suny-related virtual currency program, under which participating startups will also be able to apply for a conditional ...
Read More
Finicity | Release | Jun 23, 2020 Strengthens existing open banking capabilities with Finicity’s proven technology and talent Enhances collaboration and co-creation efforts with fintechs and financial institutions Furthers commitment to consumer-centric data protection and practices PURCHASE, N.Y. – June 23, 2020 – Mastercard (NYSE: MA) today announced it has entered into an agreement to acquire Finicity, a leading North American provider of real-time access to financial data and insights. The purchase price is US$825 million, and Finicity’s existing shareholders have the potential for an earn-out of up to an additional $160 million, if performance targets are met. The addition of Finicity’s complementary technology and teams strengthens the existing Mastercard open banking platform to enable and safeguard a greater choice of financial services, reinforcing the company’s long-standing partnerships with and commitment to financial institutions and fintechs across the globe. See: Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff Open banking gives people and businesses more control over their financial data. This includes determining how and where third parties – such as fintechs or other banks – can access that information to provide new services like money management programs or initiate payments on their behalf. Mastercard has increasingly ...
Read More
Sifted | Chris Sisserian | Jun 24, 2020 Q&A with Eric Sager, chief operating officer at Plaid, on how fintech innovation is democratising finance. California-based Plaid is one of the fintech infrastructure innovators enabling the open banking revolution. Its platform connects over 2,600 apps to 11,600 financial institutions, across the domains of personal finance, payments, lending, wealth management and business finance. The $5.3bn fintech is highly regarded by the many developers building the APIs that are driving today’s boom in fintech services. Since coming to Europe via a UK launch early in 2019, Plaid has picked up clients including Cleo and Pandle, and, as part of its expansion into Ireland, France, Spain and the Netherlands, will support integrations into banks including AIB, Santander and BNP Paribas. How does the company see Europe’s fintech ecosystem evolving? How is the Covid pandemic influencing financial behaviour? Sifted spoke with Plaid’s chief operating officer Eric Sager about the shift to open finance and how opening up financial services further will unleash a new wave of innovation — and give more people access to services they’ve been excluded from. Sifted: Right now, the Covid-19 pandemic is upending all aspects of our lives. How do you ...
Read More
NCFA | Samuel He, Market Research Analyst Intern | July 3, 2020 Today, millions live paycheck to paycheck, struggling to get by financially. This lack of resources and a poor credit score makes getting a loan difficult. And the options that are available, make the problem worse with high rates and aggressive rules. Traditional payday loans use aggressive deadlines and lump sum payments that often results in the customer spiraling into a debt trap. The challenge for the customer is accessibility to resources and the opportunity to improve their credit capacity for future, cheaper loans. Founded by Samir Issa, MoneyMates is an alternative lender that prioritizes the welfare of its customers by offering expert guidance not just on getting the loan, but how to improve their credit situation. See: Shopify expands capital lending program to help Canadian merchants weather COVID-19 They do this by offering customers an extended repayment period of up to two months rather than the typical two weeks. In the event of a missed payment, MoneyMates will work with the customer on a solution to avoid additional fees and penalties. MoneyMates has also added a unique savings feature to help borrowers accrue savings. Customers are given the ...
Read More
Read More
IMF Blog | By Ulric Eriksson von Allmen, Purva Khera, Sumiko Ogawa, and Ratna Sahay | July 1, 2020 The COVID-19 pandemic could be a game changer for digital financial services. Low-income households and small firms can benefit greatly from advances in mobile money, fintech services, and online banking. Financial inclusion as a result of digital financial services can also boost economic growth. While the pandemic is set to increase use of these services, it has also posed challenges for the growth of the industry’s smaller players and highlighted unequal access to digital infrastructure. Several actions will need to be taken to ensure maximum inclusion going forward. Low-income households and small firms can benefit greatly from advances in mobile money, fintech services and online banking. The shift towards digital financial services was already helping societies advance financial inclusion before the pandemic started, benefiting many low-income households and small firms with typically little access to traditional financial institutions. Lockdowns and social distancing are accelerating the use of digital financial services, just as the SARS epidemic in 2003 hastened China’s launching of digital payments and e-commerce. See: Cambridge launches the Global Alternative Finance Industry Benchmark & Covid-19 Rapid Assessment Survey in Partnership ...
Read More
Read More
Bank of Canada | Release | Jun 30, 2020 The Bank for International Settlements (BIS) and the Bank of Canada announced today they will be launching a BIS Innovation Hub centre to advance fintech innovation within the central banking community. The centre will open in Toronto within two years and is one of four locations scheduled to open in North America and Europe. This partnership will advance the Bank’s understanding of the digital economy and the technological transformation of financial services. It builds on the Bank’s existing research and collaboration with partners in the central bank and technology communities on digital currencies and fintech. “We’re proud to host a BIS innovation centre in Toronto and to strengthen our collaboration with other central banks and the private sector on digital technologies,” said Bank of Canada Governor Tiff Macklem. “This partnership will allow the Bank to continue its work on behalf of Canadians to explore how technology will shape the future of our economy and financial system.” See: Bank of Canada Speech: Money and Payments in the Digital Age Growth in Canadian FinTechs Having Impact on Canada’s Banking Landscape Open Banking In Canada: Navigating The Future Of Money “Toronto is an ideal location ...
Read More
Read More
Consilium Crypto | Austin Hubbell | Jun 29, 2020 TORONTO, June 29, 2020 /PRNewswire/ - Consilium Crypto, provider of Institutional-grade trading & risk management tools for digital asset markets, today launches its Liquidity Routing System for cryptocurrency exchanges, Consilium ORS. This product has multiple one of a kind features built in, designed to meet the needs of high-volume crypto traders (hedge funds, miners, OTC trading desks). High-volume clients can save 10% and more on transactions of select coins including Ethereum, Litecoin and Zcash. Consilium ORS also significantly improves pricing on Bitcoin and other digital assets, spreading orders across multiple exchanges to avoid disrupting prices, enabling users to get more for their money. Furthermore, there is no fixed cost for this service. Costs are a function of the trader's savings. If customers don't save on a transaction, they pay $0! See: Fintech Fridays EP40: Why Bitcoin Exists and Education for the Masses We offer a streamlined Liquidity Routing System that does not require custody of funds, a new concept in this type of trading. Consilium Crypto users keep complete control over all their assets, from quote to execution. All trading is done directly between the user and the exchange, reducing the risk ...
Read More
Read More
FundThrough Blog | Jun 26, 2020 TORONTO – FundThrough, North America’s leading invoice funding solution for small businesses, has announced it will provide $10 million in free funding for clients as the economy reopens from COVID-19. The company announced it as part of a broader initiative to help small businesses, who invoice their customers and wait to for invoice payments, get back on their feet in the wake of the COVID-19 economic shutdown and has expedited this capital commitment for SMBs looking for a practical source of funding. The Toronto-based Fintech company will provide working capital to small businesses in exchange for outstanding customer invoices, based on the creditworthiness of the payor. Clients that sell goods and services to larger customers and need working capital quickly are encouraged to apply. “We are proud to announce this initiative to help kick start the North American economy and ensure that companies get paid immediately for the work they have completed and the products they have delivered,” said FundThrough Co-Founder and CEO Steven Uster. “Large companies often stretch out their payment terms for their suppliers. We are levelling the playing field so that suppliers no longer have to act as a bank for ...
Read More
Read More
Finance Magnates | Matthew Unger | Jun 20, 2020 What will have the biggest impact? During the last decade, financial technology has improved dramatically, moving from mainframe trading computers and COBOL to mobile banking and blockchains. Never before have we been at such a critical inflection point as money, contracts, and regulations are combined into almost infinitely scalable code. Remote operations and contactless procedures are becoming the new normal, those financial services providers who previously resisted digitization now find themselves in a race for survival. As with any “gold rush”, this frenzy brings new opportunities for exploitation, fraud, theft, etc. One only has to review the Wild West scenarios that played out in the cryptocurrency sector to recognize the potential for fintech to be used to either create or extract value. While some made fortunes in the early crypto days, others lost a lot. Hotter than the cryptocurrency and ICO wave of 2015-2017, fintech platforms are growing faster than ever before. See: NCFA Announces Updated Virtual Interactive Programme for FFCON20 DIGITAL, the 6th annual Fintech and Financing Conference RegTech: The Financial Industry Disruptor Within the realm of fintech exist neo-banks, challenger banks, incumbents, and disruptors, each with unique threats, opportunities, ...
Read More
Read More
The Finanser | Chris Skinner | Jun 22, 2020 A friend of mine, Alessandro Hatami, wrote an interesting piece on Sifted that I shared in my news yesterday. He claims that neobanks like Monzo and Starling are not reinventing banking at all. They’re just modifying and improving it. Alessandro then goes on to cite the key things that banking should really focus upon: See: Fintech Fridays EP39: The Power of Digitization and How to Get Exponential There are three things banking customers fundamentally need — and are worth disrupting. Let us try to imagine what ‘transformation’ in these areas could look like in ‘The Ideal Neobank’: A Payment Account: Imagine a bank that allows you to seamlessly pay anyone, anywhere: be it your babysitter, your favourite retailer or a holiday home abroad. The bank takes care of everything and you can always be sure you will always get the fastest, cheapest, most secure solution possible. A Credit Line: Instead of an overdraft, personal loan, credit card, car finance or a mortgage you get a credit line. The bank knows you and will advance cash (with guarantees if required) as you need it. You make one payment a month — like ...
Read More
Read More
Finextra | Jun 15, 2020 New York's financial regulator is preparing to remove a number of regulatory hurdles impeding the development of cryptocurrency businesses in the US state. Virtual currency firms wanting to conduct business in New York currently have to apply for a BitLicence, which can take years to process. Under the new regime, firms will be able to apply under a new 'conditional licensing framework' that makes it easier for start-ups to enter the New York market by piggy-backing on the licences already authorised by DFS. Superintendent Linda Lacewell, says: “The DFS actions announced today in consultation with numerous industry participants and the public will boost responsible innovation and help get New York’s economy back on its feet. DFS is proud to foster accessibility and will continue to blaze a trail in the virtual currency marketplace.” See: Fidelity-backed crypto security startup Fireblocks launches ‘Secure Asset Transfer Network’ NetworkNewsWire Announces Official Newswire Status, Media Sponsorship of FFCON20: RISE Event As part of the initiative, the financial regulator has signed an MoU with State University of New York (Suny) to launch a new Suny-related virtual currency program, under which participating startups will also be able to apply for a conditional ...
Read More
Read More
Finicity | Release | Jun 23, 2020 Strengthens existing open banking capabilities with Finicity’s proven technology and talent Enhances collaboration and co-creation efforts with fintechs and financial institutions Furthers commitment to consumer-centric data protection and practices PURCHASE, N.Y. – June 23, 2020 – Mastercard (NYSE: MA) today announced it has entered into an agreement to acquire Finicity, a leading North American provider of real-time access to financial data and insights. The purchase price is US$825 million, and Finicity’s existing shareholders have the potential for an earn-out of up to an additional $160 million, if performance targets are met. The addition of Finicity’s complementary technology and teams strengthens the existing Mastercard open banking platform to enable and safeguard a greater choice of financial services, reinforcing the company’s long-standing partnerships with and commitment to financial institutions and fintechs across the globe. See: Rebank Podcast: How to Build a Profitable Digital Bank with Tinkoff Open banking gives people and businesses more control over their financial data. This includes determining how and where third parties – such as fintechs or other banks – can access that information to provide new services like money management programs or initiate payments on their behalf. Mastercard has increasingly ...
Read More
Read More
Sifted | Chris Sisserian | Jun 24, 2020 Q&A with Eric Sager, chief operating officer at Plaid, on how fintech innovation is democratising finance. California-based Plaid is one of the fintech infrastructure innovators enabling the open banking revolution. Its platform connects over 2,600 apps to 11,600 financial institutions, across the domains of personal finance, payments, lending, wealth management and business finance. The $5.3bn fintech is highly regarded by the many developers building the APIs that are driving today’s boom in fintech services. Since coming to Europe via a UK launch early in 2019, Plaid has picked up clients including Cleo and Pandle, and, as part of its expansion into Ireland, France, Spain and the Netherlands, will support integrations into banks including AIB, Santander and BNP Paribas. How does the company see Europe’s fintech ecosystem evolving? How is the Covid pandemic influencing financial behaviour? Sifted spoke with Plaid’s chief operating officer Eric Sager about the shift to open finance and how opening up financial services further will unleash a new wave of innovation — and give more people access to services they’ve been excluded from. Sifted: Right now, the Covid-19 pandemic is upending all aspects of our lives. How do you ...
Read More
Read More
Related Posts
Goldman Sachs, the 150-year-old investment bank, is staking its future on a mobile app
Revolut lets your purchase gold | SoFi hires Amazon exec to lead deposit, card businesses
‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics
Corporate venture capital deals hit new record as banks invest in fintech competitors
Coinbase Gears Up for Biggest-Ever Expansion of Crypto Asset Listings
FINTECH FRIDAY$ (EP.5-Aug 17): First Coin Capital’s M&A Story with Frans Tjallingii, MD Galaxy Digital Canada
