David Durand, Advisor, Innovation and Advocacy
September 9th, 2020
David Durand, LL.L., B.Sc. chem., – Founder and Managing Partner of Durand Lawyers – Lawyer (Québec)[...]
Five Trends in Blockchain To Be Excited About in The New Year
FintruX Network | Conrad Lin | Jan, 2019
In the past year, we have seen a lot of interest and careful, calculated advances being made in blockchain applications across industries. Blockchain today is proving to be a viable technology aimed at decentralizing every industry resulting in better efficiency and security.
Blockchain was born as the digital framework for cryptocurrency transactions, but many fintech enthusiasts prioritized the speculation of trading cryptocurrencies versus the technology that powered it. With the markets experiencing a downturn, we have the opportunity to shift our focus to innovative use cases of the technology.
What is Blockchain?
Blockchain technology is a digital database where its information is stored across computers linked to one another. It is decentralized and distributed which makes it nearly impossible to alter without detection. An example of distributed ledger technology, blockchain technology ensures transparency and security of data, empowering peer-to-peer transactions.
Outlook for Blockchain Technology in 2019
According to a recent Forrester research article, there is a real risk of experiencing a ‘blockchain winter’ in 2019 as many promised and groundbreaking applications of blockchain technology have not yet reached the masses. In addition, the bear market has always caused many retail investors to lose faith in the technology as a whole. However, cryptocurrency is only part of the picture, and in my opinion, a considerably small part of the equation.
The technology is powerful. There is a lot of push towards using this ubiquitous technology to develop sustainable and scalable solutions across industries which will surely be worth the wait.
Here’s what we can look out for in 2019:
- Payments: Cross border payments using blockchain is an innovation that is bound to change the way we carry out financial transactions across the globe. The current process of initiating and setting up international payments involve multiple steps, intermediaries, multiple currencies and is subject to high transaction fees and regulatory constraints. Blockchain technology speeds up and simplifies this process, cutting out many of the traditional middlemen and at the same time, making payment transfers more affordable. Companies like Ripple are working with Japanese banks on an application based on blockchain to create efficient, instant cash transfers around the clock. Payment innovations using blockchain are also being taken up by credit card companies like Mastercard, Visa and American Express and financial institutions like the Bank of America which has taken out 43 patents on blockchain technology.
See: Experts predict the five big fintech trends of 2019
- Unlocking Liquidity: Decentralized lending based on the blockchain have opened an alternative financing mode for both individuals and small and medium enterprises. With limited access to credit and credit scores, blockchain based lending can make the whole process seamless and efficient. Borrowers can access competitive financing from any part of the globe, while lenders can use smart contracts to validate transactions. This model of financing though, is still in its infancy, and one must be cautious of scrupulous organizations that are acting as rogue banks. FintruX Network is currently building a transparent financing ecosystem where transparency, risk reduction, and efficiency is maximized, and all participants win. According to a Transparency Market Research report, the global peer to peer lending market will aim to cater to not just small business loans but also consumer credit loans, student loans and real estate loans in the near future.
- Privacy: With the growing prevalence of data breaches and in the massively interconnected world we live in, blockchain technology will be a game changer as it provides a robust, incorruptible and encrypted recordkeeping that can be easily verified. The hashing feature of blockchain technology is one of the underlying qualities that make it suitable for privacy and security. Public ledgers and smart contracts can help iron out security and privacy issues in industries ranging from healthcare to education and can also be effectively utilized by the government. Estonia is a country that has initiated e-residency allowing their citizens to record data on the blockchain.
- Artificial Intelligence: The trustworthiness and security of blockchains infinitely increases the effectiveness of AI as it is granted more accurate data, models and actions. There is also an increase in accessibility to data as the information is available in public domain. The powerful trifecta of Big Data, AI and Blockchain technology will help in building better AI models which can then be effectively utilized for applications in industries like retail, healthcare and pharma, gaming, manufacturing, customer service, automotive and even agriculture.
- Internet of Things: Blockchain provides a secure and scalable framework for communication between the growing number of connected devices in our homes and offices. Due to its distributed nature, blockchain can also allow smart devices to make automated micro-transactions with cryptocurrency or token technology by leveraging smart contracts. Some companies working on this technology include SatoshiPay and IOTA.
See: The Future of Government… in a Digital Age
Blockchain adoption and use cases are growing daily, and possibilities for innovation are endless. This technology will stimulate new solutions, enabling businesses to rethink their processes to maximize the benefits of utilizing distributed ledgers. I look forward to successful implementation of the technology in the year to come.
About Conrad Lin:
Conrad Lin is a young and dynamic entrepreneur, public speaker, and influencer with a background in Neuroscience and Psychology from the University of Toronto. He is a proven expert in business analysis, social media growth, global marketing strategy, project management, and product development with a specialty in DLT (distributed ledger technologies). Conrad excels at managing teams and delivering phenomenal results in a short amount of time, often fulfilling multiple roles in an organization. Conrad dedicates his efforts towards initiatives that impact the world positively and benefits the global community. He is often invited to speak at key fintech events around the world to share his innovative ideas and achievements with industry professionals. Official Twitter: @cryptolin; Linkedin: https://www.linkedin.com/in/conradlin
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
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CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!   |
AltFi | John Reynolds | Sep 16, 2020 Fintechs will be “even more important” coming out of lockdown than they were during lockdown helping smaller businesses return to normality, according to the British Business Bank (BBB), which has reported a £2m loss in the year ending March 2020. The government-backed bank, which is responsible for organising the CBILS, BBLS and other government emergency funding schemes, has updated the market on the impact that Covid-19 has had on financial institutions, businesses and its organisation in its annual report. It cited fintechs as playing “an important part of delivering emergency schemes during the crisis” adding “they will be even more important in the recovery, when the UK’s smaller businesses will still need to be served by a healthy, competitive and diverse finance market.” Starling Bank and OakNorth Bank are among the fintechs which have offered loans during the pandemic through the BBB. See: Refusal to embrace open banking puts Canada behind yet another curve The annual report covers the period to the year ending March 2020 but the BBB offers an update on the impact of Covid-19. It said the Coronavirus Business Interruption Loan Scheme (CBILS) has 97 accredited lenders and, as of August 11, provided 60,000 loans worth £13.4bn. The ...
Read More
CNBC | Samantha Delouya There may be a changing of the guard underway in financials. The market caps of payment stocks like Visa and MasterCard have eclipsed the value of Wall Street's biggest banks, even as their balance sheets remain significantly smaller in comparison. Square, Visa, PayPal and MasterCard are collectively worth $1.07 trillion, while the "big six" banks, which include JPMorgan, Bank of America, Wells Fargo, Citigroup, Morgan Stanley and Goldman Sachs are worth less than $900 billion in total. A large portion of gains in market value have come in 2020, as investors continue to reward software-based tech companies amid the pandemic. The ETFMG Prime Mobile Payments ETF, which tracks mobile payments stocks, is up nearly 10% in 2020, while the Financial Select Sector SPDR Fund is down nearly 20% so far this year. See: Fintech Acquisitions Show Sector Strength Despite Covid-19 Payment companies have increased their push into traditional banking over recent years, which investors have rewarded with further share gains. On Tuesday, Square announced that it will allow Cash-App users to access some of their earned wages ahead of schedule, incentivizing users to sign up for direct deposit through the application. PayPal-owned Venmo also allows its ...
Read More
Investment Executive | Rudy Mezzetta | Sep 2, 2020 Increasing compliance requirements — such as enhanced know-your-product rules — provided cover for Canada’s banks to focus ever more exclusively on selling their in-house investment products, shutting out independent products and limiting client choice, says Sheila Murray, a corporate director and former president of CI Financial. “Under the guise of compliance and risk aversion, and doing the right thing for their clients, [banks] moved in favour of their own products to the detriment of having a balanced product shelf,” Murray said, speaking on a panel presented by NEO Exchange on Wednesday. The topic: Ontario’s Capital Markets Modernization Taskforce consultation paper, released in July. Murray made the comments in support of a proposal in the paper that banks be directed to offer independent providers greater access to their distribution channels. The task force set a deadline for Sept. 7 for comments, and intends to provide a final report with recommendations to the Ontario Minister of Finance before the year’s end. See: NCFA Response to the Modernizing Ontario’s Capital Markets Consultation Taskforce “It’s a really difficult [issue], but I think [the task force] is going in the right direction of encouraging a more open shelf and transparency on the shelf,” Murray said. In its paper, the task force proposed that closed product shelves/proprietary-only shelves be banned in the bank-owned ...
Read More
McKinsey & Company | Chandana Asif, Max Flötotto, Tunde Olanrewaju, and Giuseppe Sofo | Sep 9, 2020 To navigate the economic fall-out from COVID-19, Europe’s fintechs will need to adjust their playbook. Fintechs have been on a roll. Fueled by generous amounts of venture capital funding, last year 24 financial services startups hit a valuation of more than $1 billion, bringing the global total of such highly valued “unicorns” to 58. Together, these and other fintechs have ushered in a revolution in customer experience: Consumers can now open an account or get a loan in a matter of minutes (instead of weeks or months), exchange and send money internationally at low or no fees, and buy products with instantly created no-interest installment plans. Fintechs have also upped the ante for speed and agility, launching new features and initiatives in weeks instead of the six- to twelve-month timeframes more typical of banks. See: Setting up small and medium-size enterprises for restart and recovery The emergence and spread of COVID-19—in the first place a world health crisis—is also causing unprecedented economic damage across the globe. Most McKinsey COVID-19 scenarios show European economies contracting by 11 percent in 2020 and not returning to ...
Read More
Brookings | Landry Signé, Mark Esposito, and Sanjeev Khagram | Sep 10, 2020 Pandemic lockdowns, digitalization, and the acceleration of the Fourth Industrial Revolution (4IR) are all driving a shift in global governance. Since the world’s technological leaders will also be geopolitical leaders, the competition for dominance in cutting-edge sectors like artificial intelligence is intensifying. The 4IR technology race will be the primary factor influencing global economic and political arrangements in the post-pandemic future. Although the United States remains the top AI power, it is closely followed by China, and then by other players such as Russia. For its part, China has already invested an estimated $300 billion in the field (including chips and electric cars), adopted a national innovation strategy (“Made in China 2025”), and enabled the rise of pioneering tech giants like Baidu, Alibaba, and Tencent. But while China has massive potential for AI development, it also has a lot of work to do before it surpasses the U.S. Studies show that China still lags on three key fronts: hardware, research, and the commercial sector. See: Global Survey on Impact of Covid-19 and Recession Risk: Fintech and Financial Institutions Beyond the U.S. and China, European and Asian countries are also pursuing 4IR innovation ...
Read More
The Law Society UK | Sep 7, 2020 The Law Society UK has produced a report with the Tech London Advocates' (TLA) Blockchain Legal and Regulatory Group, which sets out key issues for legal practitioners to be aware of when advising on distributed ledger technologies (DLT). It’s clear that lawyers are starting to become familiar with DLT and other emerging technologies like smart legal contracts and cryptoassets. The pandemic has incentivised firms of all types and sizes to embrace new technologies. As the economy recovers, we’ll see a further increase in lawtech adoption rates across the profession. The report includes a list of key recommendations on the many aspects relating to DLT, including: commercial application data governance intellectual property data protection measures dispute resolution The report will provide a clear framework and much needed guidance on the use of blockchain in the legal services sector. Download the Blockchain Legal and Regulatory Guidance PDF (141 pages) --> NOW 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 ...
Read More
Allen Brown | Sep 15, 2020 Prices of the cryptocurrency market are extremely interchangeable. This is why many people easily turn away or give up crypto trading, however, there are well thought of ways available to make this kind of trading easier and to help you keep up with this volatile market. Here are some of the expert strategies if you are interested in upping up your crypto trading game. While none of these strategies can guarantee you a sure gain, if executed correctly, they can bring you profit, and, if nothing else, prevent losses. Tips to Start With One tip that will help save your nerves is - learn to adapt. The most used word to describe all things related to cryptocurrency is “volatile” and for a good reason. To stay sane and be successful, you must be flexible enough to adapt to the frequent changes in the cryptocurrency market. Try and focus on one strategy, as opposed to trying to shuffle more at once. You shouldn’t try to handle multiple stocks, instead, focus your attention on a single chart at a time. This will help you to concentrate better and thus prevent trading mistakes. Remember, apply a single ...
Read More
Founderjar | Martin Luenendonk | Sep 9, 2020 Do you know having an entrepreneurial mindset is the key to starting and running a successful business? In today’s time, starting a company or having a side business to earn some extra income has become even more important. Not only because people are less satisfied with their jobs, but also to create a safety net in case things don’t go as planned. See: The Psychological Price of Entrepreneurship The irony is that, while many people are attracted to entrepreneurship and starting a company, it is only the select few who succeed. According to a research, 20% of small businesses fail in the first year 30% of businesses fail in their second year 50% of businesses do not get past half a decade 70% fail after their 10th year The question is, what is special about the mindset of people who run successful businesses and how to become like them? So, if you want to be an entrepreneur and want to learn these traits to succeed, this is the right article for you. Table of Contents 1. What is an Entrepreneurial Mindset? 2. How to Develop an Entrepreneurial Mindset? 3. 14 Secrets to ...
Read More
C.D. Howe Institute | Sep 10, 2020 September 10, 2020 – The path towards safe and secure implementation of open banking should be guided by three consumer-focused pillars, says a new report from the C.D. Howe Institute. Open Banking – North American Style UK government open banking tender puts focus on payments In “Open Banking in Canada – The Path to Implementation,” authors Thorsten V. Koeppl and Jeremy Kronick lay out a roadmap to guide Canada’s upcoming open banking consultations, and explore the potential benefits and risks to consumers. Open banking gives customers of financial institutions control over when and how to share their financial data, putting households and businesses back in charge of deciding when a provider can access their data. “Open banking breaks the monopoly banks and non-bank financial institutions currently have on their customer data,” write the authors. Koeppl and Kronick propose a gradual, step-by-step implementation approach, introducing open banking to financial services with the least regulatory hurdles first. They also suggest the open banking roadmap be guided by three core objectives: generating value for consumers, building secure infrastructure for data sharing, and improving the regulatory framework to protect consumers. The authors argue that constrained market experimentation ...
Read More
Techcrunch | Natasha Mascarenhas | Sep 8, 2020 When AngelList first launched rolling funds, an investment vehicle that raises money through a quarterly subscription from interested investors, the company looked at it as a bet. But early interest from emerging fund managers indicates that rolling funds might be more of the future of the company, according to AngelList CEO Avlok Kohli. “Rolling funds are what venture fund structures would look like if they were built in the age of software,” Kohli told TechCrunch. Since February, about 70 rolling funds have been created and managed using AngelList. The company estimates hundreds of new funds will be generated by the end of 2020. For comparison, one report says that 282 institutional funds were closed in 2019. AngelList’s data shows promising activity, although it remains unclear how much capital has been raised through the new investment vehicle. What are rolling funds? Before you understand rolling funds, you need a high-level understanding of traditional venture capital funds. Traditional funds are closed through a “months long process” fully behind closed doors. A fund manager will go to multiple LPs, such as family offices, high-net-worth individuals, colleges and universities, or other investment firms, to raise a ...
Read More
AltFi | John Reynolds | Sep 16, 2020 Fintechs will be “even more important” coming out of lockdown than they were during lockdown helping smaller businesses return to normality, according to the British Business Bank (BBB), which has reported a £2m loss in the year ending March 2020. The government-backed bank, which is responsible for organising the CBILS, BBLS and other government emergency funding schemes, has updated the market on the impact that Covid-19 has had on financial institutions, businesses and its organisation in its annual report. It cited fintechs as playing “an important part of delivering emergency schemes during the crisis” adding “they will be even more important in the recovery, when the UK’s smaller businesses will still need to be served by a healthy, competitive and diverse finance market.” Starling Bank and OakNorth Bank are among the fintechs which have offered loans during the pandemic through the BBB. See: Refusal to embrace open banking puts Canada behind yet another curve The annual report covers the period to the year ending March 2020 but the BBB offers an update on the impact of Covid-19. It said the Coronavirus Business Interruption Loan Scheme (CBILS) has 97 accredited lenders and, as of August 11, provided 60,000 loans worth £13.4bn. The ...
Read More
Read More
CNBC | Samantha Delouya There may be a changing of the guard underway in financials. The market caps of payment stocks like Visa and MasterCard have eclipsed the value of Wall Street's biggest banks, even as their balance sheets remain significantly smaller in comparison. Square, Visa, PayPal and MasterCard are collectively worth $1.07 trillion, while the "big six" banks, which include JPMorgan, Bank of America, Wells Fargo, Citigroup, Morgan Stanley and Goldman Sachs are worth less than $900 billion in total. A large portion of gains in market value have come in 2020, as investors continue to reward software-based tech companies amid the pandemic. The ETFMG Prime Mobile Payments ETF, which tracks mobile payments stocks, is up nearly 10% in 2020, while the Financial Select Sector SPDR Fund is down nearly 20% so far this year. See: Fintech Acquisitions Show Sector Strength Despite Covid-19 Payment companies have increased their push into traditional banking over recent years, which investors have rewarded with further share gains. On Tuesday, Square announced that it will allow Cash-App users to access some of their earned wages ahead of schedule, incentivizing users to sign up for direct deposit through the application. PayPal-owned Venmo also allows its ...
Read More
Read More
Investment Executive | Rudy Mezzetta | Sep 2, 2020 Increasing compliance requirements — such as enhanced know-your-product rules — provided cover for Canada’s banks to focus ever more exclusively on selling their in-house investment products, shutting out independent products and limiting client choice, says Sheila Murray, a corporate director and former president of CI Financial. “Under the guise of compliance and risk aversion, and doing the right thing for their clients, [banks] moved in favour of their own products to the detriment of having a balanced product shelf,” Murray said, speaking on a panel presented by NEO Exchange on Wednesday. The topic: Ontario’s Capital Markets Modernization Taskforce consultation paper, released in July. Murray made the comments in support of a proposal in the paper that banks be directed to offer independent providers greater access to their distribution channels. The task force set a deadline for Sept. 7 for comments, and intends to provide a final report with recommendations to the Ontario Minister of Finance before the year’s end. See: NCFA Response to the Modernizing Ontario’s Capital Markets Consultation Taskforce “It’s a really difficult [issue], but I think [the task force] is going in the right direction of encouraging a more open shelf and transparency on the shelf,” Murray said. In its paper, the task force proposed that closed product shelves/proprietary-only shelves be banned in the bank-owned ...
Read More
Read More
McKinsey & Company | Chandana Asif, Max Flötotto, Tunde Olanrewaju, and Giuseppe Sofo | Sep 9, 2020 To navigate the economic fall-out from COVID-19, Europe’s fintechs will need to adjust their playbook. Fintechs have been on a roll. Fueled by generous amounts of venture capital funding, last year 24 financial services startups hit a valuation of more than $1 billion, bringing the global total of such highly valued “unicorns” to 58. Together, these and other fintechs have ushered in a revolution in customer experience: Consumers can now open an account or get a loan in a matter of minutes (instead of weeks or months), exchange and send money internationally at low or no fees, and buy products with instantly created no-interest installment plans. Fintechs have also upped the ante for speed and agility, launching new features and initiatives in weeks instead of the six- to twelve-month timeframes more typical of banks. See: Setting up small and medium-size enterprises for restart and recovery The emergence and spread of COVID-19—in the first place a world health crisis—is also causing unprecedented economic damage across the globe. Most McKinsey COVID-19 scenarios show European economies contracting by 11 percent in 2020 and not returning to ...
Read More
Read More
Brookings | Landry Signé, Mark Esposito, and Sanjeev Khagram | Sep 10, 2020 Pandemic lockdowns, digitalization, and the acceleration of the Fourth Industrial Revolution (4IR) are all driving a shift in global governance. Since the world’s technological leaders will also be geopolitical leaders, the competition for dominance in cutting-edge sectors like artificial intelligence is intensifying. The 4IR technology race will be the primary factor influencing global economic and political arrangements in the post-pandemic future. Although the United States remains the top AI power, it is closely followed by China, and then by other players such as Russia. For its part, China has already invested an estimated $300 billion in the field (including chips and electric cars), adopted a national innovation strategy (“Made in China 2025”), and enabled the rise of pioneering tech giants like Baidu, Alibaba, and Tencent. But while China has massive potential for AI development, it also has a lot of work to do before it surpasses the U.S. Studies show that China still lags on three key fronts: hardware, research, and the commercial sector. See: Global Survey on Impact of Covid-19 and Recession Risk: Fintech and Financial Institutions Beyond the U.S. and China, European and Asian countries are also pursuing 4IR innovation ...
Read More
Read More
The Law Society UK | Sep 7, 2020 The Law Society UK has produced a report with the Tech London Advocates' (TLA) Blockchain Legal and Regulatory Group, which sets out key issues for legal practitioners to be aware of when advising on distributed ledger technologies (DLT). It’s clear that lawyers are starting to become familiar with DLT and other emerging technologies like smart legal contracts and cryptoassets. The pandemic has incentivised firms of all types and sizes to embrace new technologies. As the economy recovers, we’ll see a further increase in lawtech adoption rates across the profession. The report includes a list of key recommendations on the many aspects relating to DLT, including: commercial application data governance intellectual property data protection measures dispute resolution The report will provide a clear framework and much needed guidance on the use of blockchain in the legal services sector. Download the Blockchain Legal and Regulatory Guidance PDF (141 pages) --> NOW 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 ...
Read More
Read More
Allen Brown | Sep 15, 2020 Prices of the cryptocurrency market are extremely interchangeable. This is why many people easily turn away or give up crypto trading, however, there are well thought of ways available to make this kind of trading easier and to help you keep up with this volatile market. Here are some of the expert strategies if you are interested in upping up your crypto trading game. While none of these strategies can guarantee you a sure gain, if executed correctly, they can bring you profit, and, if nothing else, prevent losses. Tips to Start With One tip that will help save your nerves is - learn to adapt. The most used word to describe all things related to cryptocurrency is “volatile” and for a good reason. To stay sane and be successful, you must be flexible enough to adapt to the frequent changes in the cryptocurrency market. Try and focus on one strategy, as opposed to trying to shuffle more at once. You shouldn’t try to handle multiple stocks, instead, focus your attention on a single chart at a time. This will help you to concentrate better and thus prevent trading mistakes. Remember, apply a single ...
Read More
Read More
Founderjar | Martin Luenendonk | Sep 9, 2020 Do you know having an entrepreneurial mindset is the key to starting and running a successful business? In today’s time, starting a company or having a side business to earn some extra income has become even more important. Not only because people are less satisfied with their jobs, but also to create a safety net in case things don’t go as planned. See: The Psychological Price of Entrepreneurship The irony is that, while many people are attracted to entrepreneurship and starting a company, it is only the select few who succeed. According to a research, 20% of small businesses fail in the first year 30% of businesses fail in their second year 50% of businesses do not get past half a decade 70% fail after their 10th year The question is, what is special about the mindset of people who run successful businesses and how to become like them? So, if you want to be an entrepreneur and want to learn these traits to succeed, this is the right article for you. Table of Contents 1. What is an Entrepreneurial Mindset? 2. How to Develop an Entrepreneurial Mindset? 3. 14 Secrets to ...
Read More
Read More
C.D. Howe Institute | Sep 10, 2020 September 10, 2020 – The path towards safe and secure implementation of open banking should be guided by three consumer-focused pillars, says a new report from the C.D. Howe Institute. Open Banking – North American Style UK government open banking tender puts focus on payments In “Open Banking in Canada – The Path to Implementation,” authors Thorsten V. Koeppl and Jeremy Kronick lay out a roadmap to guide Canada’s upcoming open banking consultations, and explore the potential benefits and risks to consumers. Open banking gives customers of financial institutions control over when and how to share their financial data, putting households and businesses back in charge of deciding when a provider can access their data. “Open banking breaks the monopoly banks and non-bank financial institutions currently have on their customer data,” write the authors. Koeppl and Kronick propose a gradual, step-by-step implementation approach, introducing open banking to financial services with the least regulatory hurdles first. They also suggest the open banking roadmap be guided by three core objectives: generating value for consumers, building secure infrastructure for data sharing, and improving the regulatory framework to protect consumers. The authors argue that constrained market experimentation ...
Read More
Read More
Techcrunch | Natasha Mascarenhas | Sep 8, 2020 When AngelList first launched rolling funds, an investment vehicle that raises money through a quarterly subscription from interested investors, the company looked at it as a bet. But early interest from emerging fund managers indicates that rolling funds might be more of the future of the company, according to AngelList CEO Avlok Kohli. “Rolling funds are what venture fund structures would look like if they were built in the age of software,” Kohli told TechCrunch. Since February, about 70 rolling funds have been created and managed using AngelList. The company estimates hundreds of new funds will be generated by the end of 2020. For comparison, one report says that 282 institutional funds were closed in 2019. AngelList’s data shows promising activity, although it remains unclear how much capital has been raised through the new investment vehicle. What are rolling funds? Before you understand rolling funds, you need a high-level understanding of traditional venture capital funds. Traditional funds are closed through a “months long process” fully behind closed doors. A fund manager will go to multiple LPs, such as family offices, high-net-worth individuals, colleges and universities, or other investment firms, to raise a ...
Read More
Read More
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