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[...]
Global Financial Innovation Network (GFIN) – Regulators Launch Global Sandbox Pilot
FCA and GFIN Members | Jan 31, 2019
The Global Financial Innovation Network (GFIN) was formally launched in January 2019 by an international group of financial regulators and related organisations, including the FCA. This built on the FCA’s early 2018 proposal to create a global sandbox.
The GFIN is a network of 29 organisations committed to supporting financial innovation in the interests of consumers.
The GFIN seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. This includes a pilot for firms wishing to test innovative products, services or business models across more than one jurisdiction.
It also aims to create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.
Confirming the GFIN’s functions
The GFIN was proposed in a consultation paper in August 2018. The GFIN received 99 responses from 26 jurisdictions in response to the consultation paper. The response from industry and other international regulators was overwhelmingly positive in favour of establishing the GFIN to facilitate a new practical method of regulatory collaboration on innovation and creating an environment for cross-border testing.
Following this consultation, the GFIN has finalised terms of reference for governance and membership of the group and confirmed 3 primary functions:
- To act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models, and to provide accessible regulatory contact information for firms.
- To provide a forum for joint RegTech work and collaborative knowledge sharing/lessons learned.
- To provide firms with an environment in which to trial cross-border solutions.
Since the end of the consultation, the GFIN has discussed further development of our core functions and next steps of the network. Alongside discussions on the sharing of experience, regulators involved agreed to launch a pilot phase of cross-border testing (for firms) and to formalise the membership and governance structure for regulators and international organisations interested in joining the Network.
See:
Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators
Navigating the New Realities of Global Trade
Following the consultation feedback, the GFIN has:
- Opened a 1-month application period for a pilot phase of cross-border testing. Interested firms are asked to submit applications to relevant participating regulators by 28 February 2019.
- As part of the finalised terms of reference for governance and membership, expanding from the founding 12 members, the group now includes 29 organisations. Financial regulators and related organisations with a commitment to supporting innovation in the interest of consumers are invited to join.
Cross-border testing applications – pilot phase for firms
Consultation feedback indicated widespread support for creating an environment that allowed firms to simultaneously trial and scale new technologies in multiple jurisdictions, gaining real-time insight into how a product or service might operate in the market.
To support the development of cross border testing we have opened a 1-month application window for firms interested in joining a pilot cohort for cross-border testing.
Firms wishing to participate in this pilot phase must meet the application requirements of all the jurisdictions in which they would like to test. For example, a firm wishing to test in the UK, Australia and Hong Kong must independently meet the eligibility criteria, and/or other relevant standards, of the regulators in those jurisdictions.
Interested firms should note whether a particular regulator is the relevant authority for the proposed activity before applying to test in their jurisdiction.
Each regulator will decide whether a proposed test meets its individual screening criteria, areas of interest, and ability to support the activity. Each regulator will also make sure that appropriate safeguards for their jurisdiction are in place. Regulators are only responsible for tests in their jurisdictions and should consider the associated risks. We believe this is important to maintain high standards of consumer protection and market integrity in regulators’ respective jurisdictions.
Pilot tests will run for a 6-month period, unless regulators agree to extend them. We expect the pilots will run from Q2 2019.
This pilot is as much a trial for GFIN members as it will be for firms. We are looking for firms who can be flexible and agile in their participation, and can provide GFIN regulators with feedback on their experience. Firms will benefit from the opportunity to test and compete in the regulated space, and their tests will help inform the future work of the network. Over time, trials could inform regulatory authorities about potential areas of regulatory convergence (eg streamlined applications), although we stress this is a longer-term opportunity.
Since GFIN cannot override national legislation, a separate application is required to each regulator firms would like to test with. GFIN members will then coordinate with each other around the application. The deadline for testing applications is 28 February 2019.
Submit an FCA application.
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
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Funding | Sep 29, 2023 ZayZoon, a prominent Earned Wage Access scale-up for small and mid-sized businesses, and founded in Calgary, recently announced that they raised $34.5 million in debt and equity during its Series B financing round. Investors include Framework Venture Partners who led this round, with notable co-investment from Export Development Canada (EDC) and participation from ATB Financial and existing shareholders. ZayZoon is a financial empowerment platform specifically designed for small and mid-sized businesses. The company's primary mission is to provide employees with the ability to access their earned wages before the traditional payday, a service known as Earned Wage Access (EWA). This innovative approach aims to alleviate financial stress and break the paycheck-to-paycheck cycle that many individuals face. Catering to the varied needs of its users, ZayZoon offers multiple payout options, including bank deposits, debit cards, and fee-free alternatives like Instant Gift Cards and Gas Cards See: Redefining Payday: Earned Wage Access (EWA) Insights from Harvard Study ZayZoon emphasizes seamless integration with existing payroll and HR infrastructures. In 2023, the company was notably recognized as an ADP and PrismHR Marketplace Partner of the Year. Their trajectory is nothing short of remarkable, boasting a 400% increase in payouts ...
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Funding | Sep 29, 2023 ZayZoon, a prominent Earned Wage Access scale-up for small and mid-sized businesses, and founded in Calgary, recently announced that they raised $34.5 million in debt and equity during its Series B financing round. Investors include Framework Venture Partners who led this round, with notable co-investment from Export Development Canada (EDC) and participation from ATB Financial and existing shareholders. ZayZoon is a financial empowerment platform specifically designed for small and mid-sized businesses. The company's primary mission is to provide employees with the ability to access their earned wages before the traditional payday, a service known as Earned Wage Access (EWA). This innovative approach aims to alleviate financial stress and break the paycheck-to-paycheck cycle that many individuals face. Catering to the varied needs of its users, ZayZoon offers multiple payout options, including bank deposits, debit cards, and fee-free alternatives like Instant Gift Cards and Gas Cards See: Redefining Payday: Earned Wage Access (EWA) Insights from Harvard Study ZayZoon emphasizes seamless integration with existing payroll and HR infrastructures. In 2023, the company was notably recognized as an ADP and PrismHR Marketplace Partner of the Year. Their trajectory is nothing short of remarkable, boasting a 400% increase in payouts ...
Capital | Sep 29, 2023 This week hails the launch of Capital Compass BC, a dynamic and collaborative platform by Innovate BC, InBC Investment Corp., PacifiCan, and New Ventures BC, designed to bolster and connect BC's thriving entrepreneurial ecosystem. British Columbia (B.C.) is a hub of innovation, with entrepreneurs and companies propelling it as a leading innovation center in North America. Capital Compass BC is not just a boon for businesses but also for investors, innovators, and ecosystem enablers. It's publicly accessible, free-to-use, and allows individuals to submit relevant information, making it searchable within the platform. Key Features of Capital Compass BC: Comprehensive Database: The platform provides detailed insights into startups, scaleups, investors, entrepreneurial resources, and the flow of investment capital within BC. There are currently 538 fintech startups and scale-ups based in BC listed on the platform. Advanced Filtering: Users can explore the vast database using filters like sector, company stage, funding round, and other pivotal characteristics. This facilitates the identification of trends, opportunities, and gaps in the regional innovation ecosystem. Support for Companies: Beyond just being a data repository, Capital Compass BC aids companies in navigating funding sources and amplifying their visibility in the market. Investor's Paradise: Investors ...
Sep 29, 2023 Funding Transfers Via PayID From Australia Gambling for real money is not complete without a reliable payment system. This is a guarantee that fraudsters won’t get your cash. And it will not magically disappear. Therefore, the transfer method choice is on par with the search for a casino. Security comes first, so let's take a look at how the system creators provide it. First of all, we'd like to point out that only your bank can see the personal data required to receive the code. The online casino does not see them. In addition, PayID uses SSL protection. Advantages And Disadvantages We highlight such pros: Speed. Online casino transfers are instant, so you can start betting right away. Withdrawals depend on the gambling platform due to additional checks. Security. Everything is as safe as transferring directly to a bank account, just more anonymous. You only need a code. Simplicity. Remembering a combination or just a login is easier than looking for a piece of paper with your account number every time. You can connect to the system in just a few clicks. Communication. PayID transfers allow short descriptions of up to 280 characters. You can specify the ...
BoC | Sep 28, 2023 The Bank of Canada has extended an invitation to members of the Retail Payment Advisory Committee (RPAC) and the broader payment service provider (PSP) community to share feedback on its supervisory approach to transaction reporting. The Bank is keen on understanding the current practices of payment service providers (PSPs) and aims to develop an effective strategy for transaction reporting. This initiative is not limited to RPAC members alone; the Bank is actively seeking diverse opinions from the entire PSP industry. See: Citi’s Top 10 Insights on Cross-Border Payments 2023 By sharing your feedback, you will help the Bank gain insights into the current practices of PSPs and also contribute to the development of a robust transaction reporting approach. Survey The Bank has launched a survey to better understand the information needs of PSPs. This will aid PSPs in understanding the Bank's expectations and preparing for upcoming retail payment supervision. The results of this survey will shape the Bank's communication strategy, ensuring PSPs are well-informed and ready to comply with forthcoming legislation. The survey is entirely voluntary, and the Bank guarantees that no personally identifiable information will be collected or shared. You can complete the survey ...
Crypto Regulation | Sep 28, 2023 EU's MiCA framework sets a new standard in crypto regulation, as the UK and US navigate their unique challenges and the global community calls for coordinated oversight. The European Union, with its groundbreaking MiCA framework has set a precedent. Meanwhile, the UK and the US are carving their unique paths. Drawing insights from a recent EU report, this article provides an update of the regulatory landscape across these jurisdictions, highlighting the challenges, opportunities, and global implications of their respective approaches to crypto-assets and stablecoins. EU's Regulatory Approach to Crypto-Assets In 2023, the European Union introduced the innovative Markets in Crypto-assets (MiCA) framework, a comprehensive regulatory measure designed to oversee the burgeoning crypto-asset markets. The primary focus of MiCA is on stablecoins, ensuring that their value remains consistent with official currencies. This framework combines stringent transparency and governance measures with prudential rules similar to those applied to traditional financial institutions. The overarching aim of MiCA is to ensure better protection for citizens, maintain financial stability, and foster both innovation and financial inclusion in the crypto space. UK and US The United Kingdom has charted its own path in the crypto realm. With comprehensive crypto legislation ...
Sep 28, 2023 Fintech is an ever-evolving world where every click counts and every lead may be game-changing; therefore mastering SEO has become essential. Welcome to Fintech SEO where competing for top search engine results pages (SERPs) rankings doesn't simply translate to visibility but rather leads to sales conversion. In this article, we'll uncover its immense power, discuss why high SERP rankings lead to conversions and traverse organic traffic that fuels fintech success. SERP Rankings in Fintech Imagine this: you need financial advice or are searching for investment options, where would you go? Chances are you would consult your search engine; the websites appearing at the top of those search results have built trust among both their users and search engines alike. ➡️ High Rankings Are an Indication of Trustworthiness Achieving high rankings on SERPs for your fintech website is like earning a gold star of trustworthiness from users; they know Google or Bing have already approved and reviewed your services - often leading to them opting for them over those offered by your competitors. When you enlist the expertise of a fintech SEO agency such as Sure Oak, you're essentially enlisting professionals who specialize in elevating your trustworthiness on ...
Cyber Security | Sep 27, 2023 The cyber landscape in 2023 has witnessed a significant surge in ransomware attacks, with small businesses becoming the primary targets. According to a report from Infosecurity Magazine, ransomware attackers are increasingly targeting smaller, less defended organizations. There was a 47% increase in new victims in the latter half of 2022, with many of these being small businesses with less mature cyber postures. Specifically, 57% of the victims of the LockBit gang, known for high-profile attacks on the Royal Mail and Taiwan Semiconductor Manufacturing Company (TSMC), were small businesses. Many of these groups are moving away from traditional encryption-based attacks. Instead, they threaten to expose and publicize sensitive information, shifting from ransomware to pure extortion tactics. See: Small Businesses Incur Greatest Loss of Cyber Attacks | 67% Suffer Repeat Attacks Within 12 Months Ransomware by the Numbers In the first half of 2023, there was a 45.27% global increase in ransomware victim organizations, totaling 2,001. During the same period, the sectors most targeted by ransomware were banking, retail, and transportation. LockBit, a dominant ransomware since 2022, primarily targeted IT, finance, and professional services. Nearly 50% of all ransomware victims were US-based organizations, a significant increase ...
Release | Sep 27, 2023 Elevate's Acquisition of CIX is A Testament to Canada's Flourishing Startup Ecosystem Canada's startup landscape has always been a vibrant tapestry of innovation, ambition, and collaboration. At the heart of this ecosystem, organizations like the Canadian Innovation Exchange (CIX) have played pivotal roles in spotlighting the nation's most promising startups and bridging the gap between innovators and investors. As a long-time community partner and admirer of CIX, the National Crowdfunding & Fintech Association of Canada (NCFA) is thrilled about this acquisition announcement. NCFA & CIX: A Journey Together Over the years, NCFA has had the privilege of walking alongside CIX, celebrating its successes, and learning from its vast experiences. Our partnership has been rooted in mutual respect and a shared passion for fostering innovation in Canada. We've watched CIX grow, evolve, and transform into Canada's largest startup awards program and investment conference. Their annual curation program has consistently showcased the crème de la crème of Canadian startups, attracting attention from North American VCs, corporates, and private equity investors. See: Clay Financial Closes $1.7 Million Pre-Seed to Offer Home Equity Sharing AltFi Product in Canada Both Elevate and CIX have been champions of innovation, tirelessly working ...
AI | Sep 27, 2023 Amazon agrees to invest up to $4 billion in Anthropic to compete against other tech giants like Microsoft, Meta, Google, and Nvidia who are heavily invested in the space. The initial investment will see Amazon infuse $1.25 billion for a minority stake in Anthropic. Furthermore, Amazon retains the option to increase its investment to a total of $4 billion. Anthropic, backed by notable investors including Google, Spark Capital, Salesforce, Sound Ventures, Menlo Ventures, and Zoom, has amassed a total funding of $2.7 billion so far, and has ambitious plans. In May of this year, the startup achieved a valuation of approximately $5 billion following a $450 million funding round. The valuation set by Amazon in their recent investment in Anthropic has not been disclosed. For context, OpenAI has already secured more than $11 billion in funding, with a significant portion coming from Microsoft. See: OSFI’s Evolving Focus on Integrity & Security Anthropic aims to raise as much as $5 billion over the next two years and has recently launched its consumer-facing premium subscription plan of chatbot Claude 2 and has plans to develop a "frontier model" named "Claude-Next." This model is projected to be ten ...
Sep 27, 2023 Citi's groundbreaking partnership with BondbloX underscores the rising prominence of fractional bonds in reshaping the global investment landscape. What are Fractional Bonds? Fractional bonds (see Digital bonds), as the name suggests, allow investors to own a fraction of a bond rather than the entire bond. This concept is similar to buying shares in a company. Instead of purchasing an entire bond, which might be cost-prohibitive for many retail investors, they can buy a fraction of it. This democratizes bond trading, making it accessible to a broader audience. See: Catastrophe Bonds: Killer Use Case for Digital Asset Adoption? The concept of fractional bonds is still relatively new, but it's gaining traction rapidly. Platforms like BondbloX are at the forefront of this movement. BondbloX, which started as BondEvalue, has made significant strides in simplifying bond investing. Their platform allows investors to track and trade bonds electronically, much like stocks. This approach not only makes bond trading more accessible but also integrates the advantages of equities trading into the bond market. Citi and BondbloX's IRL Partnership One of the most notable partnerships in the fractional bond space is between BondbloX and Citi. As we've seen from the recent announcement, Citi ...
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