Learn more about NCFA Conferences and Services

Click for News:

Citi’s Top 10 Insights on Cross-Border Payments 2023

September 26, 2023

Report Insights | Sep 26, 2023 Dive into Citi's illuminating insights on the transformative landscape of cross-border payments for 2023 Based on the Citi's latest "Global Perspectives & Solutions:  Future of Cross-Border Payments" report September 2023, here are 10 of the most insightful thought leadership points, statistics, or facts and figures that would be of interest to fintechs and banks. The report is the culmination of insights gathered from prominent market infrastructure specialists both inside and outside of Citi, as well as from FinTechs and a broad spectrum of banks spread across four continents. Additionally, it encapsulates the primary discoveries from an exclusive survey conducted among over 100 financial institutions affiliated with Citi. See:  Understanding the Impact of Blockchain on Banking: Cross-Border Payments 1. Cross-Border Payments Inflection Point The world of cross-border payments is at a pivotal moment. As new competition and technologies emerge, there will be winners and losers. All players must adapt to maintain and grow their market share. 2. $250 Trillion Opportunity The value of cross-border payments is projected to reach $250 trillion by 2027. This massive growth presents a significant opportunity for both traditional banks and fintechs. 3. Market Share Shift to Fintechs Over 40% of ...

Read More

OSFI’s Evolving Focus on Integrity & Security

September 26, 2023

Regulatory Insights | Sep 26, 2023 OSFI Superintendent Peter Routledge recently delivered a keynote speech at the Global Risk Institute Annual Summit, highlighting the organization's evolving approach to risk management, particularly in the areas of integrity and security. Evolving Mandate Historically, OSFI's primary focus has been on prudential, financial risks, especially post the 2008 global financial crisis. This included aspects like leverage ratios, reserve capital, and liquidity. However, the growing prevalence of non-financial risks, such as those arising from climate change, digitalization, institutional culture, and geopolitical risks, has necessitated a broader approach. See:  OSFI and GRI report: AI in Finance Needs Safeguards, Explainability Key For Trust OSFI's mandate has recently undergone changes, emphasizing the importance of integrity and security in promoting confidence in Canada's financial system. Non-Financial Risks A Growing Concern While financial risks remain a significant concern, non-financial risks, if unaddressed, can manifest as prudential risks. Risks like climate change, digitalization, and institutional culture, although primarily non-financial, can have substantial prudential impacts. Geopolitical risks are becoming more prominent and can expose Canadian financial institutions to vulnerabilities. Addressing Threats to Integrity and Security The Government of Canada modified OSFI's mandate in June, emphasizing the supervision of federally regulated financial institutions ...

Read More

Luge Capital Secures $71M in Second Fund’s First Close

September 26, 2023

Capital | Sep 26, 2023 Luge Capital, a trailblazer in fintech-focused venture capital, has unveiled a significant milestone: the first close of its second fund, Luge Capital Fund II, amassing CA$71 million. MONTRÉAL – September 26, 2023 – With an ambitious target of $100 million for the fund, this announcement is set to reverberate across the fintech investment landscape. Since its launch in 2018, Luge Capital has been synonymous with innovation, backing early-stage startups in Canada and the U.S. that are led by transformative founders. Their inaugural fund of roughly $85 million saw investments in 21 pioneering companies, including standout names like Flinks, Plooto, and Owl. The second fund promises to be even more impactful. Not only will it continue the legacy of its predecessor, but it's also broadening its investment horizons. Luge is setting its sights on verticalized fintech startups that intersect with major industries and is also venturing into the realm of ESG-focused fintech startups. See:  Browse AI Secures US$2.8M Seed Funding: Vancouver Tech Startup’s Success Several prominent investors have returned, such as CDPQ, Desjardins, BDC Capital, and Sun Life, showing their continued trust in Luge's vision, while simultaneously attracting new investors such as  Inovia Discovery Fund I, ...

Read More

Hear, Speak See No Evil: ChatGPT’s Latest Features!

September 25, 2023

AI | Sep 25, 2023 OpenAI Announces that ChatGPT Can Now Speak and Listen & Process Images.  New Features to Rollout to 'Pro Customers' Within 2 Weeks 1. The Power of Voice in Fintech Gone are the days when interactions with financial platforms were limited to typed commands. With the advent of sophisticated voice technology, businesses can now offer a more intuitive and personalized user experience. Imagine querying your financial dashboard using voice commands or authorizing transactions with a simple spoken phrase. The possibilities are endless. See:  FCA’s Emerging Regulatory Strategy for Big Tech and Artificial Intelligence To name but a few checkout below and unlock your imagination: Voice-Activated Financial Assistants: From checking account balances to setting up payments, voice commands streamline operations, especially for those who prefer hands-free interactions or have accessibility needs. Interactive Financial Education: Voice interactions can make financial literacy sessions more engaging, allowing users to ask questions and receive real-time responses. Voice-Powered Transactions: With advancements in voice recognition security, the future might see us authorizing payments or transfers using just our voices. Financial Planning and Advisory: Consumers can discuss their financial goals and plans with ChatGPT, which can then provide insights, suggestions, or even generate financial ...

Read More

Aquanow Unveils the AQN Digital Ventures Fund for Nextgen Blockchain Startups

September 25, 2023

Launch Release | Sep 25, 2023 Canadian digital assets infrastructure provider, Aquanow, unveils its latest venture: the AQN Digital Ventures Fund. Aquanow Overview Founded in 2018, headquartered in Canada with offices in Toronto and Vancouver.  Aimed at pioneering digital assets investment funds for Canadians in a transparent manner.  Team strength of over 100 professionals. AQN Digital is a wholly owned subsidiary of Aquanow CEO Phil Sham has a background in traditional finance, with roles at Connor, Clark & Lunn Financial Group and CIBC. Regulatory Moves in 2022: Registered AQN Asset Management, Ltd. with regulatory authorities in British Columbia and Ontario. Aimed at pioneering digital assets investment funds for Canadians in a transparent manner. The Fund Already invested over $1 million in seven companies.  Notable investments include BoomFi and Mash. Fund valuation stands at $13.4 million CAD ($10 million USD).  Comprises individuals and entities closely associated with Aquanow, including early investors and long-standing customers (especially ventures that align with Aquanow's core business of digital asset infrastructure and liquidity). Targeting early-stage investments in blockchain technologies, payments, infrastructure, and compliance within the crypto domain. Aims to invest between $100,000 and $500,000 per venture, and plans to make one to two additional investments monthly ...

Read More

UK PRA Launches Diversity and Inclusion Consultation

September 25, 2023

Consultation | Sep 25, 2023 The Prudential Regulation Authority (PRA) has released a consultation paper, CP18/23, on 25 September 2023, proposing rules and expectations to enhance diversity and inclusion in PRA-regulated firms to improve governance and decision-making. Purpose of the Consultation The Prudential Regulation Authority (PRA) has proposed rules and expectations to enhance diversity and inclusion in PRA-regulated firms. This is believed to bolster firm governance and decision-making, aligning with the PRA's objectives. The consultation has been developed alongside the Financial Conduct Authority (FCA), which is also releasing a consultation paper on the same topic for FCA-regulated firms. See:  McKinsey Report: Diversity in Global Private Markets 2022 and Institutional Investors as Catalysts for Change The current proposals are built upon the regulators’ joint discussion paper titled "Diversity and inclusion in the financial sector – working together to drive change" which was published in July 2021. Significance of Diversity and Inclusion Diversity and inclusion are essential for effective governance and decision-making within firms, reducing groupthink and enhancing risk management. While diversity covers demographics, experience, and thought, it's the role of inclusion to ensure these diverse perspectives are actively considered, especially by leadership boards, fostering a culture that values and encourages varied ...

Read More

SEC Intensifies Probe of Wall Street’s Use of Messaging Apps

September 25, 2023

Regulatory Insights | Sep 25, 2023 The U.S. Securities and Exchange Commission (SEC) has intensified its investigation into Wall Street's use of private messaging applications, including popular platforms like WhatsApp and Signal. This move has raised eyebrows in the financial sector, and here's a breakdown of the situation. The digital age has brought about a plethora of communication tools, with messaging apps like WhatsApp taking center stage. However, the convenience they offer has also led to regulatory concerns, especially within the financial sector. A Hefty Price for Non-Compliance in the U.S. Recently, the SEC fined 11 brokerage firms and investment advisers for failing to monitor and preserve employees' messages on these platforms. Major financial institutions like Wells Fargo, BNP Paribas, Société Générale, and Bank of Montreal faced the brunt of these penalties who agreed to pay a staggering $549 million in fines.  The SEC's focus is on ensuring that all business communications are recorded, as mandated by their regulations and has recently required Wall Street banks to review the personal phones of top traders and executives to determine the frequency of using these platforms for business.   This has all been part of a a two-year crackdown into potential breaches of ...

Read More

The Rising Popularity of Online Casinos in Canada

September 25, 2023

Sep 25, 2023 As we delve deeper into the digital age, industries worldwide are reshaping to accommodate the surge in online activities. One such industry is the gambling industry, and the proliferation of online casinos in Canada is an ideal illustration. One of the best reflections of this shift is Ontario’s flourishing virtual gambling sector, typified by the impressive variety of best Ontario online casinos. Before hitting the bell and spinning the wheel, we will take a closer look at the world of online casinos, focusing on Canada's landscape. Understanding the Shift Life is increasingly revolving around smartphones and computers, and so are many recreational activities. As a result, more persons are choosing to play games online, including casino games. Why visit a brick-and-mortar casino when virtual gambling promises accessibility, convenience, and an equal amount of thrill from the comfort of one's home? The global pandemic significantly accelerated this shift. Many casinos had to close doors for weeks, if not months, to prevent the spread of the virus. Gamblers turned to the web out of necessity. As lockdowns were relaxed, physical casinos reopened, but many were surprised to find that players did not return in droves. It seemed the convenience ...

Read More

CEO Views on AI in Deals Amid Economic Shifts

September 22, 2023

AI | Sep 22, 2023 The world of deal-making is undergoing a significant transformation, driven by technological advancements and shifting economic landscapes. A CEO's Perspective on the Economy The July 2023 EY CEO Outlook survey reveals that US CEOs are gearing up for what might be termed a "new normal" characterized by expensive capital and heightened volatility. A striking 97% of US CEOs are preparing for a potential economic downturn in their primary market. This cautious approach is not unfounded. The US, while showing signs of a possible "soft landing" due to factors like labor market resilience and moderating inflation, still presents uncertainties. CEOs are not banking on best-case scenarios but are instead fortifying their organizations for sustainable growth. AI in Deal-Making - A Game Changer AI's role in this evolving landscape is undeniable. A significant 80% of US CEOs have either already integrated AI into their products and services or plan to do so within the next year. However, the application and benefits of AI vary. See:  Birth of the First AI-Generated Memecoin, AstroPepeX (APX) AI and ML have the potential to revolutionize the merger and acquisition process. They can make the due diligence process more efficient by analyzing ...

Read More

How to Safely and Securely Store Your Digital Files

September 22, 2023

Sep 22, 2023 Gone are the days when you’d need huge filing cabinets and boxes of paperwork. These days, most people store documents and files through digital means, either saving them directly onto their device, using external storage or uploading them to the cloud. This is much easier and saves costs on paper, but is it safe? While storing files on your computer is certainly easier, there are data security issues to consider. Not only that but having only digital copies of your documents could mean you run into issues if you ever lose your device or your storage becomes corrupted. However, there are ways you can safely store them and not have to worry. Backing Up Data One of the most important things you can do to ensure your digital files are safe is to back them up regularly. Whether you save all your files to the cloud, your device or an external storage unit, you should always back them up with at least one other copy in another location. This way, you prevent loss of data due to memory issues, lost devices or other problems. If you do run into issues with memory, it’s not necessarily the end ...

Read More