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[...]
Startup CEOs on how to keep the artificial intelligence ball rolling in Canada
The Globe and Mail | | Sep 29, 2018
The next time you pull out your smartphone and ask Siri or Google for advice, or chat with a bot online, take pride in knowing that some of the theoretical foundation for that technology was brought to life here in Canada.
Indeed, as far back as the early 1980s, key organizations such as the Canadian Institute for Advanced Research embarked on groundbreaking work in neural networks and machine learning.
Academic pioneers such as Geoffrey Hinton (now a professor emeritus at the University of Toronto and an advisor to Google, among others), the University of Montreal’s Yoshua Bengio and the University of Alberta’s Rich Sutton produced critical research that helped fuel Canada’s rise to prominence as a global leader in artificial intelligence (AI).
Stephen Piron, co-CEO of Dessa, praises the federal government's efforts at cutting immigration processing timelines for highly skilled foreign workers.
Canada now houses three major AI clusters – in Toronto, Montreal and Edmonton – that form the backbone of the country’s machine-learning ecosystem and support homegrown AI startups. In fact, Toronto boasts one of the highest concentration of AI startups in the world, while Montreal is leading the way in producing deep-learning research.
“More and more [Canadian AI] companies are gaining investment … the amount of money is increasing dramatically,” says Oshoma Momoh, chief technical advisor for Toronto’s MaRS Discovery District, incubator to a plethora of AI firms.
See: Why startups are leaving Silicon Valley
Among the tech heavyweights that have made significant AI investments north of the border are Uber Technologies Inc., Facebook Inc., Alphabet Inc.'s Google, Adobe Systems Inc., LG Electronics Inc., Samsung Electronics Co. and Amazon.com Inc.
Federal and provincial governments have also been keen to support the sector, with the aim of building a sustainable countrywide AI ecosystem and buttress Canada’s position as a leader in the field.
The vexing question is how Canadian institutions and business leaders can work together to maintain momentum. We asked leaders of some of the country’s top AI firms for their take.
Andy Mauro, CEO, Automat Technologies Inc., Montreal, a maker of conversational marketing software
“I think the government did a great job of recognizing the research leadership out of the University of Toronto and the University of Montreal, including celebrating and funding it.
I think we should continue doing that. Supporting local, homegrown startups headquartered in Canada is debateably a better generator of economic prosperity for Canada than attracting Facebook, Google and Amazon, even though those are sexy names that look good in press releases.
"I believe the government should capital-match any startup that has raised venture funding – especially U.S. venture capital – and has decided to base their business in Canada. That would be a very bold strategy to help capitalize startups.”
Stephen Piron, co-founder, Dessa, Toronto, a business software firm
“There are fortuitous geopolitical things going on that make Canada extra-attractive. One thing the government can do is to encourage people to move here and not put up walls. They have a visa that we’ve used to get experienced, talented technical people from overseas in between two to four weeks.
See: Technology is the ‘most profound force bearing down’ on big banks, ex-Barclays boss says
"I think they need to do more things like that to encourage the best and brightest to come here. We recruit from around the world, and the stars are aligning where global talent would consider moving to Toronto, where maybe they would not have made that decision before.”
“It’s all about continuing to invest in the things that are working. That’s probably where governments can think about incentives for locating AI or machine-learning labs here.
"It would not be a bad idea to see a larger venture fund dedicated just to machine learning and AI. A decade ago, when mobile was emerging, for example, there were funds dedicated to mobile. There’s momentum, so we need to keep that going by somehow having startups, the private sector, government and education coming together in the right way.”
Canadian universities need to keep turning out great tech talent, or sooner or later the supply will dry up, says Kerry Liu of Rubikloud Technologies.
Andrew Williamson /Rubikloud
Kerry Liu, CEO, Rubikloud Technologies Inc., Toronto, an enterprise retail software firm
“Canada has some incredibly strong university programs focused on AI. McGill University and the University of Waterloo are two examples that are generating a lot of really great talent in this industry.
"The threat here is that we have to make sure the education available to students continues to keep pace with advances in the industry. Schools need to keep turning out great tech talent, or sooner or later the supply will dry up. High school and university curriculums alike will fail if they don’t adapt to include the skills that have direct business impacts.
More: For Canada’s tech to thrive, startups must grow up
"Also, although the AI industry focuses a lot on tech talent – developers, analysts, data scientists – selling AI is a whole other skill set – sales, marketing, finance. If the necessary step is to commercialize and sell an AI product, the talent needs to be cross-disciplined.”
Continue to the full article --> here
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AI | Oct 2, 2023 Microsoft has recently made waves in the tech industry with its announcement of the Copilot Copyright Commitment. Microsoft's Copilot Commitment Shields AI Users from Copyright Concerns. Problem: While Microsoft's AI-powered Copilots have been transformative, enhancing efficiency and unlocking new levels of creativity they've raised questions about the risk of IP infringement claims when using the output produced by generative AI. Solution: To address these concerns, Microsoft has introduced its new Copilot Copyright Commitment. This commitment ensures that customers can use Microsoft’s Copilot services and their generated output without fearing copyright claims. If a customer faces a copyright challenge, Microsoft will assume responsibility for the potential legal risks involved. This commitment extends Microsoft's existing intellectual property indemnity support to commercial Copilot services. If a third party sues a commercial customer for copyright infringement for using Microsoft’s Copilots or the output they generate, Microsoft will defend the customer and cover any adverse judgments or settlements, provided the customer used the guardrails and content filters integrated into Microsoft’s products. See: How do intellectual property rights apply to AI? This move by Microsoft comes after a recent federal court ruling that stated artwork created by AI cannot be copyrighted ...
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AI | Oct 2, 2023 Microsoft has recently made waves in the tech industry with its announcement of the Copilot Copyright Commitment. Microsoft's Copilot Commitment Shields AI Users from Copyright Concerns. Problem: While Microsoft's AI-powered Copilots have been transformative, enhancing efficiency and unlocking new levels of creativity they've raised questions about the risk of IP infringement claims when using the output produced by generative AI. Solution: To address these concerns, Microsoft has introduced its new Copilot Copyright Commitment. This commitment ensures that customers can use Microsoft’s Copilot services and their generated output without fearing copyright claims. If a customer faces a copyright challenge, Microsoft will assume responsibility for the potential legal risks involved. This commitment extends Microsoft's existing intellectual property indemnity support to commercial Copilot services. If a third party sues a commercial customer for copyright infringement for using Microsoft’s Copilots or the output they generate, Microsoft will defend the customer and cover any adverse judgments or settlements, provided the customer used the guardrails and content filters integrated into Microsoft’s products. See: How do intellectual property rights apply to AI? This move by Microsoft comes after a recent federal court ruling that stated artwork created by AI cannot be copyrighted ...
AI | Oct 2, 2023 Federal Minister François-Philippe Champagne launches voluntary code of conduct for advanced generative AI systems but some are wondering if this a step forward will hinder innovation? On September 27, Minister Champagne announced Canada's Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems, effective immediately. The new code of conduct revolves around several key principles around transparency, bias, oversight and detectability. AI systems must be clear about where and how the information they collect is used. There should be methods in place to tackle potential biases within the system. Human monitoring of AI systems is essential. Developers creating generative AI for public use must ensure that any content produced by their system can be identified. Minister Champagne emphasized the urgency of implementing measures to foster trust in AI products. I think that if you ask people in the street, they want us to take action now to make sure that we have specific measures that companies can take now to build trust in their AI products. Mixed Reactions While there's been significant support from major players in the business sector, concerns have also been raised. Some fear that the code, ...
Oct 2, 2023 In the era of digital gold, where cryptocurrencies reign supreme, the allure of Bitcoin has captivated both seasoned investors and newcomers alike. Suppose you're looking to grow your money. In that case, dipping your toes into the cryptocurrency world is exciting and potentially rewarding. This article will demystify the art of Bitcoin investment and show you how to start investing 100 dollars. The Bitcoin Phenomenon: A Brief Overview Before we dive into the nitty-gritty of Bitcoin investment, let's take a moment to understand why Bitcoin has become the poster child of the cryptocurrency revolution. Bitcoin, often called "digital gold," was created in 2009 by an anonymous individual or group of individuals using the pseudonym Satoshi Nakamoto. It's a decentralized digital currency that operates on blockchain, which ensures transparency, security, and immutability of transactions. The appeal of Bitcoin lies in its scarcity; only 21 million coins will ever be mined, making it a deflationary asset. As a result, Bitcoin has garnered immense attention and investment interest over the years, skyrocketing from mere cents to thousands of dollars per coin. Why Should You Invest in Bitcoin? Diversification: Diversifying your investment portfolio is a fundamental strategy to mitigate risks. As ...
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 ...
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