Canada’s FinTech Prominence Bodes Well for National Bitcoin Industry
“The FinTech industry has done a great job at positioning Canada high up on the global scale,” Gerald Cotten, CEO of Canadian Bitcoin exchange Quadriga.CA, tells CCN. He adds: We are quite thrilled to see how our country has been embracing this emerging industry and innovation. Lots of great minds that are following through with an execution. Canada’s Commissioner of Competition, John Pecman, discussed October 6th 2016 the link between competition and innovation. The Commissioner suggested new disruptive technologies challenge not only traditional business but, as well, regulatory models.....
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Sector data has found that FinTech funding in Canada reached an all-time high last year in twenty years despite slow funding in the U.S. FinTech market. According to PitchBook, which is used by the U.S.-based National Venture Capital Association, funding in the sector in Canada reached $137.7 million last year compared to $21.8 million five years ago and just $7.3 million in 2000, reports Reuters. Last June, the Bank of Canada announced that it sees the potential in FinTech as it can help to ensure a smooth evolution to tomorrow’s financial system. Speaking to Payments Canada in Calgary,....
Fintech Australia is a national Australian Fintech Industry Association. Their vision is to make Australia one of the world’s leading markets for Fintech innovation and investment. Founded in October 2015, their membership base now comprises over 70 startups, venture capital funds, hubs and accelerators across Australia that specialise in Fintech. As a not-for-profit organisation, they support the Australian Fintech community, build awareness and trust in Fintech startups and advocate for better policy on behalf of our members. Fintech Australia is the voice for Fintech innovation in....
Canadian regulators and policy makers need to work together to ensure that the country maintains its FinTech development; however, it also needs to be mindful of maintaining the protection of its customers and banks. That’s according to an organized federal Competition Bureau discussion, reports the Financial Post. Moderated by Carolyn Wilkins, senior deputy governor of the Bank of Canada, those present included the federal Department of Finance, the Ontario Securities Commission, the Financial Consumer Agency of Canada, FINTRAC, and Payments Canada. The federal Competition Bureau is....
Canada’s Bank of Nova Scotia has announced that it has opened a new FinTech space designed to develop blockchain and artificial intelligence in the hopes that it will push it ahead of competition in the industry. In a report from Yahoo! Finance, Shawn Rose, Scotiabank’s executive vice president of digital banking, explained that the move was designed to support the bank’s intention of becoming a leader in FinTech. He adds that the move was also in response because of competition growing within the sector. He said: It’s accelerating, that competitive fear. We don’t want to lose a day. It’s....
Over the past few years, New York state has proven to take aggressive stances to financial technology. The state of New York has a somewhat unusual reputation when it comes to financial regulation. The state’s regulator is not too keen on the OCC’s bank charter pan for fintech firms. Overseeing the financial technology sector is a coveted price, and a national bank charter may not be the best idea. It is unusual to see NY state go after the OCC this way, although it remains unclear how things will play out. Not too long ago, the OCC proposed their plans for a national bank charter in the....