Bank of Canada Sees Potential for FinTech, Sets High Bar
By working together the full potential of FinTech can be unlocked ensuring a smooth evolution to tomorrow’s financial system, a senior Bank of Canada said on Friday. Bank of Canada senior deputy governor Carolyn Wilkins said in a speech to Payments Canada in Calgary, Alberta, that blockchain technology could help to reduce the time it takes to clear and settle syndicated loans, which could free up capital leading to savings for global banks of up to $20 billion a year in back-office expenses. However, while Wilkins is keen to help companies develop new technologies, such as....
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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,....
The NAB, or National Australian Bank successfully made its first Blockchain transaction of $10 from its home in Australia to Canada. Even though this is a small amount of money, it is a historical moment for the bank which plans to continue developing Blockchain for Fintech uses. The transaction across continents. According to NAB, the transaction was between 2 employee accounts, one from Australia and the other located in Canada. The transaction itself took roughly 10 seconds to complete and is considered Proof-of-Concept to the bank. Jonathan Davey, Executive General Manager of NAB said:....
Interest in blockchain technologies in Canada is growing rapidly as new fintech startups and blockchain ventures are launched and governments indicate they are interested in the possibility of Canada becoming a global fintech/blockchain hub. Even the central Bank of Canada is getting in on the act conducting experiments with blockchain technology and digital currencies. A recent AdvantageBC study said that Canada, particularly the western province of British Columbia, is well positioned with technical expertise and a vibrant fintech ecosystem to lead the world as a global fintech hub of....
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 central bank recognizes that CBDCs are a necessarily international issue. Canada doesn’t want any "surprises" regarding central bank digital currencies. In a recent interview with Reuters, Bank of Canada Governor Tiff Macklem doubled down on the country's contingency-plan approach to CBDCs, stressing that he sees no urgent need to issue one right now. For Macklem, inter-state competition and coordination remains the key question when it comes to CBDC issuance. He told reporters:“If another country has one and we don’t, that could certainly create some problems. So we want to make....