Canadian Banks Experiment With Blockchain Technology; Fintech Sector Calls for Regulatory Certainty
Canada’s central bank, the Bank of Canada, and five other Canadian banks (like a growing number of banks around the world) are experimenting with blockchain technology and a possible digital dollar as the growing demand for digital fintech payment systems puts the squeeze on the traditional banking sector. At a recent IMF/World Bank conference hosted by....
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Investments received by Canadian fintech firms in the year of 2016 has surpassed that of the United States, United Kingdom, and Singapore. Canada is surpassing the United States in the fintech sector. The changing status quo is quite evident from the scale of investments received by Canadian fintech startups compared to their counterparts in the United States. It is reported that the Canadian fintech sector in 2016 received the highest amount of venture capital backed funds since the past two decades. The funds raised by Canadian blockchain and fintech companies is said to have increased....
The FinTech market, particularly with blockchain technologies, is expected to flourish in Hong Kong in 2017 due to increased cooperation between Fintech and financial services firms, a KPMG report has claimed. In its “Hong Kong Banking Outlook 2017” [PDF] report, the services giant cites soaring investment in the Fintech sector leading to the “rapid” development of the Fintech industry in Hong Kong. Blockchain technology is proving to be of particular interest among Hong Kong banks, the report added, with its popularity in the payments and lending space. The innovation, which is bitcoin’s....
Canada’s largest securities regulator has stated that open access to data is fundamental to developing fintech solutions like blockchain technology, in a white paper, reports Reuters. Last November, the Ontario Securities Commission (OSC) hosted a hackathon, with the aim of discovering innovative FinTech solutions for the finance sector. Its paper was the result of the hackathon. According to Pat Chaukos, chief of OSC LaunchPad, which is a regulatory sandbox to promote innovative solutions, blockchain can provide answers for problems that companies are experiencing. Chaukos said: You need....
A long-anticipated report published by the Canadian Standing Senate Committee on Banking, Trade and Commerce has called for a "regulatory light touch" on bitcoin and digital currencies. The report, entitled "Digital Currency: You Can't Flip This Coin!", comes after a months-long review that included a number of hearings before the Senate committee, and will undoubtedly play a role in how the Canadian government shapes future regulation. The committee recommended that the government look for ways to utilize digital currencies and blockchain technology, deeming the technology "ingenious" and....
The very first edition of Fintech Career Virtual Summit is all set to start tomorrow. The completely online event is expected to attract lots of job seekers and employers from around the globe. The Fintech Career Virtual Summit is about to begin! The three-day event will start from tomorrow, the 25th of May 2015, and go on until the 27th, streaming over 15 cryptocurrency experts including NewsBTC representative Andrew Wagner. Bitcoin and its underlying blockchain technology have disrupted the financial sector by offering decentralized ways to conduct instant transactions across borders,....