Canadian Bank Nova Scotia Boosts Competition with New FinTech Facility
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....
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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....
Buying bitcoin from exchanges can involve lots of hoop-jumping, as customers navigate complex and tedious registration and transaction processes. Some people are now cutting through the whole tangled mess, and having their employers pay them in bitcoin directly. Canadian firm Wagepoint has been helping companies do this north of the border. Wagepoint, a startup based in Waterloo and Nova Scotia, Canada, offers Canadian and US companies an easy way to process payroll online. The firm handles payroll deductions for tax purposes and files all the necessary paperwork electronically. It has....
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“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.....