Matthew Parker-Jones

The Canadian financial technology companies’ industry association, Fintechs Canada, has appointed a new set of seven directors to its Board. The organization is a not-for-profit entity to collectively represent interests of the fintech players in the country. Accordingly, all the seven directors are senior leaders from the Canadian fintech industry. The new Directors of the Board will assume their roles with immediate effect for the 2024-25 period. The seven board members are: Andrew Graham, Co-Founder and CEO of Borrowell; Laurence Cooke, Founder and CEO of nanopay; Anne Butler, Chief Legal Officer at Peoples Group; Jessica Oliver, Head of Government and Regulatory Relations at Wealthsimple; Ben Harrison, Partner, Head of Partnerships and Policy at Sagard; Dominique Samson, Vice President of Corporate Affairs at Flinks; and Peter Aceto, Chief Banking Officer of Koho. While it’s not been explicitly mentioned, it seems that Graham, Cooke and Harrison were also part of the preceding board. That Board of Directors was announced in November 2022 along with the rebrand to Fintechs Canada. Further, Graham takes over as the new Chair of the Board. Appointed in February 2021, Alex Vronces serves as the association’s Executive Director. Among its achievements, the association lists the implementation of a federal open banking framework, changes to legislation to increase access to payment systems, and reaffirmed commitments to launch Payments Canada’s real-time rail. Moreover, Fintechs Canada is is now looking forward to create a forward-thinking fintech policy agenda to help spur ongoing innovation and growth in the industry as the federal election year draws near. #canada #fintech #board

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💡 The Bank for International Settlements – BIS and Bank of Canada have launched the BIS Toronto Innovation Centre - the first BIS Innovation Hub Centre to be established in the Americas. Tiff Macklem, governor of the Bank of Canada, said: “As the financial sector continues to evolve, we need to innovate in different areas and apply skills that aren’t traditionally associated with central banking." #openfinance #openbanking #innovation #financialservices #centralbank Miguel Diaz Diaz Hakan Eroglu https://lnkd.in/e_S3gRXs

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Jan Barcelo, Morningstar, “Will Canada Open Up To Open Banking?” June 13, 2024: “The last Canadian government budget announced that it would table legislation as early as this Spring, with a follow-up next Fall, facilitating the implementation of “open banking”, and prompting increased discussion around the topic. As explained on a Government of Canada website, #openbanking essentially responds to pressure coming from the “fintech” sector (fintechs are software companies that develop third-party applications, or apps, mostly for mobile phones or tablets, used in the financial sector). One can understand that the U.K. would spearhead the open banking initiative because it has identified fintechs as a key development sector of its economy and created very favourable regulatory conditions for its development. You enter open banking through a fintech application whose goal is to help you manage your finances. That app prompts you to link it to your bank accounts where it can access your financial data, and you must authorize your bank to share your data with the app. Presently, “an estimated nine million Canadians share their confidential banking credentials to service providers,” states the Government of Canada website. This sharing happens through ‘screen scraping,’ meaning that you provide your online banking username and password to the app provider, which uses this information ‘to automatically log into your bank account as if they were you.’ That means you’re losing some control of your identifiers – and this is a major security issue.”

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Earlier this spring, the implementation of a consumer-driven banking framework was officially established into Canadian law. At The 2024 SUMMIT, Abraham A. Tachjian, Director of Digital Banking at PwC Canada, took the stage to dive into Canada's open banking journey, highlighting four critical milestones that helped shape the foundation of Canada's consumer-driven banking approach. Watch the full session, 'The road to open banking in Canada', on demand now: https://lnkd.in/g75z_gCi #PaymentsMatter

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Excess capital is likely their driver, and the fact they have exited several other foreign investments in recent years. This is a problem for all the big banks - a captive/closed market at home results in excess capital that must be put to productive uses. And I gather…..the good opportunities for same in the US are few and far between at this time, and, it’s no easy market to operate in (just ask TD), so perhaps this is seen as a low risk foray, to attempt to acclimatize themselves to that very unique marketplace.

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📢New blog by Jacqueline Best - Heroes or Villains: How Significant are Central Banks to the Inflationary Cycle? 🏦If the Bank of Canada isn’t the superhero or supervillain, and yet its actions do significantly shape our lives, what should its role be? 🔗https://lnkd.in/gcf5M_bf ------------- 📢Nouveau blog de Jacqueline Best - Héros ou méchants : Quelle est l'importance des banques centrales dans le cycle inflationniste ?🏦 🔗https://lnkd.in/gcf5M_bf

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Finalta Capital will be present at the Sustainable Finance Summit organized by the Canadian Lenders Association on September 12, 2024, in Toronto. Our President and Chief Operating Officer, Pierre-Luc Labelle, will participate in the panel "Carrots and Sticks: Incentivizing Green".   Over the past several years, the Canadian federal government has introduced a series of investment tax credits aimed at transitioning Canada to a clean economy. A panel of four experts, including Pierre-Luc Labelle, B. Eng., Martin McLaughlin, Jeff Schwartz and Dan Jankovic will explore how they are influencing investment strategies and driving progress toward Canada's sustainability objectives. The discussion will also delve into the implications of the C-59 regulation on carbon emissions in Canada, examining how it interacts with these incentives. Panelist touch on case studies of what is working in the market.   To register: https://lnkd.in/gdWgp-Hx

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The CBCS’ 2024 Financial Stability Report (FSR) was released today. The FSR brings a comprehensive overview of the state of the financial institutions in the monetary union during 2023, the challenges they encountered and the trends and developments that potentially affect the financial system. In this FSR a recovery of financial buffers is presented. The report also features a box article on climate change and financial stability. To read the 2024 Financial Stability Report click here: https://lnkd.in/e3Sd3y89 #montaryunion #financialstability #financialstabilityreport #FSR2024 #centralbanking

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📢 Finance Canada / Finances Canada has appointed Shereen Benzvy Miller as Commissioner of Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada Michelle Beyo, president of Open Finance Network Canada (OFNC), said that her appointment "is key at this pivotal time for Open Banking in Canada". Read more at the 🔗 #openfinance #banking #openbanking #consumerdrivenbanking #financialdata #leadership https://lnkd.in/eKCpcThn

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We are building on the strengths of #IndigenousFinancialInstitutions to drive growth and prosperity! The IGF does not offer direct loans to individual businesses. Instead, it makes portfolio investments in IFIs allowing them to expand their current loan portfolios or establish new ones. IFIs, in turn, provide loans to Indigenous businesses. As community based lenders, IFIs know their clients, and IGF's model allows IFIs to retain their autonomy while adding new capital to their portfolios. #IndigenousGrowthFund #EconomicReconciliation #IndigenousFinancialInstitutions

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The Indigenous economy in Australia is growing rapidly – but finance sector leadership and innovation is essential for unlocking the capital needed to sustain this growth.   Canada’s Indigenous Growth Fund (IGF) is an example of an innovative financial model which is being used to unlock capital for Indigenous Financial Institutions (IFIs), and ultimately support First Nations economic empowerment.   The IGF does not lend directly to businesses. Instead, it builds on the successful track-record of IFIs as community lenders. IFIs know their regions and clients, and investing in them builds on their strengths to accelerate economic growth and create a more resilient Indigenous economy.   This innovative financial approach empowers First Nations-led solutions to economic development, supporting the achievement of long-term economic self-determination for First Nations.   #FirstNationsFinance #EconomicSelfDetermination #SustainableFinance

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Good news for our Canadian clients! 🙌 With the release of the federal 2024 budget, the government has formalized its plan to further consumer-driven banking initiatives. More commonly known as “open banking,” consumer-driven banking empowers individuals to safely share their personal financial data to all sorts of service providers in the diverse financial ecosystem. We think the future for #FinTechs is looking bright! We envision that soon, gone will be the days where screen-scraping is responsible for gathering banking information on critical financial platforms that individuals and businesses rely on. FinTechs will be able to seamlessly integrate with banks to access financial information in a standardized and secure way on behalf of their users. This will undoubtedly help shape a future where ambitious FinTechs can offer novel products and services that make lives better for Canadians. With the budget’s release, the government has earmarked funds to help the Financial Consumer Agency of Canada (FCAC) to administer the consumer-driven banking framework released in the 2023 Fall Economic Statement. Critically, the FCAC will receive funding to run a consumer awareness program. The one critical element left, is the tabling and adoption of legislation. It is our hope that once consumer-banking gains its foundation, we can focus less on wondering what is actually possible and more on building cool stuff with you all! https://lnkd.in/gSgvA25J https://lnkd.in/ehepnzk8

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🇨🇦 The Canadian government intends to introduce legislation that establishes the “foundational elements” of an Open Banking Framework this Spring. In Budget 2024, Finance Canada / Finances Canada announced that the Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada will be responsible for oversight, administration and enforcement of consumer-driven banking. Find out what else the Budget revealed about Open Banking in Canada ⬇ #openbanking #openfinance #banking #canada #datasharing #financialdata #consumerdrivenbanking Chrystia Freeland Steve Boms FDATA North America Roy Kao Michelle Beyo Open Finance Network Canada Fintechs Canada https://lnkd.in/dbzx244i

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Will June's "awful" employment figures force the Bank of Canada's hand to cut rates this month? Don't bet on it, say economists. Dive into our latest piece to find out why the Bank is likely to take its time with future rate cuts. #Economy #BoC #InterestRates

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Did you know ? As of October 11, 2024, new anti-money laundering (AML) regulations from FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) will come into effect, impacting various sectors including the mortgage industry, correspondent banking relationships, and funding mechanisms for FINTRAC's compliance program. Mortgage brokers, administrators, and lenders will now be subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) yThese entities are required to implement AML and anti-terrorist financing (ATF) compliance programs. Key obligations include: - Establishing a compliance program with a designated compliance officer, regular risk assessments, and staff training. - Verifying clients' identities, maintaining detailed records, and reporting large cash transactions, large virtual currency transactions, and suspicious activities to FINTRAC Mortgage professionals and financial institutions need to stay compliant with these updates or risk significant fines and reputational damage https://lnkd.in/gm4AupFm

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Banks have a responsibility to bring positive change to Canadian society. That’s what I’m so pleased that Concentra Trust, part of the Equitable family, has launched a national Registered Disability Savings Plan (RDSP) awareness campaign to educate Canadians about an underused tool that can be enormously empowering for those with disabilities. The need for this campaign is clear as RDSPs are far less understood than its TFSA or RRSP cousins. Nearly 40% of Canadians living with a potentially eligible medical condition don’t believe they make enough money to contribute. The reality is that beneficiaries actually don’t need to contribute a cent in order to get benefits from this program....that's right it is very different than simply the tax sheltering provided with TFSAs and RRSPs and it is unambiguous that everyone that qualifies will benefit by opening an RDSP. Add compound interest into the mix and you have a truly transformative construct. Many thanks to Lillian Bayne and Michael Hayes, who were instrumental in helping me and so many other Canadians understand how an RDSP represents opportunity, empowerment and stability for those who often need it most.    I’m especially proud of the role credit unions are playing in this effort, and we’re pleased to bridge Canada’s RDSP knowledge gap with them. Our values strongly align with the credit union ecosystem’s community focus and cooperative spirit, and the deeply rooted trust they have with their members will play a crucial role in spreading the word.   I encourage you to explore the resources we’ll share in the coming months and connect with your local credit union if you or someone you know could benefit from an RDSP. Our team has put together a helpful, high-level brochure to get started:  https://lnkd.in/gbFCzccw.   #ChallengerBank #CreditUnions #RDSP   

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Join us in reshaping the future of banking to support survivors of #EconomicAbuse. Our Financial Futures Summit report outlines key steps for Canadian financial institutions to make a meaningful difference for Economic Abuse survivors. Read the report here https://lnkd.in/et_q9TMJ

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CIBC's 𝗤𝟮 𝟮𝟬𝟮𝟰 𝗥𝗲𝗽𝗼𝗿𝘁: Income rose despite rising provision for credit losses (PCL). Allowance for credit losses (ACL) is even higher than the depth of the pandemic, indicating uncertain economic conditions. 𝗞𝗲𝘆𝗻𝗼𝘁𝗲𝘀: • Loan write-offs surged 170% Year-over-Year to $621M, the highest over the past five years. •  Adjusted earnings exceeded expectations: $1.75/share vs. $1.65 expected, mainly due to lower-than-expected PCL. • Net quarterly income rose 3.6% Year-over-Year to $1.75B. • PCL increased 17% Year-over-Year while declining 12% quarter-over-quarter to $514M. • No rise in dividends similar to Scotiabank. • CIBC successfully reduced its exposure to commercial real estate in the US, but this still poses risks to its balance sheet. 𝗢𝘁𝗵𝗲𝗿 𝗶𝗻𝗳𝗼 𝗮𝗯𝗼𝘂𝘁 $𝗖𝗜𝗕𝗖 (𝗠𝗮𝘆 𝟯𝟬, 𝟮𝟬𝟮𝟰): • Dividend yield: 5.6% • P/E: 10.6 • Market Cap: CAD$65B  ----------------------- Provided by WOWA.ca Simply Know Your Options🔍

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