Roy Kao

Did you know that two-thirds of Canadian SMBs are grappling with cash flow issues? Many are dissatisfied with traditional banks, seeking smarter, faster solutions. Learn how: • Fintech options offer quick transactions and easy access to capital. • Innovative solutions can streamline your operations and improve cash flow. • Adapting to new financial strategies can help ensure business growth in uncertain times. Explore how you can leverage fintech to overcome financial hurdles and thrive. Click to read the full article! #SMB #Fintech #CashFlow Read The Article: https://lnkd.in/d8bgdNTD

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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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💬 What has been the industry response to the Canadian government's announcements in relation to a consumer-driven banking framework in Budget 2024? Steve Boms, executive director at FDATA North America called it "a significant step for the financial empowerment of consumers and small and medium-sized enterprises". 🇨🇦 Find out what the ecosystem had to say at the 🔗 Alex Vronces Fintechs Canada Open Finance Network Canada Michelle Beyo Roy Kao Nicholas Schiavo Council of Canadian Innovators | Conseil canadien des innovateurs #openfinance #openbanking #canada #consumerdrivenbanking #smallbusinesses #canadians #financialinclusion #payments #realtimepayments https://lnkd.in/eb58hS9P

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Open banking gets a lot of airtime, but the average Canadian business owner has no reason to be concerned. Fintech expert and writer Tal Schwartz explains why it might sound scarier than it is, and what it means for the finance sector in Canada.   Watch the full episode: https://lnkd.in/edUCC3mS Visit https://lnkd.in/emJmsK56 to find out more about how our platform gives businesses more control over how they make and receive payments.

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#Entrepreneurs and #innovators forgo compensation in the short term in order to benefit from the companies they build. Reducing capital gains disincentivizes innovation and drives high growth startups out of Canada. #capitalgains #budget2024 Canadian Lenders Association

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🍰🍒 RECIPE: Take one innovative financial services regulator. Add one influential FinTech hub. Result… A new partnership (https://ow.ly/lRkg50TpaH3) that will open doors for innovators in Ontario, while continuing to ensure consumer protection. 🚀 FSRA has partnered with Fintech Cadence to drive responsible innovation across Ontario 🚀 Find out more about FSRA’s Innovation Office (https://ow.ly/F8Mf50T9Qrm) and how we’re shaping the future of Ontario’s financial services sector. #Fintech #Innovation #Ontario #FinancialServices

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💻 Register and watch the webinar on-demand: "Registration of Existing MSBs with the Bank of Canada under RPAA Regulations"! Are you a Money Services Business (MSB) looking to navigate the new regulations under the Retail Payment Activities Act (RPAA)? 📜 Don’t miss this opportunity to learn about the registration process and compliance requirements. 🔗 Register here: https://lnkd.in/dREPCzmK What you'll learn: Introduction to the Retail Payment Activities Act (RPAA): ✅ What is the RPAA and its significance? ✅ The regulatory body overseeing Payment Service Providers (PSPs). ✅ Who qualifies as a PSP under the RPAA? ✅ Key functions and changes introduced by the RPAA. Registering Under the RPAA: ✅ Key compliance obligations for MSBs. ✅ Criteria for registration with the Bank of Canada. ✅ Review of RPAA requirements and timelines. ✅ Step-by-step guide to the registration process. ✅ Important dates and deadlines to keep in mind. #RPAA #FinTech #Payments #Compliance #MSB #Webinar #BankofCanada #Advapay #Canada

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How can you help your clients become more comfortable with incorporating AI into your services? The Dye & Durham Canadian Pulse Report for Q1 2024 provides insight on this and more.     Read the full report here ➡   And check out Fintech.ca coverage of the report release at the link.     #AI #ClientSupport #LegalManagement  

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We saw very similar results from our Risk Outlook Survey in February. Credit risk was #1 among GRI member companies, driven by higher interest rates. See our top five here:  https://lnkd.in/gApSHfnU #RiskManagement #CdnEcon

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🛬 Office of the Superintendent of Financial Institutions Canada's latest Annual Risk Outlook (ARO) for 2024-25 has arrived. The most critical risks for regulated institutions this year in OSFI's view are: 🏢 Real estate secured lending and mortgage risks 💲 Wholesale credit risks 💰 Funding and liquidity risks 🔐 Integrity, security, and foreign interference We will see OSFI focus on these risks in particular this year. The ARO also contains an overview of the risk environment and a discussion of other risk areas, along with OSFI's responses. These other risk areas include risks posed by cyber, technology and third party outsourcing to the less-regulated or unregulated financial sector. OSFI will continue to monitor the number and severity of disruptive events arising from these risks, which underscore the importance of operational resilience at financial institutions. OSFI notes that the “direct costs and, more importantly, the reputational impacts of prolonged disruptions or outages can negatively impact the resilience and stability of an institution and create risk.” Check out the full ARO on OSFI's website 👇 Gowling WLG | Alana Scotchmer | Rachel Runge | Natalia Castro

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Quick facts: The Annual Risk Outlook is published once a year in the spring. If risks in the financial system evolve, an update may be published in the fall.  

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Mark your calendars for May 16th and join us for a compelling panel discussion at our annual summit, "Achieving Regulatory Agility – Innovating Canada’s Future." Explore the dynamic convergence of technology and regulatory oversight in financial markets.   In today's regulatory landscape, culture and conduct take precedence, shaping organizational integrity and security. Regulators like OSFI emphasize aligning culture with values to manage risks effectively.   Our panelists will delve into pivotal topics: - Defining a culture of integrity and security - Responding to OSFI's Integrity and Security Guidelines - The role of ethics in shaping organizational culture - Strategies for implementing and measuring integrity culture   Featuring: - Rohin Bansal, Director of Data Governance & Enablement, TELUS - Adeline Cheng (She / Her), Partner, Non-Financial Risk Canada, EY Young (EY) - Ula Ubani Chief Ethics Officer and Head, Customer Complaint and Appeals, BMO   Don't miss this opportunity to gain insights from industry leaders! Register today: https://lnkd.in/gqMD6DDf #RegulatoryOversight #FinancialMarkets #RegTech #CRTASummit #culture #integrity #riskmanagement   Paul Childerhose Adeline Cheng (She / Her) Parham Nasseri, CFA Loren Schwartz Eleanor Morrison, PhD., Tina Mithra MBA, CFA, CPA, CMA, GCB.D, CCB.D

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Canada's banking sector is heavily concentrated, which makes it easier for industry incumbents to collude in anti-competitive ways. Canadians need a banking sector that works harder for them. Read our blueprint for making banking more competitive in Canada: https://lnkd.in/ggjMQZkj

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Our integration with Interactive Brokers in Canada is making news in Wealth Solutions Report! 📰 "This new integration will initially provide benefits for portfolio managers, including access to the Hybrid Digital Advice platform in FIQ Journey. This platform, which connects the front, middle, and back offices into a single digital workflow, is designed to enhance practice efficiencies and drive scalable growth for portfolio managers." Read the full article here: https://lnkd.in/g7Wj5r-h Learn more about FusionIQ Canada's solutions for portfolio managers here: https://lnkd.in/gpeyBZXj #portfoliomanagers #wealthmanagement #fintech #wealthmanager #digitaltransformation

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Canada’s lag in productivity is a puzzle for many people AND Entrepreneurs. Average annual productivity growth dropped to 0% from 2019 to 2023. For SMEs productivity dropped to 58% that of large firms. The GOOD NEWS: Businesses can take actions to curb this trend. Business investments in machinery, equipment and technology are key drivers of productivity, but other solutions exist as well. Check out BDC’s brand new study to learn more. #productivity #growth

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AI in Wealth Management: Opportunity or Threat? 🤔 "An opportunity, but it will be a threat if we ignore it," said Vincent Fraser. Croesus president shares his insights on the transformative power of AI at Finance Montréal Fintech Forum 2024. While AI hasn't reshaped the industry yet, the potential is undeniable. WealthTechs are working to harness its power to empower advisors, enhance decision-making, and improve client experiences. Stay ahead of the curve and read our recap of Vincent Fraser's insights from the “AI is revolutionizing the investment landscape” panel: https://bit.ly/409yBkS Thanks to Rheia Khalaf from Mila - Institut québécois d'intelligence artificielle for her comments on the challenges to overcome before implementing this new technology in wealth management practices. Station Fintech Montréal #ForumFintechCanada #AI #WealthManagement #PortfolioManagement #WealthTech #Montreal

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