Sanjay Funde

Summary digest of #Openbanking Framework in Canada in government’s budget and direction as of today. We’re heading closer to emergence of additional value-added service layer in #Canadian #BankingEcosystem, focused primarily on consumers’ rights over their financial data.

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🎓 𝐓𝐡𝐞 𝐝𝐫𝐞𝐚𝐦 𝐨𝐟 𝐬𝐭𝐮𝐝𝐲𝐢𝐧𝐠 𝐢𝐧 𝐂𝐚𝐧𝐚𝐝𝐚 𝐣𝐮𝐬𝐭 𝐡𝐢𝐭 𝐚 𝐦𝐚𝐣𝐨𝐫 𝐫𝐨𝐚𝐝𝐛𝐥𝐨𝐜𝐤. The suspension of the Student Direct Stream (SDS) visa program will ripple through not just students' plans, 𝐛𝐮𝐭 𝐭𝐡𝐞 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐨𝐟 𝐈𝐧𝐝𝐢𝐚𝐧 𝐛𝐚𝐧𝐤𝐬 𝐭𝐡𝐚𝐭 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐞𝐝 𝐭𝐡𝐞𝐦. The recent suspension of Canada's Student Direct Stream (SDS) visa program, 𝐞𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟖, 𝟐𝟎𝟐𝟒, is poised to impact Indian banks operating both domestically and in Canada. 𝐈𝐦𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐈𝐧𝐝𝐢𝐚𝐧 𝐁𝐚𝐧𝐤𝐬: 𝐃𝐞𝐜𝐥𝐢𝐧𝐞 𝐢𝐧 𝐄𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐋𝐨𝐚𝐧 𝐃𝐞𝐦𝐚𝐧𝐝: With the SDS program's suspension, Indian students may face longer visa processing times and increased uncertainty regarding their studies in Canada. This could lead to a decrease in the number of students seeking education loans, thereby affecting the loan portfolios of Indian banks. 𝐑𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐢𝐧 𝐅𝐨𝐫𝐞𝐱 𝐑𝐞𝐯𝐞𝐧𝐮𝐞: A potential decline in the number of Indian students studying in Canada may result in fewer foreign exchange transactions related to tuition fees and living expenses. This reduction could adversely affect the forex revenue streams of Indian banks. 𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐧 𝐆𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞 (𝐆𝐈𝐂) 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬: The SDS program required students to purchase a GIC as proof of financial stability. Indian banks, in collaboration with Canadian financial institutions, facilitated these investments. The suspension of the SDS program is likely to reduce the volume of GIC transactions, thereby affecting the fee-based income that banks earn from these services. In summary, the suspension of the SDS program is expected to have a varied impact on Indian banks, affecting education loan demand, forex revenue, and GIC-related income. #StudyAbroad #InternationalEducation #StudentVisa #IndianBanks #EducationLoans #CanadianEducation 📚 𝑅𝑒𝑓𝑒𝑟𝑒𝑛𝑐𝑒𝑠:⁣ https://lnkd.in/dMXy-6Te Views are personal

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Some financial products in Canada are similar to what’s available in India, like fixed deposits and GICs. Check out our list of financial terms. Sponsored by National Bank of Canada. Writer: Aditya Nain Editor: Jaclyn Law #itpaystoknow #newcomer #newtocanada #immigrants #personalfinance #financialliteracy #banking #investing #saving

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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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Banking & budgeting in Canada is TOUGH. Let us make it easier! If you're a newcomer to Canada who is finding it challenging to navigate banking and budgeting, you WON'T want to miss tomorrow's webinar. Here's a sneak peek into what we'll cover: ✅ How to get set up to bank in Canada ✅ 5 features of banking in Canada ✅ Budgeting basics for life in Canada 🦋 PLUS an intro to Butterfly, the budgeting app for newcomers Don't wait, register now: https://hubs.la/Q02Y-J9j0 This webinar is sponsored by Canadian Bankers Association #newcomertocanada #newcomer #immigrant #banking #budgeting

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Great opportunities

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Open finance has the potential to transform the Canadian financial sector by allowing financial institutions like credit unions, in collaboration with payments services providers, to offer members access to financial products, efficient management, and secure real-time data. Collaborative research like that conducted by the Open Finance Network of Canada provides valuable insights into Canada's approach to open finance. Read the white paper: https://lnkd.in/eEQqUBZT #OpenFinance #CreditUnions #SmallBusiness #ModernPayments

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According to Payments Canada's latest Trends Report 2024, Electronic Fund Transfer (EFT) continues to lead all other payment types, representing 61% of the total value. This dominance, coupled with a 40% growth in EFT value over the past five years, underscores the critical need for robust security measures. Symcor’s Payee Verify, a fraud prevention solution designed for electronic payments, can provide banks an additional layer of protection against Authorized Push Payment (APP) fraud and scams. The solution ensures secure transactions by 1. cross-verifying payee details and 2. analyzing account behavior to detect potential fraud. This is no longer a strategic move for banks; it’s a necessity for safeguarding the financial integrity of both institutions and customers. Connect with us today!

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Are you ready for the RPAA!? If you're a part of the Canadian payments industry and fintech, I'm sure you've already heard of the Retail Payments Activities Act (RPAA). If not, check the following summary! The RPAA establishes the Bank of Canada as the regulator of payment service providers (PSPs) in Canada. Its goal? To safeguard end-user funds and protect the integrity of retail payments by: 1. Mitigating operational risks and ensuring a timely response to incidents. 2. Protecting end-user funds held by PSPs. Key Requirements for PSPs: 1. Register with the Bank of Canada between November 1-15, 2024, and pay a $2,500 fee. 2. After November 15, PSPs must: - Implement frameworks to handle operational risks. - Enable measures to safeguard funds. - Report serious incidents and significant changes regularly. Who Needs to Register? Canadian PSPs must complete the four-step application test (link https://lnkd.in/edkX6PDZ) to determine if they are required to register. Key consideration points: 1. Do you meet the definition of a PSP? Check the link: https://lnkd.in/eQjdaE59 2. Are you conducting retail payment activities in electronic fund transfers using fiat currency? 3. Are you within the Bank of Canada's geographical scope? 4. Are you subject to an exclusion from registration? Key Dates to Remember: - November 1-15, 2024: Set up your account on PSP Connect, submit the registration application, and pay the fee. - November 16, 2024 - September 7, 2025: The Bank will review applications, share them with FINTRAC and the Department of Finance, and publish the list of applicants. - September 8, 2025 onwards: Registration decisions will be announced. PSPs must then meet supervisory requirements around operational risks and fund safeguarding. Non-compliance Warning: PSPs that fail to register by November 15, 2024, will be deemed illegal. The Bank will remind non-compliant PSPs of the requirements and may impose fines up to $10 million. If you haven't already, now’s the time to assess whether you fall within scope and register! For further guidance on whether you need to register, use the Bank of Canada PSP assessment tool. #Fintech #Payments #RPAA #BankofCanada #Innovation #Compliance #PSP

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💭 Ready to dive into the fundamental and practical aspects of implementing #openbanking in Canada? On May 9, 2024, join Hyunju (Crystal) Park and Alana Scotchmer for the Ontario Bar Association's upcoming program, "Primer on Open Banking,” to explore the advantages and risks of an open banking system, privacy considerations, what implementation would look like and much more! Check out the full program agenda 👉 gowlg.co/4biaqTD #OBA #FinancialRegulation

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Extremely important to have a checklist and connecting with experts to learn more. A proper planning can help newcomers settle faster and with less stress. Over 80% of the newcomers come without preparation and face challenges. We at Brilliant Minds Group India can help you prepare well for your life changing journey.

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