(Jeet) Surinderjit Kaur Bhatti

💭 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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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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📢 Budget 2024: Canada’s Consumer-Driven Banking Framework Symcor is encouraged to see the federal government’s latest efforts to advance Consumer-Driven Banking in Canada. #Budget2024 announced that the government will table legislation this spring to establish the foundational framework elements that will regulate access to financial data, providing Canadians and small businesses with safe and secure innovative tools to manage and improve their financial well-being. Here’s a recap of the key highlights from #Budget2024: 🏢 The Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada has been designated to oversee, administer and enforce the framework. 📜 The government will mandate the use of a single technical standard to support functionality and interoperability. ⌛ Soon to arrive legislation will address key elements such as governance, scope, criteria and process for the technical standard. Remaining elements of the framework will be legislated in fall 2024. 🎯 The implementation of the framework will protect Canadians and the financial system from screen-scraping, which has serious security, liability, and privacy risks. Currently, an estimated 9 million Canadians share their financial data through screen-scraping. 📝 Federally regulated banks and credit unions, as well as provincially regulated credit unions are exempt from accreditation requirements. All other entities seeking to participate in the framework will be required to meet the accreditation criteria. 💳 The scope of data that participants will be required to share at the request of a consumer will initially include data related to chequing and savings accounts operations, investment products available through their online portals, and lending products, such as credit cards, lines of credit, and mortgages. To read what's in the budget, visit: https://lnkd.in/gQi9xyT5 For a deep dive into Canada's Consumer-Driven Banking Framework, go here 👉 https://lnkd.in/g9T25RnW To learn how Symcor's COR.CONNECT platform enables secure exchanges of data, visit: https://lnkd.in/ggi7w5wG #OpenBanking #ConsumerDrivenBanking

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Seed capital is indispensable for early-stage startups, facilitating their journey toward key milestones and rapid growth. Explore this insightful article on startup funding by RBCx to discover the intricacies of securing vital financial support. #Startup #Funding #Entrepreneurship #VentureCapital #Innovation #Economy

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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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#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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Today marks an important milestone for Canada. With the release of the 2024 federal budget, we now have further details on the implementation framework that lays the foundation for consumer-driven banking. Undertaking an iterative approach, the framework will evolve to adapt to future regulatory shifts and market demands in order to maximize innovation and enable competition. Open Banking opens a world of possibilities for Canadians to explore new and innovative products and services that will help to enhance their economic outcomes. Symcor looks forward to continued collaboration with ecosystem participants and the newly appointed governing body, Financial Consumer Agency of Canada (FCAC), to support a secure and dynamic financial ecosystem. In this rapidly changing landscape, staying competitive is crucial. Don't get left behind. Accelerate your Open Banking readiness with Canada's trusted data network - COR.CONNECT. Learn how Symcor can help facilitate seamless data exchange among market participants: https://lnkd.in/ggi7w5wG #OpenBanking #ConsumerDrivenBanking

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🇨🇦 The Department of Finance Canada has released its long-awaited Open Banking framework in the 2024 Fall Economic Statement. This announcement represents a key milestone in shaping a trusted, consumer-driven financial ecosystem. By allowing Canadians to securely share their data with approved service providers, the framework promises innovative tools that enhance financial outcomes while prioritising safety, transparency, and national security. Commenting on the news, Raidiam CEO and Co-Founder Barry O'Donohoe, said: "The announcement of Canada’s Open Banking framework is a significant step forward for the Canadian financial services landscape. At Raidiam, we warmly welcome this progress. By enabling consumers and small businesses to securely share their data with trusted service providers, Canada is unlocking innovation, enhancing financial outcomes, and building a more inclusive and dynamic financial sector." "As pioneers in the creation of trusted data-sharing ecosystems around the world, we’re excited to see Canada setting out ambitious goals to build a framework that will empower its citizens and help drive economic growth." Public consultations will begin in 2025, once the Department of Finance Canada releases draft regulations. #OpenBanking #OpenFinance #FinancialServices #Canada

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Promises to be an insightful session with Kash Zaidi!

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Neo Financial is shaking up Canadian banking! 🏦 This fintech startup is offering innovative financial products that put customers first. Join the Neo revolution! Learn more about this leading Canadian startup. #NeoFinancial #fintech #banking #startup #Canada

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Hey #iFinnovators and aspiring entrepreneurs! If you've ever needed a quick yet comprehensive guide to learn more about the various types of funding available for startups in Canada, this is it. 👇 Check out this great read from our friends at RBCx: https://lnkd.in/drVh92dd #StartupResources #Funding #Investment #Entrepreneurship #Innovation #Canada

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Boston-based FusionIQ is making waves in Canada’s wealth management landscape with the launch of FIQ Wallet—a first-of-its-kind platform specifically designed for digital wallet companies. Powered by the award-winning FusionIQ One platform, FIQ Wallet empowers wallet providers to offer wealth management tools directly in their apps, enabling users to invest earnings without transferring funds to traditional bank accounts. This groundbreaking solution enhances user engagement, builds loyalty, and provides an end-to-end digital finance experience for wallet users— all with seamless integration in under six weeks. With global digital wallet transactions reaching a massive $9 trillion, FusionIQ is pioneering the convergence of payments and wealth management. 🚀 #DigitalFinance #WealthManagement #Fintech

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Banking on Technology: The un-banking trend Traditional banking is undergoing a transformation, moving towards a more digital-first approach. With the rise of "un-banking" or open banking, fintechs are reshaping how Canadians interact with financial services, offering low-friction, tech-driven solutions like 24/7 access to accounts and global wire transfers. Neo Financial, for example, thrives on innovation without branches, making banking simpler and more accessible. While Canadian adoption of fintechs lags behind other nations, experts see this shift as inevitable. AI, machine learning, and open banking are poised to personalize and simplify banking, giving consumers more control over their financial future. Read more on the fintech revolution in Canadian banking. https://lnkd.in/g7MqQHN8 #Fintech #OpenBanking #DigitalTransformation #Wealthsimple #NeoFinancial #AI #BankingRevolution

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🚀 Exciting news for Canada’s fintech scene! Exit North Ventures, a new $20M venture capital fund launched by a group of exited Canadian fintech founders, aims to supercharge early-stage fintech innovation in Canada. 💼💸 Led by General Partner Tal Schwartz, Exit North Ventures brings together founders like Michael Garrity (Financeit), Gary Schwartz (Impact Mobile), Kathryn Gregory (Paradigm Quest), Catherine Dahl, FCPA, FCMA (Beanworks), Ali Metel (LendCare), and Norm Cappell (SAVVYY)—who have collectively generated over $1 billion in returns. With seed investments ranging from $250,000 to $1 million, the fund supports business-facing fintech solutions in lending, insurance, payments, and capital markets. 📈💡 Schwartz shared, “Our thesis of building a fund around founders who have already put money back into investors’ pockets resonated with the market.” Initially targeting $5M, the fund surpassed expectations, reflecting strong demand for founder-led expertise in Canadian fintech. Canada’s next wave of fintech success stories is on the horizon! 🌐

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