Starting in November 2024, payment service providers (PSPs) in Canada and abroad will be required to register with the Bank of Canada. Under the Retail Payment Activities Act (RPAA) and the Retail Payment Activities Regulations (RPAR), the Bank will supervise PSPs to help encourage confidence in the safety and reliability of their services and protect users from certain risks.  

The registration window for PSPs is open from November 1-15, 2024. Compliance with this new regulatory framework is essential to continue providing payment services to end users.  

For more information and to prepare for registration, visit the Bank of Canada’s website www.bankofcanada.ca/rps.  

In this conversation, Alicia Roisman Ismach interviews Eddie Galvan of Wellesley Hills Financial, an investment banker specializing in fintech. They discuss the role of investment bankers in helping fintech companies with sales mechanics, raising capital, and establishing credibility. They also explore the different rounds of investment and when companies should consider working with an investment banker. They touch on the various sources of funding for startups, including high net worth individuals, family offices, and angel investors. They also discuss the potential for Canadian fintech companies to raise funds from US investors and the current landscape of fintech investments. Finally, they address the challenges faced by bootstrapped companies in bridging the gap to institutional funding and the interest of banks in investing in fintech companies.

In this conversation, Alicia Roisman Ismach interviews Stuart Levine, a fractional FinTech consultant, about the impact of generative AI on the financial services industry. They discuss how financial institutions are adopting generative AI capabilities in areas such as lending, credit scoring, document management, customer experience, and fraud detection. They also explore the challenges of trust and accuracy in using generative AI and the potential for AI to replace core banking systems. The conversation highlights the importance of data privacy and the need for clarity in distinguishing between different AI technologies.

In this episode, Stephen and Maria Weyman of WeyMedia share their journey of building a successful bootstrapped company in the FinTech industry.

They started by creating a website called How to Save Money, which provided Canadians with information on credit cards and financial products. Over time, they expanded their brand to include Credit Card Genius, a credit card comparison platform, and Money Genius (formerly How to Save Money), a trusted resource for all things money. They also launched Genius Cash, a cash back rewards program. Despite facing challenges and setbacks, they persevered and focused on building trust with their audience. Their advice to aspiring entrepreneurs is to prioritize integrity, consistently deliver value, and be willing to do the hard work.

Why do companies go public? Why should they go public? When?

You may have asked yourself this: and it’s not just about an exit! Companies might go public for a variety of reasons, including things like capital, liquidity, visibility, expanding investor base, growth opportunities, enhanced corporate governance, and more.

We are excited to lead a pan-Atlantic mission to Money2020 in Las Vegas taking place October 27-30, 2024. Applications will be open until August 12, 2024. Money20/20 is one of the most significant conferences and exhibitions for the fintech industry in the U.S. and globally; it draws top organizations, executives and opinion leaders into one well-connected environment. Attendees include decision makers from Fortune 500 corporations to startups, all focused on maximizing business opportunities and ROI during the event.

Finding fintech jobs specifically in Atlantic Canada can be done through a combination of regional job boards, local networking, and industry-specific resources.

We had some great learnings from Ben Goretsky and Naomi Mastera from NMI on our recent webinar. We talked in-depth about ISVs (independent software vendors - i.e., you make software) and the opportunities that are in front of them with payments.

We are delighted by the announcement from Royal Bank of Canada to expand its presence in Nova Scotia. The Province of Nova Scotia noted this could see up to 1,000 new jobs added over six years.

We recently had a session with the Bank of Canada about the incoming Retail Payment Activities Act. Some highlights include…

We had some great learnings from Avi Kasztan, Co-Founder of Sixgill, a cyber security company, on May 29th 2024.

A few highlights:

We had some great learnings from Rohit Talwar, CEO of Fast Future on April 16th, 2024.

A few highlights:

We had some great learnings from Mark Bishopp, former SVP - Head of Embedded Payments/Finance & Partnerships at Fortis, on our webinar on March 28th.

A few highlights:

The fintech ecosystem continues to grow in Atlantic Canada. As market dynamics like open banking, embedded finance and further digitalization of the financial industry and financial processes continue to press forward, there are a growing number of companies in Atlantic Canada poised to have significant impact and opportunity.

Venn Innovation, through its Atlantic Fintech initiative, will lead an in-person, pan-Atlantic mission to Fintech Meetup in Las Vegas taking place March 3-6, 2024. We are seeking applications from Atlantic Canadian companies for one of the available spots. The application form can be found here. Applications are open until January 10, 2024.

With a delegation of 8 companies from across Atlantic Canada attending Fintech Meetup in Las Vegas next week, the region will be well represented. Unique in its model, the Fintech Meetup Conference will use technology to facilitate over 30,000 meetings during the event for the benefit of attendees such as Bloqs4Good, Capfi, Duntragon, Mesh Diversity, PayTic, Profitual, SnapB2B, and StockCalc.

To support the growth of the fintech sector across Atlantic Canada, Atlantic Fintech and Fintech Cadence announce today that fintech companies across the region can access the complete range of training and services provided to startups through the Fintech Hub platform. This collaboration brings together two key organizations that are working on the development of the fintech ecosystem focusing on ensuring a healthy fintech pipeline.

Atlantic Canada is home to 140 fintech companies, as illustrated in the Atlantic Fintech Report released by Atlantic Fintech, in partnership with Fathom4sight, a leading Canadian provider of fintech industry knowledge and foresights.