Fathom4sight Newsletter: Weekly FinTech news curated by Fathom4sight!
Payments
Peloton Technologies is announcing the close of their late seed round after securing $2M in investment. This funding is earmarked for activities that contribute to the company's rapid growth trajectory. | Newswire
Vault, the leading digital financial platform for Canadian Businesses, released their Transfer Approval feature designed to help business owners save time and empower their teams. This addition provides owners complete flexibility in managing their Accounts Payables (AP) process, with enhanced control and visibility into payments. | Financial Post
VoPay, a leading provider of embedded payment technology, is proud to announce the successful completion of its Service Organization Control (SOC) 2 Type 2 audit for the period from February 1, 2023, to September 30, 2023. This achievement underscores VoPay’s unwavering commitment to maintaining the highest standards of information security and operational excellence. | Toronto Sun
Intuit QuickBooks is at the foundation of small business growth. From accounting to payroll and payments, access to capital and acquiring customers, the QuickBooks platform helps owners better manage their business finances while also enabling accounting firms to deliver actionable advice that spurs client growth. | PaymentsJournal
Beyond the decision to proceed with hashtag#OpenBanking, there was another important announcement this past week. It was the release of the final regulations under the Retail Payment Activities Act. These regulations are intended to make payments services safer, more secure and ultimately more globally competitive?for both Canadian citizens and businesses. | LinkedIn
Insurance
Westland Insurance, Canada’s largest independently owned insurance broker, is pleased to announce its new partnership with Prime Benefits Group Inc., a leading provider of employee benefits and retirement solutions based in Ottawa, Ontario. This strategic move further strengthens Westland’s position in the Canadian market and enhances its capabilities in the group benefits sector. | Insurance-Canada.ca
Westland Insurance has joined forces with global InsurTech BOXX Insurance (BOXX), to offer a new comprehensive cyber insurance product. With the increasing prevalence of cybercrime and the devastating financial repercussions it can have, this partnership aims to provide individuals and families with the protection they need in today’s digital age. | Insurance-Canada.ca
McDougall Insurance Brokers Limited is thrilled to announce that we have merged with M.B. Kouri Insurance Brokers Ltd. in Tamworth, Ontario. As of November 1st, 2023 we have merged with M.B. Kouri Insurance Brokers Ltd. and we are pleased to welcome the employees of M.B. Kouri Insurance Brokers Ltd. into our organization. | Insurance-Canada.ca
CFC is pleased to announce the launch of a new management liability solution designed specifically for Canadian small to mid-size businesses. Focused on the day-to-day risk exposures faced by smaller enterprises rather than those of publicly traded companies which management liability products typically target, CFC’s new solution includes a number of new coverages, many of which are non-standard in the Canadian market. | Insurance-Canada.ca
This is a revolution in the field of philanthropy, offering donors the opportunity to purchase life insurance to benefit the cause they care about. Thanks to a simple, rapid process, the donor takes out a life insurance policy and designates the organization of his or her choice, registered with the program, as policyholder and beneficiary. On the donor’s death, the capital is paid to the charitable cause, and the designated organization receives an amount that exceeds the value of a simple cash donation. The program is available to residents of Quebec, Ontario and New Brunswick. | Insurance-Canada.ca
Aviva Canada is pleased to announce it is expanding its Charged for Change program across Canada for 2024, to benefit even more communities without sufficient access to electric vehicle (EV) public charging stations. In partnership with Earth Day Canada, Aviva’s Charged for Change program is an initiative that aims to bring chargers to communities that lack EV infrastructure. Through this $3M partnership, communities can apply for funding to receive Level 2 electric vehicle chargers. | Insurance-Canada.ca
The acquisition expands Aviva’s capital-light businesses, which make up over half of Aviva’s portfolio, and grows Aviva Canada’s presence in a profitable segment of the Canadian insurance market. As an existing underwriting capacity provider for Optiom, the transaction provides an opportunity for Aviva Canada to increase its access to an attractive line of business, while securing a stable, growing stream of distribution income. | Aviva
Insurer Aviva has shared some of the strangest bogus claims it received last year, as it reveals that it uncovered more than 9,250 instances of fraud in 2022 – saving customers ￡120m. Within the fraud that was detected throughout the year, Aviva’s investigators identified a range of whoppers that led to spurious claims being denied. From a six-year-old allegedly driving a car to edited images, Aviva investigated more than 19,000 claims for fraud in 2022. | Aviva
Financial Institutions
TD Economics says it expects Canadian home prices will fall even further than its previous forecasts for the third quarter and into early 2024. | BNN Bloomberg
CIBC announced it has received the inaugural Indigenous Reconciliation award as part of the 2023 Employment Equity Achievement Awards (EEAA) organized by the Canadian federal Labour program. This new category within the EEAA program recognizes employers who have demonstrated outstanding commitment to reconciliation with Indigenous peoples including outreach and partnerships with local Indigenous communities, innovative approaches to Indigenous recruitment, employee training programs on Indigenous reconciliation, as well as supporting engagement with Indigenous communities and stakeholders on employment equity. | Newswire
National Bank of Canada is pleased to announce that, on October 30, 2023, it issued the first series of its 2023 Panda Bond program raising RMB1 billion (equivalent to approximately CAD191 million) in the context of a public offering in Mainland China's Interbank Bond Market. This marks National Bank of Canada's first issuance as part of its latest RMB10 billion Panda Bond program approved by the People's Bank of China on February 17, 2023, and following the launch of its inaugural Panda Bond program in 2016. The bond was priced at an annual coupon rate of 3.20% and has a three-year term. | Newswire
领英推荐
Credit losses and expense controls will be closely watched when Canada’s big banks begin to roll out fourth-quarter earnings on Nov. 28, results that come as households and businesses contend with higher interest rates and the economic outlook casts a cloud over revenue growth expectations. | Financial Post
BMO announced the Wrap the Good campaign is back this year with a holiday gift guide to bring awareness and support the financial progress of underrepresented groups including but not exclusive to women, Indigenous, Native, Latino, Black, and/or Asian owned businesses. The program underscores BMO's commitment to Zero Barriers to Inclusion, and to help remove systemic barriers for business owners from underrepresented communities. | BMO
EQ Bank (Banque EQ in Québec) is offering Québec customers a new way to earn, save and spend their money, with the introduction of its popular EQ Bank Card 1 (Carte Banque EQ ) . Customers can use the card to withdraw cash for free at any ATM in the country, earn cash back on their spending, earn high interest on their card balance, and travel without paying foreign currency conversion fees. | EQ Bank
FI Tech & Software
Microsoft is betting big on Québec as the tech giant earmarks $685 million CAD ($500 million USD) to expand its cloud computing and AI infrastructure in the province over the next two years. | BetaKit
CGI announces that it is a member of the Microsoft Intelligent Security Association (MISA). This new collaboration with MISA provides CGI access to Microsoft's security product portfolio, offering greater value and comprehensive security to clients. | Newswire
Central 1, a leading financial services provider to Canada’s credit unions and financial institutions, has achieved a major milestone on its payments modernization journey that brings new features and functionality to wire payments. The full adoption of the ISO 20022 messaging format for both incoming and outgoing wire transfers means Central 1 members and clients now have access to significantly more efficient payment processing and improved data analytics opportunities. | Central 1
Open Banking
In a move towards financial innovation, the Canadian government has announced plans to implement an open banking system. The system will be supervised by a new government-led entity, dedicated to monitoring the open banking framework, ensuring its effectiveness, and preserving high standards of security and privacy for consumers’ financial data. | BNN Network
The federal government will introduce legislation in the 2024 federal budget to establish a framework for open banking that will regulate access to financial data, according to Tuesday’s fall economic statement. The Department of Finance had promised in June 2022 to present a model of open banking by 2023. | Investment Executive
Wealth Management
Wealthsimple this week unveiled its third alternative investing option for retail investors as the Toronto-based fintech firm continues to expand its suite of services. Building on venture capital and private credit offerings, Wealthsimple is now offering private equity, or the ownership of a stake in a private company—unlike stocks, which are public by nature. | Fintech.ca
AI
eCommerce-focused AI firm Birdseye has raised $3 million to help retailers launch “hyper-personalized” campaigns. The Toronto-based company announced the seed funding, saying it would use the financing to bolster its hiring efforts. | PYMNTS
RegTech
Under the collaboration, KPMG and Chainalysis will provide monitoring, support, governance, and risk management to crypto exchanges, financial institutions, law enforcement, and government agencies. The firms will together help organizations detect and prevent illicit activity related to cryptoassets and adhere to anti-money laundering regulations. | Consulting.ca
PropTech
“Houseful is working to make home ownership more accessible to anyone,” the company states online. “From saving to buying, owning to selling, we are here to guide you through all the twists and turns along the way.” The rebrand “reflects our ambition to create a first-of-its kind home ownership platform to provide tools, resources and expertise that will support a lifetime of Canadian homeowner needs,” the startup said in a recent announcement. “We’re thinking bigger, so our consumers can too.” | Fintech.ca