Fathom4sight Newsletter: Weekly FinTech news curated by Fathom4sight!
Payments
Mastercard is introducing on-demand access to online shopping and grocery delivery with Instacart, alongside its first streaming service subscription offering with Peacock on its consumer rewards credit cards*. These new benefits strategically impact areas where consumers frequently spend and add to the existing portfolio of everyday value offerings, such as rideshare, shopping and travel, that Mastercard credit cardholders already enjoy.?|?Finextra
Quickly offers what it calls an early payment technology that companies can incorporate into their supply chains. This enables firms to offer early payments at a discount to any of their vendors suppliers, or well as anyone else invoicing the company. ?|?Betakit
A class-action lawsuit has been filed against PayPal, alleging that the company engages in anti-competitive practices that result in higher prices for consumers during eCommerce transactions. The lawsuit, filed by Hagens Berman, a global law firm, claims that the anti-steering rules of the eCommerce payment supplier and owner of Venmo stifle competition and prevent merchants from discounting products purchases with lower-cost payment options, Hagens Berman said in a press release.?|?PYMNTS
Financial Institutions
The new digital hub provides a personalized experience for Aventura cardholders, and allows clients to navigate all of the benefits and features of the CIBC Aventura program in one location. Clients are also able to quickly access airport lounges, Nexus passes and insurance coverage in one spot.?|?CIBC
Mr. Podlasly is the Chief Sustainability Officer at the First Nations Major Projects Coalition, a national collective of 144 Indigenous nations that seeks ownership of major projects such as pipelines, electric utilities, and mining support infrastructure. He is also the Chair of the First Nations Limited Partnership (PTP Pipeline), comprising 16 First Nations in a $500 million commercial agreement with the Kitimat LNG project.?|?CIBC
Insurance
Navacord Corp. is pleased to announce their recent partnership with Harbord Insurance, effective September 1. Operating out of three locations across Vancouver Island, Harbord Insurance has become well-known for their dedication to service in personal lines for a diverse range of products, including home, auto, travel, recreation, and marine, since they were established in 1947.?|?Insurance-Canada.ca
Sun Life is announcing a new partnership with Children's Aid Foundation of Canada (the Foundation) with $1 million in funding committed over four years. The funding will help launch the Sun Life Bright Futures Kids Wellness Program, a pan-Canadian mental health prevention initiative for young people living in government care. The program is expected to directly support 700 youth ages 6-18, with a focus on Black and Indigenous children.?|?Newswire
Manulife has entered into a $1M partnership with Kiva to help the global crowdfunding microlending platform support entrepreneurs globally and expand its reach in Southeast Asia.?? Manulife will give $500,000 to help Kiva build capacity and reach more borrowers in the Philippines, Vietnam, Cambodia, and Indonesia. The remainder will go directly into funding loans, including through the creation of the Manulife Match Fund, which will double individual contributions made through the Kiva platform to help borrowers meet their goals faster.?|?Manulife
The global firm opened an office in Toronto, Ontario last July, and since then, has expanded coast to coast in the Canadian specialty insurance market across five highly-relevant product lines – cyber, transactional liability, financial institutions, professional liability, and environmental liability.?|?Insurance-Canada.ca
Intact Financial Corporation announces its support, alongside the Quebec government and the federal government, of the Natural Conservancy of Canada (NCC) initiative to protect nearly 200 hectares of wetland in the greater Quebec City area. In recent years, Quebec has faced a number of severe weather events including floods, ice storms, heat waves and wildfires. Natural infrastructure plays an essential role in mitigating the impact of these extreme weather events on people, businesses and communities.?|?Intact
The move brings the company’s growing portfolio to 84 branches nationwide. The Sarnia office will be led by Managing Partners Ainsley McHenry and Kirstie Feddes. Both McHenry and Feddes are well-versed in the insurance sector and bring over a decade of combined industry experience.?|?Insurance-Canada.ca
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Wealth Management
A Canadian financial technology platform that improves day-to-day workflow efficiency and fund analysis for wealth professionals announced this week a partnership with the Canadian Imperial Bank of Commerce’s Private Investment Counsel.?|?Fintech.ca
Scotiabank Global Wealth Management and Sun Life Capital Management (SLC Management) today announced plans to develop and provide private asset solutions to high-net-worth clients in the Canadian market through Scotia Global Asset Management. As part of the arrangement, SLC Management is committing to invest $100 million of seed capital for future funding opportunities.?|?Newswire
AI
QuantGate Systems unveiled this week that it has signed agreement to collaborate with Oxford Immune Algorithmics, a deep technology startup incubated through the University of Oxford.?|?Fintech.ca
Lending
Through the PADS online portal users can apply for a home equity loan, easily track their application status, get approved, manage their funds, and access other essential features, all within a clear and user-friendly interface. The initial round of financing of $3 million was raised from leaders in the Quebec Real Estate market indicating a strong vote of confidence for the Montreal based startup.?|?Newswire
The housing situation in Canada continues to deteriorate, with rental prices skyrocketing and low inventory. New immigrants continue to struggle, but there’s one company that is changing the game in this space. Waterloo-based fintech startup Vambora is enabling financial inclusion for credit-invisible consumers through a digital financial profile powered by global Open Banking data sources.?|?FoundersPress
Crypto & DeFi
This SEC filing comes as WonderFi plans to move into the US and explores listing its common shares on the Nasdaq Capital Exchange to support these efforts, which remain subject to regulatory approval.?|?Betakit
FI Tech & Software
TrueLayer has now processed one million variable recurring payment (VRP) transactions in a single month. The milestone comes just three months after the open banking payments network shared that it has processed one million VRP transactions in total.?|?AltFI
Other
Digital Commerce Bank partnered with Platform Calgary in 2021 to launch the Calgary Fintech Award in 2022. This year, nearly 200 applicants were whittled down down to 12 finalists. After three months of competition and mentorship, four financial technology startups won the 2023 Digital Commerce Calgary Fintech Award.?|?Fintech.ca
The Canadian Investment Regulatory Organization (CIRO) will step up its oversight of mutual fund dealers in Quebec, following a deal with the Autorité des marchés financiers (AMF) and the government of Quebec. The three bodies have agreed that CIRO will take over responsibility for registration of fund dealer reps and carrying out dealer compliance exams in Quebec.?|?Investment Executive
Owner, Funk Auto Consulting Ltd
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Financial Services Compliance Administration | Financial Planning | Accounting and Payroll | MBA |
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