FGS and Paytechs of Canada, today co-released an in-depth report on the Canadian Paytech landscape, offering the first ever comprehensive overview of the impact and pace at which technology is driving disruptive change.
The Canadian Paytech Report provides a data-driven view on Paytech in Canada, analysis and deep insights on all participants in the payments ecosystem. The report highlights innovation in the payments space, emerging trends in Canada [and globally], and includes future considerations for tech giants, non-financial companies and traditional financial institutions.
“The Canadian financial services market is experiencing a dramatic increase of fierce competition driven by the availability of new technology. There is sustained pressure coming from consumers and business for the industry to innovate,” says Sue Britton, CEO & Founder of FGS. “With great confidence, I can say that the majority of incumbent companies, given their size, are unaware of the scale and speed of change happening around them, nor are they able to move quickly enough to respond.”
FGS and Paytechs of Canada, the newly formed trade group for Paytechs in this country, wanted to provide information about the Paytech ecosystem to create awareness, conversation and ideas for collaboration. Together they believe, Canada needs more bold moves and less incrementalism by financial institutions to continue to be viable long term and support the acceleration of innovation in Canada. The report aims to shed light on Canada’s current position in the payments ecosystem, and introduce ideas for future opportunities.
“Payment innovation has and will continue to pave the way for FinTech adoption in Canada. Little is known about the group largely driving that innovation – Paytech,” says Ben Harrison, Partner, Head of Partnerships & Policy at Portag3 Ventures. “We recognize that a lot of great work has been done so far but there’s still work to do. This report gives us a benchmark to start tracking progress at an industry level.”
Highlights of the report include:
- The number of Paytech Companies in Canada has increased by 136% in the last 5 years (2014-2018) and by 233% in the last 10 years (2009-2018).
- There are 633 Paytech companies in Canada – including startups, incumbents, tech giants, non-financial entrants and challenger banks.
- Of these 633 companies, 420 are headquartered in Canada. The rest are Canadian subsidiaries of companies headquartered elsewhere.
- These 633 companies employ more than 80,000 people in Canada.
- The report analyzed the global tech giants with a Paytech offering and found that 12 out of the 14 tech giants analyzed have a Paytech product for the Canadian market.
- FGS research located public data on 244 deals for a total of $2.86 billion funding into Paytech companies in Canada.
- There have been 28 acquisitions of Paytech companies in Canada since 2010.
- The use of digital, demand for convenience, choice and increased need for access to financial services by all Canadians is driving new entrants to the Canadian market. There are now more than 25 Challenger Banks operating in Canada.
Overall, the objective is to inform Canadians, as well as broad financial and non financial institutions, such as retailers and telcos, on how to adapt and embrace emerging opportunities to stay competitive. FGS and Paytechs of Canada also believe this report will be incredibly helpful for those outside the payments industry, particularly key government stakeholders like the Dept of Finance, and Bank of Canada to understand changes to date and where Paytech is going.
At its core, the FGS, Paytechs of Canada report uncovers a Canadian payments market in the midst of numerous changes, all of which are indicators of positive movement towards innovation. The newly announced Paytechs of Canada is a harmonized voice of Paytechs working to improve payment experiences for Canadians by creating competition and innovation through solutions-oriented advocacy and education.
SOURCE FinTech Growth Syndicate
Mr. David Flores Resigns from Board Paving the Way to add New Strategic Members
SAN DIEGO, Jan. 28, 2020 (GLOBE NEWSWIRE) — Global Payout Inc. (OTCPink:GOHE) (“Global” or the “Company”) would like to announce to its valued shareholders that effective January 31, 2020, Mr. David A. Flores will be stepping down from his role as the Company’s Chief Operating Officer and interim Chief Financial Officer. This move comes as part of the Company’s ongoing reorganization with the intent to promote diversification and new venture opportunities for its long-term profitability objectives. Mr. Flores’s resignation from Global Payout also extends to his role as Executive Vice President of the Company’s wholly-owned subsidiary, MTrac Tech Corporation and his current seat as a GOHE Board Member.
Mr. Flores joined the Global Payout executive team in June 2018 following the Company’s reverse triangular merger with MoneyTrac Technology. Since then, he has been instrumental in guiding the Company through the successful completion of its two-year audit, in addition to playing a key leadership role alongside CEO, Vanessa Luna in the internal restructuring of the Company and effective launch of the MTrac brand.
“I am eternally appreciative of the hard work, determination and sacrifice Mr. Flores has demonstrated over the last year and a half with Global Payout,” said Global Payout CEO, Vanessa Luna. “His diligence and intellect were instrumental in working effectively with our accountants and auditors to successfully complete our two-year audit despite the significant challenges and frustrations that were encountered throughout its process. The positive impact on our company can be traced back to before he and I took control of Global Payout in June of 2018 and to the foundation he helped to develop for MoneyTrac Technology, which was the precursor to the success we have achieved with MTrac Tech. While his presence on our team will be missed, I am appreciative of the job he did to develop an incredibly stable foundational structure for the company and one that I am excited to continue building and expanding from.”
“I will be forever grateful of the incredible opportunity I have had to help reshape and restructure the core of this company,” said David Flores. “Opportunities such as the one I have had here with Global Payout are few and far between in one’s career. Much of my focus over the last year and a half has been directed towards the effective rehabilitation of the company’s internal structure with the intent to position it for long-term success and profitability. The two-year audit has unquestionably been one of the largest obstacles this company has had to clear in order to get itself on a path to profitability and with that obstacle finally in our rearview mirror, I am confident that this is the best moment for me to step aside and allow the vision of Ms. Luna to take lead. I do, however, intend to continue to lend my knowledge and expertise to Ms. Luna and the company from time-to-time and when it is called upon. Global Payout in my opinion, is ready to position itself for far greater business ventures, potential mergers and acquisitions, and prestigious new business partners. The newly available board seat will be offered to strategic partners that can help the Company move to the next level.”
In closing, David Flores stated, “I would like to personally thank all of the valued shareholders for your ongoing support and assure you I will be supporting alongside you as a shareholder and believer in the Global Payout team.”
About Global Payout, Inc. (OTC Pink:GOHE)
Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of comprehensive and customized prepaid payment solutions. From 2014 to 2017 Global focused on identifying new state of the art technologies in a variety of industry sectors and successfully helped launch MoneyTrac Technology Inc. and other companies within the FinTech space. In 2018, Global completed a reverse triangular merger with MoneyTrac Technology Inc. resulting in Global retaining the wholly owned subsidiary, MTrac Tech Corporation. Global’s current focus is continuing to identify new business opportunities while it reorganizes its future business endeavors.
About MTrac Tech Corp.
MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Global Payout, Inc. MTrac is a software technology, sales and marketing, and business development company focused on “high risk” and “high cost” industries. The Company’s flagship product is the MTrac payment platform offering a full-service solution with technology offerings including Payment Platform, Blockchain, Compliance, POS, E-Wallet, Mobile Application and Digital Payment Solutions. We are one network disrupting the status quo. It is MTrac’s creative vision through the use of its innovative technology solution to become the premier service provider offering the “Key to Cashless®.”
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Markets.com website.
Koinly Launches Cryptocurrency Tax Calculator for UK Traders
Koinly is a fast growing crypto tax startup that promises to help bitcoin investors prepare their crypto tax reports in a fast and efficient manner. By linking exchange accounts and public wallet addresses with Koinly, investors can get a detailed capital gains report within a matter of minutes.
“UK’s capital gains system is one of the most complex and with the thousands of transactions that crypto investors can quickly rake up – there is simply no way to manually do all the calculations. Our aim with Koinly is to make it easy for both crypto traders and accountants to generate their capital gains tax forms,” said Robin Singh, founder of Koinly.
Taxes are an integral part of any financial system and it is a good sign that tax authorities are coming out with clear guidance around cryptocurrencies instead of blanket banning them. However, added tax liabilities may become a deterrent to the mainstream adoption of Bitcoin so tax solutions such as Koinly are likely to play a crucial role in overcoming this.
The platform currently supports some 400 crypto exchanges and wallets as well as 6000 cryptocurrencies. It also comes with tax-planning features that can help investors preview and plan their trades in a tax-efficient manner. Some other features:
– Income reports for Mining, Staking and DeFi interest.
– Capital gains summary form that can be submitted to the HMRC
– Full support for crypto taxes in UK including Share Pooling
HMRC quietly preparing for a clampdown
In August of 2019, the HMRC requested information about cryptocurrency investors from various UK based exchanges such as eToro, CEX.io and Coinbase. This is clearly an attempt to locate investors that have avoided paying tax on their trades. A similar move was also made by the US tax authorities which led to the identification of some 10000 traders, all of whom received letters from the tax agency last year.
Broadridge Brings Together Wealth Business Under Michael Alexander
Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader and part of the S&P 500® Index, today announced that Michael Alexander has been appointed President, Wealth Management. In this newly created position, he will be responsible for bringing together Broadridge’s Wealth solutions into an integrated, market-leading Wealth Management business that will uniquely address Wealth Management firms’ need to transform their technology and business models. Mr. Alexander will report directly to Tom Carey, President of Global Technology and Operations.
“Mike is a recognized leader in the financial services industry and has a passion for creating leading-edge, SaaS-based wealth management solutions,” said Mr. Carey. “Mike will drive Broadridge’s efforts to enhance the advisor and client experience through a single platform that will be a foundation for the industry.”
As President of Broadridge’s Wealth Management business, Mr. Alexander will take leadership of the Broadridge Wealth Platform, the next-generation open platform that is creating a modern, best-in-class industry-level wealth management technology solution. This platform, which is at the center of a recently announced sale to UBS, enables wealth managers to drive their business to the next level while mutualizing investments in technology, innovation and security. With the Broadridge Wealth Platform, firms will be able to deploy an integrated front-, middle-, and back-office solution that optimizes Financial Advisor productivity, creates a richer client experience and digitizes enterprise-wide operations. Broadridge Wealth Management also offers market-leading component solutions for Advisor Websites, Data Aggregation, Performance Reporting, Corporate Actions, and back- and middle-office Managed Services, among others.
Since joining Broadridge in 2006, Mr. Alexander has taken on roles of increasing responsibility in both technology platforms and managed services. In these roles, he has led numerous complex client engagements and successful acquisitions.
Prior to joining Broadridge, Mr. Alexander was Senior Vice President of Operations at Charles Schwab. He is a member of the SIFMA Operations and Technology Steering Committee.
SOURCE Broadridge Financial Solutions, Inc.
Latest News6 months ago
Galaxy Digital Announces Approval of License to Underwrite Registered Public Offerings of Securities
10 months ago
The Green Organic Dutchman Receives Global Awards for New Website
Fintech9 months ago
Ally Financial Partners with Better.com to Create End-to-End Digital Mortgage Experience
Latest News6 months ago
Core Scientific launches the first AIRI-Ready Datacenter
Latest News7 months ago
Chinsay’s Intelligent Contract Platform Enables Rio Tinto & Cargill to Complete the First Fully Digitalised Iron Ore Trade
Fintech5 months ago
Experian A/NZ acquires Australian fintech Look Who’s Charging to bolster open data offering
Fintech7 months ago
PremFina Makes Final Shortlist for Hottest FinTech Startup in Europe in The Europas Awards
Fintech6 months ago
Apex Clearing Releases ‘Millennial 100’ Stock Pulse Report