Connect with us
Prague Gaming & TECH Summit 2024

Fintech

Smartchase Corp. Signs MOU to Acquire Asset Manager and Launch New Fintech

Published

on

Reading Time: 2 minutes

 

Smartchase Corp. (OTC: SCHS) (“Smartchase”) is pleased to announce that it has signed a binding Memorandum of Understanding (“MOU”) with a related party to acquire 90% of the outstanding shares of Northern Coast Asset Management Inc. (“NCAM”), a Canadian manufacturer of alternative investment funds.  This acquisition marks an important step in Smartchase’s strategy to become a leading Canadian Fintech.

NCAM is a dynamic player in the private capital sector in Canada and has extensive experience in servicing independent financial advisors. [The term “independent” refers to independence from the uber-large Canadian banks and insurance companies].  The biggest five Canadian banks dominate the Canadian financial landscape, owning 89 per cent of the market. In comparison, the largest five banks in the United States only have a 35 per cent share of their respective market. (World Economic Forum, “The Global Competitiveness Report 2014-2015”).

NCAM’s business model was built on filling the voids left behind by the large Canadian banks and meeting the needs of “average” Canadians who increasingly feel left behind both as investors and as borrowers.

Included in the acquisition are Northern Coast Strategic Fund Inc. (“NCSF”) and Northern Coast ABL Inc. (“NCABL”), both wholly owned subsidiaries of NCAM. NCSF was founded in 2015 and has emerged as an innovative private capital fund specializing in alternative residential mortgages for Canadian Homeowners.  NCABL is set to launch its first private capital fund in Q4-2019 and will fund alternative asset-backed loans to Canadian small businesses.

Smartchase’s acquisition of NCAM will be a key component of its strategy to become a leading provider of financial services and structured investment products to independent financial advisors in Canada, and Smartchase’s Fintech Flatform will serve to bolster compliance and increase NCAM’s reach across Canada.

“This acquisition by Smartchase will bring together two highly synergetic assets: Northern Coast’s knowledge of the private capital market and the role played by independent financial advisors, combined with Smartchase’s Fintech Platform”, said Thomas Jones, CEO of Smartchase Corp. and President of Northern Coast Financial Inc.  “This combination of human experience and Fintech efficiency means that Smartchase’s Canadian subsidiary, NCAM, will empower independent financial advisors in Canada to compete head-to-head with their much larger competitors with greater efficiency and stronger compliance.”

In addition to the acquisition of NCAM, the MOU also includes the following:

  • The parties agreed to honor the existing NCSF agreements with Black Hawk Consulting Inc., NCSF’s mortgage administrator;
  • Smartchase will work with NCAM to find new sources of capital to fund asset-backed loans;
  • Smartchase agreed to work with NCAM to make NCSF and NCABL issues more widely available by adding an IFM (registered Investment Fund Manager) and qualifying for listing on Fundserv®.

Smartchase will release additional details of the acquisition prior to the signing of the definitive purchase agreement, currently planned to take place for June 20th, 2019.

 

SOURCE Smartchase Corp.

Fintech

Accura Scan, The Only Certified Biometric Solution Provider in Middle East & Africa for Banks and Telcos

Published

on

 

Global Identity Verification and Digital KYC solutions provider, Accura Scan is pleased to announce being awarded ISO/IEC 30107-03 compliance after passing a presentation attack detection (PAD) iBeta Level 2 audit with 0% FAR, making it one of the few companies worldwide and the only in IndiaSingapore, APAC & Middle East to have such a recognition.

As part of the testing procedure to assess the performance of Accura Scan face biometric liveness system, which is already being used by clients globally, it was successfully tested with millions of data points in alpha & beta testing modes. Its algorithms were pitted against various forms of spoofing attempts, including but not limited to 3D-printed and curved masks, silicone and paper masks, and videos of real subjects.

Yasin Patel (YP), Accura Scan’s CEO & Founder, expressed great pride in the achievement, adding, “Obtaining the ISO 30107-03 standard after passing the rigorous iBeta level 2 test demonstrates the effectiveness of our solutions against spoofing attacks.” He further announced that in keeping with their motto of ‘Biometrics for All’, Accura Scan would be offering its trusted Identity Verification Suite for free to all start-ups, while established entities would be offered various modules for as little as USD 5,000 a year onwards.

Commenting on this feat, Director – International Sales, Reza Writer, added, “Ambition greater than resources is in the DNA of Accura Scan. We have achieved this feat with a very small but highly skilled & dedicated team that has executed the organizational goal beautifully.”

The ISO 30107-3 framework measures a biometric system’s false acceptance rate (FAR) and false rejection rate (FRR) at the point of presentation. Passing the evaluation with an FAR of 0%, means that the company’s biometric algorithms offer a high level of spoof resistance in all environments.

Headquartered in India, Accura Scan has been completely bootstrapped & profitable since its incorporation. It has firmly established itself in the MENA region over the last 4 years, working with some of the most esteemed Banks, Telecoms & Fintechs globally. As a part of its global strategy, it has now registered itself in Singapore, the EU, the UK, & the US. With top-notch Identity Verification & Digital KYC products, it is confident of making a mark in these markets.

Continue Reading

Fintech

BIM Exchange integrates traditional currency option for buying and selling cryptocurrencies

Published

on

BIM Exchange revolutionizes the purchase of crypto-currencies: implicity and security guaranteed

BIM Exchange, the French pioneer of crypto-currency exchange platforms, today announces a major breakthrough in the ease of access and security of crypto transactions. With its new feature, it has never been easier to buy and trade crypto-currencies, bridging the gap between the traditional Web and Web 3.0.

Integration of payments in tradtional currencies: Euro, Dollar, Pound Sterling and Swiss Franc

BIM Exchange now enables its users to buy crypto-currencies directly by bank transfer in less than 24 hours, regardless of their currency. The funds are then securely transferred to the user’s decentralized wallet, such as Ledger, TrustWallet, MetaMask or other.

This method considerably simplifies access to digital currencies, while guaranteeing maximum security.

Continue Reading

Fintech

Monzo founder talks Prosper. Company sees incredible demand for its Crowdfund, smashing 130% of its target, raising over £785,000.

Published

on

 

Having recently announced its crowdfund was open to the public and with a little more than a week to go, Prosper today confirmed it has hit 130% of its funding target, raising over £785,000.

The company is backed by some of the biggest names in fintech. One of those, Tom Blomfield, the founder and former CEO of digital bank Monzo, said:

“The crowdfunding community was vital to Monzo’s growth and helped us engage with our early users. Like Monzo, Prosper is a customer champion brand shaking up the wealth industry. As I invested in Prosper, it became clear that speaking to the community would also play a part in their journey. It’s only the beginning, but I’m excited to help more people prosper!”

Monzo’s first crowdfunding campaign raised just under £1m at a £30m valuation. Today, that valuation stands at “around £4 billion”, according to Sky News. With a week of its own crowdfund still to go, Prosper hopes to build on that success, already closing in on Monzo’s original raise achievement.

“We’ve been blown away by the demand we’ve seen from our community. It’s a testament to the value we can create building a customer-championing business in the world of saving and investing,” said founder and CEO Nick Perrett.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more.

Continue Reading
Advertisement

Latest news

Trending