Fintech
Private Capital Markets Association President and Vice-Chair Craig Skauge Comments on OSC Developments
Toronto, Ontario–(Newsfile Corp. – July 20, 2022) – The Private Capital Markets of Canada (“PCMA”), Canada’s leading voice of private capital formation comments on the recent Globe and Mail ROB cover story: Get Used to It (25/06/22) reports of OSC intransigence in OPM’s, Discord at the OSC says Globe (25/06/25), reports of OSC breach of confidentiality in Professor Jeffrey MacIntosh’s National Post’s Op-Ed, Why the Regulator Needs to Make Room For Dissent (08/07/22), and ex-Chair Waitzer’s disjointed National Post Op-Ed, The Issue with the OSC is Integrity (14/07/22) as follows:
The PCMA unreservedly supports the appointment of Heather Zordel as Chair of the Board of Directors of the OSC.
Heather Zordel possesses deep expertise in securities law and practice, including previously acting as corporate counsel to the Toronto Stock Exchange (now TSX), a former member of the federally appointed Expert Panel on Securities Regulation, a past Chair of the Securities Advisory Committee to the OSC and a former Co-director and (still) continuing Adjunct Professor for the Osgoode LL.M. program in Securities Law.
She also possesses impressive agency, board and commission leadership skills, including currently acting as part-time Chair of the Condominium Authority of Ontario, is a member of the Board and Corporate Governance and Nominating Committee for the Toronto Hydro Corporation, and was elected a Bencher of the Law Society of Ontario in 2018, all of which touch upon the lives of millions of Ontarians in a meaningful fashion each and every day.
Simply put, Chair Zordel is not only highly qualified professionally, but is also a dedicated public servant of the highest order and a demonstrated organizational change agent.
The PCMA looks forward to working with Heather, and to the results of her continued efforts to achieve progressive organizational change within the OSC, not the least of which through regulatory burden reduction and innovative rule making to encourage the efficient formation of capital in the Province of Ontario and beyond.
The PCMA also lauds the Ford government for its publicly enunciated five-point plan to create confidence in Ontario’s capital markets, its “open for business” policies as well the Ontario Capital Markets Modernization Taskforce’s (Taskforce) independent recommendations as they pertain to capital formation in Ontario.
The PCMA is deeply disturbed by reports in both OPM’s succinct, yet insightful piece and Prof. MacIntosh’s superbly crafted National Post Op-Ed piece that confidentiality, non-disclosure and fiduciary obligations allegedly were breached by unnamed sources from within the OSC who spoke to the Globe & Mail to promote a discrediting narrative against Chair Zordel. If true, this is an unacceptable revelation and the PCMA calls for it to be independently investigated by the government and acted upon swiftly.
In conclusion, PCMA President Skauge, offered the following: “While the autonomy of securities regulators must be respected, the Ford government should be applauded for taking a more involved stance with the OSC at this time. For far too long, the OSC has been under the undue influence of the largest financial institutions, fund companies, and law firms in Canada, much to the peril of the small business community. One need only look to Ontario taking decades longer than other Canadian jurisdictions to adopt certain key prospectus exemptions as evidence of this. The composition of the recently announced Advisory Council to the CEO of the OSC only further cements this truth. We are encouraged by the steps the Ford Government has taken, most notably the appointment of Chair Zordel and look forward to seeing both the short-term and long-term results of her leadership.”
About the PCMA
The Private Capital Markets Association of Canada (PCMA)™ is Canada’s largest private capital markets community. It is a not-for-profit association founded in 2002 by a group of Canadian business professionals whose firms were active in the exempt securities market. The PCMA has more than 300 member firms coming from various industry backgrounds including,
- Firms registered as exempt market dealers with securities regulators in one or more jurisdictions across Canada and the dealing representatives of those firms;
- Exempt market issuers;
- Professional advisers and service providers to the exempt market including lawyers, accountants, compliance officers, financial institutions, software providers, corporate communications advisers, investment professionals and others.
The PCMA is the national voice of the private capital markets in Canada with a focus on the exempt market. The PCMA works to provide a forum for the exempt market industry and policy makers to work together to enhance integrity and growth of the industry, while strengthening investor understanding and confidence.
For further information about this Press Release:
Craig Skauge – President
Email: [email protected]
For further information about the PCMA
Natalie Reynolds – Manager, Membership and Operations
Email: [email protected]
Phone: 647-237-7535
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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