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Consumer Genius, Canada’s 15th Fastest Growing Company Nominated for the SME Top Business of the Year Award for 2022 by the Canadian National Business Awards Presented by Google

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Canada’s 15th Fastest Growing Company, Consumer Genius Inc has been nominated by the Canadian National Business Awards for the Top Business of the Year Award 2022, presented by Google.

“Thank you to Google and the Canadian National Business Awards. FinTech and Technology Firms have seen huge success over the past few years however many have also seen and faced huge challenges,” says Paul Hadzoglou, the company’s President. “We are happy and grateful to accept this nomination on behalf of our Firm, its valued shareholders, employees, partners, vendors and mainly, the over one million valued customers that trust in our brands and offerings throughout North America.”

Consumer Genius has seen tremendous growth over the past few years, going from a tech startup with little or no funding, to Alberta’s fastest growing company in 2021, ranking it Canada’s 15th fastest growing firm overall when compared to all Canadian companies in all sectors nationally ranked by the Globe & Mail and Report on Business television. Consumer Genius owns and operates multiple websites and web platforms that allow the consumer to apply, free of charge, for various loans, products, and services. From personal loans to auto loans, mortgages, life insurance and even pet insurance. Consumer Genius also offers non-financial services such as Solar installation, Windows, and Roofing. The Firm operates their platforms in Canadathe United States, the United Kingdom, and Australia. Consumer Genius has over 1 Million active customers and over 70,000 people apply through one of Consumer Genius Platforms every single month.

A customer can simply visit one of the sites Consumer genius owns, such as www.carsfast.ca. Within minutes, securely apply for a loan and receive either an approval or pre-approval. If for any reason a consumer is not approved, they will then be recommended a product based on the reasoning for the decision, thereby helping the consumer learn and mold their own financial life.

For non-financial products such as Solar or Windows, a consumer can visit their platform such as www.solarquotesgenius.com. Fill out a few easy questions. Thereafter the consumer is connected directly with the right solar installation for them that can aid in any questions they have about the installation process, associated pricing and scheduling installation.

“Consumers need accurate information and knowledge at their fingertips in this day and age and are becoming accustomed through the use of technology to make quick and accurate decisions when it comes to applying for a product or signing down for a particular service,” says Paul. “We at Consumer Genius and through our wholly owned brands such as loanz.com , carsfast.cacanadianliferates.ca and solarquotesgenius.com (to name a few), are here to aid consumers in the application process for various products and services, through quick, efficient and fast-paced methodologies. We look forward to continuing expansion of our brands in order to continually expand our reach, with a focus to aid consumers in making quick, easy informed decisions when searching online for the product or services they are interested in,” says Paul.

Fintech

Central banks and the FinTech sector unite to change global payments space

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The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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TD Bank inks multi-year strategic partnership with Google Cloud

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TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

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MAS launches transformative platform to combat money laundering

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The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.

Source: fintech.global

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