Welcome to the FinTech Times, a weekly newsletter covering the biggest FinTech news from around the globe. If you want to read F|T before anyone else, make sure to subscribe using the form at the bottom of this page.
Proposed regulations for Retail Payment Activities Act open for public comment (BETAKIT)
Finance Canada published the proposed regulations last week in the Canada Gazette. It expands on previously shared information about the RPAA, including operational risk management, safeguarding user funds, as well as registration and reporting requirements with the Bank of Canada.
Inside Stripe’s $55 Billion Pitch to Investors (THE INFORMATION)
Stripe is trying to raise a huge sum of money from investors, so it has tried to craft a compelling pitch: The payments giant is growing faster this year than some of the biggest names in tech. It has a lot more potential lines of revenue than just its core payments business. And it’s grabbing loads of customers focused on artificial intelligence.
Report: investment in Canadian FinTech dropped almost $6 billion USD in 2022 (BETAKIT)
There were 169 Canadian FinTech investments worth $1.3 billion (all numbers USD) in 2022, down from a record 217 deals worth $7 billion in 2021.
A one-of-a-kind experience, Inventures is a high-energy forum of conversations, convergence and creative collisions that attracts more than 3,000 investors, entrepreneurs and industry leaders. It’s the place to discover new technologies, talent, capital, customers and markets.
Hosted by Alberta Innovates, Inventures brings the world’s brightest minds and boldest ideas together in Calgary for three extraordinary days of learning, sharing, inspiration, and fun. The diverse program features eight curated program tracks with more than 150 sessions and 300+ speakers, including keynotes, expert panels, startup pitch events, networking opportunities, and more.
Register for Inventures 2023 today.
US fintech FIS to spin off Worldpay payments business (FINANCIAL TIMES)
FIS said on Monday that the tax-free split it was pursuing would unlock shareholder value, contrasting arguments made when it combined the groups that “scale matters in our rapidly changing industry”.
Newly-named Canada Innovation Corporation will see budget double to absorb IRAP (BETAKIT)
The newly-dubbed Canada Innovation Corporation (CIC) will be a Crown corporation led by the private sector. While the CIC will operate independently from the government it will report to the minister of innovation, science, and industry.
Crypto Giant Binance Expects to Pay Penalties to Resolve U.S. Investigations (THE WALL STREET JOURNAL)
The company has been working to fill gaps in its early compliance efforts, he said, but still expects regulators will impose fines for past conduct.
Canadian tech can find opportunities during leaner times (BETAKIT)
RBC Capital Markets managing director Aly Gillani says M&A will be a big theme in the back-end of 2023.
Visa CFO Is Set to Retire After Firm Gets New Leadership (BNN BLOOMBERG)
Vasant Prabhu has been Visa’s CFO since 2015. He oversaw its finances at a time when profits soared, the firm added hundreds of millions of cardholders, and spending on its network more than doubled.
Federal government reveals breakdown of $700 million renewed commitment to Innovation Clusters (BETAKIT)
The Government of Canada initially promised the additional funding for the clusters last year, announcing $750 million in investments to be made over the course of six years, until 2028.
U.S. judge puts SEC, CFTC cases against FTX's Sam Bankman-Fried on hold (REUTERS)
A U.S. judge on Monday put two regulators' civil lawsuits against Sam Bankman-Fried on hold until the conclusion of the Department of Justice's criminal case against the founder of the now-bankrupt FTX cryptocurrency exchange.
Real Ventures partners with Panache, Inovia to relaunch FounderFuel accelerator (BETAKIT)
FounderFuel is now coming back and going nationwide with the support of two other notable Montréal-headquartered Canadian venture capital (VC) firms with a presence across the country: Panache Ventures and Inovia Capital.
SEC Sues Terraform Labs, Do Kwon for Misleading Investors on TerraUSD Stablecoin (COINDESK)
The SEC alleged that Terraform and Kwon misled investors on a number of issues, including who was using TerraUSD for payments, and called both the yield-bearing Anchor Protocol and the LUNA token "crypto asset securities," according to the complaint.
Movement51 launches new “investment readiness” education program for women entrepreneurs across Canada (BETAKIT)
TD Bank has promised $120,000 CAD to M51 as part of a three-year funding commitment to Founder’s Lab.
US Crypto crackdown boosts appeal of friendlier overseas hubs (BNN BLOOMBERG)
Singapore, Hong Kong, Europe and Dubai are more enticing for cryptocurrency companies thanks to their regulatory efforts, tax advantages and friendlier governments, according to interviews with more than a dozen executives, former regulators, investors and analysts.
