Plus: Interac appoints Jeremy Wilmot as CEO.
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.
Interac appoints Jeremy Wilmot as new president and CEO (BETAKIT)
Canadian payment services provider Interac has announced that Jeremy Wilmot is taking over from Mark O’Connell as the company’s president and CEO, effective August 1.
O’Connell has helmed the company since 2006, led it through its 2018 restructuring, and plans to advise through the transition before retiring at the end of October.
SEC’s Gary Gensler Had Crypto in His Sights for Years. Now He’s Suing Binance and Coinbase. (THE WALL STREET JOURNAL)
In his two years running the Securities and Exchange Commission, chairperson Gary Gensler or his staff met with cryptocurrency exchanges that were seeking special exemptions from the laws governing the rest of Wall Street dozens of times.
Now the SEC is unleashing a barrage of enforcement actions against crypto’s biggest middlemen, Binance and Coinbase, in a fight that has existential stakes for the companies and could define Gensler’s legacy.
As crypto markets consolidate, Bitbuy debuts new staking offering (BETAKIT)
Even as one major crypto trading platform, Binance, indicated it was exiting the Canadian market, Bitbuy Technologies has moved to introduce more crypto offerings.
Bitbuy, a subsidiary of WonderFi Technologies, said June 2 that it would begin adding Cardano, a public blockchain platform, to its staking services.
POWERED BY: TECHNATIONAddressing Canada’s talent gap in the tech industry boils down to removing the barriers for equity-deserving groups
The Advanced Digital and Professional Training (ADaPT) program is a cost-free digital and professional skills development initiative that bridges the employment gap. It equips students in their final semester and post- secondary graduates with in-demand skills for entry-level tech roles.
ADaPT supports a diverse group of talent from varied educational backgrounds, with 79% of participants identifying as belonging to at least one equity-deserving group. Backed by 70+ hours of intensive training, the program exposes participants to tech career pathways.
The ADaPT program is funded by the Government of Canada’s Future Skills Centre and led by Toronto Metropolitan University’s Diversity Institute in collaboration with TECHNATION Canada.
To support future talent in thriving tech careers within Canada’s changing job market and become an ADaPT employer, find out more here.
How a $13 Billion Fintech That Angered Jamie Dimon Won Over Banks (BLOOMBERG)
Over the past decade, Plaid’s digital pipes have enabled 1 in every 3 people with a US bank account to connect it to the app or service of their choosing. What’s next for Zach Perret’s $13.4 billion company?
BC regulator suspends ex-Blok Technologies CEO, CFO from investment market for misrepresenting 2018 share sale (BETAKIT)
Per the BCSC, ex-Blok CEO Robert Earle Dawson and ex-Blok CFO David Malcolm Alexander have separately agreed to suspensions after Blok failed to disclose that it would retain less than 18 percent of an announced $5.4 million private placement in 2018.
Crypto.com to Close US Institutional Service Amid SEC’s Crypto Crackdown (DECRYPT)
Cryptocurrency exchange Crypto.com said Friday that it will wind down its institutional service for American clients on June 21.
The Singapore-based digital asset platform added that it made the decision due to “limited demand from institutions in the U.S. in the current market landscape.”
Here’s how Canada’s top 10 cities rank in the global startup ecosystem (BETAKIT)
Though Canada maintains the rank of fourth place among 100 countries in StartupBlink’s global index for 2023, the report found that regions within the country experienced significant changes in the last year.
With LayerZero, Vancouver’s Bryan Pellegrino goes all in (THE LOGIC)
The former pro poker player and AI whiz has ‘no regrets’ about launching US$3B crypto startup. Vancouver-based LayerZero raised $120 million USD at a $3 billion valuation at a time when venture capital funding for tech startups was slowing down—and the collapse of investor FTX had rendered the very survival of the sector uncertain.
Fintech firm Tingo’s shares slump as short-seller Hindenburg takes aim (REUTERS)
Tingo Group shares halved in value on Tuesday after short-seller Hindenburg Research criticized its founder and alleged that the fintech firm had “fabricated” its financials.
Hindenburg also said Tingo was an “exceptionally obvious scam” and called out founder Dozy Mmobuosi’s claims of having developed “the first mobile payment app in Nigeria.”
York University partners with OneEleven to launch joint venture studio for new tech MBA degree (BETAKIT)
York University’s Schulich School of Business is partnering with Toronto-based tech hub OneEleven to establish a joint venture studio.
The venture studio will match students with member companies from both OneEleven and Schulich’s startup communities, who will complete pro bono product and fundraising analysis for select startups.
Tim Hortons to launch credit card through mobile rewards app (TORONTO STAR)
Tim Hortons is launching a Neo Financial powered credit card that can be used through its mobile app, the latest move into an increasingly competitive rewards space.
Tims Financial is a new division of Tim Hortons that will offer a no-annual-fee Mastercard as a result of Neo Financial’s bet on embedded finance.
Informal Systems raises $5.3 million in first funding round
(THE BLOCK)
Toronto-based Informal Systems raised $5.3 million to support its work as a core developing team in the Cosmos ecosystem.
Informal Systems has helped build vital technology such as Interchain Security, a way for blockchains to lean on the Cosmos Hub for its security, rather than running their own sets of validators.
.
