NCFA Fintech Confidential December 2020 (Issue 3)

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WHAT THE HECK IS SSI? (SELF- SOVEREIGN IDENTITY) What if I told you we are on the brink of another boom as big as the .com boom, creating a tectonic shift in how we live, how we do everyday activities, and how we interact with the world? The .com boom changed the game, as nearly every company in the world either created a website and built a new go-to-market strategy, or were put out of business by their competitors who did. I believe we are at the precipice of another shift, but this time, the consumer has the control. Every big name in the tech industry and financial world is racing to provide the Trust Layer that the internet so desperately needs. This Trust Layer has developed enough that a group of industry leaders have come together to form an open-source foundation: Trust over IP. The Trust over IP mission is to redefine our internet identities into cryptographically-verifiable digital credentials. Although there are other projects focused on digital identity, we believe that the open-source foundation will prevail, as only an open-source community could provide could live up to this definition for a Self-sovereign Digital Identity. Why is this important? What does it entail? It starts with bringing the concept of trust back to our digital interactions. Through verified credentials, people trust that it’s you on the other end and vice versa. This eliminates the barriers to getting to where you want to go on the internet and streamlines the verification process, forgoing the need for usernames and passwords. Another key element to SSI is the ability to transfer your digital identity across all platforms. The same way your license proves multiple credentials: it verifies you can drive, if you’re old enough to drink, if you’re a citizen, etc., your digital identity carries and extends your credentials, preferences, and values across various platforms and ecosystems. However, taking it a step further, YOU are in control of which of those credentials gets shared on each platform you come across. This not only increases the users’ control and privacy of their information, it allows for higher quality data to be shared. If data works on a permission basis, that shared data is subsequently verified by the users themselves. Ownership of this data also entails the ability to monetize, putting the onus on the users as to whether they want a piece of data to remain private or be sold. It’s a win-win scenario. An essential ingredient for this upcoming boom is for government entities to get involved, and we’re beginning to see 48
movement towards this phenomenon. On October 21, <strong>2020</strong>, Premier Doug Ford and Peter Bethenfalvy announced an action plan to introduce a secure digital identity for Ontarians by the end of 2021. (Link to Article) In the U.S., California is leading the way forward, as citizens voted yes on the Privacy Rights and Enforcement Act Initiative (Prop 24) this past election to expand upon the California Consumer Privacy Act (CCPA), enhancing privacy rights and consumer protection to give citizens greater control of their personal data. The boom is coming and it starts with putting the power in consumers’ hands with a new, secure layer of trust on the internet. Change is in the air and we’re here to keep you up to date so you don’t get left in the dust. You can learn more by following KABN as we develop Liquid Avatar to be the foundation for SSI. Through our bank-grade verification platform, we will provide a digital credential. In the near future, we will be introducing networks that will accept this credential. Liquid Avatar is here to show you the path to SSI and give you control of your identity. Follow us on Twitter to stay current as the industry develops. About: RJ Reiser Chief Business Development Officer KABN Systems North America Inc. RJ is the Chief Business Development Officer at KABN. KABN is focused on leveraging Blockchain and Biometrics to protect Digital Identity in support of consumer protection regulations like GDPR, PIPEDA and CCPA. Mr. Reiser is known as a creative thinker and dynamic executive who brings new ideas to expand business and drive results. He is a self-starter and motivator who leads global teams to work together achieving technical and financial breakthroughs, while building innovative technological advances. IN FOCUS 49
Page 1 and 2: INSIDER VIEWS, INNOVATION AND BEST
Page 3 and 4: TABLE OF CONTENTS FEATURED 01 05 08
Page 5 and 6: THE GOOD, THE BAD AND THE UGLY OF C
Page 7 and 8: apidly create a system, there is st
Page 9 and 10: IS CANADA ON THE VERGE OF OPEN BANK
Page 11 and 12: oth traditional players and market
Page 13 and 14: “For the first, time we have easi
Page 15 and 16: As one can see, the industry began
Page 17 and 18: Under the Investment Advisers Act o
Page 19 and 20: income opportunities—including st
Page 21 and 22: of the planet. Her terms and condit
Page 23 and 24: FROM GLOBAL LEADER TO FOLLOWER, IS
Page 25 and 26: Inefficient Distribution of Financi
Page 27 and 28: with debt say they have neither a b
Page 29 and 30: Our Luge Capital data for Canada, p
Page 31 and 32: 27 INSIDER VIEW
Page 33 and 34: The vision would be followed by a m
Page 35 and 36: Freeing humans for more complex tas
Page 37 and 38: Unfortunately, CSR programs are typ
Page 39 and 40: and develop skills and abilities, o
Page 41 and 42: have the potential to also amplify
Page 43 and 44: As fintech and big tech players exp
Page 45 and 46: expertise in risk management and co
Page 47 and 48: globe. Today, stablecoins are among
Page 49 and 50: mortgage lenders to address one of
Page 51: “We’re able to close billing an
Page 55 and 56: had been excluded from using debit
Page 57 and 58: systems to include the appropriate
Page 59 and 60: In the Fintech context, it is impor
Page 61 and 62: Fintech companies in our region hav
Page 63 and 64: TRENDING P2P Lending and Fintech Cr
Page 65 and 66: 61 TRENDING
Page 67 and 68: That is why we have put security an
Page 69 and 70: CATCHING THE WAVE: CAPITALIZE ON NE
Page 71 and 72: 2. Subscription Document Generation
Page 73 and 74: 2020 FINTECH DRAFT: PITCHING & DEMO
Page 75 and 76: 71
Page 77 and 78: very comfortable in the hospitality
Page 79 and 80: 75
Page 81 and 82: Payments are processed through secu
Page 83 and 84: FUNDMORE.AI LIVE PITCHING FINALIST
Page 85 and 86: TRUST ANCHOR GROUP LIVE PITCHING FI
Page 87 and 88: CORL FINTECH DRAFT LIVE DEMO FINALI
Page 89 and 90: 2020 FINTECH DRAFT SHORTLISTED Migr
Page 91 and 92: Finnovate.io Finnovate.io has estab
Page 93 and 94: Powered by NCFA

NCFA Fintech Confidential December 2020 (Issue 3)

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