Canadian regulator says open data essential to fintech | Reuters
lterrat's bookmarks 2017-03-08
"Open data would eliminate duplication and streamline manual regulatory processes, including how information is verified, collected and analyzed, the paper said, improving auditing, and oversight, and making compliance checks faster.
The move would also increase competition and offers tangible benefits for investors, Chaukos added.
The Ontario Securities Commission hopes to see fintechs with regulatory solutions like those pitched in the hackathon test their business models through the Launchpad 'sandbox.'
Proposals from the hackathon demonstrated how blockchain could be used for identity authentication, monitoring and verifying compliance in real time, smart contracts to protect investors from fraud, and databases to prove ownership of securities. Other proposals applied artificial intelligence, machine learning and data analytics to regulatory problems."