Data protection in the financial industry with Kalepso

19 October 2017

Kalepso is a Montreal-based Fintech that has developed a quantum-resistant solution for data protection in the financial industry.

Kalepso was founded in 2017 by Georgios Depastas, ex-Barclays who graduated at the University of Cambridge, and Dr. Georgios Kellaris, former Postdoctoral fellow at Harvard in Data Security and Privacy.

Among other features, the start-up is using cryptographic protocols to ensure the highest standards of security to store data on any cloud, and prevent against ransomware or anyone inferring the content of a company’s files. It also provides database encryption and files sharing services.

https://www.youtube.com/watch?v=-f-JsCeHyxA

Compared to other solutions on the market like ZeroDB or CryptDB, Kalepso is said to be the first to ensure the maximum level of security by combining Oblivious RAM (ORAM) and Differential Privacy (DP), which means that no one can infer anything about your data; even if the cloud or Kalepso get hacked.

ORAM re-encrypts the database rows each time the client query its data to avoid access pattern leakages, while DP perturbs the query result size in order to avoid communication volume leakages.

“Only 8% of cloud services meet enterprise security and compliance requirements”, according to Skyhigh.

The start-up is also using the blockchain to ensure privacy for its clients who can manage and see who has access to their data.

It is thus differentiating from other players like Sookasa since it is acting as a middle-ware between its clients and the cloud.

“18% of files in the cloud contain sensitive data” according to Gartner

Kalepso was awarded during the Canada Fintech Forum as the most innovative company and is part of the famous Tandem Launch, a deep-tech Canadian incubator.

[Facts&Figures] 10 imperatives for Europe in the age of AI by McKinsey

Team Europe

16 October 2017

Techfoliance is extracting key data and facts from industry reports on the rise of Fintech in Europe so that you can focus on what matters the most for you.

In this report published in October 2017, the consulting firm McKinsey analyzed how Europe positions itself in the race for artificial intelligence and automation compared with the US and China.

[divider]KEY FIGURES[/divider]

The amount of cross-border data flows has grown 45 times larger since just 2005.

About 15% of the global goods trade is conducted via international e-commerce, with much of it driven by platforms such as Alibaba, Amazon, eBay, Flipkart, and Rakuten.

Europe has captured only 12% of its potential from digital technologies, ranging from 10% in Germany to 17% in the United Kingdom.

Europe could gain an additional €2.5 trillion of GDP in 2025, according to estimates.

Europe is behind in external AI investment, which totaled $3 to $4 billion in 2016, compared with $8 to $12 billion in Asia and $15 to $23 billion in North America.

Automation alone could raise productivity growth on a global basis by up to 1.4% annually.

Half the current activities carried out by workers in Europe could be automated.

New forms of technology-enabled work are adding variety to the traditional 9-5 job.

[divider]KEY FACTS[/divider]

MGI Industry Digitization Index, United States vs European nations

Europe and the US can still capture tremendous upside from digitization

China and the US dominate investments in AI

Read the full report here

Mapping 10 Rising Fintech Stars in Canada

Team Europe

9 October 2017

This year, 10 rising FinTech start-ups have been chosen to come and pitch at the 2017 Canada FinTech Forum, the biggest Fintech event in Canada.

The Canada FinTech Forum is a unique annual gathering organized by Finance Montreal, in partnership with Techfoliance, whose main objective is to discover new talents, facilitate networking, raise interest towards new IT trends applied to finance and promote Canada’s FinTech ecosystem.

Exagens

Exagens is a Montreal-based that has developed Max, its personal financial assistant, to help banks and other financial institutions humanize their digital channels. Max is the future of conversational virtual agents.

Discover here: http://www.exagens.com/en/

Seedlify

Seedlify is a Montreal-based Fintech that has invented a new way to invest in early growth companies through revenue sharing (a.k.a royalties) and a token backed fund, combining Crowdfunding and Blockchain.

Discover here: https://seedlify.com/

Flinks

Flinks is a Montreal-based Fintech that has developed the most reliable financial API on the Canadian market. Covering 98% of the country’s banks and credit unions, Flinks is the leader in financial data access in Canada.

Discover here: https://flinks.io/

SproutWallet

SproutWallet is a Montreal-based Fintech that has created a financial coach to help people manage their money more effectively. It provides them with regular updates and insights on their spending habits while also pointing out areas for them to save.

Discover here: https://sproutwallet.com/home

Aidvisors

Aidvisors is a Montreal-based Fintech that is on a mission to democratize artificial intelligence and finance. The company makes investing fun and easy by offering affordable and profitable AI-driven investment strategies to do-it-yourself investors.

Discover here: https://www.aidvisors.com/

FI.SPAN

FI.SPAN is a Montreal-based Fintech that has developed a cloud-based bank API services management platform that allows banks to deploy new business banking products and services rapidly to their corporate customers.

Discover here: http://www.fispan.com/

Kalepso

Kalepso is a Montreal-based fintech security startup that is building the most impenetrable middle-ware between financial institutions and the cloud. Their product allows users to securely store files and databases, while retaining search, retrieval and sharing functionality.

Discover here: http://www.kalepso.com/

JAUNTIN’

JAUNTIN’is a Montreal-based InsurTech that enables insurance companies to acquire better data on policyholders through proprietary on demand technologies.

Discover here: http://jauntin.com/

MindBridge Analytics

MindBridge Analytics is an Ottawa-based Fintech that has developed the world’s first commercial AI Auditor platform. Through the application of machine learning and artificial intelligence technologies, the MindBridge AI platform detects material irregularities in data, unintentional errors and intentional misstatements.

Discover here: http://www.mindbridge.ai/

VigilantCS

VigilantCS is a Toronto-based Fintech that provides a cloud-based platform for the management and monitoring of staff-level compliance through the automation of regulatory requirements, digitized data and conduct risk analytics.

Discover here: http://vigilantcs.com/

Hunting the Next Generation of InsurTech Start-ups in Europe

Team Europe

5 October 2017

The insurance industry is ready for big changes. Emerging players are about to create new models based on prevention, assistance and interaction with customers.

InsurTech: Key Figures

According to a report published by PwC, 74% of insurance companies believe that some part of their business is at risk of disruption.

InsurTech represents a large market, which makes it attractive for VC investment. In the US alone insurance is a $1.2T market.

Almost a third of insurers do not deal with FinTech or InsurTech at all while nine in ten fear losing part of their business to new players.

The estimated sales in the world of Wearable devices related to healthcare in 2019 will reach 245 million units, tripling 2015 figure.

The expected Compound Annual Growth Rate (CAGR) for the period 2017-2022 of global cross-industry Connected Car revenues is around +24%.

The adoption of IoT products could generate a potential loss reduction of -40% for Connected Home insurance.

In Italy, 51% of people have access to prevention programmes while the EU level is around 80%.

Open-F@b At a Glance

Innovate to prevent, assist and protect. In its role of preventive insurer BNP Paribas Cardif, one among the top ten insurance companies in Italy, is building tomorrow’s insurance on this new paradigm.

[divider]Theme[/divider]

This year, the international contest for startups will award the 3 most innovative ideas on Preventive Insurance.

Projects should particularly deal with predictive models that allow preventive analysis to anticipate events, or with digital platforms, related objects or services designed to prevent or mitigate the risks. The focus will be made on health, family, home and mobility.

[divider]Participants[/divider]

Anyone with innovative ideas can participate: startups, technology providers, professionals, developers, students etc.

The objective is to identify the best technological and digital startups and build collaboration paths together with BNP Paribas Cardif.

[divider]Reward[/divider]

The inventors of the most creative ideas, selected by a Committee composed by executives of BNP Paribas Group and BNP Paribas Cardif, by academic professionals in the digital technologies area and by experts, will be supported by the BNP Paribas Cardif R&D team which will help them to develop the idea, taking into account the needs of the market and of the Company.

All finalists will present their proposals during the day of the final public event where the 3 most innovative ideas will be awarded by the Evaluation Committee. Winners will then be supported by the Company in the development and in the realization of their project.

Note: with the fourth edition of Open-F@B Call4Ideas the investments planned in 4 years, distributed among the winning projects, raise the amount of 400.000€.

SUBMIT NOW

(Deadline is October 23rd 2017)

Techfoliance is a proud media sponsor of BNP Paribas

Your Ultimate FinTech Guide

Team Europe

3 October 2017

Machine Learning. Blockchain. Robo-Advisor. The use of these terms has been massively widespread over the past years. But do you really know the meaning of each one?

[divider]Fintech Glossary[/divider]

ANALYTICS
A tool used to measure patterns or trends for a specific project or development.

Ex: Rippleshot protects consumer credit information and the integrity of the merchant payment network by proactively detecting data breaches through a cloud-based solution.

API
Application Programming Interface. A programming process that is used by two different sources to communicate with each other instantly.

Ex: Barchart OnDemand is a cloud-based web service that allows you to power your apps, websites, charts and financial tools with off-the-shelf or custom financial data APIs.

BIG DATA
An enormous quantity of data, and often the analysis of such data.

Ex: Kaggle provides cutting-edge data science, faster and better than most people ever thought possible. They have a proven track-record of solving real-world problems across a diverse array of industries including pharmaceuticals, financial services, energy, information technology, and retail. Kaggle offers both public and private data science competitions and on-demand consulting by an elite global talent pool.

BITCOIN
A new form of independent currency that is held completely virtually.

BLOCKCHAIN
A record of all public bitcoin transactions updated in real-time.

CLOUD
A virtual infrastructure that holds an unlimited amount of data and information.

Ex: Cloudera offers enterprises one place to store, process and analyze all their data, empowering them to extend the value of existing investments while enabling fundamental new ways to derive value from their data.

COGNITIVE COMPUTING
Self-learning computer systems that attempt to mimic human thinking using data mining, pattern recognition and natural language processing.

Ex: Numenta is leading the new era of machine intelligence through the development of a cohesive theory, core software technology, and numerous software applications all based on principles of the neocortex.

CROWDFUNDING
Projects that are funded by the public.

Ex: Kickstarter aims to let creative people of all kinds — journalists, artists, musicians, game developers, entrepreneurs, bloggers — raise money for their projects by connecting directly with fans, who receive exclusive access and rewards in exchange for their patronage. More than just a fundraising app, Kickstarter’s a publishing platform where project creators can communicate with the people that are supporting them.

CRYPTOCURRENCY
Virtual currency that is highly protected from hackers.

Ex: Coinbase is a bitcoin wallet. With Coinbase, you can easily and securely buy and use bitcoin. Coinbase takes careful measures to ensure that your bitcoin is as safe as possible.

DIGITAL NATIVE
Young people who have grown up with the availability and use of digital technology.

Ex: Tykoon (currently in private beta) is a social and personalized financial services platform where kids can earn, save, give and spend real money.

DISRUPTIVE INNOVATION
The establishment of a new market, product or service that disturbs a pre-existing market or status quo.

Ex: Simple is reinventing online banking with modern web and mobile experiences.

FINNOVATION
A buzzword referring to innovation in the financial industry.

Ex: LikeFolio discovers powerful investment opportunities by tracking consumer enthusiasm for the brands and products behind tomorrow’s hot stocks.

FINTECH
A buzzword referring to financial technology or the firms involved in financial technology.

Ex: FinTech Exchange is a new event organized by Barchart OnDemand in association with FinTEx Chicago. FinTech Exchange is an engaging, solutions-focused event designed to communicate the latest in financial technology for financial markets and trading firms.

HACKATHON
An event for developers that consists of uninterrupted coding. Winners are usually determined by a panel, the public or their peers.

Ex: AngelHack organizes large hackathons, where developers learn new tools, meet new friends, and showcase their skills to the community. To date, they have organized almost 100 hackathons in 35 cities globally.

INCUBATOR
When a firm mentors a business, usually a startup, through developmental stages.

Ex: 1871 is a collaborative space where Chicago’s digital designers, engineers and entrepreneurs build their startups, share ideas, and change the world.

INTERNET OF THINGS
A proposed development of the Internet in which everyday objects have network connectivity, allowing them to share, send and receive data.

Ex: Humavox is a wireless power technology platform for effortless charging of multiple devices. Visit their website to learn about their unique technology.

ONLINE BANKING
The ability to complete transactions, withdrawals or money transfers on the web.

Ex: Dwolla is a digital payment network that securely connects with U.S. banks and credit unions to enable safe, fast, account-to-account transfers.

ONLINE LENDING
Peer-to-peer money transfers online that don’t require a bank.

Ex: Prosper is a marketplace providing person-to-person lending utilizing a listing and bidding process to get competitive rates for loans.

PAYMENT GATEWAY
An online service provider that processes credit card transactions for online businesses.

Ex: PayLane is an online payments provider. We help e‑businesses accept online payments as smooth as possible and anywhere in the world. Delivering a vast variety of payment methods and currencies, PayLane allows businesses to reach more customers in selected markets.

ROBO ADVISOR
Financial advisement provided by a computer-based system.

Ex: Betterment is the smarter automated investing service, helping people to better manage, protect, and grow their wealth through leading technology. The service offers a globally diversified portfolio of ETFs, designed to help provide you with the best possible expected returns for retirement planning, building wealth, and other savings goals.

SAAS
Software as a Service. On-demand delivery of software to a user.

Ex: Workday offers enterprise-level software solutions for human resource and financial management.

This article was first published on Barchart OnDemand

European Fintech Mapping Week #1: Veros, Toneboard, Creamfinance and Blueopes

Team Europe

27 September 2017

Every week, Techfoliance highlights four promising Fintech start-ups across Europe in various verticals: lending, payment, investment, etc. In this weekly FinTech mapping we will focus on the CEE region with Veros, Toneboard, Creamfinance and Blueopes.

[divider]Fintech Mapping[/divider]

Veros

Veros is a Blockchain solution that has been created by the Bucharest-based company Under Development Office that is giving unbanked people the resources to access any kind of financial services.

Discover here: https://veros.org/

Toneboard

Toneboard is a Latvia-based Fintech that is developping tools for businesses to identify the most valuable customer insights, using speech and voice analytics to better understand their customers.

Discover here: https://toneboard.com/

Creamfinance

Creamfinance is a Warsaw-based FinTech that utilizing advanced algorithms and machine-learning capabilities to quickly evaluate and score to make borrowing money online as simple as clicking one click.

Discover here: https://www.creamfinance.com/

Blueopes

Blueopes is a Budapest-based FinTech that is a low-cost, automatized wealth management service provider, seeking to deliver competitive financial returns, while focused on socially responsible investments (SRI).

Discover here: https://www.blueopes.com/

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[Facts&Figures] 10 imperatives for Europe in the age of AI by McKinsey