Security And Securities
In recent years, the fintech industry has experienced rapid growth and has become a crucial component of the financial services sector. The global market for digital payments is expected to reach $6.7 trillion by 2023, up from $4.1 trillion in 2019. (Source: Juniper Research). The use of mobile banking apps has grown significantly in recent years, with 60% of US consumers now using mobile banking apps, up from 43% in 2015. (Source: Business Insider). And the adoption of cryptocurrencies and blockchain technology has grown rapidly in recent years, with the global blockchain market expected to reach $23.3 billion by 2023, up from $1.2 billion in 2018 (Source: MarketsandMarkets).
These statistics demonstrate the significant growth and potential of the fintech industry over the past five years. As consumers and businesses increasingly adopt digital payment methods, mobile banking apps, and new financial technologies, the opportunities for innovation and growth in fintech continue to expand.
However, with the rise of the digital economy and cryptocurrency, the need for robust security measures has become increasingly important. And the need for enhanced security measures in the fintech industry has become more important than ever.
At Connect Financial, we understand the critical importance of security in the fintech industry, particularly in the cryptocurrency space. That’s why we have taken a number of steps to ensure the safety of our customers’ digital assets.
First, we have implemented advanced encryption protocols to protect customer data and transactions. This includes things such as using multi-factor authentication, strict transaction approval policies and cold storage solutions to safeguard digital assets and users from potential hackers.
Second, we have contracted and begun working with leading cybersecurity experts to regularly review and update our security protocols to stay ahead of evolving threats.
We are committed to educating our customers about the importance of security in the fintech industry. We will regularly provide resources and information to help our customers protect their digital assets and stay safe in the cryptocurrency space.
As the fintech industry continues to evolve and grow, the importance of security cannot be overstated. At Connect Financial, we understand this and are committed to providing our customers with the highest level of security possible. We believe that by prioritizing security, we can build a more secure and resilient financial system that benefits everyone.
In business and cryptocurrency like in many other areas, there is doing things then there is doing things right.
With recent changes in regulations through the world in regards to Cryptocurrency and Digital Assets we took a moment to take a look at our new requirements at the beginning of the year.
And after completing the review Connect Financial is now entering into the process of acquiring our Securities Licenses in Canada and in the US. These are a requirement due to our combination of Custody and OTC in both jurisdictions.
There are several benefits for us having a securities license as a fintech company. First and foremost, it demonstrates to investors and customers that the company is operating within the bounds of the law and is subject to regulatory oversight.
Second, a securities license can provide access to a broader range of investment opportunities. For example, a fintech company that is licensed to offer securities may be able to offer customers access to a wider range of investment products, including stocks, bonds, and mutual funds. This can be particularly valuable for customers who are looking to diversify their investment portfolios and mitigate risk.
Third, a securities license can help to protect the company from legal and regulatory risk. By obtaining a securities license and adhering to regulatory requirements, we will reduce the risk of regulatory sanctions, fines, or legal action. This can help to ensure that the company is able to operate smoothly and grow its business without fear of legal or regulatory repercussions.
Finally, a securities license will help to differentiate Connect Financial from competitors. By demonstrating a commitment to regulatory compliance and ethical business practices, we can set ourselves apart in a crowded marketplace and attract customers who value transparency and trust.
Overall, obtaining a securities license is an important step for any fintech company that offers securities to the public. While the licensing process can be challenging, the benefits of having a license is significant.
We want to update our users on our progress towards launching our platform.
While I have previously communicated launch dates for user testing, we have encountered some unexpected delays in the process of finalizing our security protocols and acquiring our securities license. We want to assure you all that we are working diligently to ensure that our platform meets the highest standards of security and regulatory compliance. Our team is committed to building a platform that is safe, reliable, and trustworthy, and we will not compromise on these values. I appreciate your patience and understanding as we work to finalize these important steps, and are looking forward to providing you with a secure and innovative platform as soon as possible.