FGS and Paytechs of Canada, today co-released an in-depth report on the Canadian Paytech landscape, offering the first ever comprehensive overview of the impact and pace at which technology is driving disruptive change.
The Canadian Paytech Report provides a data-driven view on Paytech in Canada, analysis and deep insights on all participants in the payments ecosystem. The report highlights innovation in the payments space, emerging trends in Canada [and globally], and includes future considerations for tech giants, non-financial companies and traditional financial institutions.
“The Canadian financial services market is experiencing a dramatic increase of fierce competition driven by the availability of new technology. There is sustained pressure coming from consumers and business for the industry to innovate,” says Sue Britton, CEO & Founder of FGS. “With great confidence, I can say that the majority of incumbent companies, given their size, are unaware of the scale and speed of change happening around them, nor are they able to move quickly enough to respond.”
FGS and Paytechs of Canada, the newly formed trade group for Paytechs in this country, wanted to provide information about the Paytech ecosystem to create awareness, conversation and ideas for collaboration. Together they believe, Canada needs more bold moves and less incrementalism by financial institutions to continue to be viable long term and support the acceleration of innovation in Canada. The report aims to shed light on Canada’s current position in the payments ecosystem, and introduce ideas for future opportunities.
“Payment innovation has and will continue to pave the way for FinTech adoption in Canada. Little is known about the group largely driving that innovation – Paytech,” says Ben Harrison, Partner, Head of Partnerships & Policy at Portag3 Ventures. “We recognize that a lot of great work has been done so far but there’s still work to do. This report gives us a benchmark to start tracking progress at an industry level.”
Highlights of the report include:
- The number of Paytech Companies in Canada has increased by 136% in the last 5 years (2014-2018) and by 233% in the last 10 years (2009-2018).
- There are 633 Paytech companies in Canada – including startups, incumbents, tech giants, non-financial entrants and challenger banks.
- Of these 633 companies, 420 are headquartered in Canada. The rest are Canadian subsidiaries of companies headquartered elsewhere.
- These 633 companies employ more than 80,000 people in Canada.
- The report analyzed the global tech giants with a Paytech offering and found that 12 out of the 14 tech giants analyzed have a Paytech product for the Canadian market.
- FGS research located public data on 244 deals for a total of $2.86 billion funding into Paytech companies in Canada.
- There have been 28 acquisitions of Paytech companies in Canada since 2010.
- The use of digital, demand for convenience, choice and increased need for access to financial services by all Canadians is driving new entrants to the Canadian market. There are now more than 25 Challenger Banks operating in Canada.
Overall, the objective is to inform Canadians, as well as broad financial and non financial institutions, such as retailers and telcos, on how to adapt and embrace emerging opportunities to stay competitive. FGS and Paytechs of Canada also believe this report will be incredibly helpful for those outside the payments industry, particularly key government stakeholders like the Dept of Finance, and Bank of Canada to understand changes to date and where Paytech is going.
At its core, the FGS, Paytechs of Canada report uncovers a Canadian payments market in the midst of numerous changes, all of which are indicators of positive movement towards innovation. The newly announced Paytechs of Canada is a harmonized voice of Paytechs working to improve payment experiences for Canadians by creating competition and innovation through solutions-oriented advocacy and education.
SOURCE FinTech Growth Syndicate
Ping An’s Object Detection Model Breaks Record in International Computer Vision Competition
Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEx:2318; SSE:601318) announced that the computer vision object detection model developed by Ping An Technology (Shenzhen) Co., Ltd. (hereafter “Ping An Technology”) has set a new record in the PASCAL VOC Challenge, one of the most authoritative competitions in the world to assess the design and innovation capabilities of AI algorithms.
In the PASCAL VOC comp3 object detection challenge, Ping An Technology earned a mean average precision (mAP) of 86.5% and ranked first in 18 of 21 indicators, to take first place overall in a field of 59 competitors, including numerous notable artificial intelligence (AI) enterprises and AI laboratories in universities around the world. Object detection is the functionality to determine where there are the instances of a particular object class – such as a bird, a chair or a person – in an image, if any.
The Pattern Analysis, Statistical Modelling and Computational Learning Visual Object Classes (PASCAL VOC) Challenges have attracted the participation of numerous tech giants and top research institutions including Intel, Alibaba, Tencent and Microsoft Research since they were launched in 2006.
Object detection is one of the three basic tasks in the field of computer vision. The VOC2012 comp3 challenge has been one of the fiercest PASCAL VOC competitions, due to the diversity of target types and scenarios and the relatively small data set. These make identification difficult but most accurately evaluates the detection performance of different algorithms.
Ping An Technology’s NAS-YoLo model uses the company’s knowledge accumulated in automated machine learning and deep learning. It introduced AutoAugment and Neural Architecture Search (NAS) to the YoLo (You Only Look Once) model to significantly increase the precision of object detection. The model selects the most compatible data augmentation strategy for different data sets through AutoAugment, which resolves issues such as small data sets and difficult-to-enhance performance. By incorporating NAS, based on a super network, the solution speeds up the searching process with a divide-and-conquer algorithm, which reduces the time and difficulties of the search. To increase accuracy, the team also incorporated an automatic parameter tuning method based on Sequential Model Based Optimization (SMBO), to generate the best hyperparameter combination for NAS-YoLo, thus achieving a major breakthrough in the field of object detection.
The NAS-YoLo model is trained on an Occam automated machine learning platform developed by Ping An. The Occam platform is an AI algorithm platform that integrates six cutting-edge machine learning technologies: automatic pipeline, auto augmentation, distributed training acceleration, automatic model compression, auto-tuning, neural architecture search. With its comprehensive library of ground breaking algorithms for images, speech and text, the Occam platform makes multiple models, including NAS-YoLo and more than 100 kinds of other AI resources available to the public. The Occam platform is committed to helping industrial development in various fields with more advanced and scientific technologies.
The Occam platform has served dozens of internal research teams of Ping An in areas such as speech, voiceprint and facial recognition, Optical Character Recognition (OCR), Natural Language Processing (NLP) and medical imaging. It has accelerated the development of AI technologies in Ping An Property & Casualty, Ping An Life, Ping An Bank, Puhui Business and other Ping An Group companies.
Dark Fiber Network Market Size Worth $11.22 Billion by 2027 | CAGR: 12%: Grand View Research, Inc
The global dark fiber network market size is estimated to reach USD 11.22 billion by 2027, according to the new report by Grand View Research, Inc. It is anticipated to expand at a 12% compound annual growth rate (CAGR) during the forecast period. The market has emerged as a sustainable solution for various organizations that are focusing on enhanced communication and network management. Continuously increasing penetration of internet services, over the period, has paved the way for the high demand for internet bandwidth. This demand is expected to remain rampant over the forecast period. This is the most significant factor driving the market growth. The market is strongly supported by companies with high reliance on internet connectivity. These networks are highly beneficial for organizations with a high volume of data flow in their operation. These benefits include reduced network latency, scalability, reliability, and enhanced security.
Key suggestions from the report:
- The significant benefits of DWDM include an increase in bandwidth of the optical fiber, high-quality internet performance, lightning-fast internet, and secure and powerful network
- Telecommunication is anticipated to present promising growth prospects due to growing adoption of the 5G technology in communication and data transmission services
- Medical and military and aerospace application segments are poised to witness significant growth, attributed to increasing adoption of optic technology devices
- Asia Pacific is expected to witness the fastest growth owing to technological advancements and large-scale adoption of the technology in IT and telecommunication and administrative sector
Read 250 page research report with ToC on “Dark Fiber Networks Market Size, Share & Trends Analysis Report By Fiber Type (Single Mode, Multi-mode), By Network Type (Metro, Long-haul), By Application, By Region, And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/dark-fiber-networks-market
In fiber-optic communications, fiber optic cables that are not yet put in service by a provider or carrier, are termed as dark or unlit fiber. Network communications and telecom usually use the network. In regular fiber networks, information is sent through the cables in light pulses. Whereas, dark fiber networks are known to be ‘dark’ as no light or data is transmitted from it.
Dark fiber networks can be installed and set-up using point-to-multipoint or point-to-point configurations. Dense Wavelength Division Multiplexing (DWDM) is an essential factor for the improvement and development of dark fiber networks. DWDM occurs when many data signals are transmitted using the same optical fiber at the same time. Although these signals are transmitted around the same time, they are transmitted at separate and unique wavelengths to keep these data signals separate. The significant benefits of DWDM include an increase in bandwidth of the optical fiber, high-quality internet performance, lightning-fast internet, and secure and powerful network.
Dark fiber networks are not just used for business purposes but can be installed beneath land and oceans. Some of the interesting uses cases of dark fiber include earthquake research and to monitor permafrost. Some of the disadvantages include high initial cost and loss of time in setting up your infrastructure and high repairing and maintenance costs. Similarly, large dark fiber networks are currently available at metropolitan cities only and yet to at small cities and towns.
Grand View Research has segmented the global dark fiber network market based on fiber type, network type, application, and region:
- Dark Fiber Network Fiber Type Outlook (Revenue, USD Million, 2016 – 2027)
- Single Mode
- Dark Fiber Network Type Outlook (Revenue, USD Million, 2016 – 2027)
- Dark Fiber Network Application Outlook (Revenue, USD Million, 2016 – 2027)
- Oil & Gas
- Military & Aerospace
- Dark Fiber Network Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- South America
- Middle East & Africa
- North America
- List of Key Players in the Dark Fiber Network Market
- AT&T Intellectual Property
- Colt Technology Services Group Limited
- Comcast, Consolidated Communications
- GTT Communications, Inc.
- Level 3 Communications, Inc. (CenturyLink, Inc.)
- NTT Communications Corporation
- Verizon Communications, Inc.
- Windstream Communications
- Zayo Group, LLC
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
- Dairy Herd Management Market – Increasing demand for milk and milk products such as cream, butter, and cheese is anticipated to boost the market over the forecast period.
- Artificial Intelligence Chipset Market – Increasing penetration of e-commerce and social media leads to a huge growth in data volume. Due to rapid growth in the volume of data, the need for high-speed processors has also increased, which is positively influencing the growth of the market.
- Digital Payment Market – Increased use of smartphones, coupled with high internet penetration, is expected to propel the market over the forecast period.
American Mission Hospital Wins Two Business Worldwide Magazine 2020 GCC Business Excellence Awards
Since 1893 The American Mission Hospital (AMH) has been an integral part of Bahrain’s community. Now it has gained global recognition by receiving two honours in the Business Worldwide Magazine (BWM) 2020 GCC Business Excellence Awards.
The GCC Business Excellence awards honour both organisations and individuals behind innovations and inspirations driving increased growth and development to their sector. The entrepreneurial work and corporate excellence of these pioneers has significantly contributed to the economic vision of this dynamic region in establishing itself as a global knowledge-base, as well as a leading destination for new initiatives.
Not only have the operations of these organisations been of world class quality, but their striving endeavour to push boundaries, respond to challenges and tackle taboos has earned them admiration and respect from their peers and consequently made them employers of choice.
American Mission Hospital has achieved first place in two awards categories; Best Private Non-profit Healthcare Provider – GCC and ‘Business Leadership and Outstanding Contribution to Healthcare – GCC’, which was won by Group CEO Julia Maria Tovey.
The hospital’s mission has always been to provide high quality healthcare at an affordable cost, to everyone who needs it, and it was the first hospital in Bahrain to be accredited by the Australian Council of International Hospital Standards in 2006.
The vision is for AMH to be a leader in setting the standard for high quality, innovative healthcare in Bahrain, reinventing itself as a new digital healthcare hospital that connects the individual to home, hospital and the wider community. Patients can now access appointments and medical information through a revolutionary phone app, bringing the power of health management to their own fingertips. The core values that drive excellence in what AMH does are seated in the involvement in the community, by raising awareness of health issues and improving the lives of those less fortunate.
The Hospital’s CEO, Julia Tovey RN, RSCN, BsC, MBA, LHCRM, is dedicated to ensuring the execution of its mission is patient-focused, safe and exceeds patient expectations. In a career spanning over thirty years, she has worked at some of the biggest and most respected hospitals in England, America and The Middle East. Her appointment at AMH was an historic moment for the hospital and for women, as she became the first female Group CEO in its 120 year history. She explained her leadership approach to BWM, “My philosophy is simple – put people before profits. If we look after our employees they in turn will give their best to ensure a positive patient experience.”
To find out more about the American Mission Hospital’s history and work, visit
An article on the company can be found on the Business Worldwide website https://www.bwmonline.com/2020/05/03/redefining-healthcare-in-an-uncertain-world/
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