What Is FinTech?

FinTech is short for financial technology. It is an economic industry composed of companies that use technology to make financial services more efficient. Financial technology companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software.

Crowdfunding

There are three general categories crowdfunding can fall under: Equity, Donation, and Debt.

Equity-based

Equity-based crowdfunding is seeking funds for your business or project in exchange for equity.

Donation-based

Donation-based crowdfunding is seeking donations for your business or project in exchange for tangible, non-monetary rewards such as an ecard, t-shirt, pre-released CD, or the finished product.

Debt-based

Debt-based crowdfunding is seeking funds for your business or project in exchange for financial return and/or interest at a future date.

There are many benefits to crowdfunding. It allows startup companies the seed money they need to grow and prosper. This in turn can create jobs and stimulate the economy. It is also an opportunity for people of average means to invest in what could be the next Apple or Facebook. Historically one would need a significant amount of capital to make such an investment. Like any form of investing, crowdfunding poses risks and you should not invest more than you can afford to lose. It is important to do your homework on any company that you wish to invest in.

Peer to Peer Lending

Lending money to individuals or businesses through online services that match lenders directly with borrowers. Because these services operate entirely online, they can run with lower overhead and provide the service more cheaply than traditional financial institutions. As a result, lenders often earn higher returns compared to savings and investment products offered by banks, while borrowers can borrow money at lower interest rates. Lending Loop is an example of such a company which currently operates in Ontario.

Money Lending
Help Me Write the Bill for the Best Solutions

I want you to help me write phase two of the Bill

In October of 2015 I introduced a Private Member’s Bill to address the gray area in legislation surrounding some aspects of the sharing economy, including ridesharing, homesharing and parking sharing.

Now, I’m working on phase two – a second Private Member’s Bill that will look at cottage food laws, carpooling, crowdfunding and task and skill sharing.

Share your thoughts

I know the ideas for it. I know the problems. But I want you to help me write the Bill for the best solutions. For example, what foods should be allowed to be made and sold from a home kitchen, or how much should you be able to earn as a “tasker” in the sharing economy?

Please complete the Share Your Solutions form to help.

  • Share Your Solutions

    Please fill out the form below to share your thoughts.


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Bill Outline

Ride-Sharing

Home-Sharing

Parking-Sharing

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Bill Outline

We believe that you should be free to rent out your home, car and driveway for extra income in today's tough economy.

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Sharing Economy

Uber & AirBnB

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See what others have to say about the sharing economy and how it can benefit you, your family, and Ontario as a whole.

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