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Government of Canada creates Advisory Council on Artificial Intelligence

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Artificial intelligence (AI) is a set of complex and powerful technologies that will touch or transform every sector and industry in Canada. It has the power to help us address some of our most challenging problems, from improving Canadians’ health to fighting climate change. It will also introduce new sources of job creation and sustainable economic growth. Canada has already started harnessing AI through the AI supercluster, based in Montréal.

Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced the launch of the Advisory Council on Artificial Intelligence. This is the next step in the Government of Canada’scomprehensive approach to supporting this important new sector. The Minister announced the creation of the Council while in Paris for the G7 meeting of Digital Ministers. The theme of this year’s meeting is “Building Digital Trust Together.” Participants will reflect on the parameters required to foster innovation while building trust in digital societies and economies.

The council will advise the Government of Canada on how best to build on Canada’s AI strengths, identify opportunities to create economic growth that benefits all Canadians and ensure that AI advancements reflect Canadian values. The Government is committed to promoting a human-centric approach to AI, grounded in human rights, transparency and openness. These values will ensure that we can increase trust and accountability in AI while protecting our democratic values, processes and institutions.

Specifically, the council will establish a working group on commercializing value from Canadian-owned AI and data analytics, building on the work started by the Digital Industries Economic Strategy Table. It will also provide advice on how best to advance the goals laid out in the Canada-France Statement on Artificial Intelligence and will support Canada’s participation in various international engagements such as the G7, the G20, the OECD and the World Economic Forum.

The advisory council will be co-chaired by Foteini Agrafioti, Chief Science Officer for the Royal Bank of Canada, and Yoshua Bengio, Scientific Director of the Montreal Institute for Learning Algorithms.

Members of the advisory council also include:

  • Pierre Boivin, President and CEO, Claridge
  • Natalie Cartwright, Co-Founder and Chief Operating Officer, Finn AI
  • Marc-Antoine Dilhac, Canada Research Chair in Public Ethics and Political Theory, Université de Montréal
  • Eli Fathi, Co-Founder and CEO, MindBridge Analytics Inc.
  • Geoffrey Hinton, Chief Scientific Advisor, Vector Institute for Artificial Intelligence
  • Ian Kerr, Canada Research Chair in Ethics, Law and Technology, University of Ottawa
  • Jordan Kyriakidis, Co-Founder and CEO, QRA Corp.
  • AJung Moon, Director, Open Roboethics Institute
  • Mona NemerCanada’s Chief Science Advisor
  • Teresa Scassa, Canada Research Chair in Information Law and Policy, University of Ottawa
  • Elissa Strome, Executive Director of the Pan-Canadian AI Strategy, Canadian Institute for Advanced Research
  • Richard Sutton, Chief Science Advisor, Alberta Machine Intelligence Institute
  • Geneviève Tanguay, Vice President of Emerging Technologies, National Research Council Canada

Quotes

“Artificial intelligence is more than just a new product or service. It has the potential to help us solve some of the most difficult challenges we face, create jobs and growth across all industries, and improve the lives of all Canadians. The advisory council will help us capitalize on Canada’s leadership in AI in ways that upholds Canadian values of inclusiveness and diversity so that all Canadians can participate in and benefit from the digital economy.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development

“Artificial intelligence has enormous potential to help us design the responsive digital services that Canadians demand, but it must be used ethically and responsibly. The Advisory Council on Artificial intelligence will give us essential expertise from across industry, academia and government to make sure we use AI in a way that is transparent, deliberate and accountable.”
– The Honourable Joyce Murray, President of the Treasury Board and Minister of Digital Government

Quick facts

  • Canada has a strong foundation in AI to build on, with strengths in science, skills and talent, and clusters, as well as a thriving start-up ecosystem. Canada is home to more than 800 AI companies, and the number of Canadian AI start-ups is growing by approximately 28% year over year.
  • Artificial intelligence is an important contributor to Canada’s economy. In 2018, $548 million in venture capital was invested in Canadian AI companies, an increase of approximately 50% from 2017. As well, Canadian job opportunities in the field of AI grew by nearly 500% between June 2015 and June 2017.
  • The government selected five superclusters that represent more than 450 businesses, 60 postsecondary institutions and 180 other participants. These superclusters are all planning to support projects that will promote the development or use of AI in their respective industries. The AI-Powered Supply Chains Supercluster (SCALE.AI) will be the supercluster with the biggest focus on AI, undertaking activities to develop next-generation AI-powered supply chain platforms and create over 16,000 jobs for Canadians.
  • The Pan-Canadian Artificial Intelligence Strategy supports AI research and talent attraction and retention in Canada, promotes collaboration between Canada’s main centres of AI expertise, and positions Canada as a leading destination for companies in this sector.
  • The Government of Canada’s support for the Advisory Council on Artificial Intelligence will be led by Innovation, Science and Economic Development Canada in collaboration with Global Affairs Canada, the Treasury Board of Canada Secretariat and the Privy Council Office, as well as other federal departments and partners.
  • On November 22, 2018, at the Digital 9 Summit in IsraelCanada and the other D9 member nations agreed on a shared approach to the responsible implementation and use of AI by governments.

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Credorax Partners With Cisco to Boost Payments Gateway to the Next Level

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Today, Credorax announced that it has partnered with Cisco to upgrade its data-center network’s capabilities, capacity and latency. The agreement enables Credorax to adopt Cisco’s advanced data-center networking technology, including an automation, visibility and management system. Credorax has also agreed to beta-test Cisco’s advanced and future monitoring and management products.

Credorax’s system is already considered one of the fastest in the world with its cutting-edge high throughput, low latency, and multi-continent redundancy, and Cisco’s technology will allow Credorax to push the envelope even further in terms of decreasing transaction latency and increasing throughput. Cisco’s software solution for centralized management and monitoring of network components will play a significant role in Credorax’s solutions, simplify their roll-out of new products and reduce ongoing cost of ownership.

As a licensed merchant acquiring bank, Credorax helps merchants accept payments easily with its recently launched Source gateway. The platform offers telecom-grade (99.999%) availability for processing payments as well as a host of payments products and services, including cards and alternative payment methods, hosted payment pages, advanced KYC screening, smart fraud solutions, and sophisticated business intelligence and data tools.

Cisco is at the forefront in building the network platform that can now deliver a connected, autonomous, and programmable digital platform for Credorax customers.

Cisco-Israel General Manager, Oren Sagi said about the collaboration: “Cisco is committed to do its utmost to provide its customers with the most innovative technologies while maintaining uncompromising quality. We are excited to collaborate with Credorax and help them develop the fastest and most reliable payments gateway possible. I am confident that this project is the first milestone for a successful cooperation between the two companies.”

Moshe Selfin, Credorax CTO & COO stated: “We’re thrilled join forces with Cisco. We have always strived to provide best-class service to our customers, and are confident that by incorporating Cisco’s network platform for data capacity and processing speed into our NextGen payments and acquiring platform, we are offering our merchants the best technology on the market.”

In an era of demanding customers and changing expectations, e-commerce merchants simply can’t survive without the best-in-class cross-border payments processing capabilities. Being both a technology company and an acquiring bank, Credorax has built a full suite of NextGen products and services to help merchants grow their business online. And now with Cisco’s support, Credorax has augmented its offering even further.

 

SOURCE Credorax

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MetricStream Wins “GRC Product of the Year” at the 2019 Risk Technology Awards Hosted by Risk.net

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MetricStream, a market leader in governance, risk, and compliance (GRC) apps and solutions, announced today that its Enterprise GRC Solution has been awarded the “GRC product of the year” at the 2019 Risk Technology Awards, hosted by Risk.net.

“We’re honored to win this award,” said Gaurav Kapoor, Chief Operating Officer, MetricStream. “We believe that it validates the strength, breadth, and depth of our GRC/IRM offerings, as well as our focus on continuous innovation—reflected most prominently in our GRC cloud, advances in predictive analytics, automation, and AI. Our mission is to enable organizations to ‘Perform with Integrity™’. To that end, we’re deeply committed to forging long-term partnerships with our customers and supporting them throughout their integrated GRC journeys.”

The annual Risk.net awards recognize the need for innovative technology solutions to manage risk in a highly dynamic and complex business environment. The average financial services firm faces a plethora of risks, ranging from cyber threats and regulatory pressures, to fintech related disruptions and money laundering issues. As these risks grow more interconnected, siloed approaches to GRC are rapidly giving way to more integrated solutions.

The MetricStream Enterprise GRC platform provides a single, unified system to manage, coordinate, and track multiple types of GRC activities. The solution cuts across organizational silos, enabling a holistic and collaborative approach to GRC. Users can efficiently roll up operational risk, audit, compliance, Cyber and third-party risk information from across the enterprise, and transform it into actionable business intelligence to support decision-making. With support for mobility, real-time reporting, advanced risk analytics, and regulatory notifications, the MetricStream solution helps users manage complex risk requirements in an efficient manner.

Top industry analysts have consistently recognized MetricStream as a leader in GRC/IRM. The company’s wide range of solutions and underlying GRC platform are leveraged by leading financial services firms worldwide, including large global banks, mid-sized banks, private equity investors, investment banks, wealth managers, insurance firms, asset management companies, federal financial agencies, and clearing corporations.

 

SOURCE MetricStream

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MPOWER Financing rated Top international student lender by Nerdwallet and U.S. News

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MPOWER Financing, a mission-driven fintech that provides financial access to higher education for high-promise international and DACA students, was recognized by both Nerdwallet and U.S. News & World Report as the top student loan provider for international students.

Nerdwallet, a comparison website for personal finance products, awarded MPOWER a 5-star rating for its student loans, indicating that its products are “among the very best for consumer-friendly features.” Nerdwallet also commended MPOWER for offering loans that are “ideal for international and DACA students without a co-signer or U.S. credit history.” MPOWER’s loans are available to students from around the world for both graduate and undergraduate degrees at more than 350 top universities in the U.S.and Canada.

U.S. News & World Report recognized MPOWER Financing as the “best lender for international students.” This determination was made on the basis of MPOWER’s product offerings, cost, customer servicing ratings, eligibility, and other features. U.S. News also detailed that MPOWER’s underwriting process considers a student’s academic success and career path – a process that is enabled by MPOWER’s use of big data analytics and artificial intelligence.

“I was having a tough time obtaining education loans from India without collateral,” wrote Kaushik Krishnan, one of MPOWER’s early students. “MPOWER was truly life changing for me. I’ve since graduated from my Masters program, found a job, and paid off my loan.”

“MPOWER allowed me to achieve my dream,” said Sol Bee, a South Korean student. “I was admitted to Berkeley in Fall 2016, but I couldn’t afford it at the time. MPOWER empowered me to be who I wanted to be by allowing me to take control of my finances and my life.”

“We’re honored by the industry recognition we’ve received, and the hundreds of heartfelt stories we get from students whom we have the privilege to serve,” says Manu Smadja, Co-founder and CEO of MPOWER. “We’re working hard to further improve our customer experience and to remain the best international student lending product on the market.”

MPOWER Financing, headquartered in Washington, D.C., and with offices in Bengaluru, New York City, and Toronto, is a mission-driven fintech company and provider of global educational loans. It is the only student lender in the world that leverages both overseas and domestic credit data, as well as future earning potential, to serve high-promise international and DACA students. MPOWER Financing works with over 350 top universities and colleges across the U.S. and Canada to provide financing to students from over 200 countries. Since 2014, it has received over $1B in loan application volume on its platform. MPOWER Financing helps students build their credit histories and provides them with personal finance education and career support to help prepare for life after school. The team is backed by Zephyr Management, Goal Structured Solutions, Gray Matters Capital, Lloyd Crescendo Advisors, 1776, Village Capital, Potentia, Breega, VARIV, DreamIt, Fresco, Chilango, Common Sense Fund, K Street, and University Ventures.

 

SOURCE MPOWER Financing

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