Best of 2011: Bank of Canada to Debut Plastic Money
Happy Holidays readers! Check out, this week, Business Review Canada's top daily stories of the year. We'll be featuring one story a day that reader's like the most. Today we feature Money Matters top story: Bank of Canada to Debut Plastic Money
The new circulation will start in November featuring a new $100 bill. The new money will be made with a special plastic polymer that will replace Canadian currency’s current cotton-paper blend. The new $50 note will follow by March 2012 and by 2013 there will be $20, $10, and $5 polymer bills incorporated into Canadian currency.
The new bank notes will focus on security and, most importantly, counterfeiting prevention. "Canada's new bank notes will have innovative security features that are easy to verify," said Mark Carney the Governor of the Bank of Canada in a press release. "The leading-edge technology in these notes will expand the frontiers of bank note security."
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The new currency will not only have enhanced security, but they will also be easier to verify, more economical to produce and have diminished environmental impact. The polymer bills are expected to last at least 2.5 years longer than current currency.
"With these new notes, the Bank of Canada will provide Canadians with a durable, high-quality, secure form of payment that they can use with confidence," continued Carney in a statement.
In preparation, the Bank of Canada is working closely with financial institutions and manufacturers to promote an easy transition. Designs will be released several months before new notes begin in circulation for general public recognition. The $100 and $50 bill designs will be unveiled in Spring 2011.
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.