By Godson Umejiego, Senior Correspondent USA

A financial technology platform that automates wealth management processes, Mako Fintech has announced  it has been selected by the Ontario Securities Commission (OSC) to reimagine the KYC Refresh experience, as part of OSC TestLab, Ontario’s new capital markets testing environment.

TestLab connects both market participants and technology providers to experiment, learn and improve their innovative solutions through testing with one another.

In late 2021, the OSC gathered external stakeholder feedback to determine “problem statements” to help solve with its TestLab. After surveying 128 registrants, 8 technology providers and 256 individual investors, the determined problem statements focus on improving client interactions and making information more accessible, especially around know-your-client (KYC), know-your-product (KYP), and suitability obligations. These areas have become a focus for participating stakeholders following recent client-focused reforms coming into effect at the end of this year. To tackle TestLab’s problem statements, Mako Fintech will be working with registered firm and test partner, Designed Wealth Management, on a streamlined, dynamic KYC refresh workflow.

“Being selected by the largest securities regulator in Canada to be part of such an intentional process for much-needed innovation is momentous for us and a tremendous opportunity,” said Mako Chief Executive Officer Raphael Bouskila. As one of seven technology firms selected to participate in this year’s test lab, Mako will be an integral part of helping provide innovative solutions to market participants to address the challenges they’ve identified related to client interactions and regulatory requirements.

The testing phase of the lab can last up to six months. At the completion of the program, successful participants will provide a report and work with the OSC to determine next steps. The OSC website states that the insights gained during the lab will also help their team “learn about how novel solutions contribute to our efforts to modernize regulation to reduce burden, promote economic growth and competition, and foster capital formation in Ontario’s capital markets.”