Mako Fintech Selected by Ontario Securities Commission to Test Reimagined KYC Experience

MONTREAL–(BUSINESS WIRE)–Mako Fintech, a fintech platform that automates wealth management processes, announced today that it has been selected by the Ontario Securities Commission (OSC) to reinvent Experience KYC Refresh, as part of OSC TestLab, Ontario’s new Capital Markets testing environment.

TestLab connects both market players and technology providers to experiment, learn and improve their innovative solutions by testing each other.

In late 2021, the OSC collected feedback from external stakeholders to determine “problem statements” to address with its TestLab. After interviewing 128 registrants, 8 technology vendors, and 256 individual investors, the problem statements determined focus on improving customer interactions and providing more accessible information, particularly around knowing your customer (KYC), know your product (KYP) and suitability. obligations. These areas have become a priority for participating stakeholders following recent customer-focused reforms that came into effect at the end of this year. To address issues with TestLab, Mako Fintech will work with registered firm and testing partner, Designed Wealth Management, on a streamlined and dynamic KYC refresh workflow.

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

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

About Mako Fintech

Mako Financial Technologies in 2018 launched a category redefinition platform that enables wealth managers to seamlessly bring client onboarding, renewal and investment online. Each player in the financial sector experiences digital transformation in their own way, and Mako uses this principle as its North Star. Mako’s mission is to democratize the digitalization of wealth management by providing every business with an automation solution tailored to their unique workflow processes and delivering it at a lower disruptive cost. Mako Fintech is headquartered in Montreal, Canada, and is led by a team of finance and technology experts.

About the OSC

The Ontario Securities Commission (OSC) is an independent Crown corporation that regulates Ontario’s capital markets by establishing legally binding rules and adopting policies that influence the behavior of capital market participants . The OSC’s mandate is to protect investors against unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in capital markets, to promote capital formation and to contribute to the stability of the financial system. and reducing systemic risk. Investors are urged to verify the registration of any person or company offering an investment opportunity and to consult the OSC’s investor materials available at


For more information on Mako Fintech:
Michaela Mason

Analyst, Provident Communications

[email protected]

Aurora J. William