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One of the rallying cries of new companies trying to supplant old banks is “transparency”. While in the past, it is said, banking was opaque and shrouded in mystery, in the future the financial system will be easier to inspect and therefore crises will be more effectively prevented. There are many flaws in this reasoning, …

Last week, BetaKit wrote about Toronto-based FinTech startup Lending Loop’s decision to voluntarily suspend new loan applications on its platform. The company, which describes itself as Canada’s first and only peer-to-peer lending marketplace for small and medium-sized businesses, has also begun talks with unnamed securities regulators. The company previously told the Financial Post that …