Fintech Select’s subsidiary served with $633,284 statement of claim

Canada-based Fintech Select’s subsidiary has been slammed with a statement of claim by Her Majesty the Queen in Right of Alberta.

Fintech Select provides pre-paid card programs, mobile banking solutions and cryptocurrency technologies.

The claim argues that the subsidiary owes $633,284 relating to the balance of funds on expired cards pursuant to a card management agreement between the company and the province of Alberta.

However, Fintech Select is aiming to defend itself against the statement of claim. It stated that every penny was deposited in Fintech Select’s service providers bank accounts and not that of the subsidiary.

A statement of claim is a legal document that sets out the plaintiff’s allegations and the facts from the plaintiff’s perspective. It is usually the first step of a legal process.

In other Canadian FinTech stories, in May 2019, Equifax Canada, the nationwide credit bureau, announced a partnership with SecureKey Technologies, an identity and authentication provider. The team-up would mean Equifax would act as the key data verifier within SecureKey’s Verified.Me digital identity network.

Similarly, RSA Canada, the insurance firm, announced in March 2019 that it had partnered with BAE Systems, the cybersecurity enterprise headquartered in Farnborough, England. Together, they aimed to prevent and combat insurance fraud. The deal marked the first time a North American company had used BAE Systems’ NetReveal Property & Casualty (P&C) technology. The solution would empower RSA to better detect, investigate and prevent fraud at the point of claim, policy inception and point-of-quote.

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