Fintech is Broken: Why Canada, Crypto, and Banks Are Failing Us

Description:
In this episode of the JustPaid Podcast, we dive deep into the transformative world of fintech with Matthew Smith, co-founder of a Y Combinator-backed startup, as he joins JustPaid.ai’s co-founder Daniel Kivatinos and co-host Harshith Vaddiparthy. From exposing the inefficiencies of Canada’s oligopolistic banking system to dissecting the challenges of modern payment infrastructures, this episode is a masterclass in understanding fintech's past, present, and future.

Matthew shares unfiltered stories about his YC experience, why the U.S. banking system is ripe for innovation, and his thoughts on crypto, AI, and building resilient startups in today’s tech climate. If you’re in fintech or aspire to be, you can’t afford to miss this!

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⏱️ Time Stamps:

0:00 - Intro: Setting the stage for a deep fintech discussion
0:18 - Open-ended podcast vibes: How we’ll edit and dive into fintech topics
0:48 - Matthew’s origin story: Building a startup in Canada and navigating Y Combinator
3:33 - The Canadian fintech dilemma: Oligopolies and cultural resistance to innovation
6:56 - Pivoting to the U.S.: How YC transformed Matthew’s mindset
14:37 - Inefficiencies in Canada’s payment systems: Interac e-Transfers vs. global innovations
22:01 - What Canada gets wrong: Fraud, limitations, and batch-based clearing systems
29:54 - Push-based payments vs. legacy systems: Why the U.S. needs a fintech overhaul
37:24 - Crypto chaos: Stablecoins, trust, and what it takes to succeed globally
46:34 - Generational shifts in banking: Why innovation feels slow but inevitable
50:42 - El Salvador and crypto: Lessons from a small nation's bold fintech experiment
55:13 - Offline payments: Starlink, protocol innovation, and solving for low-internet environments
58:52 - The future of fintech: Challenges in funding, opportunities in innovation
1:02:30 - Final advice for aspiring founders: Building meaningful products and navigating the fintech space

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