University of Waterloo Demonstrated Financial Savviness at CFA Institute Research Challenge Local Competition

Toronto, ON, Feb 17, 2023 (GLOBE NEWSWIRE) -- Congratulations to the students from the University of Waterloo for their compelling research which earned them the winning title at the local level of the CFA Institute Research Challenge. The student team members, Sonia Balani, Philbert Chan, Jennie Lin, Rocky Luo and Joyce Ren will each receive a thousand-dollar prize and will be advancing to the sub-regional competition of the CFA Institute Research Challenge. The team was mentored by Steve Balaban, CFA, Faculty Advisor and by Jeannine LiChong, CFA, CPA, CA, Industry Mentor. Winners of each sub-regional level will advance to the regional semi-finals on 6 - 7 April 2023.  

"Competing in the CFA Institute Research Challenge tested us as future investment professionals to think outside the box, work as a team and create a pitch that we are proud of" said Jennie Lin on behalf of the team.

The CFA Institute Research Challenge is an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis. Students work in teams to research and analyze a publicly-traded company, and each team writes a research report on its assigned company with a buy, sell, or hold recommendation. 

“On behalf of Payfare I would like to thank CFA Society Toronto and CFA Society Ottawa for selecting Payfare as the subject company for the competition. Congratulations to the winning team. We look forward to leveraging insights gained from this report in our day-to-day operations” said Cihan Tuncay, Head of Corporate Development and Investor Relations of Payfare Inc.

Student teams from around the world will meet at the global finals of the competition on 3 May 2023 where they will present and defend their analysis to a panel of industry professionals. Students learn from experienced industry experts and peers from the world’s top business schools.

“I am greatly impressed by the outstanding performances of all the teams, especially during the tough question-and-answer period. I have learned so much from the participants, who have presented such high quality of work and strong standards of professionalism. I am very proud of their achievements, and confident that every participant will have a very bright future ahead of them." said local judge, Stephanie Poon, CFA, GPLLM, Vice-Chair, CFA Society Toronto’s Awards and University Relations Committee. 

 For more information visit CFA Institute Research Challenge  
About CFA Society Toronto 
Founded in 1936, CFA Society Toronto is part of the worldwide network of CFA Institute member societies that lead the investment profession globally by promoting the highest standards of ethics, education and professional excellence for the ultimate benefit of society. CFA Society Toronto represents the interests of over 11,000 investment professionals in the Greater Toronto Area through advocacy, education, events, and professional development. For more information visit or follow us on LinkedIn CFA Society Toronto and on Twitter @cfatoronto

About Payfare (TSX:PAY) 
Payfare is a global financial technology company powering digital banking and instant payment solutions for today’s gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft, and DoorDash, to provide financial health for their workforce. For further information please visit

About CFA Institute 
CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors’ interests come first, markets function at their best, and economies grow. There are more than 170,000 CFA charterholders worldwide in 165 markets. CFA Institute has nine offices worldwide and there are 157 local member societies. For more information, visit or follow us on Twitter at @CFAInstitute and on 

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