Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: FinTech and Alternative Finance
Thunes 2026 Cross Border Payments Index Puts Canada To Test
June 2, 2026 | NCFA Insight | Payments And Market Infrastructure, Open Banking Open Finance And Data Sharing, Digital Assets Blockchain And Tokenization, Regulation And Policy
Canada Ranks 22nd As Payment Modernization Faces Live Market Test
On June 2, 2026, Thunes and Juniper Research released the 2026 Cross Border Payments Interoperability Index, a 50 country benchmark that measures how easily money moves across borders. Canada ranks 22nd with an overall score of 6.4. That result doesn't simply mean Canada lacks financial infrastructure. It points to a harder problem for maturer markets. That is strong domestic systems don't automatically create cheaper, faster, more open cross border payments.
But that's starting to change now that Canada is incentivizing more competition in fintech and now some key policy files open. Real-Time Rail, broader payment service provider access, Interac e-Transfer access for qualifying PSPs, consumer driven banking, and stablecoin rules all point in the same direction. Global benchmarks now judge whether those components are working in live markets or are being left behind.
Canada Scores Well On Capacity, But Weak On Progress
Canada's scorecard below shows the gap clearly. Solid on economic strength, digital infrastructure, financial inclusion, and cross border connectivity. However, according to the ranking Canada is weak on market dynamics and progress, the category that tracks whether regulation, mandates, open banking, crypto rules, and public payment initiatives create usable momentum (or not).
See: Canada At A Productivity Crossroads, Bank Of Canada Warns
| Canada Index Category | Score | Reader Takeaway |
|---|---|---|
| Economic Health | 7.5 | Canada has a strong base for financial activity |
| Digital Infrastructure | 7.0 | The country has meaningful digital capacity |
| Financial Inclusion | 6.7 | Formal access is broad, but gaps remain |
| Cross Border Connectivity | 6.3 | Cost, speed, and reach still limit performance |
| Market Dynamics And Progress | 4.0 | Canada’s weakest score and the core execution gap |
| Overall Rank | 22nd Of 50 | Middle of the pack for a G7 market |
The low score of 4.0 on market dynamics needs immediate attention. Canada doesn't lack ambition, but it still needs more proof that payment modernization has changed market behaviour, access, pricing, product design, and cross border reach. Otherwise, smoke and mirrors.
Canada’s Modernization Files Need To Work Together
Real-Time Rail could become Canada’s most important domestic payment upgrade in years. Payments Canada says the Real-Time Rail payment system will support instant, data rich account to account payments for eligible participants. Payments Canada also published a PSP participation guide for RTR, which helps payment service providers prepare for access under Canada’s retail payments regime.
The next 18 months will be verytelling, given that the execution timing window is a practical test. Real-Time Rail and Canada’s productivity test comes down to access, fraud controls, pricing, resilience, and product adoption. Faster rails help only when firms can build real workflows on top of them.
Interac has opened another route into mainstream payments. In September 2025, Interac said qualifying PSPs can access Interac e-Transfer if they meet requirements tied to RPAA registration, FINTRAC money services business registration, sponsorship, and risk controls. Interac reports 1.4 billion e-Transfer transactions in 2024, so access to this network gives fintechs a path into a payment habit Canadians already use at scale.
Open banking is also in implementation. Canada’s consumer driven banking framework gives consumers and small businesses secure control over financial data, with future write access expected to support payment initiation. That turns open banking from comparison infrastructure into payment infrastructure. Canada’s open banking commercialization roadmap is now in rollout and about real API usage, accreditation, liability, and business model design.
And then there's Stablecoins. Finance Canada says Canada’s stablecoin framework will regulate fiat backed stablecoins issued by non financial institutions and place issuers under Bank of Canada supervision. That connects directly to the cross border pain measured by Thunes. Bill C-15 gives Canada a digital finance framework, but execution will decide whether stablecoins become trusted payment infrastructure or another narrow product category.
The Global Problem Is Still Cost, Speed, And Trust
The Thunes report gives Canada a useful benchmark because cross border payments still fail basic user tests. The global average remittance cost sits at 6.36 percent, more than double the UN target of less than 3 percent by 2030. The same report finds that 38 percent of surveyed users typically pay more than 3 percent to send a cross border payment.
| Global Friction Point | Thunes Finding | Why It Counts |
|---|---|---|
| Remittance Cost | 6.36 percent global average | More than double the UN target |
| High Fee Exposure | 38 percent pay more than 3 percent | Users still face avoidable cost pressure |
| Payment Delay | 27 percent wait two or more days | Slow payouts hurt household and business cash flow |
| Price Transparency | 41 percent do not always see the final amount upfront | Users cannot compare true cost easily |
| User Priority | 50 percent rank instant transfers first | Speed now beats fees as the top feature |
RTR can improve domestic speed. Open banking can improve data access and future payment initiation. Interac PSP access can widen domestic participation. Stablecoin rules can support regulated digital settlement.
See: Real Time Rail Puts Canada’s Productivity Test In Focus
None of those pieces improves cross border outcomes on its own. The gap is not a lack of providers. It is how well banks, fintechs, PSPs, wallets, FX, fraud controls, compliance systems, and payout networks connect across domestic and international payment flows.
Brazil And India Show The Execution Gap
Brazil and India offer Canada the most useful comparison. Both markets show how live domestic payment rails can change user behaviour. They also show why domestic success doesn't automatically solve international payments.
| Market | Thunes Rank Or Score | Domestic Payment Behaviour | Cross Border Lesson |
|---|---|---|---|
| Canada | 22nd overall, 6.4 score, 4.0 market dynamics | Strong infrastructure, but RTR, open banking, PSP access, and stablecoin rules still need market proof | Canada must turn policy design into live interoperability |
| Brazil | 14th overall, 6.7 score, 8.0 market dynamics | Pix helped make instant bank transfers a daily habit. Thunes reports 59 percent of surveyed respondents in Brazil use bank transfers daily or weekly | Live rails can change behaviour, but 71 percent of Brazilian recipients still wait two or more days for international payments |
| India | High domestic bank transfer use in the surveyed group | UPI made account to account payments central to daily digital finance | Cross border costs remain high. Thunes reports 54 percent of surveyed users in India typically pay more than 3 percent for cross border transfers |
The lesson is that working rails change expectations. Once consumers and businesses experience instant domestic payments, delays and hidden costs in international payments become harder to defend. Canada has not yet had that market wide real time payment moment. RTR can help create it if access, fraud controls, pricing, and use cases land together.
Stablecoins Look More Useful As Settlement Infrastructure
The stablecoin section of the Thunes report is stronger when read as infrastructure analysis. Stablecoins can settle quickly at low on chain cost, but users still need practical conversion into bank accounts, wallets, cards, or cash. That last mile problem limits mainstream use.
| Stablecoin Data Point | What Thunes Found | Policy Read For Canada |
|---|---|---|
| Core Benefit | Immediate settlement at low on chain cost | Useful for cross border settlement if rules, custody, and redemption work |
| Main Constraint | Local currency conversion remains challenging | Stablecoins need connections to banks, PSPs, wallets, and payout networks |
| Nigeria Usage | 29 percent of surveyed respondents used stablecoins | Demand rises where currency pressure and payment friction are higher |
| Top Nigeria Use Case | 58 percent used stablecoins to store value | Stablecoins do not start only as payment products |
| Nigeria Payments Use | 9 percent used stablecoins for domestic payments and 39 percent used them for international payments | Cross border utility looks stronger than domestic merchant use in this sample |
Canada now has domestic stablecoin proof points. Tetra’s CADD launch brought a Canadian dollar payment stablecoin issued through a regulated financial institution. Stablecorp’s QCAD work has added regulatory, bank custody, and exchange access milestones. Loon’s CADC acquisition gives Canada another Canadian dollar stablecoin initiative with existing transaction history. These examples make Canada’s stablecoin debate more practical. The issue is no longer whether Canadian dollar stablecoin projects exist. It is whether they can earn trusted roles in payment and settlement workflows.
The Thunes report doesn't frame stablecoins as an immediate replacement for banks or remittance brands. Stablecoins may work first as a middle leg settlement layer inside money transfer operators, banks, wallets, and payment platforms. That fits Canada’s policy challenge. Rules for reserves, redemption, supervision, governance, and AML controls matter, but market value comes from trusted use inside real payment flows.
Canada’s retail market still looks early. FCAC stablecoin survey findings show that 4% of Canadian adults hold stablecoins and 5% held them in the past. That gap between infrastructure activity and consumer adoption should guide policy design. Canada should not build stablecoin rules only around today’s retail ownership. It should test whether regulated Canadian dollar stablecoins can support remittances, merchant settlement, marketplace payouts, treasury use, and business to business payments across domestic and international corridors.
Talking Point
Can Canada turn payment modernization into live cross border advantage before faster markets pull further ahead?
Better outcomes will come from live RTR access, PSP onboarding that works in market, open banking with payment initiation, stablecoin rules tied to real payment use cases, and fraud controls that scale across real time flows. The Canadian pieces are coming together, but the test will be whether they work together fast enough to improve cost, speed, transparency, and cross border reach.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Are Regulators Opening Markets While Raising Costs?
Market Access Expands As Compliance Evidence Gets Tougher
Last Updated: June 3, 2026
Status: Strengthening
Organizations: CIRO, CSA, OSFI, OCC, SEC, TSXV, CSE
The answer is yes. Regulators are opening parts of finance to more firms, lighter processes, and new digital models, but the tradeoff is a higher bar for records, controls, reporting quality, investor protection, supervision, and evidence. Access is getting better for some firms. Operating without strong compliance proof is getting harder.
- Canada is testing more flexible capital markets access through semi annual reporting for eligible venture issuers and a clearer OSFI entry framework for targeted new entrants.
- At the same time, CIRO is tightening expectations around enforcement records, electronic market access, investor restitution, and online advice controls.
- The strongest opportunity belongs to firms that can lower market friction while proving investor protection, data integrity, supervision, and accountability.
This is why the market access question isn't only about reducing red tape. It's about whether firms can use simpler rules, new approvals, and digital distribution without creating weak records, unclear accountability, or avoidable investor harm.
The firms to watch are the ones that can turn compliance evidence into a growth asset. Think clean data, fast records production, clear supervision, tested controls, and product design that can withstand review before a problem appears.
Strategic Takeaway
Regulators are trading old friction for stronger proof. Companies that want faster access need better evidence, cleaner controls, and stronger investor protection built into the operating model.
Market Access Evidence
Click each item to expand
1. CSA Tests Lighter Reporting For Venture Issuers (Mar 2026, Canada) ⓘ
The Canadian Securities Administrators adopted a semi annual financial reporting pilot for eligible venture issuers listed on the TSXV and CSE.
- The pilot gives eligible issuers relief from first and third quarter financial reporting.
- The policy goal is lower reporting burden for smaller public companies.
- The tradeoff is a different information rhythm for investors, analysts, data providers, and markets.
Source
2. OSFI Builds A Faster Entry Framework For New Entrants (Apr 2026, Canada) ⓘ
OSFI says its streamlined approvals framework will launch in June 2026 for eligible applicants. The framework is intended to create efficiencies for targeted new entrants.
- The framework applies to selected applicants, including some emerging banking models.
- OSFI says the framework creates efficiencies but does not move effort away from other applicants.
- For fintechs and credit unions, the opportunity is clearer entry. The cost is stronger readiness before application.
Source
3. CIRO Reviews Online Advice Access (Dec 2025, Canada) ⓘ
CIRO launched a review of rules for affordable tailored online investment advice, including online and hybrid advisory models.
- CIRO is reviewing how current rules apply to tailored online advice.
- The review asks whether adjustments can support affordable, scalable advice models.
- Digital advice platforms still need suitability evidence, product guardrails, and investor outcome controls.
4. SEC Reopens Finder Rules And Private Market Liquidity (Feb 2026, United States) ⓘ
The SEC Small Business Capital Formation Advisory Committee continued discussion on the regulatory framework for finders and private market liquidity.
- The committee discussed finders, continuation funds, SPVs, and private tender offers.
- These tools can support liquidity and capital formation for smaller and private companies.
- The policy tension is access versus investor protection, conflicts, resale limits, and market transparency.
Source
Compliance Evidence
Click each item to expand
5. CIRO Turns Harm Recovery Into A Claims Process (Mar 2026, Canada) ⓘ
CIRO launched a Disgorgement Distribution Program to return funds collected through disgorgement orders to harmed investors.
- The program applies to CIRO Enforcement proceedings initiated on or after April 1, 2026.
- CIRO says the program includes eligibility criteria, governance controls, and oversight mechanisms.
- This raises the value of clean client records, evidence trails, and fast claims support when misconduct occurs.
Source
6. CIRO Sets Stronger Document Production Expectations (Mar 2026, Canada) ⓘ
CIRO published an Enforcement Document Production Guide that takes effect May 1, 2026.
- The guide emphasizes preservation of data and metadata.
- CIRO says the procedures support integrity and reliability of records.
- For firms, enforcement readiness now depends on searchable records, clean metadata, and faster response workflows.
Source
7. CIRO Clarifies Third Party Electronic Market Access (Mar 2026, Canada) ⓘ
CIRO published guidance on third party electronic access to marketplaces, including order execution accounts and related gatekeeper obligations.
- The guidance addresses third party electronic access to marketplaces.
- It connects access models to supervision, identifiers, order execution, and gatekeeper responsibilities.
- As automated and intermediated trading flows expand, firms need stronger controls before access scales.
Source
8. IPO And Liquidity Timing Still Limit Market Access (Mar 2026, Global) ⓘ
The evidence table also tracks counter examples where market access remains fragile, including delayed IPO timing and private market liquidity constraints.
- Fintech IPO timing can still depend on valuation windows and market volatility.
- Private secondary liquidity can help, but it raises conflicts, disclosure, transfer, and investor protection questions.
- This is why access reform must be matched with investor protection and execution discipline.
Regulatory Burden Reduction Evidence
Click each item to expand
9. OCC Cuts Supervisory Burden For Community Banks (May 2026, United States) ⓘ
The OCC says it is tailoring supervision for community banks by size, complexity, and risk profile, with more focus on material financial risks.
- The OCC says it reduced required examination activities, updated CRA exam scheduling, simplified capital calculations through the CBLR framework, and narrowed IT and cybersecurity exams for community banks.
- The agency says the vast majority of OCC supervised banks with assets under $10B qualify to elect the CBLR framework.
- This evidence adds tension to the question. Some regulators are raising compliance expectations, while others are reducing burden to increase capacity for smaller institutions.
- For fintechs, sponsor banks, core providers, lenders, and compliance vendors, the key test is whether lighter supervision gives community banks more room to partner, modernize, lend, and support local payment and deposit infrastructure.
Source
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Accounts Receivable Financing: A Practical Guide for Cash-Strapped Businesses
June 1, 2026
Image: Unsplash/Vladimir Solomianyi
For many small and mid-sized businesses, the gap between sending an invoice and receiving payment is one of the biggest threats to daily operations and steady growth.
Even when sales are healthy on paper, waiting 30, 60, or even 90 days for customers to pay can quickly drain working capital and stall planned investments.
Accounts receivable financing has emerged as a popular solution to this familiar problem, offering immediate access to cash that is otherwise locked up in unpaid invoices.
This guide explains how the model works, what types of arrangements exist, what they typically cost, and which businesses stand to benefit the most.
What Is Accounts Receivable Financing?
The Core Concept
Accounts receivable financing, often abbreviated as AR financing, is a short-term funding method that allows businesses to access cash based on the value of their outstanding invoices.
A finance company advances a percentage of those invoices upfront, allowing the business to cover operational expenses while it waits for customers to pay.
The arrangement essentially converts a slow-moving asset into immediate working capital without the long approval timelines of a traditional bank loan.
This is particularly valuable for businesses that sell on net terms and routinely face cash flow gaps between delivery and payment.
How It Differs From a Traditional Loan
Unlike a standard business loan, AR financing is secured directly against the value of unpaid invoices rather than broader business assets.
Approval focuses heavily on the creditworthiness of the customers who owe the invoices rather than the borrowing business itself.
This distinction means that companies with limited credit history or imperfect balance sheets may still qualify if their customer base is consistently strong and reliable.
Because the funding is tied directly to existing receivables, many providers do not classify it as traditional debt on the balance sheet.
How Accounts Receivable Financing Works
Image: Unsplash/Scott Graham
The Application and Underwriting Process
To apply for AR financing, a business typically shares details about its accounts receivable, including aging reports, customer payment history, and the face value of outstanding invoices.
The lender then evaluates the quality of those receivables, the reliability of the customers, and the applicant's overall financial health.
Approval timelines vary widely depending on the type of provider chosen for the financing arrangement.
Traditional banks often take a week or longer due to extensive underwriting requirements, while specialized online lenders can sometimes approve and fund applications within 24 hours of submission.
The Advance and Settlement Phase
Once approved, the business receives an upfront advance that usually falls between 70 and 95 percent of the eligible invoice value, with the remainder held in reserve.
After the customer pays the invoice, the lender releases the held-back balance minus any agreed-upon fees.
If the financing is structured as an asset sale, the lender also takes responsibility for collecting payment directly from the customer.
If it is structured as a loan, the business continues to manage collections and simply repays the advance once the invoice clears.
The Four Main Types of AR Financing
The market is served by a wide variety of lenders, and businesses comparing account receivable financing companies will encounter several distinct product structures.
Understanding the differences between these structures is essential to choosing the right fit for a given business model and cash flow pattern.
Invoice Factoring
Invoice factoring is the most well-known form, where a business sells its unpaid invoices to a third-party factor at a discount.
The factor then takes over collection duties and assumes the day-to-day relationship with the customer for payment purposes.
This option suits businesses that want to outsource collections entirely and accept slightly higher fees in exchange for that operational convenience.
It works particularly well in industries like transportation, staffing, and manufacturing, where invoicing volume is high, consistent, and often spread across many customers.
Invoice Discounting
Invoice discounting works similarly to factoring but allows the business to retain full control of customer collections and communications.
The unpaid invoices serve as collateral for a cash advance, while the business continues to manage payment reminders confidentially and on its own terms.
This structure appeals to businesses that prefer to keep their financing arrangements private and outside the awareness of their customers.
It is also a good choice for companies with established credit control processes and trusted client relationships that they do not want to disrupt.
Asset-Based Lending
Asset-based lending, often called ABL, is a broader financing solution that allows a business to secure a line of credit or loan against multiple types of assets.
Accounts receivable can be combined with inventory, equipment, or other tangible assets to expand the borrowing base.
This structure is particularly useful for larger businesses with diverse asset pools and ongoing working capital needs throughout the year.
It also offers more flexibility than a single-purpose factoring agreement when funding requirements fluctuate significantly with seasonal or project-based demand.
Selective Receivables Financing
Selective receivables financing lets a business choose which specific invoices to fund rather than committing the entire sales ledger.
This gives owners precise control over how much they borrow, which customer relationships are involved, and when the financing is needed.
It is well-suited to companies that only need occasional cash flow support rather than a continuous funding facility.
Many growing businesses use it to manage seasonal demand spikes, large one-off opportunities, or unexpected expenses without locking themselves into longer commitments.
Costs and Fees to Expect
The primary cost of AR financing is the factoring or financing fee, which typically ranges between 1 and 5 percent of the invoice value.
The exact percentage depends on factors such as invoice age, customer creditworthiness, total volume, and industry risk profile.
Other potential costs can include set-up fees, administrative service charges, and interest on outstanding advances when the arrangement is structured as a loan.
Effective annual rates often fall between 15 and 35 percent, which makes AR financing relatively expensive compared with traditional bank loans but far more accessible.
Who Benefits Most From AR Financing
Businesses that sell to other businesses on net 30 to net 90 terms typically gain the most from this type of arrangement.
Industries with predictable invoicing patterns, such as construction, transportation, staffing, healthcare, manufacturing, and professional services, are especially well represented among AR financing users.
Companies that struggle to qualify for traditional bank loans often find AR financing more accessible because approval rests largely on customer credit rather than the business owner's own credit profile.
Fast-growing firms also use it to bridge the gap between aggressive expansion and slower-paying customers without taking on long-term debt.
Conclusion
Accounts receivable financing offers a practical and increasingly mainstream way for businesses to unlock cash that is otherwise trapped in unpaid invoices.
With several product structures, advanced rates between 70 and 95 percent, and approval criteria centred on customer credit rather than the business itself, it provides a level of flexibility that traditional lending cannot easily match.
See: Reg CF At 10 Shows Equity Crowdfunding Works
Before signing any agreement, business owners should compare providers carefully, read all fee schedules, and confirm whether the arrangement uses recourse or non-recourse terms.
Done well, AR financing can stabilize cash flow, support steady growth, and remove much of the stress that comes with waiting for slow-paying customers.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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3iQ Adds USD Bitcoin Exposure To Alpha Fund
June 1, 2026 | NCFA Fintech Market Activity | Digital Assets Blockchain And Tokenization, Capital Markets And Funding, Capital Markets And Market Infrastructure
New Share Class Matches Bitcoin Exposure To Investor Workflows
On June 1, 2026, Further and 3iQ introduced USD Class II for the Further x 3iQ Alpha Digital Fund, adding a new share class for USD investors who want long Bitcoin exposure plus digital asset alpha without buying, converting, or custodying BTC directly.
3iQ and Further aren't just selling Bitcoin exposure. They are separating investor needs by base currency, custody preference, and risk objective. The fund now has three share classes:
- USD Class I focuses on mostly market neutral digital asset alpha
- USD Class II gives USD investors Bitcoin linked exposure plus alpha
- BTC Class lets investors subscribe and redeem in BTC
See: 3iQ Picks Anchorage For Canadian Crypto Fund Custody
Tommaso Mancuso, President and CIO, 3iQ:
“USD Class II combines two things institutional investors increasingly want in the same product. It pairs disciplined alpha generation across liquid digital asset markets with long exposure to Bitcoin's scarcity and convexity. Delivering both within a USD-denominated, institutionally risk-managed structure is what makes this share class distinctive.”
Share Classes Match Different Investor Jobs
The useful part is the share class design. Allocators are not all trying to solve the same objective. Some want USD Class I focused on active digital asset returns with less reliance on Bitcoin’s price direction. Some want Bitcoin exposure but need to fund and redeem in USD. Others already hold BTC and want to stay in BTC instead of selling first.
USD Class II reduces one operational problem. It gives USD investors Bitcoin linked exposure without asking them to source or custody BTC themselves (which can slow adoption even when investors already believe in the asset class).
3iQ brings a longer Canadian product history into this launch. The company was founded in 2012 and says it launched the world’s first Digital Assets Managed Account Platform. It also points to earlier Bitcoin and Ethereum ETP launches, staking integration in Ethereum and Solana ETPs, and other regulated ETPs.
See: KOHO Adds Regulated Crypto Trading Inside Its Money App
In February 2026, Coincheck completed its 3iQ acquisition, including 3iQ’s regulated product track record in Canada. The question now is whether this share class design attracts allocator demand, not whether Bitcoin access exists.
Talking Point
Will institutional digital asset adoption grow more through broad Bitcoin exposure, or through fund structures that let allocators choose currency, custody, alpha, and beta on their own terms?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Lastwall Raises $16M For Cyber Resilience Infrastructure
June 1, 2026 | NCFA Fintech Market Activity | Risk Compliance And Regtech, Artificial Intelligence And Data
Canadian Identity Security Scaleup Targets Critical Infrastructure
On May 27, 2026, Fredericton based cybersecurity scaleup Lastwall raised $16 million in a round led by BDC Capital’s StrongNorth Fund, See Isabelle Hudon, President and CEO BDC's LinkedIn announcement. The round also included the New Brunswick Innovation Foundation, Frostbite Capital, Blue Bear Capital, BlueWing Ventures, and 18West.
It's a Canadian cybersecurity story, not a military procurement story. Lastwall works in defence, government, and critical infrastructure environments, but the announcement is about growth capital for identity first security, zero trust access, and quantum resilient protection. For NBIF, it's the largest single investment in its history through the round.
Karl Holmqvist, Founder and CEO, Lastwall:
“We proved our model in the world’s most demanding federal market. We earned FedRAMP Moderate Authorization, secured U.S. government systems, and built a platform for the realities of modern cyber warfare. Now, we’re bringing those trusted capabilities home to help strengthen Canada’s cyber resilience at a defining moment for national security.”
Identity Security Is Critical Infrastructure
Lastwall secures access across cloud, hybrid, disconnected, and low bandwidth environments. It's important for energy, telecom, transportation, defence, government, and public sector systems where a failed login layer can become an operational risk.
The product focus is identity, authentication, credential protection, privileged access, and zero trust controls. Lastwall also says quantum resilient protection is built into the platform, which is key for systems that need to stay secure beyond the current threat cycle.
See: Google Brings Quantum Crypto Migration Closer
For fintechs and financial institutions, digital identity and access control are now resilience infrastructure. Fraud, account takeover, insider risk, cloud access, vendor access, and critical system protection all depend on knowing who is connecting, from where, and under what conditions.
Peter Dawe, BDC’s Vice President of Defence Strategy and a recently retired Major General, joined Lastwall’s board as part of the financing. That gives the company closer defence and sovereign capability expertise as Canada looks for more domestic cyber capacity.
Canada’s cyber resilience gap isn't only about monitoring threats. It's also about securing access to the systems that run public services, financial infrastructure, energy, communications, and national security. Canada’s new cyber law and PSP oversight are already raising the bar for security, resilience, and vendor accountability. Lastwall’s funding shows Canadian capital is starting to treat identity security as a sovereign capability, not just another software category.
Talking Point
Can Canadian cybersecurity firms turn U.S. federal proof into domestic critical infrastructure adoption before cyber resilience becomes a procurement emergency?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Saris Raises $28.8M USD For Bank AI Workflows
June 1, 2026 | NCFA Market Activity | Artificial Intelligence And Data, Risk Compliance And Regtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing
Bank AI Workflow Automation With Real Lending Proof
On May 28, 2026, Saris announced a $28.8M USD Series A to scale its agentic workflow platform for banks and credit unions. 8VC led the round, with participation from Audacious Ventures, Homebrew, Btech Consortium, and Service Ventures. Saris builds AI agents for lending, compliance, and operations, where financial institutions still spend staff time on document review, data validation, exception handling, and repetitive back office work.
Saris is a Canadian and US based AI fintech, not a Canada only vendor. The company’s hiring page describes a Canada and US hiring footprint, with hybrid workspace options in Montréal, Toronto, and San Francisco. This affects the business model. Saris can draw from Canadian AI and fintech talent while selling into the larger US banking market, where 8VC and enterprise partners can help open doors.
See: National Bank Adds Sardine For Fraud Controls
The Canadian link also sits in the founder story. Danial Jameel, Alice Dinu, and James Dang previously built Oohlala Mobile, later Ready Education, which Y Combinator lists in its Summer 2016 batch with a Montréal location. That history gives Saris a stronger base than a typical first time AI startup. Selling workflow software into regulated institutions takes trust, implementation discipline, and patience.
Saris now has more capital to compete in the US banking market, deepen integrations with Fiserv, Encompass, and MeridianLink, and grow the team that trains and deploys its AI agents. The strategic question for Canada is how much of that growth, talent, and customer expansion stays connected to the domestic fintech ecosystem.
How Saris Automates Lending And Compliance Work
Saris trains agents on each institution’s workflows and systems, then applies them to repeatable tasks across lending and operations under human supervision. Based on company reported figures, Saris’ agentic workflows automate up to 70% of consumer, mortgage, and commercial lending tasks and reduce costs by up to 35%. The platform also more than doubles output without adding headcount.
MeridianLink’s partner page says Saris works directly inside MeridianLink to automate document review, field validation, discrepancy remediation, post closing QA, and fraud alert resolution across consumer lending, DL4, and quality control workflows. MeridianLink also reports 99.8% field accuracy, 10x faster file review, and 3x underwriter and loan officer capacity, with one customer clearing a 600 loan backlog in four days.
Saris Against nCino, thirdstream, And Boss Insights
So how does Saris stack up to competitors. Its target market extends beyond Canadian financial institutions, and its product fits banks and credit unions that already use systems such as Fiserv, Encompass, and MeridianLink.
US founded nCino brings global platform scale. More than 2,700 customers globally use nCino’s platform, including enterprise banks, regional banks, community banks, credit unions, challenger banks, building societies, and independent mortgage banks. That scale gives nCino a distribution advantage with institutions that want a broad cloud banking platform across lending, account opening, portfolio workflows, and customer engagement.
See: Credit Unions Build Shared Digital Banking Scale
Saris does not need to replace the full operating platform. Its opening is file review, document checks, exception handling, and throughput inside systems institutions already use. That gives Saris a more focused sale where banks and credit unions already run core platforms or loan origination systems but still rely on staff to clear repetitive work.
Canadian based thirdstream is more domestic and onboarding focused. More than 50 financial institutions use thirdstream’s onboarding platform, including banks, credit unions, brokerages, and trust companies. Its strength is in Canadian account origination, identity verification, automated decisioning, real time account funding, and document management.
Toronto based Boss Insights sits closer to lending data infrastructure. Its platform gives financial institutions business lending data infrastructure across accounting, sales, banking, payroll, tax, analytics, monitoring, and customer portal capabilities. Boss Insights lists 1 API and 1,000 plus integrations, which places it closer to open finance, borrower data, and commercial lending intelligence than Saris’ document and workflow automation layer.
Saris looks strongest where banks and credit unions want targeted AI automation without a full platform replacement. Saris can draw from Canadian talent and a Montréal founder history while selling into larger US banking budgets. The question is whether customer relationships, implementation teams, and product leadership stay connected to Canada as the company grows.
Danial Jameel, cofounder and CEO of Saris:
“Our vision is a future where humans and AI work side by side in financial services.”
Talking Point
Saris’ raise shows financial AI moving into the parts of banking where cost, controls, and customer turnaround times get measured. AI can lower operating costs, but financial firms still need evidence that models remain fair, secure, monitored, and accountable. That operating pressure also runs through AI compliance and governance costs.
Should Canadian AI funding and fintech policy focus more on regulated proof points inside banks, credit unions, payments, lending, compliance, and capital markets rather than broad AI adoption metrics?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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NCFA Weekly Fintech Intelligence May 23-29, 2026
May 29, 2026 | NCFA Fintech Whisperer Weekly Intelligence | Payments And Market Infrastructure, Artificial Intelligence And Data, Digital Assets Blockchain And Tokenization, Capital Markets And Market Infrastructure
Image: Freepik
This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, February 21-27, 2026, February 28-March 6, 2026, March 7-13, 2026, March 14-20, 2026, March 21-27, 2026, March 28-April 3, 2026, April 4-10, 2026, April 11-17, 2026, April 18-24, 2026, April 25-May 1, 2026, May 2-8, 2026, May 9-15, 2026, May 16-22, 2026).
Weekly Fintech Market Intelligence May 23 - 29, 2026
Artificial Intelligence And Data
UK ICO Plans AI And Agentic Systems Guidance
May 27, 2026, United Kingdom
- The ICO says it will develop an AI and ADM statutory code of practice to clarify data protection requirements for organizations developing and deploying AI systems.
- The regulator will publish guidance on how agentic AI systems can comply with UK GDPR.
- The ICO also plans public guidance on personal data use in AI tools and transparency resources for SMEs and public bodies procuring cloud based AI services.
AI compliance is moving from broad principles into operating guidance for agents, automated decisions, procurement, and personal data use. Fintechs, banks, insurers, regtech firms, and AI vendors should track how privacy rules shape AI product design, governance, and customer trust.
Payments And Market Infrastructure
Bank Of Canada Joins BIS Project Agorá Wholesale Settlement Tests
May 27, 2026, Canada
- The Bank of Canada joins the next phase of BIS Project Agorá after the project tested wholesale cross border settlement using tokenized commercial bank deposits and wholesale central bank money.
- The BIS published a 97 page Project Agorá report covering unified ledger design, programmable settlement logic, liquidity coordination, and atomic settlement testing across jurisdictions.
- The project involves the BIS Innovation Hub, seven central banks, and major private financial institutions testing whether tokenized deposits and wholesale central bank money can improve cross border payment efficiency.
- The Bank of Canada says the next phase will test how the model performs with real value transactions and more complex settlement scenarios.
Project Agorá's focus is not retail crypto speculation. It is wholesale financial infrastructure, cross border settlement efficiency, programmable payments, and institutional control over tokenized money movement. Go deeper, visit NCFA's curated fintech reports and research library, where the BIS Project Agorá report is listed.
Fed Proposes Limited Payment Accounts For Eligible Firms
May 26, 2026, United States
- The Federal Reserve requests comment on special purpose Payment Accounts for legally eligible institutions to clear and settle certain payment activity through Reserve Bank accounts.
- The proposal would update the Payment System Risk Policy and Account Access Guidelines, with Payment Accounts separate from full Master Accounts.
- Payment Accounts would include tighter controls, including no intraday credit, no discount window access, no interest on balances, limited services, and balance limits generally capped at $1B.
- The Fed discusses use cases raised by commenters including stablecoin reserve operations, tokenized securities settlement, tokenized assets, pay by bank checkout, B2B transfers, instant wages, refunds, and the U.S. dollar leg of cross border transactions.
- Comments are due by July 27, 2026 under Docket No. OP-1878.
This is not open access to the Fed system. It is a narrower settlement pathway for legally eligible firms operating outside the traditional bank model. Stablecoin issuers, PSPs, crypto firms, tokenization platforms, and embedded finance providers should track whether limited Reserve Bank account access becomes a practical alternative to sponsor bank dependence. This connects to NCFA’s analysis of Fed Payment Accounts and fintech settlement access.
Digital Assets Blockchain And Tokenization
Open Transaction Layer Launches For Onchain Finance
May 28, 2026, United States
- Open Transaction Layer launches as an industry initiative for identity, messaging, and transaction coordination across onchain finance.
- Founding participants include Fireblocks, Checkout.com, Cross River Bank, MetaMask, Robinhood, Securitize, SoFi, Stellar Development Foundation, Solana Foundation, and others.
- The initiative targets coordination between institutions, wallets, protocols, and agents as tokenized finance and onchain payments become more complex.
Onchain finance needs shared coordination standards before institutional adoption can scale cleanly. Banks, wallets, PSPs, exchanges, tokenization platforms, and agentic payment builders should track whether identity, messaging, and transaction standards become competitive infrastructure rather than optional middleware.
Mastercard Receives New York BitLicense
May 27, 2026, United States
- Mastercard receives a New York BitLicense from the New York State Department of Financial Services.
- The approval expands Mastercard’s regulated digital asset permissions in New York, one of the strictest U.S. state licensing regimes for virtual currency activity.
- Mastercard says the licence supports its work across digital assets, stablecoins, and tokenized settlement services.
Large payment networks are adding regulated digital asset permissions to support stablecoin, tokenized settlement, and digital asset infrastructure at institutional scale. Banks, PSPs, exchanges, custodians, and fintech platforms should track which firms secure licences that let crypto services connect with mainstream payment networks.
SoFi Brings Bank Issued Stablecoin To 15 Million Members
May 27, 2026, United States
- SoFi says nearly 15 million members can now buy, sell, hold, and convert SoFiUSD directly inside the SoFi app.
- SoFiUSD becomes the first stablecoin issued by a U.S. national bank to launch on a banking platform.
- The stablecoin is issued by SoFi Bank, N.A. and is designed as a fully reserved, 1:1 redeemable U.S. dollar stablecoin operating on public blockchains.
- SoFi says upcoming features include blockchain based international transfers and conversion into interest bearing tokenized deposits.
Stablecoins are moving deeper into consumer banking distribution, not just crypto infrastructure. Banks, fintechs, PSPs, and regulators should watch whether regulated bank issued stablecoins begin competing directly with cards, deposits, remittance products, and embedded payment flows. Also supports this analysis of stablecoins becoming payment infrastructure.
Tether Plans Georgian Lari Stablecoin With Government Support
May 25, 2026, Georgia
- Tether says it plans to launch GEL₮, a stablecoin representing the Georgian lari, with support from the Government of Georgia.
- Reuters reports Tether did not clarify the exact structure of the partnership or whether the initiative would amount to a central bank digital currency.
- The initiative targets digital payments, cross border commerce, remittances, and fintech development using regulated digital fiat infrastructure.
National currency stablecoins are expanding beyond major economies. Stablecoin issuers, banks, PSPs, regulators, and treasury teams should track how smaller jurisdictions use digital fiat infrastructure to compete for payment flows, fintech investment, and cross border settlement.
Regulation And Policy
SEC Proposes Rescinding Climate Disclosure Rules
May 29, 2026, United States
- The SEC proposes rescinding its 2024 climate related disclosure rules in full.
- The Commission says the rules exceed its statutory authority, conflict with a materiality based disclosure model, and impose costs not justified by their expected informational benefits.
- The 2024 rules had been stayed since April 2024 during litigation and never took effect.
- Public comments will run for 60 days after publication in the Federal Register.
Climate disclosure is moving back toward company specific materiality rather than a dedicated SEC climate reporting regime. Public companies, fintech lenders, ESG data providers, regtech firms, investors, and capital markets platforms should track how climate risk reporting moves across U.S. federal rules, state rules, EU requirements, and voluntary investor expectations.
OCC Approves United Texas Bank National Charter Conversion
May 28, 2026, United States
- The OCC grants conditional approval for United Texas Bank to convert from a Texas state chartered bank into a national bank.
- The approval brings the bank under OCC supervision and includes conditions tied to governance, risk management, compliance, and Bank Secrecy Act controls.
- The charter conversion matters for firms watching how banks with digital asset, correspondent banking, and settlement ambitions move into federal supervision.
Bank charter strategy is becoming part of digital asset and payment infrastructure competition. Banks, fintechs, stablecoin firms, custodians, and compliance teams should track which institutions secure federal supervision, stronger operating permissions, and clearer access to national banking infrastructure.
France Warns Crypto Firms Ahead Of MiCA Deadline
May 28, 2026, France
- Reuters reports France’s markets regulator warned crypto firms they could face blacklisting and prosecution if they operate without EU authorization after the end of June.
- The warning raises the compliance stakes for crypto firms relying on transition periods under MiCA.
- The deadline affects market access for crypto asset service providers operating across EU jurisdictions.
MiCA is moving from licensing theory into enforcement risk. Crypto exchanges, custodians, wallet providers, brokers, and compliance teams should treat EU authorization, local regulator engagement, and operating perimeter checks as immediate market access priorities.
Spain Blocks Polymarket And Kalshi Over Gambling Licences
May 26, 2026, Spain
- Spain’s Consumer Rights Ministry temporarily blocks access to prediction market platforms Polymarket and Kalshi while regulators investigate whether the firms violated Spanish gambling law.
- Reuters reports Spanish authorities said both platforms operated without the administrative gambling licences required under national rules.
- The action includes disciplinary proceedings and ISP level access blocks expected to remain in place during the investigation period.
Prediction markets are moving deeper into conflict with gambling, derivatives, and securities frameworks. Exchanges, fintechs, tokenization firms, and prediction market operators should expect more pressure around licensing, market surveillance, consumer protection, and jurisdictional authority as these platforms expand globally.
U.S. Trade Chief Says Tariffs May Stay Under USMCA
May 26, 2026, United States
- Reuters reports U.S. Trade Representative Jamieson Greer said tariffs on some USMCA trading partners may remain even after the agreement comes under review.
- Greer said the United States has “significant issues” with Canada, while also saying there is room to work with both Canada and Mexico.
- The remarks add pressure to the 2026 USMCA review process as Canada faces renewed uncertainty around cross border trade, investment, manufacturing, and supply chains.
USMCA risk is now back inside Canada’s competitiveness file. Fintech lenders, payment firms, investors, marketplaces, and platforms serving SMEs should watch how tariff uncertainty affects customer margins, capital demand, foreign exchange exposure, supplier payments, and cross border expansion.
UK Targets Russian Crypto Networks In New Sanctions Package
May 26, 2026, United Kingdom
- The UK government announces new sanctions targeting Russian illicit finance and sanctions evasion networks.
- The package includes crypto and financial infrastructure used to move funds through backdoor routes around sanctions.
- The action adds pressure on exchanges, PSPs, compliance providers, banks, and blockchain analytics firms monitoring cross border sanctions exposure.
Crypto sanctions enforcement now reaches deeper into financial infrastructure networks, not just individual wallets or isolated actors. Exchanges, custodians, PSPs, banks, compliance teams, and blockchain monitoring firms should expect more scrutiny around transaction tracing, counterparty checks, and sanctions controls tied to digital asset flows.
ESMA Consults On CSDR Messaging Protocol Updates
May 26, 2026, Europe
- ESMA opens consultation on amendments to its guidelines for standardised procedures and messaging protocols under CSDR.
- The consultation targets post trading operations for investment firms, credit institutions, central securities depositories, CSD participants, and professional clients.
- Comments are due by July 7, 2026.
Post trading rules are becoming more important as Europe modernizes settlement operations, CSD messaging, and market infrastructure controls. CSDs, brokers, banks, custodians, tokenization platforms, and compliance teams should track how messaging standards affect settlement efficiency, operational risk, and future market infrastructure integration.
Capital Markets And Market Infrastructure
Paxos Receives SEC Clearing Agency Registration
May 28, 2026, United States
- Paxos says Paxos Securities Settlement Company received SEC clearing agency registration under Section 17A of the Securities Exchange Act.
- The registration allows PSSC to provide clearing and settlement services as a central securities depository in the United States.
- Paxos says PSSC is the only blockchain native firm approved as a registered clearing agency for this role.
Blockchain based settlement is moving into formal U.S. market infrastructure permissions. Brokers, custodians, tokenization platforms, exchanges, and asset managers should track how SEC registered clearing models affect securities settlement, custody design, and tokenized market structure.
Cash App Investing Selects Apex For Clearing Infrastructure
May 28, 2026, United States
- Cash App Investing names Apex Ascend as its strategic clearing platform for millions of retail investors.
- Apex will support custody, clearing, trading infrastructure, and future product expansion through AscendOS.
- Cash App serves more than 59 million monthly transacting actives, making the clearing transition a mainstream fintech infrastructure event.
Retail investing scale increasingly depends on back end clearing and custody infrastructure. Fintech platforms, brokers, clearing firms, embedded finance providers, and regulators should track how large consumer apps choose clearing partners that can support faster launches, broader products, and stronger operational controls.
Conclusion
This week was less about crypto adoption and more about who gets trusted access to the pipes. The Fed tested a narrow settlement account, Paxos received SEC clearing agency registration, Mastercard secured a BitLicense, SoFi launched a bank issued stablecoin, and Project Agorá moved wholesale tokenized settlement into deeper testing. The fresh lesson is that access is becoming tiered. Firms won’t all get the same rails, licences, or settlement rights.
NCFA offers various curated resources to help founders and investors stay current on developments that impact fintech markets, subscribe to NCFA weekly newsletter updates, view a rundown of current fintech news and insights, or dive into the latest fintech industry research.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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