Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Research
AI Pioneer Geoffrey Hinton Wins 2024 Nobel Prize in Physics
AI | Oct 8, 2024
Image: Freepik AI
'Godfather of AI' Geoffrey Hinton Wins 2024 Nobel Prize in Physics for Pioneering Neural Networks
In a monumental achievement for Canada, the 2024 Nobel Prize in Physics went to Canadian physicist Geoffrey Hinton and American John Hopfield of Princeton University who share the award for their groundbreaking work on neural networks, allowing machines to learn and identify patterns.
Geoffrey Hinton, Godfather of AI:
“I’m flabbergasted. I had no idea this would happen”.
Hinton, commonly known as the "Godfather of AI" has been at the forefront of AI research for decades and has played a key role in turning artificial intelligence (AI) from a specialized field of study into a game changing technology that powers facial recognition, language translation, medical diagnostics and much much more.
See: Canada’s AI Laws Delayed? Québec Leads Ethical Innovation
The Nobel committee emphasized how Hinton and Hopfield created neural networks that could handle enormous volumes of data, identify patterns, and make predictions by applying ideas from statistical physics.
Balancing Innovation and Ethical AI
Ellen Moons, a member of the Nobel committee at the Royal Swedish Academy of Sciences said:
"These networks are now part of our daily lives, for instance in facial recognition and language translation. While machine learning has enormous benefits, its rapid development has also raised concerns about our future. Collectively, humans carry the responsibility for using this new technology in a safe and ethical way for the greatest benefit of humankind.”
See: A Look Inside Canada’s AI Commercialization Challenge
Hinton said at a press conference:
"[Machine learning will] have a huge influence, it will be comparable with the industrial revolution. However, it will surpass humanity in intellectual capacity rather than physical prowess."
After resigning from his position at Google to talk more candidly about the risks of AI, Hinton has, however, voiced reservations about the future of AI in addition to praising the latest developments and said, "I continue to worry about a number of possible bad consequences, particularly the threat of these things getting out of control".
Conclusion
While the risks of AI are ever-present and real concerning, the Nobel Prize is a honour for not only Hinton but also for Canada and it's place in the global AI ecosystem. As AI continues to transform businesses and society, Hinton's work exemplifies innovation and the potential of scientific discovery, as well as the responsibility that comes with it.
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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How to Choose the Best Private Schools in the UK in 2024
Oct 7, 2024
Image: Freepik/ArtPhoto studio
How to Choose the Best Private Schools in the UK in 2024
Choosing the right private school in the UK can be a daunting task. With numerous options available, it's essential to consider various factors to make an informed decision. Here's a guide to help you select the best private school for your child.
Understanding Your Child's Needs
- Academic Focus: Identify your child's strengths and weaknesses. Some schools may specialize in specific subjects like STEM, humanities, or the arts.
- Learning Style: Consider your child's learning style (visual, auditory, or kinesthetic) and whether the school's teaching methods align with it.
- Extracurricular Activities: Determine your child's interests and explore schools that offer a wide range of extracurricular activities.
- Boarding or Day School: Decide if you prefer a boarding or day school based on your child's needs and lifestyle.
Researching Schools
- Online Resources: Explore school websites, online directories, and review platforms to gather information about potential schools.
- Visit Schools: Schedule visits to shortlisted schools to get a firsthand impression of the campus, facilities, and atmosphere.
- Open Days and Events: Attend open days, parent-teacher evenings, and other school events to interact with staff, students, and parents.
- Ask Questions: Prepare a list of questions to ask school representatives, such as academic standards, class sizes, pastoral care, and extracurricular offerings.
Assessing Academic Standards
- Exam Results: Check the school's exam results, such as GCSE and A-level pass rates.
- Teaching Staff: Inquire about the qualifications and experience of the teaching staff.
- Curriculum: Evaluate the curriculum to ensure it aligns with your child's academic goals and interests.
- Academic Support: Ask about the availability of academic support services, such as tutoring or mentoring.
Considering Pastoral Care
- Wellbeing Programs: Learn about the school's approach to student wellbeing and pastoral care.
- House System: If the school has a house system, inquire about its role in fostering a sense of community and support.
- Anti-Bullying Policies: Understand the school's policies and procedures for addressing bullying.
- Counseling Services: Check if the school offers counseling or other mental health support services.
Evaluating Facilities and Resources
- Classrooms: Assess the size, layout, and equipment of the classrooms.
- Library and Resources: Evaluate the school's library and other learning resources.
- Sports Facilities: If your child is interested in sports, check the availability of sports facilities and coaching.
- Boarding Facilities: If you're considering a boarding school, inspect the boarding houses and common areas.
Affordability and Financial Aid
- Fees: Research the school's tuition fees and any additional costs, such as boarding fees or extracurricular activities.
- Financial Aid: Inquire about financial aid options, such as scholarships or bursaries.
- Payment Plans: Ask if the school offers flexible payment plans.
Visiting the School
- Meet with the Headmaster or Principal: Discuss your child's academic and personal needs with the school's leadership.
- Observe Classes: If possible, observe classes to get a sense of the teaching style and classroom atmosphere.
- Talk to Students: Speak with current students to get their perspective on the school.
- Meet with Parents: Connect with parents of current or former students to gather their feedback.
See: Experiential or Alternative Education: Training tech talent for startups
By carefully considering these factors and conducting thorough research, you can choose the best private school in the UK that meets your child's needs and aspirations. Remember, the most important thing is to find a school where your child feels happy, supported, and inspired to reach their full potential.
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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Canada’s Retail Payments Boom: $11.9 Trillion Growing Fast
Payments Report | Oct 4, 2024
Image: Canada Payments Payment Methods and Trends Report 2024
Canada's Retail Payments Surge: $11.9 Trillion in Transactions in 2023
Payments Canada recently published it's 'Canadian Methods and Trends Report 2024' (91 page PDF report; see release). In 2023, Canada’s retail payments saw 6% growth over the previous year (significant) totalling $11.9 trillion across 21.7 billion transactions. The main takeaway is that digital payments are leading the way, cash use is changing, contactless payments are becoming more popular, and online and international payments are on the rise.
Digital Payments Lead the Way
- 86% of the total payment volume was digital
- 75% of the total payment value was made digitally
Payment Method Breakdown
- Credit Cards made up 33% of total transaction volume
- Debit Cards accounted for 30% of payment volume
- Electronic Funds Transfer was 15% of the payment volume
Canadians are increasingly adopting digital solutions due to their speed, convenience, and efficiency across a wide range of transaction types.
Image: Canada Payments 2024 Trends report figure 1
See last year's report: Insights Into Canada’s Evolving Payments Landscape
Cash Transactions
- 15% increase in cash transaction volume year-over-year
- 11% of all transactions were made in cash
- While digital payments continue to grow, cash still remains important for budgeting and managing day to day spending, and also ensuring privacy and fee-free transactions
Contactless Payments and E-commerce Boom
- 53% of all retail payments were contactless (includes both tap-to-pay cards and mobile payments)
- E-commerce transactions grew 5.5% year over year in value for a total of $71.6 billion
- Consumers have a preference for touch-free, fast, and convenient shopping experiences in both online and in-store
Prepaid Cards Fastest Growing Card Option
- 10% increase in transaction value from the previous year
- $69 average transaction value
- Convenience and speed with rewards tied to prepaid card usage
See: Feds Promise Open Banking Laws in 2024 and to Broaden Access to Payments Canada
Online Transfers Surpass Cheques
- 14% increase in the number of transactions.
- 20% increase in transaction value.
- Online transfers like Interac e-Transfer are preferred for speed, flexibility, ease of use, and security
Smart Devices and Global Payments Gain Traction
- 13% of Canadians used smart devices or social media to make purchases. Includes platforms like Alexa, Google Home, and social media sites like Instagram and Facebook
- 20% of Canadians sent money abroad, marking a 33% increase from 2022
- Average transfer value was $1,125 for personal payments sent abroad
- Canadians are becoming more comfortable using technology for sending global payments
See: New Bank of Canada Case Scenarios for Retail Payments
Generative AI Adoption by Businesses
- 49% of Canadian businesses plan to leverage AI for operational improvements
- Top AI applications include:
- 44% of businesses see AI helping with fraud detection and prevention
- 37% automated payment processing (reducing errors and improves efficiency)
- 29% aim to create personalized payment options and experiences.
Conclusion
Payments in Canada are moving towards contactless, digital, and AI-driven solutions. Traditional payment methods like cash and checks are still used in some cases, so a good mix of payment options. Canadians value a range of payment methods that offer convenience, security, and ease of use.
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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AI’s Double-Edged Sword of Retail Investing
Report | Sep 25, 2024
Image: Freepik, AI generated
OSC Research on AI and Retail Investing - Exploring Opportunities, Risks, and Scams
The Ontario Securities Commission (OSC) just dropped two reports about Artificial Intelligence and Retail Investing. The first report explores the 'Use Cases and Experimental Research', and the second report looks at 'Scams and Effective Countermeasures'. Below we share some takeaways of how AI is affecting individual investors on both sides of the equation, good and bad.
AI Use Cases in Retail Investing
While there are many emerging use cases of how AI is being used to enhance the retail investing experience, there are two main areas that people investing in stocks, bonds, ETFs, and other financial instruments without professional management are using new AI tools today.
The first is using AI as a decision support tool. Retail investors are using AI systems to analyze portfolios or the entire market to gain data-driven insights, guidance, and recommendations. Previously, access to this type of intel was either too complex or expensive for ordinary, smaller investors to use on a regular basis. An example of this is via self-directed investment platforms with AI chatbots or financial advisors that can evaluate an investor's objectives and compare them with their stock picks and/or portfolio.
See: A Look Inside 2024 DIY Investing Trends in Canada
The second main use case is trading automation, where retail investors can automate their investing decisions via robo-advisors or AI powered investment funds. This allows individual investors to manage their own portfolios efficiently and without the need for ongoing monitoring. These solutions are popular with ordinary investors because they basically provide low cost, lite touch portfolio management services without large advisory fees.
Select Risks and Challenges
The reports highlights a laundry list of risks for retail investors which is heightened due to the limited financial experience and resources available to them compared to institutional investors. Here are a few challenges to understand and mitigate.
If a retail investor has an investment advisor, they can always ask them a specific question and expect to receive a measured, qualified, and tailored response. This explainability and transparency is different than AI trading systems that often function as 'black boxes' where decision logic is hidden from review. Retail investors who become overly reliant on new AI tools without knowing how they actually work may find themselves in a risky situation. A biases AI model, for example, can lead to bad investing decisions.
See: Generative AI Myths That Founders Should Know
AI systems can have systemic risks like herding behaviour where AI pushes all retail investors to make the same choices because the AI model says so. Retail investors who may lack basic trading knowledge could be disproportionately affected by this, which may increase market volatility, especially during financial crises. Think of how many of us 'follow' google maps down unknown roads yet we can see a steady stream of cars that are also heading down the same unknown road. Did we ever stop and think is this a good decision?
The report highlights a challenge called 'Principal-Agent risk' which describes the danger of an AI tools being used by a larger firm that prioritizes their own profits over the best interests of individual retail investors (unknowingly of course). This could result in a conflict of interest where AI is in fact acting against the best interest of a client.
AI Scams Targeting Retail Investors
With the advancements of generative AI, scammers are creating more convincing phishing ploys, deepfake videos, and even fraudulent investment platforms specifically targeting retail investors. AI is helping fraudsters look more legitimate, making it harder to detect scammers, putting unsuspecting retail investors at risk because they often base their investing decisions from a social media influencer or public endorsement.
See: Can AI Truly Replace Human Financial Advisors?
AI supported Ponzi schemes where scammers advertise fake trading platforms or algorithms driven by AI that provide large profits at low risk. Retail investors are drawn to these schemes to generate quick profits but these platforms are often fraudulent, tricking investors who may never see their funds again.
Protecting Retail Investors
The reports suggests that retail investors can protect themselves from AI powered fraud and manipulation by increasing their financial literacy and knowledge of AI powered scams. According to the findings, prebunking (proactively prevent misinformation) and inoculation strategies can reduce the chance that a retail investor would fall for a specific fraud. that uses artificial intelligence.
Regulation. Measures that require more transparency and disclosures from AI platforms including a clear understanding of how the AI decision logic is being made and ensuring their are accountable for it.
Why This Matters
AI is already changing the retail investing landscape, so the OSC research findings are important especially for retail investors.
See: The AI Revolution in Wealth Management: Top 3 Innovations (and more)
While AI systems are enabling more access at a cheaper cost they also pose new dangers for every day investors. As the sophistication of AI continues to grow, there will be a disproportionate impact for vulernable retail investors.
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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Report: Canada’s Seed Investment Landscape 2013-H1’2024
Investing | Sep 23, 2024
Image: Top verticals H1 2024, CVCA intelligence
Canada’s Seed Investment Value Declined 48% in H1 2024
The Canadian Venture Capital Association (CVCA) recently published a comprehensive report on Pre-seed and Seed investing activity in Canada between 2021 and H1 2024. Last year in 2023, seed investing was quite resilient raising $1.1 billion across 383 deals, representing a significant 21% average annual growth since 2013.
See: Luge Capital Expands Fintech Investment with $96M Fund II
Having said that, the first half of 2024 has cooled with total seed investment value dropping by 48% to $292 million across 148 deals with the average deal size shrinking 31%.
Top 10 Verticals in Seed H1 2024
- SaaS: $33M across 11 deals
- HRTech: $28M across 2 deals
- FinTech: $16M across 6 deals
- Artificial Intelligence (AI): $15M across 5 deals
- Real Estate Tech: $13M across 3 deals
- Machine Learning (ML): $12M across 4 deals
- Blockchain: $9M across 3 deals
- HealthTech: $7M across 3 deals
- Robotics and Drones: $6M across 2 deals
- Web 3: $5M across 2 deals
Geographic Insights
Ontario leads the country with 43% of all seed investments in H1 2024, while Toronto maintains its position as the leading seed investment location, with fintech and SaaS startups driving most of this activity.
See: University of Waterloo Pioneers Endowment-Backed VC Funding in Canada
Ontario
- Pre-Seed: Leading province, with $16 million raised from 20 transactions in H1 2024.
- Seed: Secured $110 million over 44 agreements, accounting for 43% of total seed investments.
- Key Sectors include ICT, Fintech, SaaS, and AI.
Quebec
- Pre-Seed: Lower activity, with $3 million raised from 3 deals.
- Seed: Attracted $49M from 19 deals.
- Key Sectors: Life Sciences, ICT.
Alberta
- Pre-Seed: Strong performer with $8 million across 10 deals.
- Seed: Raised $39M from 15 deals.
- Key Sectors: Cleantech, Agritech.
See: How AI is Revolutionizing Fintech
British Columbia
- Pre-Seed: Lower activity in 2024, with $4 million from four transactions.
- Seed: Secured $41M across 14 deals.
- Key Sectors: Cleantech, Life Sciences.
Global Comparisons
While Canadian seed investment has retreated, it remains quite resilient when compared with global rivals. Seed investments in the United States decreased 36% in 2023, and 20% decline in Europe, making Canada look reasonably steady for early stage funding environment. U.S. investors were participating in 30% of initial investments, down quite a bit from 2023 but still higher than pre-pandemic levels.
Conclusion
Canada's seed investment dropped 48% in H1 2024, with $292M raised across 148 deals. Fintech secured $16M, ranking third among top verticals.
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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The Rise of Private Markets and Opportunities for Fintechs
Private Markets Report | Sep 23, 2024
Image: F2 Staying Private for Longer (Mackenzie Investments & Northleaf)
Fintechs and Investors Will Benefit from Private Market's Growing Influence
The growth of private markets is changing the investment landscape providing fintechs, investors, and founders with new opportunities for expansion and diversification. The inaugural Private Market Investing Report from Mackenzie Investments and Northleaf Capital Partners highlights that although the value of private markets has increased to $16 trillion USD they still only account for 5% of all the capital in the world. For investors looking to benefit from uncorrelated, high returning assets, private markets are becoming increasingly important as access to infrastructure, financing, and private equity grows. Fintech companies have a unique opportunity to capitalize on the growth of private markets and provide creative financial solutions.
Key Trends and Opportunities
1. Shift to Private Markets
While growth capital has historically mostly come from public companies, more and more organizations are choosing to remain private. More than 90% of businesses in the United States are privately held, and from 2006 to 2023, the number of companies supported by private equity has increased 180% while the number of publicly traded firms decreased by 49%.
See: Fintech Opportunities in Barter and Trade Marketplaces
This change of accessing growth capital from private equity markets is allowing business owners to focus on growth rather than running their operations to meet the requirements of being a publicly traded company. In addition to capital, private equity backers provide strategic guidance that can be a major difference maker in their success and sustained growth.
2. Private Equity and Credit Growth
Global assets under management (AUM) for private equity increased from $2.6 trillion in 2013 to over $10.5 trillion in 2023. The Mackenzie Investments and Northleaf report anticipate AUM for private credit will increase from $1.7 trillion in 2023 to $2.7 trillion by 2028. What's fuelling the growth? These institutions are seeking alternative investments that offer more stability and higher returns than public bonds and stocks.
Fintechs that provide alternative lending platforms can connect private borrowers with private lenders while offering a range of flexible and innovative credit solutions. These platforms can help mid-market businesses obtain development and growth capital, especially if supported by private equity.
See: For Digital Assets, Private Markets Offer the Greatest Opportunities
Also, fintech platforms that facilitate fractional ownership, crowdfunding, or digital investments in credit and private equity can capture a growing segment of individual investors looking for liquidity options including secondary markets.
3. Resilience and Stability in Volatile Markets
The private market investment report talks about the strength and resilience of private markets (vs public markets). For instance, private equity performed better than public markets during the 2022 inflation shock, declining only -3.3% as opposed to -20.9% for public stocks. For investors looking for protection against economic uncertainty, private markets have been an attractive option.
Fintech opportunities include asset management or private market investing distribution platforms.
4. Infrastructure Investment and ESG Trends
Investment in private infrastructure is rising especially in some sectors like ESG (Environmental, Social, and Governance) initiatives. According to the analysis, the yearly cost of global infrastructure is expected to reach $3.3 trillion USD by 2030, with a substantial amount going towards sustainable development.
See: AI Leaders and White House Discuss Energy Infrastructure
Fintech companies have the ability to create platforms that link investors to environmentally friendly projects, such carbon offsets, renewable energy, and sustainable infrastructure. Fintechs can also look to capitalize on the increasing demand for ethical investments by providing investment options in green bonds, climate-tech funds, and sustainable infrastructure.
5. Growing Access for Individual Investors
In the past institutional investors were the only ones who could access private market deals. Today, individual investors can now access these markets more easily thanks to new fund formats and policy changes. According to the research, fintech platforms that aim to democratize private investment are finding new opportunities as a result of individual investors' increased access to infrastructure, financing, and private equity.
Outlook
Private markets are a great source of scale-up capital for growing companies while investors benefit by acquiring assets with strong returns and low correlation that are resilient to the volatile fluctuations of pubic markets.
See: United Efforts to Expand Access to Private Markets
As more and more companies choose to remain private for longer and investment infrastructure demands increase, fintech providers are in a great position to bridge the gap with (private) investors.
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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Canada Pauses CBDC Plans, Australia Advances Wholesale Focus
CBDCs | Sep 19, 2024
Image: CBDC the Future of Digital Money in Australia (RBA)
Australia and Canada’s Cautious Approach to Central Bank Digital Currencies
The Reserve Bank of Australia (RBA) recently published a paper on 'Central Bank Digital Currency and the Future of Digital Money' (48 page PDF) and is moving forward with its focus on wholesale Central Bank Digital Currencies (CBDCs). Meanwhile, according to a CBC article, Canada is pausing its CBDC research due to privacy concerns and strong existing payment systems.
Australia Focuses on Wholesale
Wholesale CBDC research is progressing in Australia. A new pilot called "Project Acacia" is investigating how tokenization can improve the settlement of tokenized assets by making transactions cheaper and more efficient. However Australia is more cautious on the retail side since the country already enjoys a safe and convenient payment system. People are concerned that the government will infringe on their privacy and spy on their online activities. This seems to be part of a larger trend where countries with stronger financial systems are very hesitate to implement a retail CBDC.
Canada’s CBDC On Hold
Canada has similarly paused its retail CBDC efforts. According to a CBC article, the Bank of Canada (BoC) is putting research on hold since there isn't an immediate need for a digital loonie, the public is satisfied with the current payment system (some may argue differently), and any sort of digital loonie would ignite major privacy concerns and require significant public trust.
See: BoC Research on Digital Dollar’s Impact on Economy | Bank of Canada’s Latest on CBDC Implementation
Worth noting that similar to Australia there may be future interest in a wholesale CBDC given that the BoC has been involved in multiple international projects, such as "Project Jasper" and "Project Dunbar" to learn how wholesale CBDCs can improve cross border payments and interbank transactions by making them faster, more secure, and less dependent on intermediaries.
Privacy and Political Obstacles
While governments and central banks may see the technical benefits, the public is more concerned about threats to personal privacy and data security. Any push towards a retail CBDC is simply not popular with voters who feel there isn't a need for new government-issued digital money since people trust their bank accounts and digital transactions.
Outlook
Institutions and governments are starting to recognize the benefits of wholesale CBDCs and progress is being made.While in countries with developed payment systems like Australia and Canada, the political risks and privacy issues make retail CBDCs less desirable.
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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