Canada may be a young country, but we have more than 400 years of monetary value discovery under our belts.
Surveying the current landscape of the financial sector in late 2022, it is hard to avoid the sense of an industry once again facing a severe squeeze.
US-based Open Banking operator 
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
Arcane Research: Ahead of the Curve
Arcane Research | Nov 1, 2022
We're extremely proud to share the first edition of our new market report with you. Our goal is to make you prepared for tomorrow's price action through data-driven analysis, unique deep dives, and help you understand how macro events impact digital assets.
Enjoy this week's free access, and check out the report before it becomes a paid product.
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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, 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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Making Beaver, Bank and Bitcoin in Canada
By Tristram Waye for Bitvo | Oct 27, 2022
Canada may be a young country, but we have more than 400 years of monetary value discovery under our belts.
- Money in Canada: Part of that history involves wampum, beaver pelts, and moose hides. It involves wheat and coins referred to as specie. There are several episodes of card money. And all of this got me thinking about the crypto experience so far. Frankly, it’s been a wild ride. And when you look back two, three, four hundred years, you see that wild rides are part of the package. And what you discover about money in Canada is that it’s something more than a simple piece of paper.
See: IMF Magazine: Money Revolution in the Age of Crypto and CBDCs
- Early Canada had several monetary eras
- Our story here starts with the arrival of the French in 1608. So the first period runs from 1608 to1760. The French period had almost everything, including pelts, skins, coins, card money, shells called wampum, and even wheat. The French period corresponds with numerous wars and John Law’s infamous Mississippi Bubble.
- In 1760, the British took over, and that period ran until the British North America Act of 1867. This period has coins until the first bank in 1817. Then banks start issuing their own notes until the BNA Act.
- In 1841, Upper and Lower Canada were combined into the Province of Canada. And 1842 was when a legal value for British, American, and Spanish coins in the Province was determined.
- In the 1850s, a decimalized Canadian currency existed in parallel with British coins. Then as of 1858, Canadian dollars were priced in relation to British gold sovereigns. US, British, and Canadian coins were all legal tender, but all others were excluded.
- Make Beaver: Economic historian Adam Shortt described the role of Beaver pelts in his series on The Early History of Canadian Banking, published by the Canadian Bankers Association in 1898.
- In one record, “1 Made Beaver” (1MB), or one adult male skin, could be exchanged for a variety of goods. For example, 1MB = 1 1/2 pounds of gun-powder, 1MB = 2 hatchets, 1MB = 1 blanket , 1MB = 2 shirts etc. Values of 1MB varied based on factors including seasonality, demand, and supply.
See: Matt Levine: The Crypto Story
- You could issue a promise to pay in any form: When the British took over in 1760, there was no more paper money, at least initially. The only money that existed in the precursor to Canada was specie, as they referred to it.
- And British coins were used as a standard, but again, all sorts of coins existed from other nations. These were freely exchanged between individuals.
- B.E Walker, writing A History of Banking in Canada in 1899, stated that “In Canada we began with the very simple and obvious theory that, without the existence of laws to the contrary, an individual had the right to issue his promise to pay in any form, the only deterrent to the exercise of such a luxury being the difficulty of inducing anyone to accept it in payment.”
- First Canadian banks: The Bank of Montreal came on the scene in 1817. The founding name and location were natural, given the long-standing role of Montreal as a fur trading hub. The trade in furs tied together a relationship from Montreal down to Albany, New York. This relationship was said to have had a direct influence on early Canadian banking rules.
- Canada on/off the gold standard: Canada’s currency was officially started at the beginning of 1858. The Canadian dollar was set at 15/73 of a British gold sovereign. This was changed in 1910 to one Canadian dollar being priced in fine gold, or the gold equivalent of the US dollar. The Canadian dollar was taken off the gold standard at the start of World War I until 1926. After a brief period back on the standard, it was removed for good in 1929.
See: Alberta, The untold history of innovation from Canada’s badlands – Part 1
- From Beaver to Bitcoin: When you read the writing from the 1890s, it has a sense of clarity and matter-of-fact to it. You get the idea that money is malleable, contextual, situational, and evolving. It has an organic quality to it. You can see how different solutions can coexist simultaneously. And this is an important thing to consider right now. Because the financial system has something brewing. Now we have bitcoin and lots of other crypto options. And with crypto has come a belief that the dollar will experience another evolution and be replaced. But what if the future is more subtle than that?
Continue to the full article --> here
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, 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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HSF: 6th Global Bank Review 2022 | Banking on People
HSF | Oct 20, 2022
Surveying the current landscape of the financial sector in late 2022, it is hard to avoid the sense of an industry once again facing a severe squeeze.
- Low carbon squeeze: Global finance is currently facing mounting pressure to invest long-term for a low-carbon, high-tech world in the decades to come, while bracing itself for intense economic headwinds and volatility on the immediate horizon.
- Attracting and motivating talent challenges: How to attract and motivate talent is an increasingly vexed question, as a hard-nosed, comp-driven ethos once taken for granted among bankers has given way to more amorphous motivations for aspiring graduates.
See: CB Insights Report: The State Of Fintech: Q3 2022
- Employees are looking for: Even before the shift to a hybrid working environment reset the business model of the industry, junior bankers were showing signs of focusing on a wider range of factors like work/life balance, good corporate citizenship, sustainability and personal development.
- Job cuts? Some predict that a looming round of job cuts amid a rapidly cooling global economy will bring workers back to their desks, but that is far from certain; given the greater competition from other industries and sectors, an overflow of willing talent can no longer be taken for granted.
- In a fiercely competitive market which is clearly feeling the impact of disruptive challengers targeting the retail banking space, rising investment in technology is becoming mere price-of-entry.
- Lenders are expected to reach customers via new routes, such as social media and deploy increasingly sophisticated tools for advanced automation and AI, just to keep up with peers.
- Such tactics also bring increased scrutiny from regulators intent on ensuring consumers are marketed to as fairly on TikTok as via their local branch, and that AI treats customers equally, rather than entrenching human-built bias. The more tech lenders deploy, the more complexities and online vulnerabilities fraudsters will attempt to exploit.
See: Fintech ‘Ethical Duty’ to Help Combat Cost of Living Crisis
- Higher ethical and social expectations: wider challenge for banks is that policy makers, regulators and society more generally remain determined to impose ever-higher ethical and social expectations on the industry. Meeting these demands will impose a higher cost of doing business on banks.
Continue to the full article --> here
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, 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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CB Insights Report: The State Of Fintech: Q3 2022
CB Insights | Oct 18, 2022
Fintech investment activity continues to slow down in Q3'22 as quarterly funding returns to pre-2021 levels.
- Global fintech funding fell 38% quarter-over-quarter (QoQ) to hit $12.9B — matching Q4’20’s level. Deals fell slightly, dropping 9% QoQ to reach 1,160.
- Mega-rounds also accounted for a smaller percentage of total funding (34%) compared to the average of 66% in 2021.
See: Plaid’s Annual ‘Fintech Effect’ Report Shows 84% of UK Consumers Use Fintechs to Manage Money
- Mega-round funding came in at $4.4B, the lowest level seen since 2018.
- Fintech unicorn births fell below double digits for the first time since 2020, with just 6 new unicorns in Q3’22.
- M&A deals dropped 14% QoQ to 155 deals, an 8-quarter low. The number of SPACs surpassed IPOs for the first time ever.
- Europe (32%) surpassed the US (24%) in late-stage deal share for the first time since Q4’18.
Register to download 197 page PDF report --> here
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, 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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Matt Levine: The Crypto Story
Bloomberg | Matt Levine | Oct 25, 2022
Introduction
- There was a moment not so long ago when I thought, “What if I’ve had this crypto thing all wrong?”
- I’m a doubting normie who, if I’m being honest, hasn’t always understood this alternate universe that’s been percolating and expanding for more than a decade now. If you’re a disciple, this new dimension is the future.
See: IIROC Approves Coinsquare Registration – A First in Canadian Crypto
- If you’re a skeptic, this upside-down world is just a modern Ponzi scheme that’s going to end badly—and the recent “crypto winter” is evidence of its long-overdue ending.
- But crypto has dug itself into finance, into technology, and into our heads. And if crypto isn’t going away, we’d better attempt to understand it. Which is why we asked the finest finance writer around, Matt Levine of Bloomberg Opinion, to write a cover-to-cover issue of Bloomberg Businessweek.
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, 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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Plaid’s Annual ‘Fintech Effect’ Report Shows 84% of UK Consumers Use Fintechs to Manage Money
The Paypers | Oct 18, 2022
US-based Open Banking operator Plaid has published The Fintech Effect report that shows 84% of UK consumers use fintech for money management in 2022.
- When it comes to the benefits of fintech as reported by consumers:
- 41% has stated that they are enabled to have a greater understanding of their spending, thus being able to have better money management.
- More than half (56%) reported that fintech helps them save time
- 49% stated that it helps them have increased control over their finances.
See: CB Insights: Canadian Fintech Funding Dropped 70 Percent in Q2-2022 YoY
- Consumers’ financial stress is on the rise:
- 62% of consumers having stated that this has increased since 2021
- 83% citing the rising cost of living as being their main concern.
- The economic backdrop, with interest rates rising and inflation
- a worrisome 41% of consumers have reported they have little to no confidence in the economy.
- 62% of consumers having stated that this has increased since 2021
- Enhancing consumers’ financial well-being
- 74% have stated that they need their bank to be able to connect to the apps and services they want to use
- 48% have expressed a wish for seeing their bank partner up with more fintech companies.
- Open Finance is seen as being the next step when it comes to UK consumers’ understanding and managing of their holistic financial life, due to its enhanced connection of financial data that includes pensions, savings, and investments.
Continue to the full article --> here
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, 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 Most Exciting Areas of Study That Will Help You Land A Job In Fintech
Oct 24, 2022
Fintech (the application of technology to finance) is an exciting and growing field. After all, fintech covers both banks and startups, which means it has the potential to offer you everything from job security to rapid growth and career advancement.
Due to fintech’s diversity, there are many exciting colleges and areas of study for you to choose from when you set out on your journey toward landing the perfect job. While looking out for the appropriate course of study, to be safe, ensure wherever you get your college coursework from is authentic; the resources where you get your paper online or even buy essays have to be trustworthy.
Schoolwork in this industry can be quite demanding, leaving students in need of homework help from time-to-time, so, find a way to create a balance. Without further ado, these are the most exciting areas of study for anyone looking to get into fintech; read on to find out how you can make them work in your favor!
Exciting Areas of Study for A Fintech Job
Machine Learning
Since its inception, artificial intelligence has been used to power trading and investment platforms. Machine learning—the process by which algorithms can make decisions and predictions based on historical data—has become increasingly popular in fintech to create more automated systems. To remain relevant, bankers and financial advisors need a working knowledge of machine learning techniques to help their clients benefit from AI without sacrificing a personal touch.
Natural Language Processing (NLP)
The recent rise and diversification of fintech mean many new career paths for IT professionals. As fintech becomes more diverse, it makes sense that a growing number of roles are also opening up.
For example, natural language processing is one such role that's becoming increasingly relevant as businesses start to integrate their online capabilities with bots and virtual assistants like Siri and Alexa.
NLP allows users to create machine-readable programs that mimic human language patterns, making them perfect for managing conversations between your business and customers.
Blockchain
The best part about blockchain is its potential to be a technology that works for everyone, regardless of geography or socio-economic status. With distributed ledgers, there's no need for a bank—that role goes to whoever owns the ledger (or whichever software is on it). This means that people who don't have access to banks can start companies and hold property.
It also means they can send money overseas without paying exorbitant transaction fees, as with traditional remittance methods like Western Union. In other words, not only is blockchain poised to change how people view finance, but it could also transform communities worldwide by creating access and opportunities that otherwise wouldn't exist.
That said, blockchain isn't yet a mature field or career path; widespread commercial adoption may be years away, but the demand for Blockchain Engineers today outweighs the supply.
Virtual Reality
Since virtual reality (VR) is an industry that's still in its infancy, careers related to it are highly sought after. According to a recent report from analytics firm Digi-Capital, there are more than 200 VR companies worldwide with more than $2.3 billion in investment so far.
While you don't need a college degree for many careers (or even any job) within VR — think designers, coders, and others — those who go to school for related degrees may have some added advantage over others looking for jobs in virtual reality. As with many emerging technologies, there is no clear path to becoming a professional.
Augmented Reality
If you're considering a career path related to finance, you may have considered jobs like banking or accounting. But one of tech's hottest industries—fintech—might be a better fit for your skills and interests. Augmented reality might be an especially attractive area of study if your goal is to make a difference through technology.
From banking to business management, various areas offer career opportunities that bridge technical and social factors in education, healthcare, law enforcement, and more.
Quantitative Analysis & Data Science
Quantitative Analysts and Data Scientists are some of the most sought-after professionals right now. These careers often intersect with Computer Science, Mathematics, and Statistics majors to create a solid foundation for people that want to analyze big data sets or predict changes in financial markets.
As important as it is to understand stats and data sets, it's even more critical for these professionals to have high levels of technical skills such as programming, computer science, and other computer-related work. If you don't already have one of these relevant backgrounds, consider taking online courses or other similar programs that would put you on a track for success as a Quantitative Analyst or Data Scientist.
Cybersecurity Analysis
Hiring for fintech jobs is booming, and cybersecurity analysis is a growing industry that can help protect your data and money. In fact, computer security was a $74 billion market as of 2014, with a projected growth of $155 billion by 2019. Whether you're looking for work in Silicon Valley or looking for someone else to handle your cyber needs, there are plenty of opportunities available within cybersecurity.
Cryptocurrencies
While blockchain technology is already changing our world, cryptocurrencies are just getting started. The best part? If you're studying a relevant subject (like math or computer science), learning about digital currencies will make you a valuable asset for companies across a number of industries – from big banks to tech startups.
Blockchain technology is about much more than digital currencies, but for now, its most visible impact has been on virtual currency. It's no wonder that some think that fintech and crypto-startups are hiring like crazy; it's simply too hot an area to ignore right now.
App Development
A large part of financial technology involves streamlining processes and improving products. In many cases, that means mobile development or app development. From insurance to money management, almost every career path in fintech is intertwined with new developments in digital apps. If you have experience with a programming language like Java, C#, or JavaScript—or if you're willing to put some time into learning a new skill set—you'll be well-positioned for an entry-level role at a financial company like PayPal or Square.
Financial Analysis
Financial analysis is a useful career path for fintech workers, as it teaches you how to assess a company's or investment opportunity's current position and future potential. This requires expertise and experience that can come only with time. To start gaining an edge over other fintech employees, consider taking courses in financial analysis. Some relevant options include: Portfolio Management by Columbia Business School (valued at $1,500)
Risk Control Management
Risk management is a critical part of your job as a fintech professional. As an accountant or finance person by trade, you'll likely be involved with understanding risk exposure and implementing strategies to mitigate them. It's one area that can make or break a company—and it's an important consideration for consumers and investors, as well. To get started on a career path as a fintech expert, you might want to consider a risk control management course/degree. These programs usually focus on developing strategies for dealing with financial risks that arise in business transactions and markets.
Conclusion
Fintech businesses are expanding quickly right now, and by 2028, it's predicted that the sector will be valued at $332.5 billion. Given the ever growing need for fintech talent around the world, this creates a special moment for anyone seeking to break into the industry.
See: Reg CF in the U.S. Created 300,000 Jobs and Boon for Local Economies, Women. and Minorities Seeking Funding
There are numerous intriguing job routes to quickly explore in this developing field, whether it is a fintech start-up you want to join or you’re interested in pursuing fintech careers at major organizations like Citigroup, JPMorgan Chase, or Goldman Sachs.
If you have the required non-technical and technical skill set, the potential job openings are intriguing given the wide range of applications and fintech's extensive breakout through the financial services industry. With these professions paying well and supply and demand still favoring, landing a job in fintech is key.
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, 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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