Covid has disproportionally impacted women and delayed DE&I
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
Kraken May 2022 Report: On-Chain Crypto Analysis: Survival Mode
Kraken Blog | June 3, 2022
Cryptoasset prices crashed in early May as BTC fell nearly -32% from $39,500 to $27,000 within a week and brought the rest of the crypto market down with it. The broader macroeconomic environment continues to keep market participants on their toes. Over the last month, US inflation rates hovered at 40-year highs of 8.3%, the Federal Reserve hiked interest rates by 50 basis points, Russia continued to occupy Ukrainian territory, and the Terra ecosystem experienced a large-scale death spiral. Risk-on assets declined rapidly as market participants withdrew their risk appetite and scrambled to identify the short-term narratives in the market.
See: a16z Releases 2022 State of Crypto Report: 5 Key Takeaways
Fundamental on-chain data, such as transaction fees, transaction count, active addresses, new addresses, circulating supply growth, and more, indicate that general cryptoasset network demand declined further in May, continuing the downtrend year-to-date. BTC outperformed altcoins in many regards year-to-date; BTC was the first or second-best performer in every on- chain metric we tracked and saw the smallest circulating supply growth year-to-date.
Between the declining asset prices and the hectic macroeconomic environment, it is difficult to anticipate what lies ahead. However, on-chain data can help filter out the signal from the noise by providing evidence of trends in network usage and demand. The Kraken Intelligence team analyzed several core on-chain metrics across select cryptoassets to surface recent network performance.
Continue to the full article --> here
Download the full 15 page PDF report --> Now
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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US Fed’s CBDC Report Comments: The Good, Bad, and Ugly
Rich Turrin | May 29, 2022
The Fed’s report on CBDC was published at the end of January and the comment period officially closed on May 20, 2022 meaning that we can now look at what representatives from banking, stablecoins, and crypto had to say about the report! For the record I am no fan of the Fed’s long-awaited report on a U.S. central bank digital currency (CBDC) and proclaimed that it read like a high school book report. I wrote about the report in great detail: here.
The Ugly: American Bankers Association
It’s no surprise that the American Bankers Association (ABA) was going to come after the digital dollar with knives drawn. Download ABA response: Here
“ABA’s analysis suggests that deposits accounting for 71% of bank funding would be at risk of moving to the Federal Reserve. This could increase the average cost of funding for banks by approximately 170 basis points. Such an increase in average funding costs would be unsustainable and would undermine the economics of the banking business model."
See: Federal documents warn of sweeping implications if ‘digital loonie’ adopted
Bank of Canada scenario analysis of a CBDC on bank deposits show that even under the most severe scenario where 40% of deposits migrate to CBDC bank funding is still healthy. Full report: Here
The ABA’s 71% figure which they pass off as “analysis” assumes all bank deposits in the United States will convert to CBDC! The reality is very different: So using the ABA’s figures the actual impact will be far less than placing “71% of funding at risk.” Using the ABA’s own figure of $16.9 trillion (rounded to 17) the impact will be:
- $446 billion = 2.7% of $17 trillion in bank deposits
- $1 trillion = 5.8% of $17 trillion in bank deposits
The Bad: Stablecoin Circle
Download Circle’s response to the Fed: Here
See: Alt-M Analysis: Where the U.S. Feds CBDC Proposal Goes Wrong
- Many of the potential benefits of a CBDC detailed in the discussion paper are already being met by existing blockchain-based payment system innovations.
- Bringing stablecoins like Circle’s USD Coin (“USDC”) under common-sense regulatory guidelines would ensure proper supervision over an asset that is already achieving many of the Federal Reserve’s objectives in a potential CBDC.
- If a digital asset behaves like a currency or payment system, it should be afforded the benefits of digital legal tender status or conformity with well-laid money transmission, e-money, financial markets infrastructure and prudential rules.
The Good!: Crypto, Stellar
Stellar’s response was the most upbeat of them all: Here, saying:
- Can a CBDC promote financial inclusion? We think so.
- A well-designed CBDC could have a positive effect on inclusion and the economy by expanding access to and usage of affordable financial services.
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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McKinsey Report on Gender Diversity in Canada
McKinsey & Co | May 30, 2022
Covid has disproportionally impacted women and delayed DE&I
The impact of the COVID-19 pandemic continues to blur the boundaries between work and personal life, increasing stress and making it difficult for employees to remain focused and effective in their jobs. But the pandemic also presented an opportunity to rethink how we work—recognizing that no one single initiative is the solution.
These challenges have disproportionally impacted women, and delayed progress toward diversity, equity, and inclusion (DE&I). Our 2021 research found that, although DE&I is prioritized across Canadian organizations, there have only been marginal improvements within the talent pipeline.
Although now seen as a priority across Canada... "Not enough action is being taken"
As the COVID-19 pandemic continues to impact us all, organizations must remain focused on navigating this unprecedented challenge. At the same time, there is an opportunity to drive a fundamental change in the way we work.
Our 2021 research has shown that although DE&I is seen as a priority across Canadian organizations, not enough concrete action is being taken to remedy the under-representation of women throughout all levels of the talent pipeline.
See: CVCA Report: Diversity improving but inclusion gap threatens progress
People of colour—including male employees alike—often experience challenges at higher rates than their white counterparts. In particular, women of colour continue to face even more barriers in the workplace, such as a lower likelihood of being promoted, a higher likelihood of experiencing microaggressions, and less support from male colleagues.
Organizations must embark on a holistic change program.
They must take accountability for their DE&I commitments and implement the supportive programs and policies that all employees need for equitable access to opportunities in the workplace.
See: Board Diversity and Inclusion: 50-30 Challenge
Moreover, organizations must establish a foundational environment of inclusion by shifting mindsets and creating a shared understanding that DE&I is beneficial for everyone.
Continue to the full article --> here
Subscribe to download the 49 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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FTP Report: B2B Payments: A Major Fintech Opportunity to Solve Paper-based Payments and Processes
Financial Technology Partners | May 27, 2022
The business-to-business (B2B) market remains one of the last major global opportunities for payment digitization. Not only is the market still plagued by widespread manual processes and inefficient payment methods, but it is also a massive market estimated at nearly $29 trillion in the U.S. alone. Today, checks still shockingly account for nearly 50% of B2B payments.
See: Mastercard launches biometric checkout program as contactless, secure payments grow
Moreover, manually intensive payment methods are more likely to lead to high error and failure rates, making companies vulnerable to security risks and increasing costs. Consequently, the rush is on to bring more efficient, digital payment solutions to businesses, both large and small.
Key discussion topics of the report include:
- An extensive primer on the workflows and processes behind B2B payments, and the accelerating trend of digitization and automation across the value chain
- A detailed landscape including hundreds of companies in the space
- Exclusive interviews with over 25 executives from leading B2B payments companies
- Profiles of over 50 highly relevant companies in the space
Continue to the full article --> here
Download the 387 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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Open Banking Surpasses 5 million User Milestone in the UK
Sifted | Apr 5, 2022
Source: Openbanking.org.uk
Just this year, open banking hit 5m users in the UK. While this is far behind experts’ predictions of where the tech would be, it’s still a significant milestone.
“Open banking is the ability for people to have more control over their bank accounts. Closed banking means, if you have a bank account, you are at the mercy of your bank, you can only do the things that the bank has allowed you to do.
“But with open banking, your bank account is suddenly more valuable. You can use your bank account with third party applications, to track your finances, help you save and spend smarter. Moreover, with your consent, your bank account can make smart payments and smart payment decisions on your behalf.”
See: Why Apple Acquired An ‘Open Banking’ Fintech
1. Open banking users are picking up steam
“It doesn’t seem like a lot, right?” says Mesters about the 5m mark. But, he tells Sifted, the speed at which the UK reached it is noteworthy; while it took 10 months to grow the number of users from 1m to 2m in 2020, it took four months to grow from 4m to more than 5m.
2. Adoption varies across Europe
Due to widespread mandating, the UK scored a 10 out of 10 and was the leading adopter of open banking in Europe. Hungary and Romania, at the other end of the spectrum, were given a two, due to open banking being a low priority for regulators. Adoption varies not only because of regulatory differences, but also the culture around payments.
3. Payments are accelerating open banking adoption
Boosting adoption — particularly in the UK — are payments enabled by open banking. McKinsey found most use cases created by fintechs and non-banks in the UK centred around payments.
See: PwC’s Abraham Tachjian to be Canada’s open banking lead
4. Infrastructure providers are the missing link
McKinsey found 30% of open banking licence holders in the UK are infrastructure providers — and this had a “multiplying effect” on market innovation, since these providers make it easier for other fintechs to launch products and services.
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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Multinational Companies Who left Russia and Ones that Decided to Stay
Website Planet | Tom Read | May 24, 2022
List of all the companies that decided to leave Russia/stop business in Russia following the war // companies that decided to stay
Multinational companies can no longer ignore social and political issues. Their actions and policies must reflect the values of their customers.
See: Ways you can help support Ukraine
We’ve compiled the most extensive list of multinational companies and their responses to the invasion. While some companies have been praised for their efforts, others have been justifiably accused of not doing enough.
This article will cover the companies that have left or partially left Russia, and those that stayed. We’ll provide regular updates to keep the information accurate and relevant, so make sure to check back in!
Finance
American Express
- American Express stated that its payment cards would no longer work with Russian merchants and ATMs in a press release on March 6th.
- American Express Chairman and Chief Executive Officer Stephen J. Squeri also stated that “cards issued locally in Russia by Russian banks will no longer work outside of the country on the American Express global network.”
- Squeri said the company has “halted” its relationships with sanctioned Russian banks and added: “We are also suspending all business operations in Belarus.”
- What’s more, Squeri highlighted American Express’ assistance to affected employees, its $1 million relief donation, and the company’s pledge to match colleague donations.
Goldman Sachs
- Goldman Sachs was the first major Wall Street bank to cease business operations in Russia. On March 10th, the financial firm said it was “winding down its business in Russia in compliance with regulatory and licensing requirements.”
- A company spokesperson said: “We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.”
ING:
- ING Group announced it would not take on new business with Russian entities in a March 2nd press release.
- The Dutch bank’s Chief Executive, Steven van Rijswijk, said: “We strongly condemn the invasion of Ukraine, the devastating and heart-breaking impact it has on people’s lives, and the threat it poses to international stability and security.”
- ING has offices and hundreds of employees throughout Russia and Ukraine. ING maintains that it is in close contact with those colleagues.
JP Morgan:
- JP Morgan is another US investment bank that’s leaving the Russian market. A company spokesperson stated that JP Morgan was “actively unwinding Russian business” and “[has] not been pursuing any new business in Russia.”
- JP Morgan’s March 10th announcement highlighted that the company’s activities are “limited” in Russia. According to the statement, JP Morgan’s activities in the region include “helping global clients address and close out pre-existing obligations; managing their Russian-related risk; acting as a custodian to our clients; and taking care of our employees.”
- JP Morgan had previously announced up to $5 million in donations for Ukraine relief organizations in a March 8th address.
London Stock Exchange Group
- On March 3rd, the London Stock Exchange (LSE) Group temporarily barred trading in 27 Russian-linked companies, including Gazprom, Sberbank, and Lukoil.
- Severstal is another major Russian company that’s blocked by the LSE. Russia’s richest man, Alexei Mordashov, owns the steel and mining corporation.
- According to Reuters, LSE blocked any remaining Russian companies on March 4th “in order to maintain orderly markets.”
Visa
- Visa Inc. Chairman Al Kelly said: “We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” in a statement on March 5th.
- Visa announced it was pausing its services in Russia, including restricting Visa transactions in the nation. Russian-issued Visa cards no longer work outside of Russia, and Visa cards issued elsewhere won’t work within Russia. “This war and the ongoing threat to peace and stability demand we respond in line with our values.”
- Visa is also providing a $2 million grant to UNICEF, and double-matching employees’ charitable contributions up to $1 million.
Mastercard
- In a press release on March 5th, Mastercard stated that it would halt support for Russian-issued cards, wherever they are used. Meanwhile, non-Russian Mastercards will no longer work with Russian merchants or ATMs.
- Mastercard also highlighted its work helping affected employees and a $2 million donation to humanitarian relief organizations.
- The company added that it wants to assist governments “to ensure the safety and security of the global payments ecosystem” while expressing a desire to one day “restore operations.”
Other Financial Companies Taking Action
- Allianz is actively reducing its exposure to the Russian market 143
- Adenza paused Russian business 144
- Asian Infrastructure Investment Bank curtailed Russian access to capital markets 145
- Assicurazioni Generali exited the Russian market completely 146
- Bank of China diminished Russian access to capital markets 147
- BlackRock reduced Russian access to capital markets 148
- BNP Paribas curtailed access to capital markets for Russian entities149
- Citi announced a phased exit from Russia 150
- Commerzbank stopped new business in Russia and is winding down current transactions 151
- Credit Suisse curtailed Russia’s access to capital markets 152
- Deloitte exited the Russian market 153
- Deutsche Bank is closing Russian business 154
- EY exited its Russian operation 155
- Fitch paused Russian business 156
- HSBC reduced Russia’s access to capital markets 157
- ICBC cut access to capital markets for Russian entities 158
- Intercontinental Exchange diminished Russian access to capital markets 159
- Moody’s suspended Russian operations 160
- Nasdaq curtailed access to capital markets for Russian entities 161
- New Development Bank halted Russia’s access to capital markets 162
- Payoneer closed Russian accounts 163
- PayPal suspended Russian business operations 164
- Rabobank diminished Russian access to capital markets 165
- Remitly Global blocked access for new users in Russia 166
- S&P cut Russia’s access to capital markets 167
- Societe Generale curtailed access to capital markets for Russian entities 168
- State Street curbed Russia’s access to capital markets 169
- Western Union suspended Russian business 170
- Wise PLC paused its Russian partnership 171
- The World Federation of Exchanges suspended its Russian members and affiliates 172
View full list of companies leaving or boycotting Russia due to the invasion of Ukraine --> 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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Canada’s Tech Adoption is Declining Compared to OECD Peers
Centre for Future Work | Jim Stanford | May 24, 2022
There is little evidence that robots and other advanced technologies are displacing workers and causing technological unemployment in Canada. To the contrary, Canada’s adoption of new technology has surprisingly slowed down in recent years. That is the conclusion of a major new report on innovation and automation in Canada’s economy, from the Centre for Future Work.
The report, titled Where are the Robots?, reviews nine empirical indicators of Canadian innovation, technology adoption, and robotization. They paint a worrisome picture that Canadian businesses have dramatically reduced their innovation effort since the turn of the century, and are lagging well behind other industrial countries in putting new technology to work in the real economy.
See: AI Will Transform 500 Million White-Collar Jobs In 5 Years; Silicon Valley Must Help
While there is no evidence that the quantity of jobs in Canada has been undermined by new technology, there are many signs that the composition and quality of work has shifted in negative ways.
“The failure of employers to implement new technologies is causing an over-reliance on low-quality work, holding back our productivity and incomes, and squandering the potential for safer jobs and more leisure time.”
The report makes 6 policy recommendations to improve innovation and technology adoption in Canada, including reforming fiscal incentives, expanding publicly-funded R&D, nurturing industries that use more robots and machinery, and giving workers more say in how technological change is implemented in workplaces.
See:
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Fintech Fridays EP55: Global Hiring Trends: How Gen Z Talent Thrives
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Bracing For Change In The Era Of The Augmented Workforce
Jim Stanford, Economist and Director of the Centre for Future Work:
“Technology will be neither the hero nor the villain in the future of work – it all depends how technology is used, and how the costs and benefits are shared. But the reality is that Canada’s technological performance is flagging, fast. Revitalizing technological innovation and adoption, and ensuring that it enhances jobs not displaces workers, is vital to our future economic and social progress.”
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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