Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Voices
New AI Minister Prioritizes Growth Over Rules
AI Policy | June 11, 2025
Image: Canada's Minister of AI and Digital Innovation, Solomon Evans Keynote at Canada 2020 event Ottawa (CPAC)
Canada's AI Minister Says Focus is On Scaling, Not Overregulating
Prime Minister Mark Carney recently appointed Solomon Evans as Canada's first ever Minister of artificial intelligence and digital innovation to lead AI policy development and scale industry, trust and adoption. Solomon just delivered his first public remarks saying that the federal government will prioritize economic growth from artificial intelligence over advancing strict new rules. This new approach follows the collapse of Bill C-27’s AI framework, which failed to pass before the election and left Canada without a federal AI law.
Key Insights
Delivering a key note at a Canada 2020 event in Ottawa on June 10, 2025, Solomon said regulation must protect privacy and personal data but should not constrain innovation. Solomon confirmed that the previous governments AI regulation bill is currently under review.
“We’re not here to throw a saddle on the bucking bronco of AI but we do need to make sure it doesn’t kick anyone in the face.”
See: Canada’s AI Competition Report Faces Big Tech Challenges
Feeling the heat of competition, even governments feel FOMO, and the global trend currently is moving from AI safety messaging towards AI adoption strategies. At the AI Action Summit in Paris, U.S. Vice President JD Vance pushed back on Europe’s regulatory overreach, while President Trump’s draft 'One Big Beautiful Bill' includes a proposed ten-year ban on state-level AI rules. Solomon seems aligned with this shift suggesting that global coordination is difficult, and Canada “won’t go it alone”.
But going slow or quiet is also a risk.
NCFA Canada supports a speedy, focused rollout of AI investments that prioritize open access and trust, especially for smaller firms. Without clear guidance, shared tools and integrate support, SMEs will fall behind. Most do not have the internal capacity to evaluate or safely integrate AI, and that puts Canada’s productivity and innovation milestones in jeopardy. Canada's new AI czar, Solomon, acknowledged this gap, saying big companies are adopting AI, but “small and medium enterprises are not.”
Solomon also emphasized government support for Canadian champions like Cohere. In cases where specialized technical leadership is required to build national AI infrastructure, such as secure compute environments, working with proven domestic firms can make strategic sense. But NCFA cautions that these partnerships must be transparent, based on merit, and designed to benefit the broader ecosystem. The priority must remain funding open infrastructure and access, not enabling a sustainable advantage to a select few. Without transparency on this front, Canada risks loss of investment, talent, and IP.
The stakes are high.
The reality is that Canada’s innovation economy simply can't afford red tape bottlenecks or further restrictions that slow AI growth, especially since its hoping that broad adoption of the technology will turn the countries productivity woes around.
See: Canada’s $300M AI Funding Targets SMEs for Growth
Canada also can't afford regulatory ambiguity that raises red flags for domestic and global firms alike. Solomon says he wants to “crank up commercialization” and support IP protection. That will only work if firms trust the environment they’re entering. For that, Canada needs smart policy, not just encouragement.
Why It Matters
Canada is in a global race to lead in responsible AI and having a dedicated AI minister is a positive step, but evolving Canada into a trusted AI economy depends on speed, clarity and inclusion among other things. NCFA calls for the government to boost support for SME adoption, ensure rules are clear and fair, and build national infrastructure that attracts global innovators without sidelining local ones.
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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ChatGPT Creator Tells Us What Is Coming Next
AI | June 9, 2025
Image: Ilya Sutskever at University of Toronto convocation June 6, 2025 via Youtube
Ilya Sutskever Warns AI Will Surpass Human Intelligence and Change Work, Value, and Survival
On June 6, 2025 at the University of Toronto’s convocation, Ilya Sutskever, cofounder of OpenAI and lead innovator of ChatGPT, delivered a powerful message while accepting an honorary degree in Doctor of Science (actually his fourth UoT degree). He warned that artificial intelligence (AI) is quickly advancing to a point where it will do everything humans can do, and we're not ready for what comes next.
“The Brain Is a Biological Computer”
Once a machine can learn anything a person can learn, no task is out of reach. This idea is central to Sutskever’s argument that AI will eventually match all human abilities. “We have a brain, and the brain is a biological computer… So why can't a digital brain do the same things?”
The End of Work as We Know It
“The day will come when AI will do all of the things that we can do, not just some of them, but all of them.”
The timeline is uncertain but the direction is clear. Whether it takes 3, 5 or 10 years, general purpose AI will change how the economy functions and how people define and measure productivity.
See: The Rise and Implications of a New AI Software Workforce
Sutskever warns that even efforts to retrain workers may fall short because as technology marches forward, the very jobs people train for could vanish before they are ready to take them on.
“Many will find that the new job they were training for no longer exists by the time they finish retraining.”
He also said that while some will turn to universal basic income but it may not hold up because people may be seen as no longer economically productive.
The Future of Human Value
Sutskever predicts two long-term outcomes. If humans find a way to offer lasting value, we may be treated as companions to AI systems. If not, we risk becoming irrelevant or extinct.
“In the best-case scenario, humanity will become like pets or the microbiome of artificial intelligence. In the worst-case scenario, humanity will become obsolete or even extinct.”
The Challenge of a Lifetime
“The challenge that AI poses is the greatest challenge of humanity ever. And overcoming it will bring the greatest reward.”
He stresses that the response cannot be passive. Every person and institution will need to participate in what this technology becomes.
See: Should Fintechs Design for People or AI Agents?
“Accept reality as it is, try not to regret the past, and try to improve the situation.”
Meeting this moment requires emotional resilience. He says people should remain focused on the present instead of looking backward and encouraged others to adopt the same mindset.
How Canada Should Respond to the Coming AI Disruption
Sutskever’s speech is measured insight into the future, and governments, industry, innovators globally need to take his message as a direct challenge to act now (if you're not already sweating the pace of change in 2025). At NCFA Canada, we believe his message carries the kind of disruption that financial leaders must (anticipate and) respond to with urgency.
See: Global Open Finance Lessons for Canada’s Rulebook
Canada cannot afford to be unprepared. While the changes can be guided with responsible AI efforts, they seemingly cannot be stopped, and so we must act with urgency to be prepared as new AI powered systems will influence financial markets, education, investment models, employment pathways, human mobility and more. the fintech sector needs to become more agile, more connected, and more willing to build for what's coming next.
"Innovating and adapting at the speed of AI development means building solutions and platforms that help people create value alongside AI, not behind or beneath it. It also means designing incentives and safeguards that match the reality of a hybrid workforce where humans and machines co-exist, and to embolden the leadership and collaboration needed to work together to solve problems." Craig Asano, NCFA
Outlook
Canada cannot rely on other jurisdictions to define what safe and responsible AI looks like, and Canadian fintechs and institutions should play a direct role in developing policies, models, and frameworks that ensure AI serves the public interest.
See: AI Concierge Tech and the Future of Finance
This is not just a technology issue. It is a national competitiveness issue. It is also a question of whether we will help define the rules of the future or simply be beholden to them.
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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SEC to Host Policy Roundtable with DeFi Builders
DeFi Policy | June 5, 2025
Image: Freepik/rawpixel.com
SEC Invites DeFi Builders and Experts to Discuss Future Policy
On June 9, the U.S. Securities and Exchange Commission is hosting a policy roundtable titled “DeFi and the American Spirit” to have an open and structured policy dialogue with decentralized finance developers, innovators, and legal experts alongside SEC legal and regulatory voices. The roundtable is part of the SEC's Crypto Task Force's ongoing series of crypto asset regulation events.
See: DeFi Technologies Begins Nasdaq Trading in Global Expansion
These gatherings are not 'hearings', nor are they 'policy announcements' but rather conversations with people who have actually built defi systems, in fact many who have publicly challenged the SEC's approach. It’s a live forum where ideas about risk, innovation, and policy design can be tested in real time. So in that way, it's a rare and important event for DeFi in the U.S. and fintechs watching from other jurisdictions like Canada.
Speakers Set the Tone
The speaker lineup is a mix of founders, researchers, lawyers, and advocates who all have somewhat different views on how DeFi should work and be handled from a regulatory and practical perspective.
Erik Voorhees, founder of ShapeShift (and now Venice AI) is known for arguing that decentralized tools and open-source software should not be regulated like traditional financial intermediaries. His participation ensures that the case for user autonomy and protocol neutrality will be represented without compromise.
Michael Mosier, former acting director of FinCEN who founded Arktouros is focused on financial crime and compliance. He's likely to advocate for more robust frameworks for identifying illegal flows through permissionless systems. He'll ensure that AML and systemic risk questions are part of the core conversation.
See: Takeaways from the SEC’s Crypto Custody Roundtable
Rebecca Rettig, general counsel at Jito Labs and formerly with Polygon, brings first-hand experience in understanding protocol development and legal structure, and is well positioned to bring up solutions that don’t rely on full centralization, such as voluntary disclosures or protocol guardrails.
Kevin Werbach, a professor at Wharton, has spent years studying how decentralized systems intersect with regulation. He tends to advocate for layered frameworks that separate software, governance, and commercial activity to provide a way to regulate outcomes without halting innovation.
There are several other panelists including Jill Gunter (Espresso Systems), Peter Van Valkenburgh (Coin Center), Omid Malekan (Columbia Business School), Gabe Shapiro (MetaLeX), and others who will no doubt have ample to contribute in helping the SEC understand as well as framing the policy of decentralized systems.
It’s a great cross-section of people trying to answer the same question from different angles: how should decentralized finance be understood and governed?
What Might Emerge From the Discussion
Here are some core questions that may come up during the discussions:
See: UK Publishes Draft Rules for Crypto Regulation
- Whether front-end operators or governance token holders can be held responsible for protocol-level activity
- Whether full KYC/AML is even feasible in trustless systems, or whether alternative risk controls could satisfy regulatory goals
- Whether decentralized protocols should have a path to safe harbour status if they meet transparency or auditability benchmarks
- How to separate expressive code from financial intermediation in a way that holds up in court
At the end of the day, the SEC should be commended for their willingness to engage with key foundational questions in effort to both understand at a deeper level, as well as inform future policy making. Leaps and bounds better than regulate by enforcement under the SEC's ex-Chair, Gary Gensler and a commission that would rather assume that every DeFi project is either a rug-pull or disguised as a securities platform.
Implications for Canadian Fintech
If the roundtable opens the door to more flexible or fit-for-purpose regulation, Canadian regulators will face growing calls to follow suit. It also offers Canadian founders a window into how U.S. regulators are thinking, what they are worried about, what they may be willing to tolerate, and where they are open to compromise. It's clear proof that the SEC is finally recognizing that DeFi isn't going away and that series policy design needs inputs from the people building 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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What the 2025 Throne Speech Means for Fintech and Growth
Innovation | May 17, 2025
Image: 2025 Throne Speech, Building Canada Strong
Building Canada Strong: Throne Speech Establishes Path for Innovation and Canada's Economy, Sovereignty, and National Unity
Today, on May 27, 2025, King Charles III delivered Canada’s Speech from the Throne in person for the first time since 1957. It's a symbolic speech that outlined a comprehensive and forward looking agenda with national priorities of productivity, sovereignty, security, and innovation. It sets the tone for the 45th Parliament, emphasizing the need to "build the strongest economy in the G7" and to act with urgency in a world that is "a more dangerous and uncertain place than at any point since the Second World War." Download the speech from the Throne (PDF format).
“An opportunity for Canada to embark on the largest transformation of its economy since the Second World War.”
For the National Crowdfunding & Fintech Association of Canada (NCFA), the speech is highly relevant as it recognized the role of technology, capital, and small businesses and innovators in strengthening Canada's resilience and leadership.
On Internal Trade, Infrastructure, and Innovation
Among the speech's most impactful economic promises:
See: The Crisis Canada and Fintech Can’t Afford to Waste
- Legislation to remove all remaining federal barriers to internal trade and labour mobility by Canada Day. These frictions cost the economy (and as a result tax payers) up to $200 billion per year.
- Create of a Major Federal Project Office to reduce project approval times from five to two years, while aligning infrastructure expansion with Indigenous consultation and environmental standards.
- A new plan called, "One Project, One Review" to work with provinces and territories so that major national projects only go through one streamlined approval process so projects can get approved and built quicker.
"By removing these barriers... we will unleash a new era of growth... It will enable Canada to become the world's leading energy superpower... and hub for science and innovation."
For fintechs, this means fewer roadblocks when expanding across provinces. Instead of trying to figure out the patchwork of rules and approvals (remember three versions of equity crowdfunding when it first rolled out?), it could become faster and easier to launch and scale services coast to coast. This policy change can make a real difference for founders of scaling companies.
New Focus on Housing, Investment, and Market Access
Create Build Canada Homes, a new housing sector built around modular and prefabricated construction, and providing financing for developers of affordable homes.
See: The Intersection of Fintech and Real Estate: How Innovation is Rebuilding the Foundation of Property Transactions
- GST reductions for homes under $1.5 million
- Municipal development charges at 50% for all multi-unit housing
- Measures to double housing starts and grow a new housing industry using Canadian labour, tech, and lumber
"The Government will... invest in the growth of the prefabricated and modular housing industry."
This will help open up new doors for fintechs building tools for mortgage access, construction financing, digital real estate platforms, and tenant services. Housing isn’t just about buildings. It’s also about people, families, and community, and fintech will be essential to making it all work faster and more affordable than before (at least that's the promise and opportunity/challenge facing us all).
National Security and ReArm Europe
The speech confirms Canada’s intention to join the ReArm Europe initiative to strategically align with EU partners to invest in transatlantic security and reduce reliance on U.S. military supply chains.
"The Government will protect Canada's sovereignty by rebuilding, rearming, and reinvesting in the Canadian Armed Forces... joining ReArm Europe."
This was a clear assertion of independence in the face of recent U.S. trade tariffs and annexation rhetoric from President Donald Trump.
U.S. Ambassador to Canada Pete Hoekstra, speaking before the throne speech, commented:
"If there's a message in there, there's easier ways to send messages. Just give me a call. Carney can call the president at any time."
See: Trump’s April 2025 Tariffs and What They Mean for Canada
Prime Minister Mark Carney, during a separate meeting, made Canada’s position unambiguous:
“It’s not for sale. It won’t be for sale. Ever.”
There are significant fintech implications around today's security which includes cybersecurity, fraud protection, and digital infrastructure to name a few. For fintechs working on compliance, identity verification, and borderless payment systems, Canada's new defense approach may boost demand for more secure, scalable tech. Not just in government systems but also for startups and businesses that need to keep their customer data safe of any threats and meet rising expectations for trust and transparency.
Rebuild Trust in Immigration and Celebrating Canada's Uniqueness
The Canadian Government will cap temporary foreign workers and international students at 5% of the population by 2027 to restore trust in immigration while still attracting top talent.
See: How Fintechs Are Tackling Financial Inclusion in Canada
The speech also reinforced protections for Indigenous rights, the French language, and Quebec culture, declaring:
"The French language and the Quebec culture are at the heart of the Canadian identity."
For fintechs focused on serving newcomers whether through digital banking, remittances, or providing other financial tools, this change will impact user growth. At the same time it offers an opportunity to design better tools for Canadians returning from abroad, and to focus on higher-skilled immigration pathways that better align with long term economic priorities (and less on a shotgun approach).
Fiscal Discipline and Investment Mobilization
Government operating spending will be capped at 2% annual growth. Waste will be cut and duplication eliminated, which will allow more capital to be diverted to companies and economic growth initiatives. Technology will be used to help improve public sector productivity.
"Spend less so Canadians can invest more."
See: Canada’s Productivity Depends on Intangible Tech Adoption
For fintech innovators, this means new tech and tools will be used more than ever to make the government more productive and efficient. So, whether you're in regtech, payments, or digital ID, there's opportunity to help the public sector modernize, cut costs, and serve Canadians better.
Outlook
A comprehensive Throne Speech in the face of geopolitical tension, population pressures like aging and rapid growth in certain regions, and growing economic pressure. For NCFA's community of fintech and innovation stakeholders, the policies announced will create new opportunities for a country that is in need of an renewal and/or overhaul.
“The Crown... stands proudly as a symbol of Canada today, in all her richness and dynamism.”
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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Strategy Buys More BTC as Canadian Crypto ETFs Grow
Bitcoin | May 27, 2025
Image: Freepik
Strategy Acquires 4,020 New Bitcoin as Canadian Crypto ETFs Gain Strength
On May 26, 2025 via press release, billionaire Michael Saylor's company, now rebranded as Strategy, announced the acquisition of an additional 4,020 Bitcoins between May 19 and May 25 for the total price of approx $427.1 million, showing growing corporate and institutional demand and confidence in digital assets.
See: National Bank Doubling Down on MicroStrategy’s Bitcoin Boom
This latest purchase brings Strategy's total bitcoin holdings to 580,250 BTC, bought at an average price of $69,979 per coin, and aligns with recent federal policy shifts, including the U.S. governments 2025 creation of a Strategic Bitcoin Reserve.
BTC vs Strategy Performance Comparison
According to Portfolioslab where you can compare returns, Strategy's stock (formerly MSTR) has outperformed Bitcoin over the past year, with a 1 year return of +119.31% versus Bitcoin's +59.13%. However, Bitcoin maintains a higher 10-year annualized return at 84.59% compared to Strategy’s 35.83%. Strategy’s higher volatility and risk metrics reflect its leveraged exposure to Bitcoin.
As of May 27, 2025, the Crypto Fear and Greed Index stands at 74 (Greed), indicating positive investor sentiment and the potential for price corrections if optimism overheats.
AI and Enterprise Innovation
On May 7, 2025, at Strategy World 2025, the company introduced several new AI and data tools aimed at helping businesses manage and use their data more effectively. These included Strategy Mosaic™, which helps companies organize and control data across different platforms like Tableau and Google Sheets, and Auto 2.0, a faster, more intelligent AI engine built to handle both structured and unstructured data through chat-like conversations.
See: What Bitcoin Pizza Day 2025 Still Teaches Us 15 Years Later
Strategy also launched Strategy One Standard Edition, a version of its platform for smaller organizations that want advanced analytics without a large IT setup. Chief Technology Officer Ponna Arumugam said their new AI system is built to learn, adapt, and scale as businesses grow. Full press release here, with livestream access on YouTube.
Canadian Crypto ETFs on the Rise
At the same time, Canadian crypto ETFs are gaining momentum with investors who are seeking regulated exposure to crypto, given global volatility and policy shifts. Canadian-listed ETFs continue to expand, led by the Purpose Bitcoin ETF (BTCC) with C$993.5 million in AUM and the Fidelity Advantage Bitcoin ETF (FBTC) with C$1.257 billion. Investors benefit from secure, regulated access to cryptocurrencies without needing to manage private wallets.
| ETF Name | Ticker | AUM (CAD) | Management Fee | Notes |
| Purpose Bitcoin ETF | BTCC | C$993.5M | 1.5% | First physically settled BTC ETF |
| CI Galaxy Bitcoin ETF | BTCX.B | C$781.9M | 0.4% | Low-fee Bitcoin exposure |
| Fidelity Advantage Bitcoin ETF | FBTC | C$1.257B | 0.4% | Cost-effective BTC ETF |
| 3iQ CoinShares Bitcoin ETF | BTCQ | C$361.6M | 1.0% | BTC price tracking exposure |
| CI Galaxy Ethereum ETF | ETHX.B | C$461.9M | 0.4% | Ethereum exposure |
| Evolve Bitcoin ETF | EBIT | C$254.5M | 0.75% | Uses CME Bitcoin Reference Rate |
| Purpose Ether ETF | ETHH | C$130.7M | 1.0% | Physically settled ETH ETF |
| Purpose Bitcoin Yield ETF | BTCY | C$126.5M | 1.1% | Covered call strategy for BTC |
| Evolve Cryptocurrencies ETF | ETC | C$61.35M | 0.75% | Mixed BTC and ETH exposure |
| 3iQ Ether Staking ETF | ETHQ | C$49.6M | 1.0% | ETH price and staking exposure |
See: GENIUS Act Advances as Bitcoin Hits Record High
Outlook
Strategy's latest addition to it's deepening BTC position, and the growth of Canadian crypto ETFs highlight the fact that crypto is constantly becoming more institutionalized. Canada’s proactive regulatory stance continues to make it a hub for compliant crypto investment products.
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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Where the Gaps Are: Fintech Insights from FCA Data
Fintech Data Research and Strategy | May 25, 2025
Image created by AI, Personas based on real data from 2024 Financial Lives, FCA
FCA Financial Lives 2024 Survey Data Reveals 4 Personas with Real Needs
Four FCA personas reveal where fintech innovation must go next
On May 16, 2025, the Financial Conduct Authority (FCA) published one of the richest datasets ever on UK consumer financial behaviour, resilience, and preferences called, "Financial Lives 2024 survey". It's an annual snapshot taken ever 2-3 years and offers valuable benchmarks and insights into how financial institutions, fintechs and financial engineers can translate this data into strategy.
There are 18 excel sheets with various tabs covering survey responses for almost 1300 survey questions pertaining to a wide range of topics such as attitudes and product/service ownership of payments, retail banking, consumer investments, general insurance and protection, mortgages, credits and loans, assets and debts, cash savings, advice/guidance and pension. There's also tracker data tables for comparing and analyzing changes over time across 2017, 2020, 2020 and 2024 surveys.
See: UK vs. Canada: A Tale of Two Different Crypto Consumers
Drawing directly from the FCA 2024 Financial Lives survey results, we created 4 personas that reveal who is underserved, gaps in the ecosystem, and where fintechs, banks, and credit unions should consider focusing on to rebuild trust and relevance.
Meet Amira (28) - The Struggling Young Borrower
Amira is a young adult struggling with inconsistent income from various gigs, rising living costs, and a heavy reliance on credit. She is digitally active but financially stretched and uncertain as to who she can trust. Survey data shows:
- 61% of people aged 25–34 use BNPL or revolving credit, often to cover essentials
- 33% lack £100 in savings
- 14% trust score in finance (below 5/10)
See: How Fintechs Are Tackling Financial Inclusion in Canada
Fintechs should build real-time tools that show all credit and BNPL use in one place, including spending limits, that help users like Amira avoid taking on more debt than they can handle. Adding clear, user-led budgeting flows into existing BNPL workflows can help bridge shortfalls and help build trust with transparency.
Meet Stella (66) - The Silent Conservative Saver
Stella is an older consumer who likes to avoid debt, prefers analog channels, and feels underserved by digitally native services. She values trust and simplicity highly and struggles to access new tools. Survey data shows:
- 72% of older adults avoid credit
- 63% prefer paper or phone contact
- 66% do not understand ESG or digital pension tools
See: CSA Pauses Climate and Diversity Disclosure Rules
Financial institutions should consider creating hybrid formats that combine print materials with digital access points, such as QR codes linking to audio summaries. ESG and pension tools can be made more accessible with phone helplines and in-branch tutorials to help consumers who lack confidence to gain confidence and fill in comprehension gaps.
Meet Rohan (42) - The Resilient Digital Builder
Rohan is a confident, digitally native, and actively manages savings, investments, and often finds himself switching providers to maximize value. He expects clarity, ESG transparency, and integrated experiences.
- 89% of this group use investment or money management apps
- 75% save monthly
- High openness to switching, low confidence in ESG clarity
Rohan needs a unified dashboard that lets him integrate his finances across pension, savings, and ESG investments. Fintechs can lead here by offering smart comparison tools that verify impact metrics, automate vendor switching, and offer ESG guidance within the same experience.
Meet John (50) - The Overloaded Urban Middle
John is a middle-aged adult that is juggling aging kids, debt, complex commitments, and low financial resilience. He is time-poor, questions everything, and is stuck with outdated, fragmented financial tools. The survey shows:
- 81% report low financial resilience
- 31% have 4+ unsecured debts
- 45% avoid switching due to complexity and mistrust
Institutions must prioritize credit and debt consolidation tools for this segment by offering personalized paths and support towards financial recovery. Embedding phone or online chat support into their digital journeys can help reduce friction, while demonstrating quick wins to build confidence and encourage engagement.
Fintech Product Design and Strategy Matrix
We've come up with the following table that matches the 4 personas with specific fintech strategies tailored to their behaviours, needs, and gaps, all based on the FCA's 2024 financial lives data, and to support product design, channel strategy, and business model decisions.
See: Fintech Trends & Predictions Across Generations in 2025
| Persona | Product Opportunity | Channel Strategy | Business Model Insight | Ecosystem Gap |
| Amira – Young Borrower | BNPL budgeting + affordability | Mobile-first, embedded in BNPL apps | Freemium with affiliate links to trusted debt tools | Risk-aware BNPL integrations |
| Stella – Conservative Saver | Print-to-digital ESG education | Branches, phone, community agents | Subscription or pay-per-use legacy planning tools | Print-digital pension guidance |
| Rohan – Digital Builder | ESG + switch optimizer dashboard | Self-serve, in-app investing hubs | B2C SaaS with optional robo-advice tier | ESG decision confidence |
| John – Overloaded Middle | Modular savings + credit coach | Web app + human phone fallback | Hybrid subscription + nonprofit partnership model | Blended digital advice models |
Why It Matters
Each of the 4 personas created actually represents thousands of real individuals and their financial lives in 2024, caught between fragmented services and changing financial needs.
See: G20’s Vision for Financial Inclusion through Digital Public Infrastructure
The profiles above are designed to help fintechs and institutions develop a targeted roadmap based on clearly defined, data-driven groups with targeted solutions, to help provide responsible and more inclusively designed financial products/services for underserved groups in need. A similar survey in Canada would probably produce similar results.
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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Ethereum Targets $1 Trillion in Security Upgrades
Crypto Security | May 16, 2025
Image from Ethereum 1TS announcement
Ethereum Launches $1 Trillion Security Push to Protect Global On-Chain Assets
On May 14, 2025, the Ethereum Foundation anounced a $1 Trillion Dollar Security (1TS) Initiative, a long term project to strengthen the security of the entire Ethereum ecosystem to support a future where trillions of dollars in value could move on-chain. The reality is that security isn't just a technical issue. It is the single biggest barrier to mainstream adoption of Web3, and Ethereum knows it.
See: Fintechs Face Rising SaaS Security Risks, JPMorgan CISO
Today, Ethereum is responsible for more than 50 percent of all total value locked (TVL) in decentralized finance platforms, already securing over $400 billion in on-chain assets. However a rise of exploits and protocol breaches unveil how fragile Ethereum's infrastructure actually is so the 1TS project aims to reinforce it.
How Big Is the Security Problem?
In 2024, hackers stole over $1.8 billion across crypto platforms with Ethereum-based DeFi applications accounting for more than half of the total losses. Despite improvements in protocol security, new vulnerabilities continue to be exploited at scale, such as:
- $290 million at PlayDapp lost after attackers exploited access controls to mint unauthorized tokens
- $97 million stolen at Muchables by a rogue developer through a smart contract backdoor
- $80 million at Orbit Chain was drained from an Ethereum bridge used for cross-chain transfers
- $55 million at Radiant Capital was lost through an access control flaw in Ethereum-based lending contracts
Notably the above figures don't include the growing number of targeted phishing campaigns, wallet drainers, and socially engineered scams that increasingly use AI to impersonate trusted actors and to slay 'pig butchering'. Collectively, these exploits show that Ethereum's security environment still has a way to go. For many prospective users and certainly institutions, the constant threat of permanent asset loss is a significant barrier to adoption and long term trust.
Goals and Leadership of 1TS
1. Map the risk. The Ethereum Foundation is conducting a full-stack vulnerability analysis, including risks in wallets, smart contract tooling, L2 infrastructure, consensus layer code, and even DNS and internet infrastructure.
2. Fund what matters. 1TS will identify the highest priority attack surfaces and fund long term solutions. These could include upgrades to client software, fuzz testing, formal verification, or developer tooling that requires and enforces safer default settings.
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3. Communicate clearly. The final goal is to make Ethereum’s security infrastructure easier to understand, and to establish transparent benchmarks and metrics that will allow users, enterprises, and governments to compare the safety of Ethereum’s ecosystem to other financial systems.
The 1TS initiative is being led by Fredrik Svantes, Ethereum Protocol Security Lead, and Josh Stark, part of the Ethereum Foundation’s core leadership. They are joined by several other well known people from the security ecosystem, all bringing deep experience in incident response, smart contract audits, and secure protocol design.
What to Get Involved?
The Ethereum Foundation is opening the initiative to input from the community. Anyone can share suggestions, flag concerns, or apply to collaborate by completing this form or to discuss, reach out to the team directly by email at trilliondollarsecurity@ethereum.org.
Outlook
If Ethereum wants to be the financial base layer for billions of people, it needs a security model at least as robust as global banking systems. The Trillion Dollar Security Initiative is welcomed and necessary to get to the next step. It is about showing regulators, institutions, and the public that Ethereum and all the companies and transactions that feed off of the ecosystem can scale safely.
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