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
Tech Leaders Launch Build Canada for Innovation Policy Reform
Launch | Feb 5, 2025
Image from Build Canada's website
Top Tech Entrepreneurs Launch Build Canada to Push for Smarter Policies and Strengthen Canada's Economy
As Canada faces a tense period of trade disputes and tariffs from the U.S. and with growing concerns over competitiveness, productivity, investment and innovation, leading Canadian tech entrepreneurs have launched a new initiative called 'Build Canada', a public platform to push forward policy solution ideas to strengthen Canada's economy. Waiting for government is no longer an option. Build Canada aims to provide concrete, actionable policy recommendations to help the the country remain globally competitive and adapt to economic challenges.
About Build Canada
Build Canada is a public platform that releases weekly policy proposals that offer actionable ideas and practical solutions that government officials and policymakers can use to address Canada’s most pressing economic challenges such as exporting to new markets, encouraging investment via smarter policies, strengthen innovation but supporting entrepreneurs and nurturing a culture that celebrates ambition and success.
See: Tariff Trade War Hits Canada – What’s Happening
Build Canada is led by experienced entrepreneurs and business leaders who want to help Canada thrive:
- Ben Parry – Co-founder of Carbon Neutral Club
- Daniel Debow – Former Shopify executive
- Lucy Hargreaves – Public policy expert
- Melody Kuo – Business strategist
And backed by some of Canada’s top tech leaders:
- Tobi Lütke (CEO of Shopify)
- Michael Katchen (CEO of Wealthsimple)
- Ivan Zhang (CTO of Cohere)
- Andrew Graham (CEO of Borrowell)
- Daniel Eberhard (CEO of KOHO Financial)
And many more as the initiative grows...
Policy Proposals from Build Canada
The group has already published four policy proposals called 'memos', each addressing an economic or social issue:
1. A Great Nation Celebrates Its Achievements and Its Builders—So Should Canada
Encourages Canadians to take more pride in their country by recognizing and celebrating achievements in business, technology, and innovation.
- Update cultural programs to share inspiring stories of Canadian success.
- Change how funding is provided to better support entrepreneurs and creative professionals.
- Recognize business leaders who are driving Canada’s growth and making a positive impact.
The goal is to create a culture where innovation, ambition, and success are celebrated, inspiring more Canadians to build and contribute to the country’s future.
2. Build Here, Not There: Winning the Transportation Race
This proposal suggests having one set of national rules for transportation that would be managed by Transport Canada, making it easier for new technology to be approved and used across the country. Now, businesses face different rules in each province and city, which makes it harder to launch innovations like electric vehicles, self-driving cars, and drones. A single, national system would speed up approvals and help Canada become a global leader in transportation technology.
3. Great People, Greater Canada: A Talent-First Immigration Strategy
This proposal suggests changing Canada’s immigration system to focus more on bringing in highly skilled workers who can help grow the economy. The goal is to attract the best talent and business leaders to help Canada stay competitive and drive innovation. It recommends:
- Speed up visas for top graduates from the world’s best universities and Canada’s leading science, technology, engineering, math (STEM), and healthcare programs.
- Limit humanitarian immigration to 5% of the total intake to keep a balanced approach.
- Expand the start-up visa program so entrepreneurs who create jobs in Canada can get immediate residency.
4. Unlock Health Records, Save Canadian Lives
This proposal suggests fixing Canada’s disconnected health record system to make healthcare more connected, convenient, and better and more efficient for everyone, recommending:
- Create a single digital health record so patient information is easily shared between hospitals and clinics.
- Give Canadians more control over their own medical data so it's easier to switch doctors or get specialized care.
- Help doctors access full medical histories quickly in a cost effective manner to ensure better, faster treatment.
What About the Canadian SHIELD Institute?
Build Canada is launching alongside another major policy initiative recently announced, The Canadian SHIELD Institute, founded with a $10 million donation from Jim Balsillie, co-founder of the Council of Canadian Innovators, focused on:
See: How to Build Canada’s Competitiveness Amidst the Rise of an Intangibles Economy and Greater Geopolitical Complexity
- Economic sovereignty – making Canada more competitive and self-sufficient
- National security – ensuring Canada is not overly dependent on foreign technology and investments
- Tax policy reforms – creating smarter economic policies to drive innovation and growth
Outlook
As Canada navigates economic uncertainty, shifting trade relationships, and increasing global competition, waiting for government action is no longer enough. Build Canada is just getting started with more entrepreneurs and business leaders joining the initiative. Help strengthen Canada's economy, one policy at a time.
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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Disruptive Innovations Driving Global Change in 2025
Innovation | Feb 4, 2025
Image: Big Ideas 2025 Ark Invest
10 Game-Changing Technologies from ARK Invest's Big Ideas 2025
ARK Invest just dropped their annual Big Ideas 2025 report (148 page PDF) covering the disruptive tech trends that are game-changing industries and global economies. It provides insight into a lot of investment ideas backed with charts and data. Below are the highlights and compelling data points along with their fintech impact.
1. Tech Convergence is Accelerating Innovation
The interconnected fields of AI, robotics, blockchain, energy, and biotech are converging, creating new efficiencies, business models, economic growth, and investment opportunities at an unprecedented pace.
- Network density between disruptive technologies increased by 30% in the past year, accelerating cross-industry innovation.
- AI advances could push global GDP growth to 7.3% by 2030 (ARK forecast).
- Compute performance is doubling faster with 48 doublings in 2023 and a projected 64 by 2030.
2. AI Agents Are Automating Knowledge and Workflows
AI agents are changing industries by making decisions automatically, streamlining tasks, and helping people work more efficiently. These smart systems will play a big role in businesses, finance, and healthcare, as well as in everyday life as they improve customer service, digital marketing and provide automated financial advice.
See: How Real-Time Agentic AI Will Boost Fintechs
- AI software could boost global productivity by $22-$117 trillion by 2030.
- OpenAI could surpass $10 billion in revenue in 2025 (AI commercialization).
- AI managed ads could capture 54% of the $1.1 trillion digital ad market by 2030.
3. Bitcoin From Speculation to Institutional Asset
Spot Bitcoin ETF AUM Ark Invest Big Ideas 2025
Bitcoin’s evolution into a mainstream financial asset is being driven by institutional adoption, regulatory clarity, its role as a hedge against inflation, and store of wealth. ETFs and corporate adoption are solidifying its place in global finance. Bitcoin’s adoption will drive new financial products, including tokenized assets, decentralized finance (DeFi) lending, and institutional custody solutions.
- Bitcoin ETFs saw record $4 billion inflows on day one, the highest for any ETF launch.
- Bitcoin’s realized market capitalization grew by 86% in 2024, reaching an all-time high.
- Bitcoin’s supply growth dropped below gold’s for the first time post-halving.
4. Stablecoins Are Disrupting Traditional Payments
Stablecoins are changing the way money moves across borders by making payments faster, cheaper, and more efficient than traditional banks. They connect cryptocurrency with regular money, making digital payments easier, helping more people access financial services, and influencing new rules for digital currencies.
See: The Diverging Paths of CBDCs, Privacy, and Global Payments
- Stablecoin transaction value hit $15.6 trillion in 2024, surpassing Visa ($13.1T) and Mastercard ($7.8T).
- Active stablecoin wallets reached 23 million (all-time-high)
- December 2024 set new records with $270 billion in daily stablecoin volumes.
Image: Ethereum vs L2 Daily Transactions (Ark Invest, Big Ideas 2025)
5. Scaling Blockchains by Reducing Costs & Expanding Adoption
Blockchain scalability will drive growth in DeFi, NFT markets, and enterprise blockchain adoption with solutions such as Layer 2 networks, rollups, and modular architectures are significantly lowering transaction costs and increasing network efficiency. This shift is paving the way for mainstream adoption of decentralized applications.
- Ethereum L2 transactions surpassed Ethereum mainnet transactions for the first time in 2024.
- Rollups and sidechains reduced transaction fees by over 90%.
- Smart contract adoption is accelerating with billions locked in DeFi protocols.
6. Autonomous Mobility Will Reshape Cities
Autonomous vehicles (robotaxis) will reduce transportation costs, making personal car ownership less necessary, incentivize infrastructure investment and create new financing models for mobility-as-a-service platforms.
- Robotaxi cost per mile is expected to drop below $0.25 by 2030, making it significantly cheaper than traditional ride-hailing services.
- The global robotaxi market could reach $10 trillion by 2030, disrupting auto sales and public transit.
7. Autonomous Logistics is Optimizing Supply Chains
AI logistics and smart delivery systems are reducing costs and optimizing supply chain efficiency, creating opportunities in supply chain management solutions and financing of autonomous fleet operations.
See: Tariff Trade War Hits Canada – What’s Happening
- Autonomous delivery vehicles could cut last-mile logistics costs by 50% by 2030.
- AI inventory management is projected to reduce waste and improve efficiency by 30%.
- Companies deploying self-driving trucks report up to 40% reductions in fuel costs and delivery times.
8. Robots are Automating Labour & Manufacturing
Image: Humanoid Robots Debuting Globally (Ark Invest, Big Ideas 2025)
The rise of AI humanoid robots is changing labour markets and improving manufacturing efficiency. Increased automation will drive investment in robotics startups, manufacturing solutions, and AI workforce solutions.
- Industrial robotics adoption is expected to grow at a 25% CAGR through 2030.
- AI-driven humanoid robots are reaching cost parity with human labour in select industries.
- 3D printing ($180 billion by 2030) and robotic automation are reshaping supply chain resilience and production costs.
9. Energy Breakthroughs of Electrification & Decentralization
Breakthroughs in battery technology and renewable energy are reducing dependency on fossil fuels. The shift to decentralized energy creates opportunities in cleantech financing, energy trading, and carbon credit markets.
- Battery costs are projected to decline by 80% over the next decade, enabling cheaper energy storage.
- Distributed energy generation, including solar and microgrids is reshaping global energy infrastructure.
10. Next-Gen AI and the Future of AGI
AI is improving quickly and moving toward Artificial General Intelligence (AGI), which will change how decisions are made, improve risk management, and create new investment opportunities in automation.
See: Accelerating Financial Innovation and Access in Canada
- AI compute efficiency could increase 50,000 x by 2030, accelerating deep learning adoption.
- AI models are already outperforming human experts in key areas like coding and medical diagnostics.
- The AI's contribution to the global economy could reach $15.7 trillion by 2030.
Closing Outlook
The accelerated growth, convergence and adoption of emerging technologies will require new regulatory frameworks, increased infrastructure investments, and a massive shift in market development strategies. Whether it’s the mainstreaming of digital assets or the advancement of artificial intelligence the future is arriving faster than we imagined, and those who adapt will be well positioned for whatever comes next.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Canada and U.S. Agree to 30-Day Pause on Tariffs
Tariffs | Feb 3, 2025
Image: Freepik/master1305
A Window for Trade Talks - Canada and U.S. Agree to 30 Day Pause on Tariffs After Trump-Trudeau Call
The 25% tariffs on Canadian imports into the U.S. (and 10% on energy) have been temporarily paused following a phone call between U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau. The decision comes after Canada agreed to strengthen border security and take further action against fentanyl trafficking, which the U.S. cited as a key justification for the tariffs. The 30-day suspension gives both countries time to negotiate a broader economic and security agreement.
Justin Trudeau, Prime Minister of Canada shared on X:
"I just had a good call with President Trump. Canada is implementing our $1.3 billion border plan — reinforcing the border with new choppers, technology and personnel, enhanced coordination with our American partners, and increased resources to stop the flow of fentanyl. Nearly 10,000 frontline personnel are and will be working on protecting the border.
In addition, Canada is making new commitments to appoint a Fentanyl Czar, we will list cartels as terrorists, ensure 24/7 eyes on the border, launch a Canada- U.S. Joint Strike Force to combat organized crime, fentanyl and money laundering.
I have also signed a new intelligence directive on organized crime and fentanyl and we will be backing it with $200 million. Proposed tariffs will be paused for at least 30 days while we work together."
See: Tariff Trade War Hits Canada – What’s Happening
Following the agreement, Canada is temporarily suspending its planned counter-tariffs on U.S. goods. Ontario Premier Doug Ford confirmed that retaliatory tariffs would not proceed for now, advising that Canada should focus on strengthening trade ties with other partners, including China and the European Union. Ontario was set to remove U.S. alcohol from LCBO shelves Monday night. The province was also going to rip up a $100 million deal with Elon Musk’s Starlink for satellite internet service in Northern Ontario.
What Comes Next?
With a 30-day deadline, Canada must work quickly to secure a long-term resolution. The next phase of negotiations will likely center on border security measures, trade adjustments, and economic incentives to satisfy U.S. concerns without triggering further trade disruptions. If no agreement is reached within the 30-day period, the tariffs could still take effect, escalating tensions between the two countries. For now, the agreement provides relief for Canadian businesses and consumers, but the outcome remains uncertain as negotiations continue.
🇨🇦 Support Buy Canadian Initiatives!
We're all consumers. Here are just a few links you may be interested in. Do your research and make the right choice and support/buy Canadian 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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May 14-16: Join NCFA at Consensus Toronto 2025!
Conference | Jan 31, 2025
Join Us at Consensus Toronto 2025 – The Premier Blockchain, AI & Web3 Event!
We’re excited to announce that NCFA is a Community Partner for Consensus Toronto 2025, the premier global conference for blockchain, AI, Web3, and digital assets hosted by Coindesk. The flagship event is happening May 14-16, 2025, in Toronto Canada, and is anticipating 15,000+ industry leaders, investors, developers, policymakers, and visionaries to explore the most pressing topics and innovations driving the future of technology and finance.
See: SEC Launches Crypto 2.0 Task Force Led by ‘Crypto Mom’
With world class speakers, innovative showcases, hackathon and awesome networking, Consensus Toronto promises to be an unparalleled opportunity for companies and innovators looking to get ahead in the world of crypto and digital finance. Attendees will gain exclusive insights into Bitcoin, Ethereum, DeFi, NFTs, DAOs, metaverse advancements, AI integration, regulatory developments, and investment strategies. The conference also features workshops, side events, and investor meetups, making it a great platform for forging connections and discovering new opportunities in the blockchain and emerging tech space. .
Why Attend?
✅ Connect with 15,000+ industry leaders, developers, and visionaries
✅ Explore cutting-edge advancements in blockchain, AI, and decentralized finance
✅ Network at exclusive side events and investor meetups
✅ Gain insights from leading speakers shaping the future of tech
Exclusive Discount for NCFA's Community
This is the last chance to take advantage of early discounts. Take advantage of our 15% discount before ticket prices go up!
How to Claim Deal
🔗 Register now: https://go.coindesk.com/NCFA
💰 Use promo code: NCFACANADA15 at checkout
Don’t miss this opportunity to be part of the conversation that’s driving the future of digital innovation. Secure your tickets today! 🚀
📢 Tag us and let us know if you’re attending! #ConsensusTO #NCFACanada
📲 Follow @consensus2025 and @NCFACanada on X and @Coindesk on LinkedIn for updates!
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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Trump Media’s Patriot Economy Expands into Fintech
Fintech | Jan 31, 2025
Image: TMTG website
Trump Media Launches into Financial Services with Truth.Fi Brand
On Jan 29 2025, Trump Media & Technology Group (TMTG, operator of Truth Social and Truth+) announced an expansion into financial services under a brand new fintech platform called Truth.Fi to provide alternative investment options to people in the 'patriot economy' or that want to align with America-first philosophy and opportunities outside of big tech or Wall Street.
What’s the Plan?
According to the release, the TMTG board has approved an initial investment of up to $250 million from its $700 million cash treasury. The funds will be custodied by Charles Schwab and split into various accounts including (1) exchange traded funds; (2) separately managed accounts; and (3) Bitcoin and digital assets. An affiliate of Yorkville Advisors will be the Registered Investment Advisor on record and advise on investments and strategy likely focused on U.S. growth, manufacturing, and energy related companies aligned with the patriot economy.
See: Trump Signs New Order for Crypto Rules, Bans CBDCs, Eyes Asset Reserve
Devin Nunes, TMTG CEO and Chairman:
"We look forward to launching Truth.Fi, introducing TMTG's investment vehicles, and unlocking synergies. Truth.Fi is a natural expansion of the Truth Social movement. We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we're moving into investment products and decentralized finance. Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations."
Isn't Musk Doing the Same Thing: Fintech Frenemies?
This isn’t happening in a vacuum. Elon Musk’s X is also expanding into finance and on the same day as Truth.Fi launched, Linda Yaccarino the CEO of X announced that X Money digital wallet will launch later in 2025 in partnership with Visa Direct who will allow American users to fund, send payments, tip creators and eventually make purchases directly in the app. It's part of Musk's bigger, longer term vision of turning X into a super app, kind of like WeChat but for global users.
So are Truth.Fi and X Money on a collision course?
Maybe (but not immediately). Truth.Fi is focused on investments and wealth creation while X money is targeting real time global payments. Having said that, with crypto, financial independence, free speech, and alternative finance as overlapping themes between the two models, there's bound to be crossover at one point so expect some deals and/or fireworks and the possibility of real competition in the longer term.
What About Energy Policy?
This is an obvious wrinkle given Trump's energy policies currently who are pushing for more oil and fossil fuel production 'drill baby drill' and deregulation, which contrasts with Musk's Tesla model built on the promise of a renewable future.
See: Musk Challenges Funding for Trump’s AI Stargate Initiative
Tesla's sales have been struggling lately due to rising competition and higher interest rates aren't helping either. If Trump applies 25% tariffs on Canada's oil exports then gas prices will be more expensive for Americans, making EVs more attractive causing friction. On the other hand, if Trump manages to lower gas prices then EVs will become less attractive.
Outlook
Trump Media is looking to build an altfi ecosystem that aligns with its worldview. If Truth.Fi works, it could change how groups of the population invest but there will no doubt be roadblocks from regulators and competition from incumbent financial players. Meanwhile, Musk is walking a tight rope working within the Trump administration while also running his various global companies X, Tesla and SpaceX, each with their own agenda. Fintech, media, egos, ambition, and politics collide.
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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Digital Finance Insights from FCAC’s New Commissioner
FCAC | Jan 30, 2025
Image: Shereen Benzvy Miller New FCAC Commissioner
FCAC Welcomes Shereen Benzvy Miller as New FCAC Commissioner
The government of Canada recently appointed Shereen Benzvy Miller as its new Commissioner of the The Financial Consumer Agency of Canada (FCAC), effective November 7, 2024 for a 5 year term (succeeding Werner Liedtke, interim Commissioner). Benzvy Miller brings a wealth of experience with over two decades of public service leadership in human rights advocacy, regulatory oversight, and digital service innovation in her roles as Senior Assistant Deputy Minister of Service Innovation at Shared Services Canada and Deputy Chair of Refugee Protection at the Immigration and Refugee Board of Canada and various other leadership roles.
See: Overcoming Barriers to Growth in Financial Regulation
The FCAC recently published an interview with Benzvy Miller offering insight into her driving mission, approach, and challenge ahead at the FCAC for the next several years. One that seeks to ensure Canada's financial sector continues to be fair, transparent and consumer-focused.
Protecting Consumers in a Digital Finance World
"The way that you create trust in the financial system is to make people feel seen, understood and respected."
To build trust in finance, fintech companies need to make sure people feel valued and are treated fairly. Financial services and the processes, transactions, and fees should be transparent, secure, and personalized. Digital banks and fintechs need to implement robust security and data protection while offering clear pricing and user-friendly services to reduce uncertainty.
"Financial literacy for children has to involve more than identifying different currencies, because most children may never see currency in their hands. Money will not be a tactile thing for today’s generation."
Earning trust is more than just security, it's also about education and financial literacy. By providing digital tools and addressing financial literacy challenges, fintechs can help consumers to manage their finances in modern times whether that be through AI powered advisors, budget tracking apps, or blockchain security, fintechs who protect and empower consumers to improve their financial literacy and informed decisions are well aligned with the FCAC's mission. Recognizing that younger generations primarily interact with digital money, fintechs have an important responsibility to create innovations that serve all Canadians and just a select few.
Balancing Innovation with Consumer Protection
"A financial service provider, whether it’s a bank or a fintech, needs to put the consumer at the centre for all the services that it offers. This kind of consumer protection is not a 'nice to have."
Benzvy Miller emphasizes the need for a consumer-first approach where financial services must be designed to protect individuals. Companies that are working in areas like fair lending, or privacy-first digital banking, and even ethical AI are establishing new standards for responsible innovation. For fintechs, balancing innovation with regulation means finding ways to introduce new products while ensuring consumer protection. Startups and scale-ups should work closely with regulators to design solutions that are innovative, adaptable, and secure, or consumer-centric solutions that improve accessibility and affordability.
See: Lessons for Canada from Global Leaders in Regulation
Benzvy Miller also acknowledges the growing role of fintech, digital banking, and alternative finance in how it's improving Canada's economy. While she supports innovation, the sweet spot is the need for balanced regulations that protect consumers without stifling progress.
Consumer-Driven Banking and Open Banking Initiatives
"I will want Canadians to make sure they fully understand what it means to own and control their financial information and who to share it with, to ensure that the actors that they're engaging with and agreeing to give their information to are not bad actors."
A major focus of Benzvy Miller’s tenure as the new FCAC Commissioner will be overseeing Canada’s Consumer-Driven Banking Framework, otherwise known as open banking. This framework will enable Canadians to securely access and share their financial data with trusted financial technology companies, increasing competition and improving financial services and choice for consumers.
See: FCAC Embraces New Role in Canadian Consumer Banking
Based on experience from other jurisdictions that have successfully implemented open banking such as in the UK, open banking also fosters financial transparency and empowers consumers. It's fintechs that are creating seamless integrations with banks and other financial institutions to offer better financial planning and more competitive financial services to the every day consumer.
It was announced in the 2024 federal budget that open banking it Canada would be delayed until 2026, to the dismay of industry who have been waiting for years for the initiative to be realized but with the appointment of the Benzvy Miller there's hope that the FCAC can finalize the implementation and oversight framework on this new timeline without any further delays or risks to the project.
Why This Matters for NCFA and Fintech Innovators
"Collaboration is key. By working together, regulators, industry leaders, and consumer advocates can build a financial system that works for everyone."
Benzvy Miller is expected to work closely with fintech leaders, regulators, and consumer advocacy groups to create policies that protect consumers while also embracing digital innovation. Her role in shaping how Canada’s financial system adapts to emerging technologies from consumer-driven banking to the implementation of AI is highly significant for the future of fintech regulation in Canada.
See: Insights from the UK’s Pro-Innovation Regulation Review
The National Crowdfunding & Fintech Association of Canada (NCFA) has advocated for many many years for a progressive regulatory environment that supports innovation while also protecting consumers and fostering trust. Based on her interview, Benzvy Miller's vision aligns pretty well with NCFA's mission and we will continue monitor and provide updates on how these developments impact the industry.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Canada’s AI Competition Report Faces Big Tech Challenges
AI | Jan 27, 2025
Image courtesy of Freepik AI
Canada’s AI and Competition Report Shows Big Tech, Big Challenges, and Big Questions
On January 27, 2025 the Competition Bureau of Canada published the results of its consultation on artificial intelligence (AI) and competition on March 20 based on inputs from 28 stakeholders from global tech firms to startups, academics and consumer advocacy groups, outlining key issues and opportunities of AI in Canada. The findings highlight a pressing need for Canada to balance innovation with fair competition.
Key Feedback from the Consultation
Stakeholders agree that AI is a game-changer in business, forging innovation in sectors like finance, healthcare, and transportation, and opening up endless possibilities but it also brings real challenges that Canada needs to address head on. AI relies on access to high quality data, compute power and specialized expertise making it challenging for smaller businesses to enter the space or compete.
Big Tech Dominance
Perhaps the biggest concern is the dominance of AI by a handful of large big tech companies like Google, Amazon and Microsoft who control most of the AI infrastructure like data centers, supercomputers and AI chips. This concentration of power isn't new to Canada who is fine with a handful of large banks controlling the majority of the country's financial assets. While Canada has many AI players such as Cohere (Canadian government invested $240 million), Element AI (sold to ServiceNow in U.S.), Waabi, Peak Power, Tenstorrent, Deep Genomics (see CVCA post on growth of Canadian AI by investment mapped), and is recognized for its strong AI research leaders, they do not necessarily operate at the same scale as the likes of big U.S. or Chinese tech companies like OpenAI or Google. As with all forms of high concentration of power, it creates significant barriers for innovative startups and smaller firms to access the resources to train and deploy competitive AI models, however this could change with DeepSeek's disruption. Will Canadian AI firms be able to compete effectively globally, if they are dwarfed in size by their competitor's resources.
See: CMA Flags Big Tech’s Tightening Hold on AI Markets
Large players could also control the AI supply chain by not allowing smaller competitors to access the infrastructure and tech needed to develop AI systems. Exclusive partnership agreements could also adversely impact competition. Could large players shut off access to critical AI inputs in a type of tariff trade war?
Last December 2024, the Canadian government announced the Canadian Sovereign AI Compute Strategy, a $2 billion investment over 5 years aimed at reducing the reliance on foreign tech giants and strengthen Canada's AI infrastructure but will it be enough when the U.S. has launched a $500 billion Stargate AI infrastructure project?
Other AI Risks Flagged
AI tools such as algorithmic pricing can unintentionally lead to anti competitive practices, when for example, a system automatically adjusts prices to align with competitors - price collusion that's hard to detect and regulate.
The report talks about accountability when AI systems become more autonomous and complex, who is responsible for the outcome of their decisions. While not a new point, the risk is a legal and ethical challenge where AI generates biased or harmful decisions. Think for example a loan approval of auto hiring process.
See: How AI Is Evolving Finance, Security, and Global Economies
Another major concern of course is the distribution of misinformation and rise of fake AI generated content like deepfakes, fake reviews etc that mislead consumers, damage trust, and give unscrupulous businesses an unfair/unethical business advantage.
Overview of Recommendations
The recommendations in the report are quite high level and scattered throughout the report but here they are in a simple format.
- Legislation should be tech neutral
- Conduct comprehensive market studies to better understand how AI will impact competition (i.e. AI's impact on payments, global regulatory standards)
- Promote fair competition and reduce barriers (ensure equitable access to data for startups and SMEs, invest in compute resources to reduce reliance on foreign tech, foster partnerships between large and small players to prevent incumbents from dominating, support SMEs with incentives like grants and tax credits)
- Ensure transparency and consumer protection (may need to strengthen existing laws)
See: OpenAI’s U.S. Economic Blueprint and Takeaways for Canada
- Develop ethical and inclusive AI practices (encourage open source tools, prioritize societal values, privacy, fairness, prevent bias and discrimination)
- Collaborate globally with regulators like the UK's CMA, U.S.'s FTC and EU to harmonize AI policies and standards
- Define AI consistently across policies
- Continue stakeholder engagement
The consultation makes one thing clear. AI offers enormous potential for Canada but its benefits won’t be evenly shared unless Canada takes deliberate and strategic action.
A Few Questions About Competition and the Future of Canada's AI Strategy
- What changes are needed to Canada’s Competition Act to address issues like AI price fixing and monopolies?
- How can the government create fair rules for data sharing without holding back private sector innovation?
- Can Canada lead globally by focusing on ethical or responsible AI to stay competitive?
- How can open source AI tools be improved and supported to make it easier for small businesses to compete?
- What steps can Canada take to protect its AI infrastructure from global political risks and supply chain problems?
See:
Davos 2025 Themes and Takeaways for Fintech
Implications of Meta’s Fact-Checking Exit
Elon Musk’s X Challenges California’s Deepfake Law
- What new funding options beyond grants and tax credits could help startups afford access to computing power and data?
- What safeguards are needed to stop AI deepfake scams and harmful decisions made by biased algorithms?
- How can Canada hold companies accountable when their AI systems discriminate in areas like hiring or lending?
- How can Canada stop its top AI talent from leaving the country to work for global tech giants?
- What tools will Canada use to measure the success of its AI strategy in driving innovation, fairness, and trust?
Outlook
The Competition Bureau’s AI and competition consultation report stressed the importance for Canada to address big tech dominance, support Canadian innovation, and ensure fairness in the AI market. The Canadian Sovereign AI Compute Strategy is promising but must come with robust policies, global collaboration, and targeted investments to level the playing field.
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