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
Can Privacy and Financial Regulation Co-exist?
Research | Sep 7, 2023
Image: Unsplash/Jason Dent
As businesses and consumers alike grapple with the implications of a transparent digital world, the question arises: Can privacy and financial regulation truly co-exist? Recent developments in the blockchain sphere suggest a promising answer.
Blockchain, the technology underpinning cryptocurrencies like Bitcoin and Ethereum, is inherently transparent. Every transaction is recorded on a public ledger, accessible to anyone. While this transparency is lauded for its ability to reduce fraud and increase trust, it poses significant privacy concerns. Imagine making a purchase and having the entire world privy to it. Not ideal, right?
Ethereum co-founder Vitalik Buterin, along with a team of researchers, recently introduced a concept called "Privacy Pools" in a research paper. This novel protocol aims to enhance transactional privacy on the blockchain while ensuring regulatory compliance.
See: Tornado Cash Founders Charged in Billion-Dollar Cryptocurrency Laundering Scheme
The core idea? Allow users to publish a zero-knowledge proof that showcases the origin (or lack thereof) of their funds from specific sources without revealing their entire transaction history. In simpler terms, it's like proving you have a $100 bill in your wallet without showing every other item inside.
It's On The Horizon
The co-existence of privacy and financial regulation is not just a possibility; it's on the horizon. Innovations like Privacy Pools are paving the way for a future where businesses can offer consumers the privacy they desire while operating within regulatory frameworks
Download the 10 page PDF paper --> 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, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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The Hub OpEd: The Online News Act is Flawed
OpEd | Sep 5, 2023
Image: Unsplash/Austin Distel
In a compelling op-ed by The Hub, the Trudeau government's recent draft regulations for the Online News Act, Bill C-18, are scrutinized. The regulations aim to ensure tech giants like Google and Meta compensate Canadian news media organizations, but the underlying assumptions and approach of the legislation raise significant concerns.
The regulations, designed to clarify the implementation of the legislation, are based on flawed assumptions. They attempt to dictate the intricacies of business-to-business relationships, turning private companies into instruments of public policy. This has significant implications for policy outcomes, public accountability, and market functioning.
The government's stance is that challenges in journalism indicate a market failure requiring policy intervention. However, the Online News Act outsources the implementation of this policy to private platforms, determining which media organizations should receive financial support, which is a questionable approach.
See: Are we headed towards Meta-Banking?
The proposed funding formula for supporting journalism is convoluted. It ties the compensation from tech giants to their global revenues and Canada's share of global GDP, rather than focusing on their Canadian revenues and the journalism sector's share of Canada's GDP. This approach seems to double the level of public subsidies to media organizations without a clear rationale.
While there's a genuine concern about supporting news journalism, especially at the local level, the current approach of the Online News Act is circuitous and flawed. A direct government intervention, transparent and accountable, might be a more effective solution to address the challenges faced by the journalism industry in Canada.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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The 15th BRICS Summit: A New Chapter in Global Dynamics
News | Aug 28, 2023
The 15th BRICS Summit marked a significant milestone in the history of the organization, which consists of Brazil, Russia, India, China, and South Africa, and 6 new invitees
- The summit was not just another meeting but a transformative event that could reshape global geopolitics. The key highlight was the expansion of BRICS, inviting 6 new members to join the bloc. This move aims to strengthen the organization's global influence and diversify its economic and political reach.
- The BRICS nations originally came together in the late 2000s to coalesce around issues of finance, development, and trade. The bloc now symbolizes one side of the ledger in a world of strategic rivalry and growing multipolarity. The table below compares 'Founding Members' and 'New Invitee' members, largely emerging economies, across a variety of trade and global metrics drawn from Visual Capitalist's - Bric's expansion in 4 charts:
| # | Country | BRICS Position | Continent | Population | GDP (USD billions) | Oil Production (Thousand Barrels per Day) | Exports (USD billions) |
| 1 | India | Founding | Asia | 1,428,627,663 | $3,737 | 737 | 453 |
| 2 | China | Founding | Asia | 1,425,671,352 | $19,374 | 4,111 | 3,594 |
| 3 | Brazil | Founding | South America | 216,422,446 | $2,081 | 3,107 | 334 |
| 4 | Russia | Founding | Europe/Asia | 144,444,359 | $2,063 | 11,202 | 532 |
| 5 | South Africa | Founding | Africa | 60,414,495 | $399 | 0 | 123 |
| 6 | Ethiopia | New Invitee | Africa | 126,527,060 | $156 | 0 | 3.9 |
| 7 | Egypt | New Invitee | Africa | 112,716,598 | $387 | 613 | 49 |
| 8 | Iran | New Invitee | Asia | 89,172,767 | $368 | 3,822 | 73 |
| 9 | Argentina | New Invitee | South America | 45,773,884 | $641 | 706 | 88 |
| 10 | Saudi Arabia | New Invitee | Asia | 36,947,025 | $1,062 | 12,136 | 410 |
| 11 | UAE | New Invitee | Asia | 9,516,871 | $499 | 4,020 | 599 |
Now you've seen the table, here's the corresponding visual
Image: Visual Capitalist BRICS expansion in 4 charts
So what are the value propositions of some key BRICs members?
- China's Position: The expansion was seen as a victory for China’s leader, Xi Jinping, who strongly advocated for the rapid addition of new members.
- India's Concerns: Prime Minister Narendra Modi of India expressed reservations about adding nations close to Beijing, given the existing border disputes and potential adversarial relations between India and China.
- Iran's Perspective: Mohammad Jamshidi, Iran’s vice president for politics, termed the invitation to join BRICS as a “historic achievement and a strategic victory.” With the world’s second-largest gas reserves and significant oil reserves, Iran's inclusion in BRICS is seen as a move to strengthen its ties with non-Western powers. This could potentially increase geopolitical tensions with the West.
See: The Trifecta of India’s Digital Transformation is Turning Heads Globally
- Saudi Arabia's Stance: Speaking at the summit, the Saudi foreign minister, Prince Faisal bin Farhan, emphasized the shared belief in “respecting the independence and sovereignty of states, and not interfering in their affairs.” Their inclusion is likely to bolster the bloc's influence, especially in challenging the U.S.-dominated world order. However, he indicated that Saudi Arabia had not yet decided on joining BRICS.
- Argentina: Facing one of its worst financial crises, Argentina views BRICS membership as an economic opportunity.
- Egypt: With growing trade ties with China and a strong relationship with Russia, Egypt's inclusion in BRICS could help it diversify its economic partnerships.
- Ethiopia: After two years of civil war, Ethiopia sees BRICS as an opportunity to rebuild and strengthen its international ties.
Key Takeaways from the Summit, and next steps
- The BRICS (Brazil, Russia, India, China, and South Africa) summit in Johannesburg is pivotal for the bloc's future direction. Over 40 countries have applied to join, but there's division among the current members.
- The summit isn't formally discussing "de-dollarization," but many BRICS countries are keen on reducing dependence on the U.S. dollar. The BRICS bank already lends in Chinese yuan and has announced plans to lend in South African and Brazilian currencies.
- The BRICS nations represent a significant portion of global emerging markets. They initially came together to focus on finance, development, and trade. Now, they symbolize a side in the global strategic rivalry, with the G7 on the opposing side.
See: Deloitte: 2023 Banking and Capital Markets Outlook | ‘A new global economic order seems imminent’
- The expansion of BRICS is a major theme of the summit. Membership offers benefits like financing from the New Development Bank. However, the expansion could also lead to challenges in decision-making due to the consensus-based approach of the bloc.
- The U.S. needs to monitor the evolution of BRICS closely. Engaging with friends like India and South Africa is crucial to ensure the bloc doesn't lean towards an anti-Western alignment. The U.S. should consider remaking the current multilateral order to address global concerns.
- The U.S. should foster robust engagements with BRICS countries, especially those like India and South Africa, to ensure a balanced trajectory for the bloc.
- Washington should not overly rely on minilateral diplomacy and should engage even with adversaries in larger platforms to collaboratively address global challenges.
Unequal Partnership?
When South Africa’s president Cyril Ramaphosa announced the expansion of BRICS in a media briefing at the end of last week’s summit in Johannesburg, South Africa, he described the bloc as "an equal partnership of countries that have differing views but have a shared vision for a better world." However, China's overwhelming economic dominance, being two and a half times larger than India's economy and surpassing the combined GDP of the other nine members, raises questions about the true balance of power within the bloc.
Amidst this backdrop, a Pew Research Group survey reveals skepticism about China's global role, with many BRICS partners doubting China's consideration of their national interests in international policies.
In conclusion
The 15th BRICS Summit has undeniably ushered in a new era of global dynamics, expanding its horizons and solidifying its stance on the world stage. While the inclusion of new members promises to amplify the bloc's global influence, it also brings forth challenges, especially considering the economic disparities within the group. China's pronounced economic clout within BRICS raises pertinent questions about the equilibrium of power and decision-making.
See: IMF Working on Global CBDC Platform to Revolutionize Global Remittances and Trade
As nations come together under the BRICS umbrella, striving for a shared vision of a better world, it's imperative for the international community, especially the U.S., to engage proactively and constructively. The evolving landscape of BRICS offers both opportunities and challenges, and how these are navigated will shape the future of global geopolitics.
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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Comparing FCC and FTC Approaches to Regulating AI in the US
Regulation | Aug 23, 2023
Image: Unsplash/Mohamed Nohassi
The rise of AI, highlighted by OpenAI's ChatGPT, has prompted federal entities like the FCC and FTC to address its impact, though their regulatory strategies vary.
Artificial Intelligence (AI) has taken center stage in recent technological discussions. As AI continues to shape the future of technology, federal bodies like the FCC and FTC are stepping up to address its implications. Their approaches, however, differ significantly. Let's delve into the regulatory strategies of these two entities.
FCC's Collaborative Stance on AI
- The FCC's Technological Advisory Council has been proactive in understanding AI. They've recommended the formation of an AI task force and emphasized studying spectrum usage to harness AI's capabilities.
- In a joint effort with the National Science Foundation, the FCC explored the challenges and opportunities AI presents for communication networks.
- The FCC's recent Notice of Inquiry highlights the revolutionary insights AI can offer in managing spectrum usage, paving the way for innovations like spectrum self-healing.
- Chairwoman Rosenworcel has expressed optimism about the future of AI: “From my perch as the head of our Nation’s expert agency on communications, I can’t help but be an optimist about the future of AI . . . machine learning can provide insights that help better understand network usage, support greater spectrum efficiency, and improve resiliency by making it possible to heal networks on their own.”
See: The Use and Regulation of Artificial Intelligence: When AI Meets Consumer Duty
From the FCC's approach towards AI regulation, we learn the significance of embracing emerging technologies with a forward-thinking mindset. The FCC's collaborative stance, characterized by stakeholder engagement and proactive initiatives, underscores the importance of harnessing the potential of AI. By conducting workshops, forming advisory councils, and exploring AI's capabilities, especially in spectrum management, the FCC exemplifies the value of adaptability and the benefits of integrating innovation into regulatory frameworks.
FTC's Cautious Approach to AI
- The FTC has been vocal about its concerns, especially regarding AI's role in producing potentially illegal or deceptive content. Their report on AI's role in online harms underscores the need for human oversight and transparency, and focuses on consumer protection.
- Through blog posts, the FTC has increased public awareness and highlighted deceptive content produced by AI and the misleading use of the term "artificial intelligence" in marketing.
- The FTC isn't just stopping at words. They've initiated enforcement actions against AI entities, with a notable investigation into OpenAI for potential consumer protection law violations.
See: The Formation of the Canadian Digital Regulators Forum and its Impact on the Digital Economy and Consumer Privacy
On the other hand, the FTC's approach offers insights into the critical role of consumer protection in the face of rapid technological advancements. Adopting a more cautious and reactive stance, the FTC emphasizes the need for transparency, public awareness, and oversight in AI applications. Their focus on addressing potential harms, ensuring accountability, and maintaining public trust highlights the challenges of regulating a nascent industry and the importance of safeguarding public interests while navigating uncharted territories.
In Conclusion
AI's rapid evolution demands a regulatory response. While the FCC leans towards collaboration and understanding AI's potential, the FTC adopts a more cautious stance, emphasizing consumer protection. As AI integrates deeper into our daily lives, the regulatory landscape will undoubtedly continue to evolve.
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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Behind the Delays and Push to Modernize Canada’s Banking and Payment System
OpEd Analysis | Aug 23, 2023
Image: Unsplash/Parker Johnson
In a recent op-ed piece from The Globe and Mail, authors David Dodge and Bob Fay shed light on Canada's outdated banking and payments system.
Highlighting the inefficiencies and delays faced by consumers, they emphasize the urgent need for modernization. Drawing comparisons with other nations that have successfully implemented real-time payment systems, the article underscores the potential benefits for both consumers and businesses in Canada. Amidst the backdrop of high transaction fees and a rapidly evolving digital economy, the authors call for a comprehensive overhaul of the country's financial infrastructure.
Current System Limitations
- In Canada, daily transactions such as moving money between accounts or paying bills online can cause extensive delays due to the involvement of multiple parties and platforms.
- Transactions like paying for coffee with a debit or credit card seem quick, but they rely on outdated financial infrastructure. This results in credit-card processing fees that may be passed on to consumers.
Need for Modernization
See: How the Big Five Banks Control Canada’s Payment Systems
- Canada's delay in implementing a modern, national real-time payments system is costly for consumers.
- A modern system would allow immediate exchange, clearing, and settlement of payments. It would also be more secure, available 24/7, and have lower usage costs.
- Such a system would also allow for more information to be shared with the payment, which could drive competition and innovations in the Canadian economy.
Government Has Known for a Over a Decade
- A report from 2011 warned that Canada needed a modern digital payments system to engage in the digital economy of the 21st century. Despite this, Canada is still lagging behind.
- Payments Canada's Real-Time RAIL payments system faced significant delays, risking it being outdated by the time it's implemented.
- Other countries, like Brazil, India, and the US, have already implemented new real-time payments systems.
Canada's Delay is Attributed to a Lack of Political Will, Regulatory Challenges, and Incumbent Interests
- Canadians and small businesses face high fees, some of the highest in the world, every time they make a payment.
- Canada has the opportunity and talent to build a modern payments system. This requires a comprehensive vision, updated policies, and investments in cybersecurity and network resilience.
Takeways from the Article Comments
There is no shortage of comments on the piece. Summarized below are some key takeaways this far, which provides a more diverse range of perspectives:
- The Single Euro Payments Area (SEPA) is indeed a great example of how a unified payment system can facilitate business and reduce costs. It's a model that other regions could potentially adopt.
See: FinTech Executives Disappointed with Budget 2023’s Lack of Open Banking Update, Raising Doubts on Delivery Timeline
- The mention of COBOL applications highlights the challenge of modernizing legacy systems. These older legacy technologies can be a bottleneck for innovation and efficiency.
- The skepticism towards big banks "playing nice" is a concern shared by many. Financial institutions have a vested interest in maintaining their market share and may not be quick to adopt systems that could disrupt their revenue streams.
- The point about businesses benefiting more than consumers from reduced fees is valid. There's no guarantee that businesses will pass on the savings to consumers, as illustrated by the "bag and cup fee" example in Vancouver.
- The issue of hidden fees and lack of transparency is a significant consumer protection concern. It's something that regulatory bodies need to address.
- The delay in processing payments, especially during weekends and holidays, is another area that needs improvement. Real-time processing should be a standard feature of a modern payment system.
- The need for real-time compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations is crucial. Delays in such compliance checks can have serious consequences, as you mentioned with purchasing a house.
- Lastly, consumer awareness and advocacy can play a significant role in pushing for these changes. The more people voice their concerns and demand better services, the more likely institutions are to listen.
Read: Vass Bednar: Canada’s Glaring Banking Protections Gap and Implications for Consumers and Fintechs
The overarching theme is that while technological solutions exist to modernize payment systems and make them more efficient and consumer-friendly, there are various hurdles—be it legacy systems, vested interests, or regulatory challenges—that need to be overcome.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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The Customer’s Voice: Harnessing Feedback for Continuous Improvement
Aug 18, 2023
Image: Unsplash/Jon Tyson
The Customer's Voice: Harnessing Feedback for Continuous Improvement
In the ever-evolving landscape of business, one aspect remains constant: the customer is at the heart of every successful endeavor. While products and services may change, customer advocacy and loyalty remain the ultimate goals. To achieve these objectives, businesses must pay keen attention to the customer's voice, leveraging their feedback to drive continuous improvement. This article delves into the various dimensions of customer feedback and how it can be harnessed to propel business growth.
The Value of Customer Feedback for Business Growth: Understanding the Importance of Customer Feedback in Driving Improvement
Customer feedback is a guiding light, illuminating the path toward business growth. It's a powerful tool that provides insights into the minds of consumers, offering an unfiltered view of their experiences. By listening actively to customer opinions and concerns, businesses can enhance their offerings, resolve pain points, and foster brand loyalty. Customer advocacy and loyalty marketing stem from the belief that a brand genuinely cares about its customers' experiences and values their input.
Effective Feedback Collection Methods: Strategies for Gathering Feedback from Customers
Gathering customer feedback is a pivotal driver of business growth, underpinned by highly effective methodologies. Online surveys, feedback forms, and active social media engagement have emerged as prominent avenues for collecting customer insights in this digital age. These customer loyalty program offer seamless data collection and the potential to connect with a diverse and extensive audience.
What's even more transformative is the advent of customer advocacy software, fundamentally reshaping how feedback is gathered and utilized. This innovative technology streamlines the feedback acquisition process, providing businesses with sophisticated analytics that unveil deep-seated patterns and trends within customer responses.
The beauty of these tools lies in their ability to convert raw data into actionable insights. These insights, rooted in the collective voice of the customers, serve as a compass guiding businesses toward meaningful enhancements. By infusing customer input into their operations, companies can refine their products and services to fit consumer loyalty needs and preferences. Consequently, this synergy between feedback and refinement bolsters customer satisfaction, loyalty, and advocacy as businesses demonstrate a genuine willingness to listen and respond to their customers. A virtuous cycle of trust and reciprocity flourishes, creating a resilient bond between brand and consumer.
The Power of Active Listening: Techniques for Actively Listening to and Understanding Customer Feedback
Collecting feedback is only the starting point; active listening is the linchpin for comprehending the customer's viewpoint. It transcends a surface-level scan of feedback forms. Active listening necessitates immersing oneself in the customers' concealed emotions and sentiments. This requires empathy and the capacity to relate to customers' encounters genuinely.
By assuming their perspective, businesses can uncover priceless revelations that propel their enhancement endeavors. This strategy bolsters customer advocacy and equips businesses to fine-tune their offerings to harmonize with customer requirements. As this approach becomes ingrained, it nurtures a reciprocal relationship where businesses effectively heed their customers, fostering trust and mutual loyalty.
Analyzing Customer Feedback Data: Extracting Valuable Insights from Feedback Data
Once feedback is collected, the next step is to analyze the data. This involves identifying trends, patterns, and recurring issues that customers highlight. Modern technology, such as sentiment analysis tools, can aid in this process by categorizing feedback into positive, negative, or neutral sentiments. By deciphering the sentiment behind the types of loyalty programs, businesses can prioritize areas that require attention and track their progress over time.
Identifying Key Areas for Improvement: Pinpointing Areas of Your Business that Can Benefit from Customer Feedback
Customer feedback acts as a navigational guide, spotlighting areas primed for enhancement:
- Holistic Insight: Customer input illuminates diverse facets of the business, from product offerings to service provisions.
- Informed Refinement: Every customer touchpoint, product quality, or customer service can be honed with insights.
- Enhanced Experiences: Incorporating feedback leads to heightened customer experiences, reflecting a responsive approach.
- Addressing Concerns: Demonstrating commitment, businesses earnestly tackle concerns raised by customers.
- Loyalty and Advocacy: Proactive responsiveness fosters allegiance and advocacy among customers, strengthening relationships.
By valuing and integrating customer feedback, businesses embark on a transformative journey that not only sharpens their operations but also nurtures lasting bonds with their customer base.
Closing the Feedback Loop: How to Respond to Customer Feedback and Communicate Improvements
Feedback shouldn't be a one-way street. Closing the feedback loop involves acknowledging customer input, communicating the steps to address concerns, and showing appreciation for their contribution. This fosters customer advocacy and strengthens the bond between the business and its clientele. Businesses can showcase their dedication to meeting customer needs by openly sharing progress and improvements.
Using Feedback for Product and Service Development: Leveraging Customer Input to Enhance Offerings
One of the most potent ways to harness customer feedback is by using it as a product and service development catalyst. This proactive approach ensures that offerings align with customer desires and expectations. By involving customers in the ideation and development phases, businesses can create products and services that resonate deeper, building customer loyalty through tailored experiences.
Customer Feedback and Employee Training: Using Feedback to Improve Employee Performance
Frontline staff interactions play a pivotal role in shaping the customer experience. Customer feedback often highlights instances of exemplary service or areas that need improvement. By using feedback as a training tool, businesses can consistently equip their employees with the skills and knowledge to provide exceptional service. This enhances customer satisfaction and strengthens customer advocacy, as positive interactions create lasting impressions.
Empowering Frontline Staff with Customer Insights: Involving Employees in the Feedback Process
Empowering employees with customer insights transforms them into advocates for the brand. By sharing feedback with frontline staff, businesses enable them to understand customer needs and concerns firsthand. This knowledge equips employees to tailor their interactions, anticipate customer needs, and provide solutions that align with customer expectations. This cycle of understanding and action further nurtures customer loyalty and advocacy.
See: A Litmus Test for the Future of Branded NFTs: Starbucks new Web3 Loyalty Program
In conclusion, customer feedback is the cornerstone of growth, serving as a compass that guides businesses toward improvement and success. By embracing feedback collection methods, actively listening to customers, analyzing data, and involving employees, businesses can create a virtuous cycle of continuous improvement. This journey fosters customer advocacy meaning and loyalty and propels the brand towards lasting success in the competitive market.
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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AOIP Advocates for Enhanced Capital Formation and Investment Opportunities for SMEs
Capital Markets Advocacy | Aug 9, 2023
The Association of Online Investment Platforms (AOIP) has formally addressed Congress by sending a letter to Congressman Patrick McHenry, emphasizing the significance of the Jumpstart our Business Startups Act of 2023.
AOIP, an advocacy group in the United States, champions the cause of both private firms seeking growth capital and smaller investors aiming for private market access. The group acknowledges the positive impact of the JOBS Act since 2012 but expresses concerns over potential regulatory challenges that may hinder capital access for a broader audience.
See: Fintech Fridays EP57: 10 Years of Investment Crowdfunding: Past, Present & Future Since the JOBS Act
Who are the AOIP?
The Association of Online Investment Platforms (AOIP) is an advocacy group with a mandate that revolves around fostering a conducive environment for online investments, supporting SMEs, and ensuring that regulatory frameworks are balanced to promote growth while safeguarding investor interests. The names listed on the letter include:
- Maxwell R. Rich: President of AOIP and also holds positions as Deputy General Counsel, VP of Regulatory Affairs, and Secretary at Republic.
- Bill Clark: CEO/Founder of MicroVentures.
- Ryan Feit: Co-Founder of SeedInvest.
- Kendrick Nguyen: CEO/Co-Founder of Republic.
- Rebecca Kacaba: Dealmaker.
- Giovanni Corrado: Associated with Republic.
See: Improving the Regulatory Environment for Entrepreneurial Capital Formation: JOBS Act 4.0
Takeaways from AOIPs Letter
- Concerns Over Regulatory Challenges: AOIP acknowledges the positive strides made since the inception of the JOBS Act in 2012. However, they express growing concerns about potential regulatory challenges that might hinder broader access to capital and investment opportunities, especially for small businesses.
- Emphasis on SMEs' Importance and Challenges: The letter underscores the surge in entrepreneurship, with a notable increase in new business applications. Highlighting data from the U.S. Chamber of Commerce, AOIP points out the surge in entrepreneurship, with over 5.4 million new business applications in 2021. Despite this, small businesses face declining access to growth capital. The SEC Small Business Capital Formation Advisory Committee has voiced concerns over the challenges faced by small firms and stresses the SEC's pivotal role in fostering a conducive environment for investors.
- Endorsement of Legislative Initiatives: AOIP endorses several legislative initiatives from the House Financial Services Committee. These initiatives aim to expand the definition of "accredited investor," promote public offerings, and address other areas to improve access to capital for businesses and investment opportunities for smaller investors.
These takeaways encapsulate AOIP's advocacy for a balanced regulatory environment that supports the growth of small businesses and ensures broader access to investment opportunities.
See: JOBS Act 4.0: Association of Online Investment Platforms Sends Letter to Congress
President of the AOIP, Maxwell Rich:
“Now, more than ever, Congress must take due consideration to JOBS Act 4.0 and push it forward. A decade post JOBS Act of 2012, many of its promises for small businesses and mainstream investors are in sight and the risks and concerns of this novel legislation, originally voiced by its detractors, are unrealized. Small and emerging businesses are in need of routes to capital beyond what is currently authorized by law; venture capital funding to new and emerging companies is down over 50% and interest rates are at historic highs. Congress has the power to help, and the AOIP strongly supports the bills enumerated in its most recent letter and its members are available to the legislative, executive and third-parties who may need counseling on their potential benefits to the American economy and investors of all walks of life.”
View the full letter --> 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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