But Jack, what happened to Web4?
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
Applications of a world-first Blockchain Excise Platform in the Canadian Market
Convergence.Tech | Chami Akmeemana | Jun 20, 2022
At Convergence.Tech, we are always looking for opportunities to use technology to solve today’s hardest problems. This time, we’re revolutionizing a 100-year old tax process using blockchain. This project brought us to Australia, where we worked with the local alcohol and spirits industry, the Australian federal government, and the ANZ bank to complete a pilot project to automate key aspects of the tax compliance and payment process. To do this, we created a ground-breaking real-time tracking system of spirit movement and tax obligation. This technology has a variety of potential applications across the globe and in different industries, including within the Canadian market.
See: Sounds like a DAO, Looks like a DAO: Introducing the Modern Digital Organization
The Australian federal government was losing an estimated $582M AUD (approximately $475M CAD) annually in lost excise revenue, and the alcohol and spirits industry agreed that significant change was required. Burdened with administrative oversight, cashflow impediments and fighting a market burdened with illicit activity, local producers also wanted to be released from the current tax and production constraints.
Our pilot project identified many benefits to revolutionizing the existing tax system for both governments and organizations, including:
- Reducing the tax gap - The tax gap is the difference between true tax liability for a given tax year and the amount that is paid on time, a difference due to nonfiling, underreporting, and the underpayment (or remittance) gap.
- Reducing compliance costs - Compliance costs refer to the time required to collect/ organize receipts and complete tax forms, accountant and other professional fees, appeal costs if applicable, and the general costs of distributing returns. Recent surveys have suggested that for transaction taxes (sales and excise taxes) this represented about 0.01% of firms’ turnover (or gross business income).
- Reducing administrative costs - Administrative costs are incurred by governments to administer and collect taxes, which have been estimated by recent studies to reflect an administrative cost ratio of 0.97% (i.e. ≈$1 per $100 tax collected).
APPLICATIONS IN CANADA - BEER, SPIRITS, FUEL & TOBACCO
The blockchain excise platform we created for the Australian government has direct applications for the way the Canadian government applies and collects commodity and indirect taxes for beer and spirits - but even more so for fuel and tobacco. Using this platform could bring in up to an additional over $440 million in lost fuel tax revenue, reduce a portion of the estimated $7 million in compliance costs for businesses, and recover over $200 million in estimated administrative costs to the government.
Read: How Corporations Are Protecting Themselves From Fraud
With respect to tobacco, the high rates of provincial and federal taxation designed to discourage smoking have led to high rates of smuggling, costing the government and companies money in non-compliance. The blockchain excise platform could bring in up to an additional $1 billion in lost cigarette tax revenue while also reducing a portion of the estimated $1 million in compliance costs for business and over $70 million in estimated administrative costs to the government.
FURTHER APPLICATIONS
While fuel and tobacco are the most relevant industries for blockchain implementation in Canada, the Blockchain Excise Platform is configurable to track and trace any commodity. The wide range of commodities that this can impact in Canada includes everything from agriculture and food to minerals like steel, cement and asphalt, to renewable energy, natural gas and hydrogen.
BLOCKCHAIN FOR GLOBAL EFFICIENCY
Tokenizing and tracing a physical commodity can remove red tape while creating new insights for regulators, industry, investors, and consumers.
Beyond Canada, this is an important step for the global economy and demonstrates how blockchain technology can impact outdated systems that cause unnecessary problems and expenses. The work we’re doing in Australia demonstrates significant potential for governments and businesses around the globe that could benefit from a more agile, accurate, and efficient trust-based system.
See: CB Insights report features over 50 sectors Blockchain is transforming (beyond just banking)
As the world continues to move forward and blockchain technology continues to evolve, Canada has the opportunity to be on the cutting edge of the change. The fact of the matter is that changing these outdated tax systems is beneficial to individuals, governments, and organizations alike. I am excited to continue leading this work at Convergence.Tech and look forward to the chance to implement our technology here at home.
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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Important Nuances in the Lummis‐Gillibrand Crypto Bill: Not Securities?
Cato | Jack Solowey | Jun 10, 2022
On June 7, 2022, senators Cynthia Lummis (R‑WY) and Kirsten Gillibrand (D‑NY) unveiled their highly anticipated crypto bill. The bipartisan Lummis‐Gillibrand Responsible Financial Innovation Act covers some of the most contested issues in crypto regulation, including taxation, stablecoins, digital asset exchanges, interoperability with the banking system, and compliance with anti‐money laundering laws and sanctions.
Notably, the bill seeks to clarify the extent to which digital assets ought to be regulated as securities by the Securities and Exchange Commission (SEC) or commodities by the Commodity Futures Trading Commission (CFTC). Some reactions to the bill have couched the Lummis‐Gillibrand solution as handing the reins to the CFTC.
See: The Lummis-Gillibrand Bill Puts the CFTC in Charge: A Win for the Crypto Industry
However, this characterization glosses over key features of the bill, under which commodities or securities regulations may apply to crypto projects, depending on the circumstances. The question that the Lummis‐Gillibrand bill seeks to answer is less “whether” it is the SEC or the CFTC that has a role to play in crypto regulation so much as “when” each agency does.
Under the bill, while a digital asset itself may be a CFTC‐regulated commodity, where that asset is sold in connection with a type of security known as an “investment contract,” the contract still will be considered an SEC‐regulated security.
The SEC has found investment contracts to exist when, for example, crypto tokens are sold during so‐called initial coin offerings (ICOs), which raise money for early‐stage crypto projects. The Lummis‐Gillibrand bill recognizes that digital assets will continue to be sold like this. Therefore, the bill introduces the concept of an “ancillary asset.”
See: Alleged US$16 million crypto theft case to test ‘Code is law’ defence in Canada
Under this framework, where a crypto token is, for instance, sold alongside an investment‐like opportunity that helps to finance a crypto project, the token itself may be presumed to be a commodity while the contract documenting the investment remains a security. In such cases, the bill would require the token seller to make applicable disclosures to the SEC.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Jack Dorsey’s is Building an Extra Decentralized ‘Web5’ on Bitcoin with Digital Identity Layer
Decrypt | Kate Irwin | June 10, 2022
But Jack, what happened to Web4?
Jack Dorsey thinks Web3 is a joke, so he’s making Web5 instead. Dorsey’s TBD, a subsidiary company within Block (previously known as Square), announced today that it is building “Web5: An extra decentralized web platform.”
See: Jack Dorsey resigns as CEO of Twitter
“On the web today, identity and personal data have become the property of third parties. Web5 brings decentralized identity and data storage to your applications. It lets devs focus on creating delightful user experiences, while returning ownership of data and identity to individuals,” TBD’s website reads.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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NCFA Response to FINTRAC’s ‘Knee Jerk’ Regulations Requiring Donation Crowdfunding Platforms to Register and Comply with AML/ATF Legislation
About NCFA Canada | June 10, 2022
“In summary, the regulations are ineffective, burdensome, anti-competitive, and damaging to both the domestic donation crowdfunding sector and the Canadian nonprofit/charitable sector. The goal of protecting Canadians from money laundering and terrorism is laudable, but these regulations should be scrapped, and new regulations drafted in full consultation with stakeholders.” – Daryl Hatton, Founder/CEO, FundRazr
Note to reader: thanks to the following National Crowdfunding & Fintech Association of Canada (NCFA) members and advisors who contributed in the preparation of this post: Robin Ford (Principal, Robin Ford Consulting), Daryl Hatton (Founder/CEO, FundRazr), David Durand (Founder and Managing Partner, Durand Lawyers), Craig Asano (Founder/CEO, NCFA), Richard Remillard (Principal, RCG Group), and Charlene Cieslik (Chief Compliance Officer, Localcoin)
Background - Emergency Economic Measures Order
On February 14, 2022, the federal government took the unprecedented step of invoking the Emergencies Act to end disruptions, blockades, and an occupation in the city of Ottawa. This included an extension of AML/ATF (anti-money laundering and anti-terrorist financing) obligations to donation crowdfunding platforms and certain payment service providers, without notice, but on a temporary basis.
When the Emergency Economic Measures Order and related Emergency Measures Regulations were revoked on February 23, 2022, the government announced its intention to quickly make permanent the donation crowdfunding AML/ATF requirements.
New regulatory amendments now apply to impose AML/ATF registration, reporting, and other requirements on donation crowdfunding platform services carried on in Canada and on some related payment service providers. Regulated equity/investment and loan crowdfunding was already caught. See: https://www.gazette.gc.ca/rp-pr/p2/2022/2022-04-27/html/sor-dors76-eng.html.
(We do not deal here with the removal of exemptions for payment processing of credit, debit, and prepaid products under the definition of “electronic funds transfer”.)
Read: ‘Immediate emergency situation is over’: PM Trudeau revokes Emergencies Act
While amendments could in theory create an additional cost-effective layer of protection for donation crowdfunding, the government has not provided an analysis of the risks (or data) sufficient to justify the changes, or the extent of the changes. So far as we can tell (given the absence of data and analysis), the government, in an unseemly rush, has seriously over-reacted.
We raise here some significant issues with the amendments and the process of their enactment.
Improper consultation
The federal government did not properly consult on the amendments to the Regulations.
The amendments were made on April 5 and came into effect immediately, but were not published in the Gazette until April 27. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published this notice to reporting entities on April 27 – https://fintrac-canafe.canada.ca/notices-avis/2022-04-27-eng.
Unlike previous amendments, notice did not appear on the government’s “Consulting with Canadians” web page.
The Government justified the failure to consult as follows:
“In order to swiftly address the serious and immediate risk to the security of Canadians and the Canadian economy posed by crowdfunding platforms and certain payment service providers due to their vulnerability to being exploited for money laundering and terrorist financing purposes, the Regulations were exempt from the requirement to prepublish.”
The government provided no data to support the conclusion of “serious and immediate risk”. To put this another way, the justification in “support” appears to be entirely theoretical (aka ‘trust us’ - see below).
No transition provisions
Donation platforms were given no time to register with FINTRAC and ensure their compliance programs, policies and procedures were updated to comply. So, they were immediately in a position of non-compliance. FINTRAC says it will “focus its compliance activities on registration requirements and educating impacted sectors”. In our view, this is not a proper way to “work around” immediate coming into force.
Who is caught?
The government claims that the new AML/ATF requirements will catch approximately 1,000 additional businesses in the donation crowdfunding and payment service provider sectors. Since we are aware of only a very small number of Canadian-based donation platforms, we assume that most of these are based elsewhere, but doing business in Canada (e.g, GoFundMe). The government has provided no data in support of its claim.
Risk?
While recommendations of the Financial Action Task Force (FATF) do indeed address money laundering and terrorist financing risks that may arise from the development of new products and new business practices, as the government notes, FATF guidance is also very clear that governments should take a risk-based approach in their implementation. The government’s Regulatory Impact Analysis shows no risk analysis beyond high level assertions. To the extent there is data in support, we have not seen it, so cannot comment on it.
Benefit?
The Regulatory Impact Analysis states: “Actions to counter money laundering and terrorist financing have long been recognized as powerful means to combat crime and protect the safety and security of Canadians.” What actions? Where is the data to support this statement? All data of which we are aware in fact shows that the global AML/ATF system at best does not work well and is very costly for businesses and consumers. For a recent critique see: https://www.lawgazette.co.uk/commentary-and-opinion/aml-laws-have-failed-it-is-time-to-start-again/5112496.article. We agree that we need to start again.
The government concludes that the amendments “will help prevent the financing of illegal activities through these types of financial services”, but again provides no evidence in support. They partly side-step this problem by saying: “there are substantial qualitative benefits associated with the proposed amendments that cannot be monetized due to the lack of available or reliable data to accurately measure the reputational, economic, and national security benefits that would result from the implementation of the regulatory changes”. This is simply not good enough.
Cost (including excessive burden)
There is widespread agreement that the regulatory burden and related costs imposed by AML/ATF requirements in Canada are significant: building, instituting and overseeing a compliance program subject to biennial audits and FINTRAC examinations; ongoing regulatory requirements including client identification, transaction reporting, and record keeping procedures, and more. To get a feel for the burden, see this IIROC guidance (which applies to authorized broker/dealers) - https://www.iiroc.ca/news-and-publications/notices-and-guidance/anti-money-laundering-compliance-guidance-0
In addition, donation platforms and related payment service providers must report or verify transaction amounts of $1,000 or more. This is a significant ‘raise’ over the usual amount applicable to other reporting entities of $10,000. The cost burden of reporting transactions of $1,000 or more (plus related additional costs for each donation) will severely reduce net donations. Have the costs of this additional level of compliance and the impact on the charitable sector been properly researched and taken into account?
See: Crowdfunding platforms now required to report transactions to FINTRAC, after truck convoy protests
Finally, since (so far as we are aware) the government already gets much of the required data as the money moves through the banks and other payment service providers (already regulated), we are not told why the additional requirements are needed at all.
Nor must it be forgotten that many organizations, including registered charities who receive donations for charitable purposes (via donation crowdfunding or not) are subject to enhanced scrutiny by the fiscal authorities. See: Canada Revenue Agency Act (eg, https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/checklists-charities/checklist-charities-on-avoiding-terrorist-abuse.html), the Income Tax Act, and the Charities Registration (Security Information) Act. And see: https://umanitoba.ca/centres/mipr/media/Following_the_Money_Trail_-_Kari.pdf.
The government estimates that it will cost donation platforms a total of $18-$20 million over the next 10 years in administrative and compliance costs. But there is no data provided to support this estimate. To this will be added the cost-recovery scheme for FINTRAC’s compliance activities once the scheme is implemented (about which we also know very little so far).
There appears to be an element of wishful thinking in the assumptions and estimates said to underlie the so-called cost benefit analysis. Given the very high (relative) burden for smaller firms, it is unacceptable that the data and risk analyses are not provided in detail so that they can be contested.
These changes also appear to be profoundly anti-competitive; if regulation is not proportionate and risk-based, smaller Canadian-based platforms may fail, leaving only larger foreign platforms in the Canadian market.
The only concession to smaller donation platforms (eg, the Canadian platforms) is FINTRAC’s promise that its “risk-based approach” will allow entities to comply with the Act in a manner that accounts for their size, activities, and transaction volumes. We will be watching.
But how bad is it really?
Daryl Hatton, Founder and CEO of FundRazr, Canada’s largest donation crowdfunding platform, speaks out (https://fundrazr.com/)
“The new requirements will impose a very costly burden on community service crowdfunding platforms while providing no real added benefits. These costs will impede the successful delivery of fundraising services that help the Canadian nonprofit/charitable sector fund social services programs.”
These services are a significant component of the Canadian economy: 8.5% of Canadian GDP ($169B) in 2017 according to Stats Canada.
A single $1,000 transaction representing a donation to a Canadian charity will generate between $0 and $50 of revenue for the crowdfunding platform. The costs of processing this transaction and reporting it to FINTRAC will exceed the revenue generated. This is obviously not sustainable and will significantly reduce the ability of crowdfunding platforms to process larger gifts. This will reduce revenue for the Canadian nonprofit sector at a time when it is struggling. CanadaHelps Giving Report 2022 already projects a decline of 12% in total giving from 2019 to 2021 due to pandemic impacts and inflation. Transactional information from the first quarter 2022 indicates the decline will likely be bigger. The AML/ATF regulations will exacerbate the decline.
Most and perhaps all Canadian donation crowdfunding platforms process transactions via payment processors and Canadian banks which are already required to obtain identity information and keep records for all recipients of donated funds.
Donors are now required to provide validated proof of their personal information beyond the usual name, address, and credit card information. This will cause many donors to abandon the transaction, further damaging fundraising activities. They will do this because the added identity burden is intrusive and is not placed on them for e-commerce transactions or for donations made directly to charities on their websites. As some smaller charities use crowdfunding platforms to process contributions on their websites, this further distorts the market both between crowdfunding platforms versus other payment processing mechanisms and between large and small charities. The playing field is no longer level.
More: NCFA Advocacy
Existing regulations require reporting of individual transactions of $10,000 or more. The regulations lower the threshold to $1,000 without providing any evidence that even a $10,000 level is an effective deterrent to money laundering. Bad actors wishing to circumvent these rules will simply break their transactions into multiple pieces all less than the specified threshold. As these are electronic transactions, the costs to the bad actors of doing this splitting are minimal.
In summary, the regulations are ineffective, burdensome, anti-competitive, and damaging to both the domestic donation crowdfunding sector and the Canadian nonprofit/charitable sector. The goal of protecting Canadians from money laundering and terrorism is laudable, but these regulations should be scrapped, and new regulations drafted in full consultation with stakeholders.
Effectiveness of FINTRAC and conclusion
But all this raises another issue. How rigorously will FINTRAC review applications for registration? Will it do a quick once over and tick the box for registration, with a “risk-based” review of compliance by apparently smaller or less “risky” platforms to come perhaps years later? Will a platform be able to register and proclaim registration as a money services business as a badge of honesty and legitimacy, then take donations for 6 months and disappear?
And how effective is FINTRAC generally? We have no idea really, although we are aware of recent efforts to boost its capacity. And what about the balance between individuals’ privacy rights and the government’s ability to gather evidence to enforce laws?
This is knee-jerk regulation of the highest order. While everyone supports measures to mitigate money laundering and terrorist financing risks, this is not the right approach. There is a better way forward which the NCFA would be happy to discuss with relevant federal officials.
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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Oligopolistic way of organizing our society is just not cutting it any more
FP | | May 27, 2022
Matthew Boswell, Commissioner Competition Bureau
To beat back the worst inflation in decades, Canada needs to modernize its competition laws and chase down companies that collude to jack up prices, the federal competition watchdog said in a speech this week.
Competition commissioner Matthew Boswell made the case for competition policy as a tool to tamp down consumer prices in Canada, where shopping for groceries and pumping gas has become “anxiety inducing,” as he put it:
- Know this: Less competition makes matters worse. Vigorous enforcement of competition laws is absolutely necessary. It deters business conduct that could otherwise make inflation worse, due to collusion with rivals or harm to the competitive process.
- I can assure you we have zero tolerance for any attempts to use the current economic context as cover to engage in anti-competitive conduct.
- While it’s not the silver bullet to combat inflation, more competition must be part of the solution to help address the rising cost of living. There’s a role for governments at all levels to examine policies and regulations to ensure they encourage, and not undermine, competition in our economy.
If we do this right, we can keep growing. Or we can get it wrong. We can stifle competition, whether due to anti-competitive behaviour or regulatory impediments. And suffer now and for years in the future as a result.
See:
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Matthew Boswell, Commissioner of Competition, Pushes to Modernize the Competition Act
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Ipsos Survey: Most Canadians Say (88%) We Need More Competition
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FCA review finds evidence of growing competition in retail banking
The remarks come as Boswell’s Competition Bureau embarks on one of the most high-profile legal battles in its history, attempting to block Rogers Communications Inc.’s $26-billion takeover of Shaw Communications Inc. In his speech, Boswell said he’s challenging the merger because he wants to “protect Canadians from higher prices, poorer service quality and fewer choices” — reiterating the bureau’s previous statements on the matter.
Robin Shaban, a former officer at the Competition Bureau and senior economist at Vivic Research:
We do know that our current approach, an oligopolistic way of organizing our society, it’s just not cutting it any more.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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US Fed’s CBDC Report Comments: The Good, Bad, and Ugly
Rich Turrin | May 29, 2022
The Fed’s report on CBDC was published at the end of January and the comment period officially closed on May 20, 2022 meaning that we can now look at what representatives from banking, stablecoins, and crypto had to say about the report! For the record I am no fan of the Fed’s long-awaited report on a U.S. central bank digital currency (CBDC) and proclaimed that it read like a high school book report. I wrote about the report in great detail: here.
The Ugly: American Bankers Association
It’s no surprise that the American Bankers Association (ABA) was going to come after the digital dollar with knives drawn. Download ABA response: Here
“ABA’s analysis suggests that deposits accounting for 71% of bank funding would be at risk of moving to the Federal Reserve. This could increase the average cost of funding for banks by approximately 170 basis points. Such an increase in average funding costs would be unsustainable and would undermine the economics of the banking business model."
See: Federal documents warn of sweeping implications if ‘digital loonie’ adopted
Bank of Canada scenario analysis of a CBDC on bank deposits show that even under the most severe scenario where 40% of deposits migrate to CBDC bank funding is still healthy. Full report: Here
The ABA’s 71% figure which they pass off as “analysis” assumes all bank deposits in the United States will convert to CBDC! The reality is very different: So using the ABA’s figures the actual impact will be far less than placing “71% of funding at risk.” Using the ABA’s own figure of $16.9 trillion (rounded to 17) the impact will be:
- $446 billion = 2.7% of $17 trillion in bank deposits
- $1 trillion = 5.8% of $17 trillion in bank deposits
The Bad: Stablecoin Circle
Download Circle’s response to the Fed: Here
See: Alt-M Analysis: Where the U.S. Feds CBDC Proposal Goes Wrong
- Many of the potential benefits of a CBDC detailed in the discussion paper are already being met by existing blockchain-based payment system innovations.
- Bringing stablecoins like Circle’s USD Coin (“USDC”) under common-sense regulatory guidelines would ensure proper supervision over an asset that is already achieving many of the Federal Reserve’s objectives in a potential CBDC.
- If a digital asset behaves like a currency or payment system, it should be afforded the benefits of digital legal tender status or conformity with well-laid money transmission, e-money, financial markets infrastructure and prudential rules.
The Good!: Crypto, Stellar
Stellar’s response was the most upbeat of them all: Here, saying:
- Can a CBDC promote financial inclusion? We think so.
- A well-designed CBDC could have a positive effect on inclusion and the economy by expanding access to and usage of affordable financial services.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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FTP Report: B2B Payments: A Major Fintech Opportunity to Solve Paper-based Payments and Processes
Financial Technology Partners | May 27, 2022
The business-to-business (B2B) market remains one of the last major global opportunities for payment digitization. Not only is the market still plagued by widespread manual processes and inefficient payment methods, but it is also a massive market estimated at nearly $29 trillion in the U.S. alone. Today, checks still shockingly account for nearly 50% of B2B payments.
See: Mastercard launches biometric checkout program as contactless, secure payments grow
Moreover, manually intensive payment methods are more likely to lead to high error and failure rates, making companies vulnerable to security risks and increasing costs. Consequently, the rush is on to bring more efficient, digital payment solutions to businesses, both large and small.
Key discussion topics of the report include:
- An extensive primer on the workflows and processes behind B2B payments, and the accelerating trend of digitization and automation across the value chain
- A detailed landscape including hundreds of companies in the space
- Exclusive interviews with over 25 executives from leading B2B payments companies
- Profiles of over 50 highly relevant companies in the space
Continue to the full article --> here
Download the 387 page PDF report --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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