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
Watch Sir David Attenborough’s Speech at COP26
CNBC International TV | Nov 1, 2021
See: Apple, Disney, Microsoft among companies backing groups against US climate bill
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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New Ontario securities law to reset regulatory balance
Investment Executive | James Langton | Nov 1, 2021
“Platform” legislation would grant the OSC broader rule-making power
On Oct. 12, the provincial government unveiled its proposed Capital Markets Act (CMA), which would replace existing legislation for both securities and derivatives. The new law would adopt many recommendations from the Capital Markets Modernization Taskforce, which delivered its final recommendations in January.
The Ontario government’s proposed legislation could reshape securities law and overhaul regulatory structures, resetting the balance between the underlying legislation and the rules crafted by the Ontario Securities Commission (OSC).
See: Sources Say: Federal and provincial governments shutting down Cooperative Capital Markets Regulatory project
Modelled on work to develop the now-defunct Cooperative Capital Markets Regulatory System, the task force recommended — and the proposed legislation would implement — a shift to so-called “platform” legislation. That model sets out the basic provisions of the law and grants broad rule-making authority, while leaving detailed requirements to regulations.
The chief advantage of the platform approach is that it’s typically easier to change rules than to amend legislation, as rule changes can be crafted quickly and require only the government’s consent. Granting broad rule-making power to the OSC would enable the regulator to deal with novel issues that develop in the future but aren’t yet covered by securities law.
The platform approach could lead to more flexible, responsive regulation. Under Canada’s provincial system, however, the desire for harmonization can bog down local regulatory initiatives, and that still may happen under the new framework.
For example, the task force recommended that publicly traded companies be required to hold annual advisory shareholder votes on executive compensation. The CMA would give the OSC authority to require those votes. However, the rest of the Canadian Securities Administrators have rejected mandating advisory votes on executive pay, and the OSC would be unlikely to go it alone. Just because something can be more easily done via rule-making doesn’t mean it will be.
See: CSA Responds to Ontario Capital Markets Modernization Taskforce Report: NCFA – The present system is simply not good enough
Nevertheless, investor advocate Ken Kivenko, president of Kenmar Associates, said he has “some real concerns” with the platform model. “This is not principles-based regulation or law because there are not sufficient principles in here to set the direction on regulatory policy, standards of conduct, licensing requirements [or] disclosure requirements,” he said. “It is more like a table of contents than a securities law.”
In Kivenko’s view, the legislation should at least include high-level requirements and principles that set a framework for the development of specific rules and regulations.
“The government should not just state what will be regulated and delegate complete authority to the OSC to perform that regulation. The government should also set out a direction on policy and the types of requirements and standards that must be in place,” Kivenko said. “To say we are uncomfortable with the proposed CMA would be a major understatement.”
The draft legislation would facilitate the restructuring of the OSC that the task force recommended. The CMA would establish a separate adjudicative body, divide the role of OSC chair and CEO, and revise the regulator’s mandate to add competition and capital formation as key objectives.
See: Final Report: Ontario Capital Markets Modernization Committee Recommendations
The OSC’s proposed new authority would expand the regulator’s power to address emerging regulatory issues. For example, the proposed law would allow the OSC to designate cryptoassets as securities or derivatives, giving the OSC scope to continue developing regulation for an otherwise lawless sector.
The draft law also would prohibit false and misleading statements about public companies, enabling regulators to better tackle “pump and dump” and “short and distort” campaigns. The task force recommended changes in this area, given the increasing power of social media to spread false information and influence trading activity.
Other enforcement-related changes are included in the proposed CMA, including provisions that would enhance the OSC’s investigative powers and its ability to return ill-gotten gains to harmed investors. The maximum regulatory penalty would increase to $5 million and the maximum fine for securities offences would rise to $10 million. In addition, the CMA would enable automatic reciprocation of enforcement orders by other regulators.
The draft law also would enhance private enforcement.
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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Microsoft announces plan to cut cybersecurity workforce shortage in half by 2025
CNBC | Lauren Feiner | Oct 28, 2021
Microsoft will partner with community colleges across the U.S. and provide free resources in an attempt to help end a shortage of cybersecurity workers, the company announced Thursday.
The company believes it can reduce the country’s workforce shortage by half by 2025. It aims to help train and recruit 250,000 people into the cybersecurity workforce by then.
“We think we can make a meaningful difference in solving half of the cybersecurity jobs shortage,” Microsoft President Brad Smith said in a press conference Thursday, adding that “we should be optimistic that in the next 12-24 months we can start to make a real dent.”
See: Magnetic North: How Canada Holds its Own in the Global Race for Innovation Talent
The company announced it will provide a free curriculum to community colleges across the country, provide training for faculty at 150 community colleges and give scholarships and resources to 25,000 students as part of the effort.
Smith said data compiled by Microsoft shows that there is one open cybersecurity job for roughly every two that are filled in the U.S. And of all available positions in the U.S., more than one in 20 is a job requiring cybersecurity skills. Microsoft said such jobs pay an average of $105,800 per year and can range from chief information security officer roles to those requiring a mix of IT and cybersecurity know-how.
In addition to addressing the workforce shortage, Smith said the campaign will play an important role in diversifying the industry. Microsoft found that men hold 82.4% of cybersecurity jobs in the U.S. and 80% of those jobs are held by people who are white. According to data compiled by Microsoft, 57% of community college students in the U.S are women and 40% of students identify as Black, African American or Hispanic.
See: How to grow young fintech talent (with the University of Waterloo)
The announcement follows commitments Microsoft made after a White House cybersecurity summit in August with President Joe Biden and CEOs across several industries:
Microsoft said at the time it would spend $20 billion over five years to deliver more advanced security tools and invest $150 million to help government agencies update their security systems and expand training partnerships in cybersecurity.
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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How to grow young fintech talent
University of Waterloo | Tammy Kim | Nov 1, 2021
As the spotlight grows on Canada, one of the world’s most cashless economies, tech talent in the financial industry is in demand.
Home to some of the world’s most promising fintech companies, Toronto is the second-largest financial hub in North America. From retail banking to cybersecurity and cryptocurrency, Ontario companies are booming. With this comes competition for recruiting and retaining top fintech talent.
In a remote world, Canadian fintech talent is enticed to cross borders for competitive pay, cool perks and unlimited vacation days. How can these fintech companies continue to compete?
The next generation of talent
Companies need to engage Millennials and Generation Z tech talent. One way to do that is to hire co-op students. By 2028, Millennials and Gen Z will make up more than half (58 per cent) of the workforce. Born between 1981 – 1996, Millennials are emerging leaders. Gen Z, those born between 1996-2014, are entering the workforce.
Here are ways you can attract and support them:
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Showcase your values
Values matter to Gen Z in the workplace. The University of Waterloo’s Work-Learn Institute (WxL) research shows that understanding those values might be most important to effectively recruit, motivate and retain young employees. According to WxL’s research almost half of Gen Z students are unlikely to accept a full-time job if it matches their skills but not their values.
Learn more by clicking on the image below:
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Highlight diversity, equity and inclusion
The Canadian workforce will be 33 per cent international by 2036. This global and diverse workforce presents new opportunities. To adapt, organizations must establish a more diverse, inclusive and equitable talent pipeline. Diversity strategies will focus on blind recruitment, unconscious bias training and looking beyond Canadian experience requirements for credentials. Companies must commit to diversity targets.
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Focus on your job descriptions
Job descriptions that highlight how candidates can learn, make an impact and link their academics to their work, can enhance job attractiveness for Gen Z talent. By adding these, candidates can reframe how they see themselves in the role – without requiring organizations to change their own values or offerings.
Want to increase your number of applications? Check below to learn more and download a job description sample:
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Strengthen your remote recruitment strategies
During the pandemic, organizations shifted their operations to work remotely. This challenged the way we do business as well as recruitment and onboarding strategies. A recent survey found that 73 per cent of workers hope remote work will continue past the pandemic.
See: Bracing For Change In The Era Of The Augmented Workforce
While Gen Z agree with this, our research shows they feel stressed and struggle more than their peers. This research found three core themes as priorities for young talent:
- Socialization:help them to understand workplace culture and build professional networks.
- Productivity: give them flexibility and independence to manage their work.
- Meaningful work: provide them with challenging work that aligns with their values.
Provide the right environment and young fintech talent can blossom to fill your talent pipeline. Don’t hesitate - get them through your doors early as the competition booms.
About the Author:
Tammy Kim-Newman
is a business developer and tech talent specialist at the University of Waterloo, Canada’s #1 university for Computer Science, Mathematics and Engineering (Maclean’s 2021 University Rankings). She has 10+ years supporting industry partners with their early talent strategies and is an advocate for work-integrated learning. If you have questions about early tech talent recruitment strategies, please reach out to Tammy Kim-Newman (tammy.kim-newman@uwaterloo.ca) or 289-231-3752.
This article is featured in NCFA's digital magazine, Fintech Confidential (Issue 4 Oct 2021). Click to read the latest thought leadership, insights and trends about Fintech in Canada:
Checkout NCFA's digital magazine, Fintech Confidential (Issue 4) --> 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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Updated FATF Virtual Asset and VASP Guidance includes DeFi for crypto service providers
FATF | Oct 28,2021
Paris – 28 October 2021 - The virtual asset sector is fast-moving and technologically dynamic, which means continued monitoring and engagement between the public and private sectors is necessary.
In October 2021, the FATF updated its 2019 Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (VASPs).2019 Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers (VASPs). This updated Guidance forms part of the FATF’s ongoing monitoring of the virtual assets and VASP sector.
The FATF standards require countries to assess and mitigate their risks associated with virtual asset financial activities and providers; license or register providers and subject them to supervision or monitoring by competent national authorities. VASPs are subject to the same relevant FATF measures that apply to financial institutions. This guidance will help countries and VASPs understand their anti-money laundering and counter-terrorist financing obligations, and effectively implement the FATF’s requirements as they apply to this sector. The guidance provides relevant examples and potential solutions to implementation obstacles.
See: 3 Key Takeaways: FATF’s Latest 12-Month Virtual Assets Review
The 2021 Guidance includes updates focusing on the following six key areas:
- clarification of the definitions of virtual assets and VASPs,
- guidance on how the FATF Standards apply to stablecoins,
- additional guidance on the risks and the tools available to countries to address the money laundering and terrorist financing risks for peer-to-peer transactions,
- updated guidance on the licensing and registration of VASPs,
- additional guidance for the public and private sectors on the implementation of the “travel rule”, and
- Principles of information-sharing and co-operation amongst VASP Supervisors
Continue to the full article --> here
Including comment from related Cointelegraph review:
The authority has provided significant additional guidance regarding the DeFi industry, despite the fact that DeFi applications not considered VASPs under the FATF standards, as the standards “do not apply to underlying software or technology.” However, the updated guidance states that DeFi developers and maintainers can actually be considered as VASPs:
“Creators, owners and operators or some other persons who maintain control or sufficient influence in the DeFi arrangements, even if those arrangements seem decentralized, may fall under the FATF definition of a VASP where they are providing or actively facilitating VASP services.”
Download the 111 page PDF FATF report --> here
xReg Consulting has updated their FATF 12 page PDF Travel Rule Explainer --> 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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5 Ways Businesses Can Gain More Profit
Guest Post | Nov 1, 2021
Businesses exist, at least in part, to turn a profit. The pursuit of doing that more effectively has occupied the free market since its inception. But in today’s fast-paced and saturated world, it’s difficult to know where to turn for realistic ideas to increase your business’s revenue. Here are a few top strategies you can employ to propel your business’s bottom line.
Use Business Analytics to Drive Revenue
The amount of data available to businesses today far outweighs what has been available in any other period of history. The trick is channeling data, and its application, in effective ways to drive business growth. Businesses that apply data analytics to their processes can experience revenue gains in a number of ways. Applying descriptive analytics can help a business gain deeper insights into trends, patterns, and spending tendencies within their market. Collecting data on patrons or participants can inform tailored marketing campaigns and decrease spend per recruit or conversion. Studying external market trends can help businesses identify market gaps and predict new opportunities.
Analytics can be thought of in four distinct categories:
- Diagnostic
- Descriptive
- Prescriptive
- Predictive
Whether you are looking to incorporate analytics for the first time or to diversify and increase the way your business employs analytics, there are ways to find ample ideas in each of those categories for getting more out of data analytics practice within your business.
Analyze Current Business Practices to Mitigate Costs
One particular method of applying analytics to business practice is by using “diagnostic” analytics to better understand current business practice and identify areas where costs can be minimized through improving processes.
See: Accelerate—it’s time for insurers to move swiftly and decisively
Applying diagnostic analytics to your business doesn’t require expensive software packages to employ. Unlike other forms of analytics, this particular strategy can be implemented in simple, low-tech ways. Performing diagnostic analytics can be as straightforward as organizing a roundtable meeting with your floor managers; taking a day away from your desk to learn from your manufacturing staff; or taking notes for a week on a particular aspect of normal processes to see what you can glean by way of inefficiencies and ways to mitigate or remove them.
Supply Chain Pandemic Shortages & Management for Business Growth
The strength and health of a business’s supply chain is often overlooked, but has significant implications for a business’s profit and growth capabilities. Defined as “the network and relationships required to make and deliver goods and services,” your business’s supply chain (and its quality or lack thereof) can impact customer service, operations, costs and cash flow, and more. Some best-practice techniques to improve your supply chain’s strength include the following:
- Train all your personnel on supply chain understanding and management. Even though many of your departments or employees won’t deal with your supply chain directly, it’s important that each person in your organization understands how the supply chain affects their work.
- Incorporate “Total Cost of Ownership” into your analysis. Until recently, most supply chains considered only the cost of product acquisition and didn’t factor in costs relating to storage, security, transportation, and more. Calculate your figures accurately by counting ALL costs.
- Emphasize strong contract management for your supply chain team. Negotiating strong contracts with suppliers and other external entities in your supply chain can yield significant savings over time and lessen potential risks.
Of particular relevance in today’s post-pandemic economy is being aware of your supply chain’s strengths and weaknesses, and having strategies in place to combat unforeseen changes that could jeopardize any of its elements. Now more than ever, compromises to your business’s supply chain are possible that could cause significant loss in revenue. Take a hard look at the weak links in your supply chain and be proactive about developing strategies to minimize loss if anything goes wrong.
Create More Responsive Relationships with Consumers to Drive Retention
Marketing personalization and responsive customer relationship management are quickly becoming essential in many of today’s saturated markets. Developing strategies for connecting with your customers on a more personalized level can increase retention and boost lifetime customer value. Taking a more individual approach to marketing and customer engagement processes also allows your business to remain more in touch with their needs and preferences, get better feedback, and develop a stronger customer profile to inform your decision-making.
Nonfungible Tokens (NFTs): A New Tactic for Innovative Businesses & Nostalgia Prints
Nonfungible Tokens (NFTs) - the term sounds like something out of a space-age movie. However, NFTs represent an exploding craze that many envision may become a future normalcy across substantial realms of business and transaction. NFTs are “digital tokens — a unit of value built on top of an existing blockchain network.” Blockchain refers to a specific type of technology that acts as a “digital ledger of transactions.” Blockchain is also the technological foundation for cryptocurrency.
See: Ways NFTs Can Reinvent Your Small Business
NFTs are specific, unreplicatable digital assets. Just like pieces of art, they are verified and unique and can accrue value over time. Certain industries, like e-gaming and collectibles, are already embracing NFTs as an alternative to currency. Well-known celebrities and companies like Atari are beginning to release NFTs for sale or auction. While NFTs are in their beginning stages of adoption and development, companies interested in diversifying or attracting tech-savvy early adopters are already incorporating the creation, trading, and promotion of NFTs into their marketing and product strategies.
Ready to start increasing your business’s profit? There’s no magic formula. All you need to do is pick a strategy and test it out. Some may work better than others - that’s part of the process. Don’t worry too much about picking right the first time. Any of these strategies can affect your bottom line, and if one you try doesn’t make a meaningful difference, it will reveal ways to move forward and provide you with new insight.
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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Canadian Club Toronto interviews David Dodge: The Canadian Economy – What Should Be Next?
The Canadian Club Toronto | Nov 1, 2021
Video recording available on-demand
Join Canadian Club Toronto to hear from David Dodge on Oct 27 (webinar) one of Canada’s most revered economic sages and former Governor of the Bank of Canada in conversation with Kim Parlee, Vice President, TD Wealth to discuss debt ratios, economic policy, what should be next on Canada’s economic agenda and 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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