Global Leaders in Online Identity Verification, Management and Monetization Take Strategic Role as Steering Members to Help Enable Trusted Exchange of Verifiable Digital Credentials
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Digital Identity, Privacy, KYC, AML/ATF
KABN Network Joins the Trust Over IP Foundation
KABN Systems North America | David Lucatch | Nov 12, 2020
Global Leaders in Online Identity Verification, Management and Monetization Take Strategic Role as Steering Members to Help Enable Trusted Exchange of Verifiable Digital Credentials
TORONTO, ON and GIBRALTAR / ACCESSWIRE / November 12, 2020 / The KABN Network together with KABN Systems NA Holdings Corp. (CSE:KABN) (the "Company" or "KABN North America") (www.kabnsystemsna.com), a Canadian Fintech company that specializes in continuous online identity verification, management and monetization in Canada and the US, today has announced a strategic role as a Steering Member of the Trust over IP ("ToIP") Foundation (www.trustoverip.org).
In taking on this role, KABN joins other Steering Members including Accenture, Anonyme Labs, Continuum Loop, Evernym, Finicity, Futurewei, IBM, ID Ramp, LG CNS, Mastercard and others. The Trust over IP Foundation has over 170 members, including organizations as well as individuals, collaborating together with the common objective of changing the way people interact online.
See: KABN North America and BOON Rewards Set to Launch Cashback and Rewards Programs
The Trust over IP Foundation is defining a complete architecture for Internet-scale digital trust that combines both cryptographic trust at the machine layer and human trust at the business, legal, and social layers. As part of this community, the KABN Network is focused on bridging the gap between traditional fintech services and solutions and new and innovative Verified Credential processes.
KABN aims to use proven bank-grade identity verification processes to allow Holders (who use a credential), Verifiers (who confirm the validity of a credential) and Issuers (who produce the credential) to complete transactions of many kinds including financial services, eCommerce transactions, organization, building and visitor access badges among others.
"I am certain KABN will make a strong contribution to the Trust over IP Foundation." said John Jordan, executive director, BC Digital Trust Service and executive director of ToIP. "People and businesses are going to continue using the internet to build relationships and complete transactions digitally with all the risks of security breaches and fraud that go along with it today. It's time for a change. Global leaders are working together at our Foundation to make it possible for people to be known and to build trusted relationships online. I am happy to have KABN be part of this effort."
Businesses today struggle to protect and manage digital assets and data, especially in an increasingly complex enterprise environment that includes the Internet of Things (IoT), Edge Computing, Artificial Intelligence and much more. This is compounding the already low consumer confidence in the use of personal data and is slowing innovation on opportunities like digital identity and the adoption of new services that can support humanity.
See: From Voting To Social Media: What Does The Future Hold For Digital Identity On The Blockchain
The KABN Network believes that without a global standard for how to ensure digital trust, these struggles are bound to continue. The four layers of Trust over IP's dual governance and technology stack establish a clear model for how utilities, technical components, business rules and human-focused design can combine to solve this set of problems. The digital trust ecosystems that emerge from Trust over IP will help businesses, citizens and governments alike use the internet to create enduring trusted relationships that allow transactions to be completed safely and with confidence.
"With the ToIP Technology and Governance Stack, the industry is now in a position for an Identity Paradigm shift. Future generations will have a hard time believing that there was a day when everyone was anonymous on the Internet and we believe that the KABN Network is at the forefront of this evolution," said RJ Reiser, KABN North America CBDO, Director and Co-Chair ToIP Ecosystem Foundry Working Group.
View the original press release --> 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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6 reasons non-profits should consider crowdfunding
ATB | ATB Financial | Sep 14, 2020 |
At its most basic level, crowdfunding is the use of a platform to raise money from a large number of people online. Beyond the surface level-definition, it’s an opportunity to tell your story which compels a crowd to give.
Unlike funding from investors, financial institutions or the government, crowdfunding is passion-driven. When you connect with people on a heart-level, they’ll be excited to support you.
See: [Breaking] SEC Votes to Approve Changes to Regulation Crowdfunding Increasing the Maximum Raise to $5 Million
Non-profits can use crowdfunding too. In fact, crowdfunding for non-profit organizations doesn’t look too different from crowdfunding for for-profits. Both types of organizations set a funding goal, share the “why” behind the goal through video, words and images, and get funding from the crowd.
Here are 6 reasons non-profits should consider crowdfunding:
1. Reach a different demographic
Crowdfunding can help your nonprofit reach a different generation or audience than you may normally connect with. Specifically, Millennials and Gen Z (between the ages of 24-35) are the most likely to participate in crowdfunding campaigns than any other age group. Human Rights and International Development, Child Development, Environmental and Victims of Abuse charities and causes are a soft sport for these generations.
2. Campaign supporters will help spread the word
Another thing you probably already know about Millenials and Gen Z—technology comes second nature to them. If you create a crowdfunding campaign, you’ll likely not only reach that demographic, but potentially some of their followers and friends on social media. An online crowdfunding campaign is incredibly shareable, making it easy for one person’s interest in your cause to grow to tens or hundreds through one share on social media.
See: NEW REPORT: Small Business SOS – It’s Time to Supercharge Local Crowdfunding to Unlock Needed Capital
3. Start a conversation about what your organization supports
Along with shareability comes the potential for your cause to start conversation online. If you or the crowd shares your campaign on social media, there's an opportunity to have important conversations around the topic, bringing awareness to the issue you’re fundraising for and to your organization. That’s a double-win for you!
4. Crowdfunding is passion-driven
People give towards a crowdfunding campaign because they see that the person or organization behind it is passionate, and the individual shares that passion. Luckily, non-profits are also passion-driven at their core—it’s not something that’s tacked on at the end as an afterthought.
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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Canada crawling toward AI regulatory regime
EP&T | Christopher Reynolds | Nov 4, 2020
Last week, privacy watchdogs revealed that five million images of shoppers’ faces were collected without their consent at a dozen of Canada’s most popular malls.
Real estate company Cadillac Fairview embedded cameras equipped with facial-recognition technology, which draws on machine-learning algorithms, in digital information kiosks to discern customers’ ages and genders, according to an investigation by the federal, Alberta and B.C. privacy commissioners.
See: Cadillac Fairview broke privacy laws by using facial recognition technology at malls, investigators conclude
But the commissioners had no authority to levy fines against the firm, or any companies that violate Canadians’ personal information, an “incredible shortcoming of Canadian law that should really change,” B.C. information and privacy commissioner Michael McEvoy said in an email.
Despite its status as an artificial-intelligence hub, Canada has yet to develop a regulatory regime to deal with problems of privacy, discrimination and accountability to which AI systems are prone, prompting renewed calls for regulation from experts and businesses.
“We are now being required to expect systematic monitoring and surveillance in the way that we walk down the road, drive in our cars, chat with our friends online in small social-media bubbles. And it changes the way that public life occurs, to subject that free activity to systematic monitoring,” said Kate Robertson, a Toronto-based criminal and constitutional lawyer.
See: Biometric payment, access and ID cards launching around the world
At least 10 Canadian police agencies, including the RCMP and Calgary and Toronto police services, have used Clearview AI, a facial-recognition company that has scraped more than three billion images from the Internet for use in law enforcement investigations, according to a report co-written by Robertson.
Other Ontario police forces also may be “unlawfully intercepting” private conversations in online chat rooms via “algorithmic social-media surveillance technology,” according to the September report from the University of Toronto’s Citizen Lab and International Human Rights Program.
“We have seen the lack of clear limits and focused regulation leaving an overly broad level of discretion in both the public and police sectors that is a call to action for governments across the country,” Robertson said in a phone interview.
Canada needs to roll out concrete rules that balance privacy and innovation, said Carolina Bessega, co-founder and chief scientific officer of Montreal startup Stradigi AI. Public trust in artificial intelligence becomes increasingly crucial as machine-learning companies move from the conceptual to the commercial stage, she said.
See: Convenience vs Privacy: Here are 4 tips to protect your data from being shared on Facebook
The regulatory vacuum also discourages businesses from deploying AI, holding back innovation and efficiency _ particularly in hospitals and clinics, where the implications can be life or death.
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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Top five use cases for blockchain in fintech
ITProPortal | Malcom Ridgers | Nov 5, 2020
Blockchain is guaranteed to change the way we operate. Since blockchain is a decentralized ledger with strong focus on cryptography, security, and privacy, it’s ideal for banking applications and fintech.
Most banks are now using blockchain technology to create more efficient ways to record data. In 2020, the market share of blockchain in banking was 29.7 percent. Since blockchain allows you to update data in real-time, it’s a more cost-effective method to record transactions without intervention.
See: Blockchain: legal and regulatory guidance report
1. Digital identity
Banks have to ensure that the transactions they are carrying out are secure and validated. Most banks have their own security algorithms to confirm user identity. But for customers, they often are a huge hassle as they have to go through multiple security checks for simple tasks like checking their balance, transaction history, etc.
Banks sometimes also perform KYC (Know Your Customers) tools that further annoy customers. If you have accounts in different banks, going through different security protocols can be confusing, time-consuming, and frustrating.
To counter this, you can use blockchain. With it, you can create your digital persona instead of relying on the one made by banks. You can also reuse your persona for identification at different institutes and locations, which will allow you to save time and effort.
See: From Voting To Social Media: What Does The Future Hold For Digital Identity On The Blockchain
2. Trading
The trading system should ensure that all participants have correct entries and that the users can perform changes securely at any time they want. Blockchain is designed to handle exactly this. It can improve the whole process by using a generalized ledger.
Since information is refreshed in real-time, the flow of information is fast, and it is easy to make business decisions and policies based on that. Such a system also improves the whole lifecycle of the trade by reducing shorting risks and improving accountability.
3. Payments across the world
Blockchain supports decentralized currency, which means that you don't have to go through banks for your payments or transfers. It can also help in faster and easier payments since it costs less to transfer money from one account to another.
Since transfer through blockchain doesn’t require third party authorization, and banks don’t require resources to transfer funds, the payment processing fees are also less.
Blockchain will help to improve the flow of currency all around the world. Normally banks charge 10-15 percent of the amount transferred as a remittance fee. With blockchain, this comes down to 3 percent.
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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Finance Canada Announces Second Phase of Open Banking Virtual Consultations Dates
Finance Canada, Minister’s Advisory Committee on Open Banking | Kirsten Fraser | Nov 4, 2020
The Committee has developed a set of proposals which, taken together, outline a model for a hybrid Canadian approach to enable a system of open banking. They believe that Canada requires an approach to open banking that incorporates elements from other jurisdictions and harnesses the benefits of both industry and government led models, but charts its own path.
Accordingly, outlined in the following documents is a proposal to deliver to Canadian consumers secure, efficient, consumer-permissioned data mobility, with clear expected outcomes for consumers.
See: Bank Shot: Canada may be a laggard, but these B.C. fintechs are ready for open banking
The Committee is now ready to receive concrete input on these proposals with a view to determining whether our approach appropriately reflects what is required for the Canadian market or, as appropriate, adjust our course.
Moving forward, two factors remain front of mind for the Committee. The first: that open banking is part of a broader conversation about the use, control and protection of Canadians’ data and any system must be approached as a guide for the future application of these principles to other sectors. The second: that the time to act is now.
Open banking has an integral role to play in post-pandemic economic recovery and to delay its implementation will result in considerable risks to consumers, the sector and the Canadian economy. With this in mind, the Committee thanks stakeholders for their patience and looks forward to further engagement on this timely and important issue.
See: Global Risk Institute Report: Discussing Open Banking Regulation for Canada
Open banking allows consumers to take advantage of new, data-driven financial services by transferring their data held at banks to third parties. These new services represent an innovative and growing market, and can help Canadians better manage their finances.
The Committee’s vision for an open banking system in Canada is to improve consumer welfare and advance economic development. These include ensuring consumer data is protected, that they are in control of their data, and for consumers to have reliable, consistent access to services. At the same time, an open banking system should advance economic development by increasing overall growth in the financial sector, promoting innovation, and allowing third party financial service providers to enter the field.
See: C.D. Howe Institute Report: Open Banking Holds Promise, Risks for Consumers
The Committee’s proposed hybrid model also makes proposals with regard to the scope of an open banking system, who can participate, what types of data are involved, and what types of functionality or financial products should be scoped in.
Consumer transaction data held at federally regulated banks is the core scope. Small businesses should be given similar rights to consumers to move and share
their data within the open banking ecosystem. Additionally, proprietary data should always remain proprietary, and excluded from any requirement to share data.
View the Original Stakeholder Committee Letter--> here
View the Executive Summary --> 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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Cadillac Fairview broke privacy laws by using facial recognition technology at malls, investigators conclude
The Star | Kate Allen | Oct 29, 2020
Cadillac Fairview broke Canadian privacy laws after the company installed facial recognition technology inside a dozen malls and analyzed visitors’ images without obtaining proper consent, federal and provincial privacy commissioners announced Thursday.
Toronto’s Eaton Centre, Sherway Gardens and Fairview Mall all used the software. Markville Mall in Markham, Lime Ridge in Hamilton, and seven others in four other provinces did as well.
See: Biometric payment, access and ID cards launching around the world
Cameras embedded in wayfinding directories — the digital touch-screen maps that help visitors navigate malls — captured images of faces within the camera’s field of view, and converted them into a “biometric numerical representation” of each individual. That information was used to assess individuals’ ages and genders, and to monitor foot traffic.
“I’m really hoping that parliament will get serious about the threat posed by facial recognition technology and lay down some rules before it is too late and the abuse of this technology becomes ubiquitous.” said New Democrat MP Charlie Angus, a member of the House of Commons Standing Committee on Access to Information, Privacy and Ethics.
While Cadillac Fairview maintained that these “numerical representations” were not stored after use, the privacy investigators found that Anonymous Video Analytics kept 5 million of these facial representations on a decommissioned server on the company’s behalf, “for no apparent purpose and with no justification.”
See:[Brookings Institution Event Dec 5]: How to build guardrails for facial recognition technology
In a statement, Cadillac Fairview described the technology as a “beta test” that was “briefly conducted” at some locations, and noted the report “found no evidence that the company was using the technology for the purposes of identifying individuals.”
“This case also raises a big red flag regarding the need for stronger privacy laws with some teeth,” said Brenda McPhail, director of the Privacy, Technology & Surveillance Project at the Canadian Civil Liberties Association (CCLA).
Questions about the use of facial recognition technology in Cadillac Fairview’s malls first surfaced in 2018 after a user on Reddit, a popular online forum, posted a picture of a malfunctioning wayfinding screen at Calgary’s Chinook Centre. The screen displayed lines of code that appeared to reference facial recognition programs.
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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From Voting To Social Media: What Does The Future Hold For Digital Identity On The Blockchain
Forbes | Lawrence Wintermeyer | Oct 30, 2020
The CEO’s of America’s tech giants Twitter and Facebook were grilled by the Senate on the Hill this week putting social media and free speech in the spotlight. At the forefront of this debate are the rules governing the immunity from liability social media companies have which is created by section 230(c) of the Communications Decency Act in the U.S.
Section 230 means that users on social medial platforms can say whatever they wish and the social media companies are not liable for it, or the repercussions. I can think of no other sector or industry that enjoys this immunity – it appears a licence to print whatever drives user volumes to deliver advertising revenues with little consideration for the content or the identity and provenance of the individual who’s voice we are hearing.
See: House Lawmakers Condemn Big Tech’s ‘Monopoly Power’ and Urge Their Breakups
Now, most of us in the free world wish to protect our right to free speech, but only ten percent of Americans think social media are beneficial with two-thirds believing they cause harm.
This is not surprising with reports of fake news, foreign actors manipulating news and communities, the rise of identify politics and hate speech, and social media companies themselves accused of misusing our private data.
The global financial system is held to account when it comes to identity, a process that is know as Know Your Customer or KYC. To open up a bank account, you need to provide proof of who you really are. Though the KYC process can be a bit clunky, it can be done online and efficiently these days and must be a serious consideration for policy makers when it comes to social media or postal voting (which should be done from your phone).
One of the biggest emerging use cases for blockchain is in the realm of decentralized digital identity, wherein governments and enterprises collect, verify and manage citizens’ personal data on-chain. The aim is to replace the legacy of various storage systems and databases governed by unwieldy and often insecure centralized authorities and agencies.
See: Do Central Bank Digital Currencies need a blockchain operating system?
Given the sensitivity of such data, a blockchain-based identity system has its strengths with features such as hashing functions, digital signatures, and zero-knowledge proofs protecting our information against theft or loss.
In the context of elections, these properties of blockchain offer several other attractive possibilities. Digital signatures are completely secure, acting as a timestamped confirmation that a vote has been cast. This confirmation can be viewed transparently on the blockchain, with the zero-knowledge proof acting as evidence that the vote was cast without identifying the individual. The vote itself is an immutable record - it cannot be changed after the fact.
In the context of COVID-19, the pandemic necessitated the distribution of emergency funds to citizens, which were partly calculated based on the taxes they’ve paid. A single, blockchain-based identity record could overcome these challenges by providing a single point of truth for government departments.
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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