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, NEO, Open Banking, Open Finance
Will Competition Reforms Boost Fintech? Inside the Fight
Competition | March 18, 2025
Image: Freepik/rawpixel.com
A Win for Competition in Canada, But the Fight Isn’t Over
It's pretty safe to say that every fintech at one point of their journey from start-up to scale-up has experienced the adverse impacts of the lack of competition in Canada. Whether it’s access to payment systems, customer financial data, fair lending opportunities, or lack of harmonized rules that create interprovincial barriers, fintechs have faced an uphill battle in Canada compared to comparable international jurisdictions like the UK, Australia or the U.S. The Competition Bureau spent years pushing for stronger competition laws to make markets fairer and limit incumbent businesses from controlling everything. New rules have now become law, but the real test is whether they’ll actually be enforced and make a difference for fintech and other sector challengers, during a trade war when Canada needs more competition and economic resilience the most.
See: Canada’s AI Competition Report Faces Big Tech Challenges
While the Competition Bureau has been successful in securing long overdue reforms to the Competition Act, the fact that a federal agency had to fight this hard to get them passed says a lot about how much power big business holds. If regulators had this much trouble getting change through, what chance do fintechs, associations and advocates have? The Competition Bureau recently shared their story to lift the veil on their fight for more competition in Canada. Bottom line to fintechs, you have to keep pushing because the fight isn't over.
Big Business Will Fight Against Change
“Historically, competition policy in Canada has been predominantly shaped by the business community, at a plodding pace, and not always transparently.”
That’s a polite way of saying corporate lobbyists and incumbent associations have controlled the rules for decades. The financial sector in Canada is highly concentrated with the big six banks controlling 90% of the country's banking assets, and as a result they get to decide who gets access to financial services, under what conditions, and at what cost. Unlike in countries where fintech has been encouraged to challenge traditional banking, Canada’s system has delayed competition for as long as possible. Whether it’s the slow rollout of open banking, restrictive access to payments systems, or regulations designed to favour the big players, fintech startups have faced unnecessary barriers to growth.
Canada’s Competition Laws Were Designed to Be Weak
“No merger has been permanently blocked or dissolved in Canada… Mergers to monopoly could not be presumed to be anti-competitive.”
Big financial institutions haven’t faced serious pushback when they’ve bought out potential competitors, even if those deals reduce consumer choice. While there have been numerous of bank-fintech acquisitions and partnerships, it seems one of the best ways to reduce competition is to control access to payment systems, resist changes to open banking innovation, and slow down fintech progress where possible, all while regulators and policymakers sit on the sidelines. The real issue for fintech isn't just mergers, it's exclusion.
It Took Years of Public Pressure to Get Here
"We started speaking publicly and plainly about the Competition Bureau’s resource pressures and what we viewed as shortcomings of the Act.”
The Competition Bureau went public and made competition a national issue. That’s a lesson fintech companies should take seriously. Big banks and corporate interests benefit when competition policy is decided in private meetings, on their terms. If fintechs want fair opportunity, they need to keep the public and policymakers engaged like the Bureau did.
Monopolies Hurt Innovation and Growth
“We pushed back publicly on boogeyman arguments that competition law reform would stifle business investment.”
Big banks like telecos often claim that stronger competition laws will “hurt investment”. The reality is it's Canada's Monopolies that hurt innovation, not competition. Every time fintech startups push for open banking, fairer lending rules, or access to financial infrastructure, they hear that “it will disrupt the market.” Yes, that’s the point. Get used to it. Canada needs it more than ever.
What Will These Reforms Change?
No more 'efficiencies defence' for big companies that for years have claimed that regulators should allow these takeovers because it saves money while eliminating competition. Wage fixing is now illegal so banks and other employers (remember the bread scandal) can't secretly agree to keep wages low or stop employees from switching jobs. The government now has stronger rules to stop monopolies by blocking mergers that reduce competition before they happen. These changes should help challengers compete but the real test is whether the government will enforce them.
See: UK Overhauls Payment Oversight – Should Canada Follow?
And then it's a question of the Canadian government's political will. Canada still has huge regulatory barriers that protect incumbents in banking, telecom, and agriculture. The government needs to stay aggressive and build upon this competitive momentum. If they lose steam, large companies will find ways to block competition and these reforms will become meaningless. For fintech, small businesses, and consumers, the fight isn’t over. The government has shown it can act but only when forced. We need to make sure they don't stop here.
How Consumers, Businesses, and Fintechs Can Keep the Pressure On
Even with new competition laws, big businesses won’t give up their power easily. If Canada is going to become a truly competitive economy, consumers, small businesses, and fintech startups must keep pushing for change.
Consumers should demand more choice and support fintech alternatives instead of defaulting to the status quo. They should tell the Competition Bureau if they spot or experience anti-competitive behaviour from unfair fees to deceptive practices. Consumers need to get informed in the various ways monopolies can hurt them and press politicians to address the problem, not ignore it.
See: The Crisis Canada and Fintech Can’t Afford to Waste
Companies need to speak up, join fintech associations and business coalitions/groups who have more power together than going at it alone. Remember, big firms control the conversation by lobbying behind closed doors and leveraging their resources. Fintechs should work with policymakers and push for open banking implementation and payments reform and help educate the public that monopolies limit their financial options and drive up their costs.
The Fight Isn’t Over
Competition can only get better if people keep pushing for it. If consumers, businesses, and fintechs keep demanding fair rules, it will be harder for incumbent corporations to unravel progress. While the new laws are a step forward, real change depends on all of us, so keep battling because this fight isn't done. Read the backstory to How a New Era of Competition Law in Canada Came To Be for some insight and motivation.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. 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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September 15, 2026 | NCFA Market Activity | Lending Consumer Credit And BNPL, Embedded Finance, Artificial Intelligence And Data Zown Connects Rent Rewards, AI Search and Home Finance On September 15, 2026, Toronto-based Canadian proptech Zown updated its homebuying app with Rent Rewards alongside AI property search, affordability estimates, mortgage pre-approval and transaction services. Zown advertises up to 8% back on rent, giving it a reason to start working with consumers years before many will be ready to buy a home. The 8% combines two potential rewards. Zown Money says Zown currently provides up to 4% cashback directly on rent, while an eligible credit card can add up to another 4% depending on the card's terms. At C$2,500 in monthly rent, Zown's 4% portion would equal C$100 a month or C$1,200 a year. If a renter also earned the full additional 4% through their card, the total could reach C$200 a month or C$2,400 a year before any card or payment-related costs. The Canadian iPhone app, developed by Zown Realty Inc., also lets users upload a lease and proof of rent, search properties through an AI assistant called Zoro, view estimated affordability, request showings with licensed agents, seek mortgage pre-approval, ...
September 15, 2026 | NCFA Market Activity | Digital Banking And BaaS, Cross Border Payments And FX, Competition And Market Structure Wise Adds Everyday Canadian Payments Without Becoming a Bank On September 14, 2026, UK-based global payments company Wise launched a Chequing Account in Canada with no monthly fee, Interac e-Transfer support, Canadian account details, pre-authorized debits, debit-card access and multi-currency features. The launch takes Wise further into everyday Canadian financial activity while keeping the cross-border tools that built its original customer base. The account is available to personal and business customers in Canada. Customers can hold more than 40 currencies, receive money using account details available across 22 currencies and send money to more than 70 countries. Wise converts currencies at the mid-market rate and charges a separate conversion fee that currently starts from 0.19%, depending on the currency and transaction. Interac Makes Wise More Useful Day to Day Canadian customers can send up to C$25,000 to a supported Interac email address and receive up to C$25,000 per day through Interac Autodeposit. Wise doesn't charge its own fee to receive Autodeposit payments, and the September launch removed the Wise fee for sending CAD to an Interac alias and adding ...
September 15, 2026 | NCFA Insight | Capital Markets And Market Infrastructure, Competition And Market Structure, Public Sector Policy And Industrial Strategy Nearly $500B In Commitments And A Proposed 6.4% Investment Tax Rate Today, on September 15, 2026, Canada's first Canada Investment Summit 2026 commitments reached nearly $500 billion across Canadian pension funds, insurers, banks, investment funds and a major AI infrastructure project. The September 14–15 summit in Toronto also brought together investors from nearly 30 countries managing more than $100 trillion in assets. The $500 billion isn't one pool of foreign equity. It combines institutional investment, bank financing and capital mobilization, investment funds and corporate infrastructure spending. A large share comes from Canadian institutions putting more capital to work at home while Ottawa tries to attract additional global investment. Canadian Institutions Supply Much Of The Capital Canadian pension funds, insurers and other institutional investors committed nearly $100 billion CPP Investments and Brookfield Asset Management launched the $50 billion Maple Fund for Canadian critical infrastructure and strategic industries PSP Investments plans another $25 billion of Canadian investment Ontario Teachers' Pension Plan committed an additional $10 billion by the end of 2027 Sun Life Financial committed $5 billion over five years ...
Sep 15, 2026 Market volatility remains a persistent factor in wealth management, driving investors to seek strategies that balance capital stability with strategic diversification. While physical property has traditionally served as a tangible asset class, direct ownership often carries operational friction and localized concentration risk. Real estate funds present a structured alternative, pooling capital to access larger-scale assets under professional administration. However, evaluating these vehicles requires a realistic understanding of their risk profiles, liquidity terms, fee structures, and underlying statutory frameworks. Structural Trade-offs: Scale, Risk, and Liquidity Managed real estate portfolios offer distinct operational benefits while introducing clear structural constraints: Institutional Execution: Funds leverage pooled capital to negotiate institutional pricing, access commercial or multi-unit residential developments, and spread risk across multiple properties within the fund's mandate. Inflation Pass-Through and Fee Drag: Real estate often mitigates inflation through index-linked commercial leases or periodic residential rent adjustments. However, net investor returns are directly impacted by fund fee structures—typically including a 1–2% annual management fee and potential performance hurdles—which must be weighed against the ongoing maintenance and transaction costs of direct ownership. Operational Relief: Professional managers oversee tenant administration, maintenance, and legal compliance, removing the daily burdens associated with direct landlord responsibilities. Realistic ...
September 14, 2026 | NCFA Insight | Cross Border Payments And FX, Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Competition And Market Structure New Delhi Declaration Advances Payment Interoperability On September 12, 2026, BRICS leaders met in New Delhi for the 18th BRICS Summit and backed further work connecting national payment and financial messaging systems. The New Delhi Declaration confirms that the BRICS Payment Task Force has been studying cross border interoperability and the use of local currencies for trade settlement and investment. BRICS hasn't yet created a common payment network or digital currency. However, payment interoperability has moved into an official technical workstream rather than remaining a series of proposals from individual members. The progression has been fairly quick. India proposed stronger payment and central bank digital currency connectivity in January. In August, Reserve Bank of India Governor Sanjay Malhotra confirmed that members were discussing links between fast payment systems and central bank digital currencies. The September declaration gives the Payment Task Force a formal basis to continue that work across the bloc. The commercial backdrop has also changed significantly since we last covered the 2023 BRICS summit. The group has expanded, supply chains have been ...
September 14, 2026 | NCFA Insight | Competition And Market Structure, Regulation And Policy, Capital Markets Infrastructure And Funding Routledge Speech Puts Growth and Competition Higher on OSFI Agenda On September 11, 2026, Superintendent Peter Routledge delivered a speech at the Economic Club of Canada, explaining how the Office of the Superintendent of Financial Institutions (OSFI) is refining its risk appetite. Financial resilience remains central, but OSFI is giving more weight to economic growth and competition when it decides whether a regulatory requirement is proportionate to the risk. For financial technology firms, smaller banks, federal credit unions and prospective entrants, the commercial question is whether those decisions make Canada's regulated financial market easier to enter and compete in. Some fintechs may eventually seek a federal bank, trust or loan company structure. Others need regulated partners that can support new lending, payments or financial products without the economics forcing every partnership toward Canada's largest institutions. OSFI is already changing parts of that equation. New entrants have a more structured approval process, selected capital requirements are being recalibrated and unnecessary supervisory material is being removed. The value to the market will depend on what happens to entry costs, operating economics and the ...
September 14, 2026 | NCFA Market Activity | Capital Markets Infrastructure And Funding, Digital Assets Blockchain And Tokenization, Artificial Intelligence And Data Institutional Investors Back Tokenized Market Data On September 14, 2026, Paris-baesed digital asset firm Kaiko raised US$110 million in a Series B extension led by S&P Global. RBC joined BNP Paribas, Nasdaq Ventures, Bpifrance, Broadridge, Coinbase Ventures, DRW Venture Capital, Canton Foundation, Stellar and Susquehanna Private Equity Investments. Existing shareholders Anthemis, Point Nine and Revaia also participated. Kaiko plans to invest the capital in its market data business and services for onchain capital markets. Its coverage spans more than 150 exchanges and protocols, with data used for pricing, trading, valuation, risk, surveillance and benchmarks. S&P Global, RBC, Nasdaq, BNP Paribas and Broadridge bring something beyond capital. They operate businesses that depend on reliable prices, benchmarks, market data and institutional distribution. Their investment gives Kaiko deeper relationships with firms that could also become customers, partners or distribution channels as tokenized securities and digital assets enter more institutional products. S&P Backs Kaiko After Launching 4,000+ Indices S&P Global was already working with Kaiko before leading the round. On September 1, S&P Dow Jones Indices and Kaiko launched the S&P Kaiko ...
Sep 14, 2026 Industrial machinery is essential in the manufacturing, construction, processing, agriculture, energy production, and other industries. Unexpected machine failures can have more than repair costs. Production can be halted, deadlines can be missed, workers can face safety hazards, and businesses can suffer financial losses. By knowing the common causes of machinery failure, operators and maintenance staff can identify problems early and take preventive action. Industrial machinery failure can have many causes. Why Industrial Machinery Fails By determining the root cause, businesses can avoid the same issue, minimize downtime, and extend the useful life of valuable industrial equipment. Here are 10 of the most common reasons for industrial machinery failure. Poor maintenance One of the biggest causes of equipment failure is poor maintenance. A machine has many moving parts and interdependent components that must be inspected, cleaned, adjusted, and serviced regularly. Small issues can turn into big ones if they aren't addressed during routine maintenance. A preventive maintenance schedule can help to detect worn components and other issues before they lead to unexpected failures. Inadequate lubrication Moving parts need proper lubrication to minimize friction and heat. Insufficient lubrication, improper lubricants, or not lubricating parts as recommended can cause faster ...
Sep 5, 2026 | Last Updated Sep 14, 2026 | NCFA Fintech Whisperer | Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Digital Identity And Trust, Cybersecurity Fraud And Financial Crime, Digital Banking And BaaS, Capital Markets Infrastructure And Funding, Artificial Intelligence And Data, Cross Border Payments And FX, Wealthtech Investing And Trading, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Risk Compliance And Regtech, Treasury Liquidity And Cash Management, Regulation And Policy, Data Privacy And Governance This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, ...
September 11, 2026 | NCFA Regulatory Insight | Artificial Intelligence And Data, Regulation And Policy, Risk Compliance And Regtech AI Literacy, Transparency and Agent Governance On September 9, 2026, the Government of Canada launched a National AI Literacy Initiative with the Alberta Machine Intelligence Institute. The $13 million partnership is expected to reach up to 1 million post secondary students and more than 50,000 K to 12 educators, alongside free learning for workers and other Canadians. The program sits under Canada's AI for All strategy and focuses on helping people understand AI, use it responsibly and recognize risks such as bias, misinformation and privacy loss. Ottawa is working on the governance side at the same time. Its AI transparency consultation remains open until September 23 and asks whether Canada needs stronger ways to identify AI generated content, tell people when they are interacting with AI, explain system capabilities, track serious incidents and record what AI agents actually do. The consultation paper says 19.2% of Canadian companies used AI to produce goods or deliver services in the second quarter of 2026, up from 12.2% a year earlier and three times the 2024 level. The federal government has already been working through ...
September 15, 2026 | NCFA Market Activity | Lending Consumer Credit And BNPL, Embedded Finance, Artificial Intelligence And Data Zown Connects Rent Rewards, AI Search and Home Finance On September 15, 2026, Toronto-based Canadian proptech Zown updated its homebuying app with Rent Rewards alongside AI property search, affordability estimates, mortgage pre-approval and transaction services. Zown advertises up to 8% back on rent, giving it a reason to start working with consumers years before many will be ready to buy a home. The 8% combines two potential rewards. Zown Money says Zown currently provides up to 4% cashback directly on rent, while an eligible credit card can add up to another 4% depending on the card's terms. At C$2,500 in monthly rent, Zown's 4% portion would equal C$100 a month or C$1,200 a year. If a renter also earned the full additional 4% through their card, the total could reach C$200 a month or C$2,400 a year before any card or payment-related costs. The Canadian iPhone app, developed by Zown Realty Inc., also lets users upload a lease and proof of rent, search properties through an AI assistant called Zoro, view estimated affordability, request showings with licensed agents, seek mortgage pre-approval, ...
September 15, 2026 | NCFA Market Activity | Digital Banking And BaaS, Cross Border Payments And FX, Competition And Market Structure Wise Adds Everyday Canadian Payments Without Becoming a Bank On September 14, 2026, UK-based global payments company Wise launched a Chequing Account in Canada with no monthly fee, Interac e-Transfer support, Canadian account details, pre-authorized debits, debit-card access and multi-currency features. The launch takes Wise further into everyday Canadian financial activity while keeping the cross-border tools that built its original customer base. The account is available to personal and business customers in Canada. Customers can hold more than 40 currencies, receive money using account details available across 22 currencies and send money to more than 70 countries. Wise converts currencies at the mid-market rate and charges a separate conversion fee that currently starts from 0.19%, depending on the currency and transaction. Interac Makes Wise More Useful Day to Day Canadian customers can send up to C$25,000 to a supported Interac email address and receive up to C$25,000 per day through Interac Autodeposit. Wise doesn't charge its own fee to receive Autodeposit payments, and the September launch removed the Wise fee for sending CAD to an Interac alias and adding ...
September 15, 2026 | NCFA Insight | Capital Markets And Market Infrastructure, Competition And Market Structure, Public Sector Policy And Industrial Strategy Nearly $500B In Commitments And A Proposed 6.4% Investment Tax Rate Today, on September 15, 2026, Canada's first Canada Investment Summit 2026 commitments reached nearly $500 billion across Canadian pension funds, insurers, banks, investment funds and a major AI infrastructure project. The September 14–15 summit in Toronto also brought together investors from nearly 30 countries managing more than $100 trillion in assets. The $500 billion isn't one pool of foreign equity. It combines institutional investment, bank financing and capital mobilization, investment funds and corporate infrastructure spending. A large share comes from Canadian institutions putting more capital to work at home while Ottawa tries to attract additional global investment. Canadian Institutions Supply Much Of The Capital Canadian pension funds, insurers and other institutional investors committed nearly $100 billion CPP Investments and Brookfield Asset Management launched the $50 billion Maple Fund for Canadian critical infrastructure and strategic industries PSP Investments plans another $25 billion of Canadian investment Ontario Teachers' Pension Plan committed an additional $10 billion by the end of 2027 Sun Life Financial committed $5 billion over five years ...
Sep 15, 2026 Market volatility remains a persistent factor in wealth management, driving investors to seek strategies that balance capital stability with strategic diversification. While physical property has traditionally served as a tangible asset class, direct ownership often carries operational friction and localized concentration risk. Real estate funds present a structured alternative, pooling capital to access larger-scale assets under professional administration. However, evaluating these vehicles requires a realistic understanding of their risk profiles, liquidity terms, fee structures, and underlying statutory frameworks. Structural Trade-offs: Scale, Risk, and Liquidity Managed real estate portfolios offer distinct operational benefits while introducing clear structural constraints: Institutional Execution: Funds leverage pooled capital to negotiate institutional pricing, access commercial or multi-unit residential developments, and spread risk across multiple properties within the fund's mandate. Inflation Pass-Through and Fee Drag: Real estate often mitigates inflation through index-linked commercial leases or periodic residential rent adjustments. However, net investor returns are directly impacted by fund fee structures—typically including a 1–2% annual management fee and potential performance hurdles—which must be weighed against the ongoing maintenance and transaction costs of direct ownership. Operational Relief: Professional managers oversee tenant administration, maintenance, and legal compliance, removing the daily burdens associated with direct landlord responsibilities. Realistic ...
September 14, 2026 | NCFA Insight | Cross Border Payments And FX, Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Competition And Market Structure New Delhi Declaration Advances Payment Interoperability On September 12, 2026, BRICS leaders met in New Delhi for the 18th BRICS Summit and backed further work connecting national payment and financial messaging systems. The New Delhi Declaration confirms that the BRICS Payment Task Force has been studying cross border interoperability and the use of local currencies for trade settlement and investment. BRICS hasn't yet created a common payment network or digital currency. However, payment interoperability has moved into an official technical workstream rather than remaining a series of proposals from individual members. The progression has been fairly quick. India proposed stronger payment and central bank digital currency connectivity in January. In August, Reserve Bank of India Governor Sanjay Malhotra confirmed that members were discussing links between fast payment systems and central bank digital currencies. The September declaration gives the Payment Task Force a formal basis to continue that work across the bloc. The commercial backdrop has also changed significantly since we last covered the 2023 BRICS summit. The group has expanded, supply chains have been ...
September 14, 2026 | NCFA Insight | Competition And Market Structure, Regulation And Policy, Capital Markets Infrastructure And Funding Routledge Speech Puts Growth and Competition Higher on OSFI Agenda On September 11, 2026, Superintendent Peter Routledge delivered a speech at the Economic Club of Canada, explaining how the Office of the Superintendent of Financial Institutions (OSFI) is refining its risk appetite. Financial resilience remains central, but OSFI is giving more weight to economic growth and competition when it decides whether a regulatory requirement is proportionate to the risk. For financial technology firms, smaller banks, federal credit unions and prospective entrants, the commercial question is whether those decisions make Canada's regulated financial market easier to enter and compete in. Some fintechs may eventually seek a federal bank, trust or loan company structure. Others need regulated partners that can support new lending, payments or financial products without the economics forcing every partnership toward Canada's largest institutions. OSFI is already changing parts of that equation. New entrants have a more structured approval process, selected capital requirements are being recalibrated and unnecessary supervisory material is being removed. The value to the market will depend on what happens to entry costs, operating economics and the ...
September 14, 2026 | NCFA Market Activity | Capital Markets Infrastructure And Funding, Digital Assets Blockchain And Tokenization, Artificial Intelligence And Data Institutional Investors Back Tokenized Market Data On September 14, 2026, Paris-baesed digital asset firm Kaiko raised US$110 million in a Series B extension led by S&P Global. RBC joined BNP Paribas, Nasdaq Ventures, Bpifrance, Broadridge, Coinbase Ventures, DRW Venture Capital, Canton Foundation, Stellar and Susquehanna Private Equity Investments. Existing shareholders Anthemis, Point Nine and Revaia also participated. Kaiko plans to invest the capital in its market data business and services for onchain capital markets. Its coverage spans more than 150 exchanges and protocols, with data used for pricing, trading, valuation, risk, surveillance and benchmarks. S&P Global, RBC, Nasdaq, BNP Paribas and Broadridge bring something beyond capital. They operate businesses that depend on reliable prices, benchmarks, market data and institutional distribution. Their investment gives Kaiko deeper relationships with firms that could also become customers, partners or distribution channels as tokenized securities and digital assets enter more institutional products. S&P Backs Kaiko After Launching 4,000+ Indices S&P Global was already working with Kaiko before leading the round. On September 1, S&P Dow Jones Indices and Kaiko launched the S&P Kaiko ...
Sep 14, 2026 Industrial machinery is essential in the manufacturing, construction, processing, agriculture, energy production, and other industries. Unexpected machine failures can have more than repair costs. Production can be halted, deadlines can be missed, workers can face safety hazards, and businesses can suffer financial losses. By knowing the common causes of machinery failure, operators and maintenance staff can identify problems early and take preventive action. Industrial machinery failure can have many causes. Why Industrial Machinery Fails By determining the root cause, businesses can avoid the same issue, minimize downtime, and extend the useful life of valuable industrial equipment. Here are 10 of the most common reasons for industrial machinery failure. Poor maintenance One of the biggest causes of equipment failure is poor maintenance. A machine has many moving parts and interdependent components that must be inspected, cleaned, adjusted, and serviced regularly. Small issues can turn into big ones if they aren't addressed during routine maintenance. A preventive maintenance schedule can help to detect worn components and other issues before they lead to unexpected failures. Inadequate lubrication Moving parts need proper lubrication to minimize friction and heat. Insufficient lubrication, improper lubricants, or not lubricating parts as recommended can cause faster ...
Sep 5, 2026 | Last Updated Sep 14, 2026 | NCFA Fintech Whisperer | Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Digital Identity And Trust, Cybersecurity Fraud And Financial Crime, Digital Banking And BaaS, Capital Markets Infrastructure And Funding, Artificial Intelligence And Data, Cross Border Payments And FX, Wealthtech Investing And Trading, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Risk Compliance And Regtech, Treasury Liquidity And Cash Management, Regulation And Policy, Data Privacy And Governance This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, ...
September 11, 2026 | NCFA Regulatory Insight | Artificial Intelligence And Data, Regulation And Policy, Risk Compliance And Regtech AI Literacy, Transparency and Agent Governance On September 9, 2026, the Government of Canada launched a National AI Literacy Initiative with the Alberta Machine Intelligence Institute. The $13 million partnership is expected to reach up to 1 million post secondary students and more than 50,000 K to 12 educators, alongside free learning for workers and other Canadians. The program sits under Canada's AI for All strategy and focuses on helping people understand AI, use it responsibly and recognize risks such as bias, misinformation and privacy loss. Ottawa is working on the governance side at the same time. Its AI transparency consultation remains open until September 23 and asks whether Canada needs stronger ways to identify AI generated content, tell people when they are interacting with AI, explain system capabilities, track serious incidents and record what AI agents actually do. The consultation paper says 19.2% of Canadian companies used AI to produce goods or deliver services in the second quarter of 2026, up from 12.2% a year earlier and three times the 2024 level. The federal government has already been working through ...
Consumer Data Right Reset Supports Growth and Competition
Consumer Data Right | March 12, 2025
Image: Freepik
The Australian Government is Improving the Consumer Data Right to Increase Competition, Reduce costs, and Give Consumers Better Financial Options
The Australian government is making changes to the Consumer Data Right (CDR) legislation to make it more useful for consumers and businesses. The CDR reset was announced in August 2024 and aims to lower compliance costs while creating more opportunities for fintech companies. By improving data sharing rules and removing unnecessary regulations, the government hopes to make financial services more accessible and efficient for everyone.
CDR Reset Overview
- New simplified consent rules allow consumers to give consent for multiple services in a single step, making it easier to share data securely without unnecessary delays.
- A government review found that CDR compliance costs were much higher than expected, with some banks spending over $100 million on implementation. Fintechs (Accredited Data Recipients (ADRs) face fewer direct costs but they report challenges related to data quality, usability, and system responsiveness. The reset focuses on reducing costs by aligning standards and minimizing unnecessary updates.
See: Taking inspiration from Australia’s Consumer Data Right with Kate O’Rourke, Treasury’s First Assistant Secretary for the CDR
- CDR will expand to non-bank lending by mid-2026 including Buy Now, Pay Later (BNPL) providers, promoting more competition and consumer choice.
- Financial institutions will now only need to keep and share consumer data for two years instead of seven, reducing the costs of maintaining historical data.
- The government plans to phase out screen scraping so consumers' financial data is only shared safely through secure and approved systems instead of older, less secure methods.
Why It Matters
The CDR reset is an important adjustment to streamline the legislation making financial services more accessible, lowering costs, and encouraging fintech innovation. Consumers benefit from better financial choices while businesses face fewer regulatory hurdles. The Australian government is collaborating with industry leaders and evolving the program to ensure it benefits everyone.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. 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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September 15, 2026 | NCFA Market Activity | Lending Consumer Credit And BNPL, Embedded Finance, Artificial Intelligence And Data Zown Connects Rent Rewards, AI Search and Home Finance On September 15, 2026, Toronto-based Canadian proptech Zown updated its homebuying app with Rent Rewards alongside AI property search, affordability estimates, mortgage pre-approval and transaction services. Zown advertises up to 8% back on rent, giving it a reason to start working with consumers years before many will be ready to buy a home. The 8% combines two potential rewards. Zown Money says Zown currently provides up to 4% cashback directly on rent, while an eligible credit card can add up to another 4% depending on the card's terms. At C$2,500 in monthly rent, Zown's 4% portion would equal C$100 a month or C$1,200 a year. If a renter also earned the full additional 4% through their card, the total could reach C$200 a month or C$2,400 a year before any card or payment-related costs. The Canadian iPhone app, developed by Zown Realty Inc., also lets users upload a lease and proof of rent, search properties through an AI assistant called Zoro, view estimated affordability, request showings with licensed agents, seek mortgage pre-approval, ...
September 15, 2026 | NCFA Market Activity | Digital Banking And BaaS, Cross Border Payments And FX, Competition And Market Structure Wise Adds Everyday Canadian Payments Without Becoming a Bank On September 14, 2026, UK-based global payments company Wise launched a Chequing Account in Canada with no monthly fee, Interac e-Transfer support, Canadian account details, pre-authorized debits, debit-card access and multi-currency features. The launch takes Wise further into everyday Canadian financial activity while keeping the cross-border tools that built its original customer base. The account is available to personal and business customers in Canada. Customers can hold more than 40 currencies, receive money using account details available across 22 currencies and send money to more than 70 countries. Wise converts currencies at the mid-market rate and charges a separate conversion fee that currently starts from 0.19%, depending on the currency and transaction. Interac Makes Wise More Useful Day to Day Canadian customers can send up to C$25,000 to a supported Interac email address and receive up to C$25,000 per day through Interac Autodeposit. Wise doesn't charge its own fee to receive Autodeposit payments, and the September launch removed the Wise fee for sending CAD to an Interac alias and adding ...
September 15, 2026 | NCFA Insight | Capital Markets And Market Infrastructure, Competition And Market Structure, Public Sector Policy And Industrial Strategy Nearly $500B In Commitments And A Proposed 6.4% Investment Tax Rate Today, on September 15, 2026, Canada's first Canada Investment Summit 2026 commitments reached nearly $500 billion across Canadian pension funds, insurers, banks, investment funds and a major AI infrastructure project. The September 14–15 summit in Toronto also brought together investors from nearly 30 countries managing more than $100 trillion in assets. The $500 billion isn't one pool of foreign equity. It combines institutional investment, bank financing and capital mobilization, investment funds and corporate infrastructure spending. A large share comes from Canadian institutions putting more capital to work at home while Ottawa tries to attract additional global investment. Canadian Institutions Supply Much Of The Capital Canadian pension funds, insurers and other institutional investors committed nearly $100 billion CPP Investments and Brookfield Asset Management launched the $50 billion Maple Fund for Canadian critical infrastructure and strategic industries PSP Investments plans another $25 billion of Canadian investment Ontario Teachers' Pension Plan committed an additional $10 billion by the end of 2027 Sun Life Financial committed $5 billion over five years ...
Sep 15, 2026 Market volatility remains a persistent factor in wealth management, driving investors to seek strategies that balance capital stability with strategic diversification. While physical property has traditionally served as a tangible asset class, direct ownership often carries operational friction and localized concentration risk. Real estate funds present a structured alternative, pooling capital to access larger-scale assets under professional administration. However, evaluating these vehicles requires a realistic understanding of their risk profiles, liquidity terms, fee structures, and underlying statutory frameworks. Structural Trade-offs: Scale, Risk, and Liquidity Managed real estate portfolios offer distinct operational benefits while introducing clear structural constraints: Institutional Execution: Funds leverage pooled capital to negotiate institutional pricing, access commercial or multi-unit residential developments, and spread risk across multiple properties within the fund's mandate. Inflation Pass-Through and Fee Drag: Real estate often mitigates inflation through index-linked commercial leases or periodic residential rent adjustments. However, net investor returns are directly impacted by fund fee structures—typically including a 1–2% annual management fee and potential performance hurdles—which must be weighed against the ongoing maintenance and transaction costs of direct ownership. Operational Relief: Professional managers oversee tenant administration, maintenance, and legal compliance, removing the daily burdens associated with direct landlord responsibilities. Realistic ...
September 14, 2026 | NCFA Insight | Cross Border Payments And FX, Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Competition And Market Structure New Delhi Declaration Advances Payment Interoperability On September 12, 2026, BRICS leaders met in New Delhi for the 18th BRICS Summit and backed further work connecting national payment and financial messaging systems. The New Delhi Declaration confirms that the BRICS Payment Task Force has been studying cross border interoperability and the use of local currencies for trade settlement and investment. BRICS hasn't yet created a common payment network or digital currency. However, payment interoperability has moved into an official technical workstream rather than remaining a series of proposals from individual members. The progression has been fairly quick. India proposed stronger payment and central bank digital currency connectivity in January. In August, Reserve Bank of India Governor Sanjay Malhotra confirmed that members were discussing links between fast payment systems and central bank digital currencies. The September declaration gives the Payment Task Force a formal basis to continue that work across the bloc. The commercial backdrop has also changed significantly since we last covered the 2023 BRICS summit. The group has expanded, supply chains have been ...
September 14, 2026 | NCFA Insight | Competition And Market Structure, Regulation And Policy, Capital Markets Infrastructure And Funding Routledge Speech Puts Growth and Competition Higher on OSFI Agenda On September 11, 2026, Superintendent Peter Routledge delivered a speech at the Economic Club of Canada, explaining how the Office of the Superintendent of Financial Institutions (OSFI) is refining its risk appetite. Financial resilience remains central, but OSFI is giving more weight to economic growth and competition when it decides whether a regulatory requirement is proportionate to the risk. For financial technology firms, smaller banks, federal credit unions and prospective entrants, the commercial question is whether those decisions make Canada's regulated financial market easier to enter and compete in. Some fintechs may eventually seek a federal bank, trust or loan company structure. Others need regulated partners that can support new lending, payments or financial products without the economics forcing every partnership toward Canada's largest institutions. OSFI is already changing parts of that equation. New entrants have a more structured approval process, selected capital requirements are being recalibrated and unnecessary supervisory material is being removed. The value to the market will depend on what happens to entry costs, operating economics and the ...
September 14, 2026 | NCFA Market Activity | Capital Markets Infrastructure And Funding, Digital Assets Blockchain And Tokenization, Artificial Intelligence And Data Institutional Investors Back Tokenized Market Data On September 14, 2026, Paris-baesed digital asset firm Kaiko raised US$110 million in a Series B extension led by S&P Global. RBC joined BNP Paribas, Nasdaq Ventures, Bpifrance, Broadridge, Coinbase Ventures, DRW Venture Capital, Canton Foundation, Stellar and Susquehanna Private Equity Investments. Existing shareholders Anthemis, Point Nine and Revaia also participated. Kaiko plans to invest the capital in its market data business and services for onchain capital markets. Its coverage spans more than 150 exchanges and protocols, with data used for pricing, trading, valuation, risk, surveillance and benchmarks. S&P Global, RBC, Nasdaq, BNP Paribas and Broadridge bring something beyond capital. They operate businesses that depend on reliable prices, benchmarks, market data and institutional distribution. Their investment gives Kaiko deeper relationships with firms that could also become customers, partners or distribution channels as tokenized securities and digital assets enter more institutional products. S&P Backs Kaiko After Launching 4,000+ Indices S&P Global was already working with Kaiko before leading the round. On September 1, S&P Dow Jones Indices and Kaiko launched the S&P Kaiko ...
Sep 14, 2026 Industrial machinery is essential in the manufacturing, construction, processing, agriculture, energy production, and other industries. Unexpected machine failures can have more than repair costs. Production can be halted, deadlines can be missed, workers can face safety hazards, and businesses can suffer financial losses. By knowing the common causes of machinery failure, operators and maintenance staff can identify problems early and take preventive action. Industrial machinery failure can have many causes. Why Industrial Machinery Fails By determining the root cause, businesses can avoid the same issue, minimize downtime, and extend the useful life of valuable industrial equipment. Here are 10 of the most common reasons for industrial machinery failure. Poor maintenance One of the biggest causes of equipment failure is poor maintenance. A machine has many moving parts and interdependent components that must be inspected, cleaned, adjusted, and serviced regularly. Small issues can turn into big ones if they aren't addressed during routine maintenance. A preventive maintenance schedule can help to detect worn components and other issues before they lead to unexpected failures. Inadequate lubrication Moving parts need proper lubrication to minimize friction and heat. Insufficient lubrication, improper lubricants, or not lubricating parts as recommended can cause faster ...
Sep 5, 2026 | Last Updated Sep 14, 2026 | NCFA Fintech Whisperer | Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Digital Identity And Trust, Cybersecurity Fraud And Financial Crime, Digital Banking And BaaS, Capital Markets Infrastructure And Funding, Artificial Intelligence And Data, Cross Border Payments And FX, Wealthtech Investing And Trading, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Risk Compliance And Regtech, Treasury Liquidity And Cash Management, Regulation And Policy, Data Privacy And Governance This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, ...
September 11, 2026 | NCFA Regulatory Insight | Artificial Intelligence And Data, Regulation And Policy, Risk Compliance And Regtech AI Literacy, Transparency and Agent Governance On September 9, 2026, the Government of Canada launched a National AI Literacy Initiative with the Alberta Machine Intelligence Institute. The $13 million partnership is expected to reach up to 1 million post secondary students and more than 50,000 K to 12 educators, alongside free learning for workers and other Canadians. The program sits under Canada's AI for All strategy and focuses on helping people understand AI, use it responsibly and recognize risks such as bias, misinformation and privacy loss. Ottawa is working on the governance side at the same time. Its AI transparency consultation remains open until September 23 and asks whether Canada needs stronger ways to identify AI generated content, tell people when they are interacting with AI, explain system capabilities, track serious incidents and record what AI agents actually do. The consultation paper says 19.2% of Canadian companies used AI to produce goods or deliver services in the second quarter of 2026, up from 12.2% a year earlier and three times the 2024 level. The federal government has already been working through ...
September 15, 2026 | NCFA Market Activity | Lending Consumer Credit And BNPL, Embedded Finance, Artificial Intelligence And Data Zown Connects Rent Rewards, AI Search and Home Finance On September 15, 2026, Toronto-based Canadian proptech Zown updated its homebuying app with Rent Rewards alongside AI property search, affordability estimates, mortgage pre-approval and transaction services. Zown advertises up to 8% back on rent, giving it a reason to start working with consumers years before many will be ready to buy a home. The 8% combines two potential rewards. Zown Money says Zown currently provides up to 4% cashback directly on rent, while an eligible credit card can add up to another 4% depending on the card's terms. At C$2,500 in monthly rent, Zown's 4% portion would equal C$100 a month or C$1,200 a year. If a renter also earned the full additional 4% through their card, the total could reach C$200 a month or C$2,400 a year before any card or payment-related costs. The Canadian iPhone app, developed by Zown Realty Inc., also lets users upload a lease and proof of rent, search properties through an AI assistant called Zoro, view estimated affordability, request showings with licensed agents, seek mortgage pre-approval, ...
September 15, 2026 | NCFA Market Activity | Digital Banking And BaaS, Cross Border Payments And FX, Competition And Market Structure Wise Adds Everyday Canadian Payments Without Becoming a Bank On September 14, 2026, UK-based global payments company Wise launched a Chequing Account in Canada with no monthly fee, Interac e-Transfer support, Canadian account details, pre-authorized debits, debit-card access and multi-currency features. The launch takes Wise further into everyday Canadian financial activity while keeping the cross-border tools that built its original customer base. The account is available to personal and business customers in Canada. Customers can hold more than 40 currencies, receive money using account details available across 22 currencies and send money to more than 70 countries. Wise converts currencies at the mid-market rate and charges a separate conversion fee that currently starts from 0.19%, depending on the currency and transaction. Interac Makes Wise More Useful Day to Day Canadian customers can send up to C$25,000 to a supported Interac email address and receive up to C$25,000 per day through Interac Autodeposit. Wise doesn't charge its own fee to receive Autodeposit payments, and the September launch removed the Wise fee for sending CAD to an Interac alias and adding ...
September 15, 2026 | NCFA Insight | Capital Markets And Market Infrastructure, Competition And Market Structure, Public Sector Policy And Industrial Strategy Nearly $500B In Commitments And A Proposed 6.4% Investment Tax Rate Today, on September 15, 2026, Canada's first Canada Investment Summit 2026 commitments reached nearly $500 billion across Canadian pension funds, insurers, banks, investment funds and a major AI infrastructure project. The September 14–15 summit in Toronto also brought together investors from nearly 30 countries managing more than $100 trillion in assets. The $500 billion isn't one pool of foreign equity. It combines institutional investment, bank financing and capital mobilization, investment funds and corporate infrastructure spending. A large share comes from Canadian institutions putting more capital to work at home while Ottawa tries to attract additional global investment. Canadian Institutions Supply Much Of The Capital Canadian pension funds, insurers and other institutional investors committed nearly $100 billion CPP Investments and Brookfield Asset Management launched the $50 billion Maple Fund for Canadian critical infrastructure and strategic industries PSP Investments plans another $25 billion of Canadian investment Ontario Teachers' Pension Plan committed an additional $10 billion by the end of 2027 Sun Life Financial committed $5 billion over five years ...
Sep 15, 2026 Market volatility remains a persistent factor in wealth management, driving investors to seek strategies that balance capital stability with strategic diversification. While physical property has traditionally served as a tangible asset class, direct ownership often carries operational friction and localized concentration risk. Real estate funds present a structured alternative, pooling capital to access larger-scale assets under professional administration. However, evaluating these vehicles requires a realistic understanding of their risk profiles, liquidity terms, fee structures, and underlying statutory frameworks. Structural Trade-offs: Scale, Risk, and Liquidity Managed real estate portfolios offer distinct operational benefits while introducing clear structural constraints: Institutional Execution: Funds leverage pooled capital to negotiate institutional pricing, access commercial or multi-unit residential developments, and spread risk across multiple properties within the fund's mandate. Inflation Pass-Through and Fee Drag: Real estate often mitigates inflation through index-linked commercial leases or periodic residential rent adjustments. However, net investor returns are directly impacted by fund fee structures—typically including a 1–2% annual management fee and potential performance hurdles—which must be weighed against the ongoing maintenance and transaction costs of direct ownership. Operational Relief: Professional managers oversee tenant administration, maintenance, and legal compliance, removing the daily burdens associated with direct landlord responsibilities. Realistic ...
September 14, 2026 | NCFA Insight | Cross Border Payments And FX, Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Competition And Market Structure New Delhi Declaration Advances Payment Interoperability On September 12, 2026, BRICS leaders met in New Delhi for the 18th BRICS Summit and backed further work connecting national payment and financial messaging systems. The New Delhi Declaration confirms that the BRICS Payment Task Force has been studying cross border interoperability and the use of local currencies for trade settlement and investment. BRICS hasn't yet created a common payment network or digital currency. However, payment interoperability has moved into an official technical workstream rather than remaining a series of proposals from individual members. The progression has been fairly quick. India proposed stronger payment and central bank digital currency connectivity in January. In August, Reserve Bank of India Governor Sanjay Malhotra confirmed that members were discussing links between fast payment systems and central bank digital currencies. The September declaration gives the Payment Task Force a formal basis to continue that work across the bloc. The commercial backdrop has also changed significantly since we last covered the 2023 BRICS summit. The group has expanded, supply chains have been ...
September 14, 2026 | NCFA Insight | Competition And Market Structure, Regulation And Policy, Capital Markets Infrastructure And Funding Routledge Speech Puts Growth and Competition Higher on OSFI Agenda On September 11, 2026, Superintendent Peter Routledge delivered a speech at the Economic Club of Canada, explaining how the Office of the Superintendent of Financial Institutions (OSFI) is refining its risk appetite. Financial resilience remains central, but OSFI is giving more weight to economic growth and competition when it decides whether a regulatory requirement is proportionate to the risk. For financial technology firms, smaller banks, federal credit unions and prospective entrants, the commercial question is whether those decisions make Canada's regulated financial market easier to enter and compete in. Some fintechs may eventually seek a federal bank, trust or loan company structure. Others need regulated partners that can support new lending, payments or financial products without the economics forcing every partnership toward Canada's largest institutions. OSFI is already changing parts of that equation. New entrants have a more structured approval process, selected capital requirements are being recalibrated and unnecessary supervisory material is being removed. The value to the market will depend on what happens to entry costs, operating economics and the ...
September 14, 2026 | NCFA Market Activity | Capital Markets Infrastructure And Funding, Digital Assets Blockchain And Tokenization, Artificial Intelligence And Data Institutional Investors Back Tokenized Market Data On September 14, 2026, Paris-baesed digital asset firm Kaiko raised US$110 million in a Series B extension led by S&P Global. RBC joined BNP Paribas, Nasdaq Ventures, Bpifrance, Broadridge, Coinbase Ventures, DRW Venture Capital, Canton Foundation, Stellar and Susquehanna Private Equity Investments. Existing shareholders Anthemis, Point Nine and Revaia also participated. Kaiko plans to invest the capital in its market data business and services for onchain capital markets. Its coverage spans more than 150 exchanges and protocols, with data used for pricing, trading, valuation, risk, surveillance and benchmarks. S&P Global, RBC, Nasdaq, BNP Paribas and Broadridge bring something beyond capital. They operate businesses that depend on reliable prices, benchmarks, market data and institutional distribution. Their investment gives Kaiko deeper relationships with firms that could also become customers, partners or distribution channels as tokenized securities and digital assets enter more institutional products. S&P Backs Kaiko After Launching 4,000+ Indices S&P Global was already working with Kaiko before leading the round. On September 1, S&P Dow Jones Indices and Kaiko launched the S&P Kaiko ...
Sep 14, 2026 Industrial machinery is essential in the manufacturing, construction, processing, agriculture, energy production, and other industries. Unexpected machine failures can have more than repair costs. Production can be halted, deadlines can be missed, workers can face safety hazards, and businesses can suffer financial losses. By knowing the common causes of machinery failure, operators and maintenance staff can identify problems early and take preventive action. Industrial machinery failure can have many causes. Why Industrial Machinery Fails By determining the root cause, businesses can avoid the same issue, minimize downtime, and extend the useful life of valuable industrial equipment. Here are 10 of the most common reasons for industrial machinery failure. Poor maintenance One of the biggest causes of equipment failure is poor maintenance. A machine has many moving parts and interdependent components that must be inspected, cleaned, adjusted, and serviced regularly. Small issues can turn into big ones if they aren't addressed during routine maintenance. A preventive maintenance schedule can help to detect worn components and other issues before they lead to unexpected failures. Inadequate lubrication Moving parts need proper lubrication to minimize friction and heat. Insufficient lubrication, improper lubricants, or not lubricating parts as recommended can cause faster ...
Sep 5, 2026 | Last Updated Sep 14, 2026 | NCFA Fintech Whisperer | Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Digital Identity And Trust, Cybersecurity Fraud And Financial Crime, Digital Banking And BaaS, Capital Markets Infrastructure And Funding, Artificial Intelligence And Data, Cross Border Payments And FX, Wealthtech Investing And Trading, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Risk Compliance And Regtech, Treasury Liquidity And Cash Management, Regulation And Policy, Data Privacy And Governance This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, ...
September 11, 2026 | NCFA Regulatory Insight | Artificial Intelligence And Data, Regulation And Policy, Risk Compliance And Regtech AI Literacy, Transparency and Agent Governance On September 9, 2026, the Government of Canada launched a National AI Literacy Initiative with the Alberta Machine Intelligence Institute. The $13 million partnership is expected to reach up to 1 million post secondary students and more than 50,000 K to 12 educators, alongside free learning for workers and other Canadians. The program sits under Canada's AI for All strategy and focuses on helping people understand AI, use it responsibly and recognize risks such as bias, misinformation and privacy loss. Ottawa is working on the governance side at the same time. Its AI transparency consultation remains open until September 23 and asks whether Canada needs stronger ways to identify AI generated content, tell people when they are interacting with AI, explain system capabilities, track serious incidents and record what AI agents actually do. The consultation paper says 19.2% of Canadian companies used AI to produce goods or deliver services in the second quarter of 2026, up from 12.2% a year earlier and three times the 2024 level. The federal government has already been working through ...
The Crisis Canada and Fintech Can’t Afford to Waste
Innovation | March 5, 2025
Image: Freepik
Canada’s Fintech Paralysis is A Crisis of Political Will and Competition
The impetus for this article is a recent interview by the Toronto Star with EQ Bank's CEO Andrew Moor. While everyone is busy dealing with the impact and new realities of North American's tariff and trade war, the primary messages in interviews like these cannot be lost, especially during times of economic crisis where Canada needs to be resilient and more competitive.
So what's the problem? Well to restate what's been stated hundreds, if not thousands, of times before, Canada’s financial system always seems to move slower than others, not because Canadians aren't innovative, but because there’s no political will to support real competition.
See: UK Banking Competition Remedies, Lessons for Fintech Growth
After being involved with fintech for over a decade, the above message always seems to reappear, either from a new fintech or investor group or as a result of another crisis or need. The harsh reality is that NCFA and fintech leaders across the country have consistently been pushing for clear, modern innovations and rules that encourage growth and competition in Canada's financial services sector but there are always delays, weak reforms, and policies that protect the big banks at the expense of progress and innovation. Open banking and payments modernization are examples of the day of the real problem. Canada drags its feet on implementing fintech innovations that would benefit consumers and businesses alike. The result is fewer opportunities, slower economic growth, and a financial system that remains behind its peers.
Canada Acts When It Wants to But Delays On Fintech
The argument that Canada is just slow to act on policy decisions isn’t entirely true. When the U.S. proposed and then implemented economically punishing tariffs on most Canadian imports into America, the Canadian government at all levels acted swiftly, implementing its own retaliatory countermeasures in a matter of weeks. Another example is when the Covid-19 pandemic hit, the government launched support programs at an unprecedented pace (even relative to most of its peers).
See: Accelerating Financial Innovation and Access in Canada
So why does fintech reform keep getting delayed? We can only surmise after so many years that the slow pace of fintech reform is about whose interests are being protected, not about government inefficiency (which is also often cited).
Andrew Moor, CEO EQ Bank:
"Prudence in banking is always good, but since 2007 we’ve only cemented the position of the largest banks further. We’ve been talking about open banking in Canada for six or seven years and we seem to be no closer to launching it."
Moor's quote stresses that while stability is important, Canada has gone too far in protecting incumbents instead of encouraging competition. The Big Five banks control over 90% of the market, which leaves consumers with little reason or ability to switch. Other countries have moved forward with regulatory changes but Canada remains paralyzed in research or consultation mode.
Three Examples Showing the Cost of Hesitation
1. Open Banking File
Open banking has been discussed in Canada for over six years and the implementation date keeps getting pushed out longer. At the time of publishing, the federal government announced that open banking will be implemented in 2026, yet there's still no commitment to a firm implementation date.
To be clear, many peer countries like the UK and Australia have adopted open banking frameworks years ago (and are moving towards open finance), allowing consumers to share their financial data with fintech companies. The result is lower fees, better banking products (choice) and real competition.
Andrew Moor CEO EQ Bank:
"We built a railway across the country in four years, and this is just a collection of computer codes and regulations, yet I’m still making the same speeches about open banking that I delivered in 2018. It’s ridiculous, and it’s embarrassing."
Moor’s frustration highlights that Canada’s delay is not due to complexity but the government's failure to prioritize fintech reform. The Canadian government should not wait for customers to demand open banking because they don’t know what they’re missing. That’s part of the problem.
See: BoE Report: Open Banking Boosts Productivity, Competition
- Canadians rarely switch banks because they believe all banks offer the same thing
- All banks offer the same thing because real competition isn’t encouraged
- Real competition doesn’t exist because Canada has yet to implement open banking
This chicken-and-egg problem has locked Canadians into a system where they pay some of the highest banking fees in the world. And who benefits from these delays? The same major banks that dominate Ottawa’s lobbying circles.
2. Payments Modernization - Who Gains from Slow Progress?
It’s not just open banking. Canada’s payments infrastructure has been slow to modernize, leaving businesses and consumers dealing with high costs, delays, and inefficiencies. Even as regulators move forward with aspects of payments modernization, the slow pace of adoption means Canada still lags behind global peers who have been using real-time payment systems for years.
Andrew Moor CEO EQ Bank:
"It’s easier for us to send an EFT to a bank account in India using one of our fintech partners than it is to move money between provinces. Why is that?"
Canada’s Retail Payments Modernization initiative has started allowing companies to sign up for access, but real-time payments which are the foundation of a truly modern financial system are still not fully implemented. The Real-Time Rail (RTR) system was originally scheduled to launch in 2019 but faced multiple delays with Payments Canada most recently announcing that the system's launch would not occur before 2026, with technical builds and testing phases extending through 2025 and into 2026.
Michael Katchen, CEO of Wealthsimple:
"If Canada is serious about innovation, it needs to stop protecting the status quo and start enabling real competition."
Until the government takes control of the agenda and ensures full implementation of real-time payments, innovation in digital transactions and financial infrastructure remains stuck in molasses.
3. Equity Crowdfunding: A Lesson in the Cost of Regulatory Patchwork
Equity crowdfunding had the potential to revolutionize early-stage investing in Canada, allowing startups to raise money from angel and retail investors instead of relying solely on banks or venture capital. But instead of introducing a single national framework, Canada created a fragmented framework with 3 sets of different rules depending on the province, making compliance costly and impractical. By the time regulators finally harmonized the rules, the damage had been done. The industry never had a real chance to succeed at the same level as its peer countries.
See: The Transformative Impact of Instant Payments on Financial Crime Mitigation
This problem (i.e., lack of national strategy, coordination) also appears as Canada looks for solutions to the U.S. imposed tariffs by seeking to increase trade among provinces but hits roadblocks of unnecessary costs and inefficiencies across multiple industries from finance to agriculture to energy (see: Canada's interprovincial trade barriers).
Andrew Moor CEO EQ Bank:
"Hooking up a bit of innovation would be a good thing, and it wouldn’t endanger the nation. There are so many safeguards in our banking system already."
Moor's quote reflects that competition and innovation won’t destroy Canada’s banking system but rather it will strengthen it. This conservative issue seems to go beyond fintech and is a Canadian problem.
Don’t Waste This Crisis
Canada’s economy is under pressure and the tariff and trade war crisis should be used to help Canada push forward on innovation and fintech reforms. Policymakers need to stop consulting and start acting. The financial system should encourage real competition and consumer choice to make markets more resilient, not protect incumbents. Fintech entrepreneurs and investors need transparent progress and cost effective regulations, not shifting policies or a slow no.
Canada needs clear deadlines for open banking, real-time payments, and regulatory harmonization now, not in another three years. If the federal and provincial governments can’t or won’t act, then the private sector must lead. If Canada’s fintech community forms a collaborative working group to build the roadmap, consult where necessary, and take action, progress can happen without waiting for political will to catch up. If the government won’t lead, the private sector must step up or risk wasting yet another economic moment.
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 Top Trends from Forbes’ 2025 Fintech 50 List
Fintech Ranking | Feb 20, 2025
Image: 2025 Forbes Fintech 50 (Illustration by Óscar Raña for Forbes)
What We Can Learn from the Forbes Fintech 50 in 2025
Every year, Forbes publishes their annual ranking of the top Fintech companies. Checkout the Forbes Fintech 50 in 2025, showing fintech companies that continue to grow despite pressure on company valuations and a slowdown in investment in the sector. According to the judges who select and rank the top 50 at Forbes, this year there's been a rise of business-t0-business fintechs, as well as the increasing importance of fraud prevention and financial security companies.
| Category | Total Funding ($M) | # Companies |
| Payments | 4482 | 11 |
| Personal Finance | 3812 | 8 |
| Business to Business Banking | 3794 | 11 |
| Wall Street and Enterprise | 1892 | 9 |
| Insurance | 1742 | 4 |
| Blockchain and Cryptocurrencies | 1670 | 3 |
| Real Estate | 508 | 2 |
| Investing | 265 | 2 |
1. B2B Fintechs Strong Showing
More than half of the companies on the list provide fintech services to other businesses rather than consumers. Categories like Payments and B2B Banking are seeing strong growth as businesses turn to fintechs to automate and improve their operations, reduce costs and streamline regulatory challenges. Fintech goes well beyond innovative consumer digital banking, it's morphing into improving financial systems at scale. Wall Street & Enterprise fintechs are also playing an outsized role in modernizing financial infrastructure at the institutional level.
See: 10 Fintech and Crypto IPOs 2025 – Boom or Bubble?
The chart below illustrates the number of fintech companies in each category, emphasizing the dominance of business-focused fintechs:
Image: Total # of Fintech Companies by Category (Forbes Fintech 50, 2025)
The chart below shows the total funding received by fintech category, showing which categories are bucking the trend despite the downturn.
Total Funding by Fintech Category Forbes Fintech 50, 2025
Payments fintechs still lead the pack with over $4.4 billion in total funding. This aligns with their critical role in powering e-commerce and digital transactions worldwide.
2. Focus on Profitability Amidst a Funding Slump
In the early 2020s, fintech companies focused on rapid growth but times have changed and they are now after profitability and sustained growth. This year, 13 companies on the list reported official profits (up from just eight last year). Investors and businesses alike are prioritizing financial health over unchecked expansion.
See: CIX 2025 Fintech and AI Startup Award Winners
Even though global fintech funding fell from $144 billion in 2021 to $34 billion in 2024, most companies on this year’s Forbes Fintech 50 have shown resilience. Major players like Stripe and Ramp have adapted by pivoting, reducing costs while focusing on efficiency.
3. Fraud Prevention and Security Are More Important Than Ever
As digital transactions increase so do fraud risks. Security based fintechs are gaining traction as businesses need stronger protections against cyber threats and fraud. DataVisor, a company that uses advanced machine learning to detect fraudulent transactions experienced a 67% increase in revenue in 2024, reaching $50 million.
4. Lending Fintechs Comeback
Companies like Arc, Aven, and Imprint have made their way onto this year’s list, showing that the lending market is regaining investor confidence. Nova Credit, for example, previously fell off the list but re-emerged this year with a renewed focus on cash flow underwriting and a fresh approach to risk assessment.
5. One Canadian Contender, Relay
While much can be argued about the methodology of actually being selected for the Forbes Fintech 50 list. To be honest there are several significant Canadian fintechs that should be on the list but aren't for whatever reason, such as Wealthsimple. But Relay made it so something to cheer about.
See: Key Findings from 2025 Advanced Payments and Fintech Survey
They are a Toronto-based digital banking platform for small businesses and provide financial management tools that integrate with accounting software, making it easier for businesses to manage their money. In 2024, they raised $32.2 million in a Series B funding round, strengthening their market position and offerings.
Top Fintech Companies by Category
Here’s a closer look at a couple of standout fintech firms within each category:
Payments
- Stripe – A global online payments leader providing seamless transaction infrastructure for businesses
- DailyPay – Helps employees access earned wages before payday, improving financial flexibility for millions
Business-to-Business (B2B) Banking
- Relay – Canada’s only fintech on the list offering digital banking for small businesses
- Parafin – Uses marketplace data to underwrite loans, achieved 100% revenue growth in 2024
Wall Street & Enterprise
- DataVisor – Specializes in AI powered fraud detection, growing revenues by 67% in the past year
- Alloy – Provides identity verification solutions for financial institutions, automating compliance and security processes
Personal Finance
- True Link – Offers financial services for vulnerable populations including the elderly and those with disabilities
- Chime – A digital bank providing fee-free accounts and early direct deposits
Insurance
- Ethos – Makes life insurance more accessible with a fast, tech-driven application process
- At-Bay – A cyber insurance company that proactively monitors digital risks for clients
Blockchain & Cryptocurrencies
- Figure – Uses blockchain to offer home equity lines of credit and mortgage refinancing
- Fireblocks – Provides secure infrastructure for handling digital assets
Real Estate
- Aven – Introduces innovative financing solutions to make real estate investments more accessible
- Valon – A mortgage service provider making home loan management simpler and more transparent
Why This Matters
The 2025 Forbes Fintech 50 shows the race for scale is now about profitability with payments, security, infrastructure, and B2B services leading the way. For Canada, Relay’s presence on the list is promising but begs the question, why aren’t more Canadian fintechs on the list?
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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10 Fintech and Crypto IPOs 2025 – Boom or Bubble?
Public Market | Feb 13, 2025
Image: Freepik
A Raft of Fintech and Crypto IPOs in 2025
According to many reports online, several prominent fintech and crypto firms are espousing Initial Public Offering (IPO) ambitions to publicly list in 2025 due to recent economic conditions in public markets. Is this growth sustainable or indicative of an overheated market? Lets explore these IPO ambitions, the companies and some of the risks and considerations for issuers and investors.
See: How Fintechs Are Unlocking Value in Private Markets 2024
In 2024, the number of companies that went public in the U.S. grew significantly. According to EY, IPO proceeds jumped 45%, and the number of listings increased 40% compared to the previous year. Despite this improvement, IPO activity was still below pre-pandemic levels. U.S. News reports that Renaissance Capital is expecting 2025 to be a significant year for IPOs, estimating between 155 to 195 IPO deals that will raise $40-50 billion.
Why More IPO Ambitions in 2025?
The surge in potential IPOs this year comes down to several key factors. Economic conditions have stabilized although we've yet to see the full impact of the Trump administration's tariff and trade war. Inflation has cooled and central banks are looking to keep interest rates lower which will make it easier for businesses to raise money. The stock market has been on fire, boosting company valuations, making going public an attractive option for high growth firms looking to expand. Important to understand that many companies that initially announce IPO ambitions may not ultimately follow through on their plans, and may delay or cancel the listing. There are also concerns that high stock valuations and investor speculation could further fuel a market bubble, which many analysts have written about. So, are these IPOs a sign of longer term recovery or a more temporary reaction to positive market conditions awash in capital?
10 Fintech and Crypto IPOs in 2025
Here's a list of ten highly anticipated fintech and crypto IPOs slated for 2025 with each offering a unique opportunity and set of risks.
1. BitGo (USA 2013)
BitGo is a leading crypto custody firm providing multi-sig wallets and custodial services for institutional clients and exchanges.BitGo is reportedly exploring an IPO in the second half of 2025. Institutional adoption of crypto is here now and there's growing demand for regulated crypto and digital asset storage solutions.
2. Gemini (USA 2013)
Founded by the Winklevoss twins, Gemini is a regulated cryptocurrency exchange and custodian with robust compliance and security. Bloomberg also reports Gemini is considering an IPO this year, looking to expand its offerings to global markets.
3. Bullish Global (USA 2013)
Peter Thiel backed Bullish Global, a crypto trading platform focused on offering deep liquidity and algorithmic trading services for institutional investors. Like other crypto exchanges, they are currently evaluating an IPO, looking to scale amidst growing interest and institutional adoption of regulated digital asset trading.
4. Circle (USA 2013)
Circle is the issuer of USDC, one of the most widely used stablecoins in the crypto industry. The company has filed for an IPO with the U.S. Securities and Exchange Commission and plans to move its headquarters to New York ahead of the listing. A date has not yet been announced.
5. Kraken (USA 2013)
Kraken is a major cryptocurrency exchange known for its wide range of trading pairs and regulatory compliance. They've long hinted at an IPO and could move forward with plans in 2025, depending on market conditions and how things line up.
6. Klarna (Sweden 2005)
Klarna is a leading "buy now, pay later" (BNPL) fintech that is a game-changer in the retail payments sector. The Swedish firm is targeting a U.S. IPO in 2025, at an expected valuation of $15-20 billion.
7. Chime (USA 2013)
Chime is a digital banking platform offering fee-free banking and early paycheck access. The company is reportedly working with Morgan Stanley on a 2025 IPO, aiming for a $25 billion valuation.
8. Revolut (UK 2015)
Revolut is a UK-based digital banking app that offers a range of financial services such as currency exchange, stock and cryptocurrency trading. Rumours have it Revolut is preparing for an IPO in 2025, and its one to watch.
9. eToro (Israel 2007)
eToro, a social trading and investment platform, allowing users to trade different financial assets, including stocks and cryptocurrencies. The Israel-based company filed confidentially for an IPO in January 2025, seeking a valuation of around $5 billion.
10. Stripe (USA 2013)
Stripe is a leading global payments processing company that has been a highly anticipated IPO candidate for several years. They've made some strategic moves including hiring a seasoned CFO who issued tender offers for employees to sell shares, indicating preparations for an IPO.
Risks and Investor Considerations
Not every company announcing an IPO will go through with it. Some may delay or cancel if market conditions change or they secure better private funding. Overvaluation is key risk. Some IPOs launch at inflated prices that don’t match a company’s actual financial strength, which can lead to potential losses if stock prices drop after the initial excitement of the IPO fades.
There’s also concern about a market bubble. If too many companies go public at high valuations, investor speculation could outpace business fundamentals, triggering a downturn.
See: M&A Opportunity as Fintech Valuations Drop
In fintech and crypto, regulatory changes are another factor. While the Trump administration is quite pro-crypto they are still developing a digital asset regulatory framework. Many other governments are still developing rules for both crypto and modernized payments, so in the case of tighter/stricter regulations, it may impact company operations and thus stock performance.
Outlook
Due diligence is key for investors. Understanding each company’s financials, growth potential, and competitive outlook, while avoiding hype and speculation, helps avoid costly mistakes. While 2025 looks to present several pent-up large IPO opportunities, smart investing means balancing excitement with caution.
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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Revolut Pushes into Commercial Real Estate Lending
Revolut | Jan 31, 2025
Image: Freepik/rawpixel.com
Competition Heats Up As Revolut Launches Commercial Real Estate Lending Unit
As reported by PYMTS, Revolut has launched a new business unit focused on Commercial real estate lending Revolut, one of the largest fintechs globally, is moving into commercial real estate lending, a sector that is traditionally dominated by large banks and institutional investors. Reading between the lines, this move signals that large fintechs are on the move seeking new revenue opportunities, and entering one of the most capital intensive areas of finance. What are the implications?
See: Real World Implementation of Real Estate Tokenization
The entry of a large fintech player like Revolut could disrupt commercial real estate with a digital-first approach that integrates the latest artificial intelligence capabilities while fast tracking approvals and automating real-time underwriting. If successful, it will put pressure on incumbent lending institutions and give borrowers more choice and lower barriers. Revolut has appointed Duncan Batty from M&G Investments to lead the initiative.
Revolut has been aggressively expanding its product offerings recently and is also launching a private banking division for high net work individuals, along with applying for a banking license to become the first global digital bank in New Zealand.
Why This Affects the Fintech Industry
Until now most large fintech companies have largely focused on payments, consumer lending and wealth management services. By entering commercial real estate lending it's a sign of maturing fintechs since that type of lending requires higher capital risks, more robust risk management, and with that comes stringent regulatory oversight. In the past, Revolut experienced regulatory growing pains taking several years to acquire a UK banking license, investigated by the FCA in 2023 for allowing withdrawls from suspicious accounts, and was urged by the European Central Bank to improve financial crime and governance controls.
See: Revolut’s Crowdfunding Success from Start-up to $45 Billion
If Revolut can improve the process and offer more competitive rates, it will force traditional lenders to rethink their business models as fintech competition could ramp up quickly.
Regulators may be more encouraged to allow Revolut to operate as a digital first global bank at scale. All told, if Revolut can make things work then other fintechs may likely follow by entering more capital intensive markets.
What About Canada?
Revolut entered Canada in 2019 with a beta version of its digital banking services but announced its exit in 2021 due to regulatory challenges that didn't allow them to offer the full range of services they had planned. While Revolut kept the idea open to the possibility of returning to Canada, at the time of writing, they have not re-entered nor has there been any progress of a (digital) Canadian banking license application.
Despite its exit, Revolut left open the possibility of returning to Canada in the future. As of today, it has not reapplied for a banking license or re-entered the market, leaving Canadian fintechs to fill the gap in digital banking and alternative financial services.
See: Wealth Management Insights for Fintechs and Investors
Having said that, Canada's fintech ecosystem does have various participants making strides in fintech real estate lending. Companies like Lendwire, Nesto, and Pine are already offering digital lending solutions.
Closing Thought
Canada’s regulatory and ologopolistic banking environment are key barriers to faster fintech growth in this sector which can slow innovation. However it begs the question, if Revolut is able to develop a successful real estate lending model abroad, will Canadian fintechs push for regulatory changes that allow them to compete more effectively at home before global fintechs consider/re-consider entering the 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, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Trump Media’s Patriot Economy Expands into Fintech
Fintech | Jan 31, 2025
Image: TMTG website
Trump Media Launches into Financial Services with Truth.Fi Brand
On Jan 29 2025, Trump Media & Technology Group (TMTG, operator of Truth Social and Truth+) announced an expansion into financial services under a brand new fintech platform called Truth.Fi to provide alternative investment options to people in the 'patriot economy' or that want to align with America-first philosophy and opportunities outside of big tech or Wall Street.
What’s the Plan?
According to the release, the TMTG board has approved an initial investment of up to $250 million from its $700 million cash treasury. The funds will be custodied by Charles Schwab and split into various accounts including (1) exchange traded funds; (2) separately managed accounts; and (3) Bitcoin and digital assets. An affiliate of Yorkville Advisors will be the Registered Investment Advisor on record and advise on investments and strategy likely focused on U.S. growth, manufacturing, and energy related companies aligned with the patriot economy.
See: Trump Signs New Order for Crypto Rules, Bans CBDCs, Eyes Asset Reserve
Devin Nunes, TMTG CEO and Chairman:
"We look forward to launching Truth.Fi, introducing TMTG's investment vehicles, and unlocking synergies. Truth.Fi is a natural expansion of the Truth Social movement. We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we're moving into investment products and decentralized finance. Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by Big Tech and woke corporations."
Isn't Musk Doing the Same Thing: Fintech Frenemies?
This isn’t happening in a vacuum. Elon Musk’s X is also expanding into finance and on the same day as Truth.Fi launched, Linda Yaccarino the CEO of X announced that X Money digital wallet will launch later in 2025 in partnership with Visa Direct who will allow American users to fund, send payments, tip creators and eventually make purchases directly in the app. It's part of Musk's bigger, longer term vision of turning X into a super app, kind of like WeChat but for global users.
So are Truth.Fi and X Money on a collision course?
Maybe (but not immediately). Truth.Fi is focused on investments and wealth creation while X money is targeting real time global payments. Having said that, with crypto, financial independence, free speech, and alternative finance as overlapping themes between the two models, there's bound to be crossover at one point so expect some deals and/or fireworks and the possibility of real competition in the longer term.
What About Energy Policy?
This is an obvious wrinkle given Trump's energy policies currently who are pushing for more oil and fossil fuel production 'drill baby drill' and deregulation, which contrasts with Musk's Tesla model built on the promise of a renewable future.
See: Musk Challenges Funding for Trump’s AI Stargate Initiative
Tesla's sales have been struggling lately due to rising competition and higher interest rates aren't helping either. If Trump applies 25% tariffs on Canada's oil exports then gas prices will be more expensive for Americans, making EVs more attractive causing friction. On the other hand, if Trump manages to lower gas prices then EVs will become less attractive.
Outlook
Trump Media is looking to build an altfi ecosystem that aligns with its worldview. If Truth.Fi works, it could change how groups of the population invest but there will no doubt be roadblocks from regulators and competition from incumbent financial players. Meanwhile, Musk is walking a tight rope working within the Trump administration while also running his various global companies X, Tesla and SpaceX, each with their own agenda. Fintech, media, egos, ambition, and politics collide.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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