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
OSFI Approves Santander for Canadian Banking License
Banking License | April 7, 2025
Image: Freepik/rawpixel.com
Banco Santander Is Now a Canadian Bank
After almost a six year wait, Banco Santander has secured a Schedule II banking license in Canada, an achievement that could ramp up digital competition in banking. Santander first applied for a Canadian banking license back in July 2019. After a long multi-year regulatory process, Santander received letters patent from Canada’s Minister of Finance in June 2024, a required step to establish a new bank under federal law. Last weekend in the official government gazette newsletter, stated that the Office of the Superintendent of Financial Institutions (OSFI) issued an order for Santander to 'commence and carry on business early last month - meaning its clear to operate.
Santander is the largest bank in Spain (and one of the largest in Europe), and the new license will allow it to offer full retail banking services, such as deposit taking, lending, credit cards, and wealth management products and services. This approval places Santander alongside other foreign banks operating as Schedule II subsidiaries in Canada , such as Citibank Canada, ICICI Bank Canada, Amex Bank of Canada, and others. It also raises fresh questions about the future of competition, digital transformation, and fintech collaboration in Canada’s tightly held banking industry.
From Auto Loans to Full Retail Banking in Canada
Although the Canadian banking license is new, Santander has been operating in Canada for more than a decade by acquiring Carfinco Financial Group, a company focused on automobile financing. So Santander already has a foothold in the Canadian market but now with a retail banking license, they can now expand offerings.
See: Founder Salaries: Insights from Europe, U.S., and Canada
Santander bank is already a major player in Europe and Latin America, and it operates in the U.S. and Mexico through a mix of consumer lending, auto finance, and digital-first retail banking. From Banco Santander's 2024 Annual Report, here's what sets them apart:
- €12.57 billion in net profit in 2024
- Over 168 million customers worldwide
- A return on tangible equity of 16.3% (one of the strongest in global banking)
- Ranked 16th globally by total assets
Its Canadian strategy definitely won't be going toe to toe against incumbent banks like RBC, Scotia or BMO by opening up hundreds of physical branches. Santander is more likely to curate niche offerings in personal finance and use its robust digital infrastructure to scale quickly and efficiently.
A Market Where Entry Is Rare, Not Impossible
According to The Logic, Santander’s license is one of just 11 new federal banking licenses granted in Canada over the past 10 years. So, yes this license is pretty big news to competition aficionados.
Recently on March 4 2025, President Trump complained on his Truth Social platform that "Canada doesn’t allow American banks to do business in Canada, but their banks flood the American market. Oh, that seems fair to me, doesn’t it?” However this is not really accurate given that there are at least a dozen of U.S. Financial Institutions currently operating in Canada including 3 who also have a schedule II license the same as Santander.
So, U.S. banks can operate here in Canada but they face regulatory and market challenges, since foreign banks must either collaborate with a Canadian partner, setup a Canadian subsidiary, or get government approval to do business here. There are also foreign ownership restrictions preventing them from acquiring Canadian banks and their licenses outright. Canadian consumers may also prefer working with one of the big six Canadian banks or the inherent trust of walking into a physical branch.
See: Canada Post Launches Postal Banking With KOHO
The door to a banking license isn't locked for qualified foreign banks but they'll need to meet rigorous standards of risk management and governance. Santander's success in receiving a Canadian banking license may open the pathway for more foreign digital-first banks interested in entering Canadian markets.
Santander's Digital Platform and Partnership Potential
Santander is bringing more than just capital and niche retail services to Canada. They have a fully developed digital platform and a strong history of working with financial technologies. They even have their own fintech division that operates PagoNxt, their global payment service offering with tools for merchants and embedded finance features that can be integrated into both banking and non-bank platforms.
Santander also owns Openbank, which has grown into Europe’s largest digital only bank by deposits.
See: Will Competition Reforms Boost Fintech? Inside the Fight
As of May 2022, Santander had moved over 80% of their global it infrastructure to the cloud, which means they are a cloud-native system that can launch products quickly, iterate, and experiment with tools that traditional banks would likely take years to develop (without similar infrastructure).
For fintechs working on API based banking, automated lending and other similar innovative and novel products and services, Santander could be more than a competitor but a potential partner who can bring capital, research, and tech enablement all in one place, and ready to go.
Open Banking Would Boost Santander and Fintech Growth
Is Santander's license approval tied in some way to Canada's imminent open banking rollout (expected in 2026) or the need to diversify and strengthen Canada's economy?
While the timing is certainly interesting, and there may be some nuanced reasons into the approval of Santander's license, we'll refrain from any speculation and just reiterate that when consumer-driven finance finally arrives in Canada, it will help newer brands like Santander to connect with more customers, offer new products/services, and deepen financial relationships, all powered by artificial intelligence and cloud-native systems.
See: Robinhood’s WealthTech Push and Lifestyle Finance
As Investment Executive noted, Canada's largest banks have long benefited from their exclusive access to consumer data. Open banking could begin to shift that balance. And let's be clear, that shift will take time but open banking may certainly allow for more experimentation, more competition, and more chances for fintech firms and digital banks like Santander to connect with customers in new ways.
Take Aways
For NCFA's community, Santander’s arrival is a sign that the ecosystem is evolving. Canada’s financial future is bound to become more digital, more connected, and hopefully more competitive than ever. For fintech firms building in lending, onboarding, or data innovation, now is the time to explore how players like Santander could support growth through partnership.
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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AI Concierge Tech and the Future of Finance
AI Innovation | April 4, 2025
Image: Unsplash/Solen Feyissa
Amazon’s 'Buy for Me' Innovation Extends What Digital Assistants Can Do, and Finance May Be Next
On April 3 2025, Amazon quietly rolled out a new artificial intelligence (AI) feature called 'Buy for Me'. That is if a user finds an item that they want on another retailer's site, Amazon's agentic AI on its app will complete the purchase on the user's behalf, handling all the details such as checkout, payment, and even delivery tracking.
Buy for Me is currently available on both iOS and Android for a limited number of U.S. customers. Amazon plans to test with a limited number of brand stores and products and then intends to roll the offering out to more customers and incorporate more third party brand stores and products based on iterative feedback.
See: How PhD-Level AI Agents Will Change Financial Services
This isn't just about shopping convenience. It's Amazon extending it's AI concierge systems beyond its own moat and walls and into the open web. It acts as a secure authorized buying agent for users and goes beyond giving suggestions and 'gets things done'. This is where things can get interesting for financial services.
What If Finance Worked the Same Way?
Imagine an AI concierge that doesn’t just show you your bank balances, but it can move money between your accounts, negotiate better rates, or automatically file your taxes when it’s time on your behalf.
You wouldn't have to log into five different apps to manage investments, savings, loans, and bills because you could simply as your AI assistant 'Finance for Me'.
“Can you move $500 from savings into my RRSP and check if there’s a better mortgage rate than I’m getting now?”
And it would.
Smart financial AI is proactive and not meant to be a dashboard with traffic lighting that shows you how much you spent at restaurants last month. It would be designed to be your go to problem solver on all things finance, securely and in real-time able to iterate and execute tasks across different fintech companies and institutions on your behalf.
From Shopping Assistant to Financial Concierge
'Finance for Me' could remove the complexities and taboo that's often associated with dealing and managing money. Here's just a few examples of how such an agentic AI assistant could help you:
- Better Mortgage Rates - Your AI could check for competitive interest rates across lenders (plus evaluate qualitative perks) and even handle the paperwork on your behalf if you decide to switch.
- Automatic Tax Planning - As you spend, earn, and invest, the assistant could optimize deductions and pre-populate your tax returns.
- Smarter Investing - Whether you're building a portfolio or just starting to dip your toes into markets and figure out how best to use your TFSA or RRSP, your 'Finance for Me' assistant could track fees, rebalance your accounts, and move funds for you all in real-time and based on your goals.
- Family Finances - For couples, families or caregivers, an advanced AI assistant could design and track a shared budget, make regular RESP contributions, and handle short, intermediate and longer term financial planning, according to your goals and risk tolerate.
- Active Small Business Support - Entrepreneurs could delegate tasks to a business version of 'Finance for Me' that could forecast cash flows, make vendor payments, or remit your GST payments on your behalf.
Yes, all of the above could happen in the near future with full consent, transparent and clear logs, and security safeguards.
See: FSB’s Warnings of Hidden Stakes of AI in Finance
Open Banking standards would enable connections to be made securely. Regulators and lawmakers would need to create a responsible agentic AI framework and all transactions would have to be compliant and in regulatory alignment...but it's technically possible or getting closer to that reality (on a ridiculous curve of innovation and disruption).
Why It Matters
Canada's financial ecosystem is full of great tools but they remain siloed, reactive (not predictive/proactive), and are often out of reach to those without deeper pockets, knowledge, and time. A 'Finance for Me' AI dedicated to optimizing finance on your behalf would be a game-changer and truly democratize financial capabilities. Amazon's 'Buy for Me' innovation is just at the beginning of the 'let me delegate that to my AI assistant curve. Fintechs, banks, and regulators should be eyes wide open.
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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Meridian’s Motusbank Winds Down After 6 Years
Fintech in Canada | March 31, 2025
Image: Freepik
Motusbank will shut down by 2026 as accounts move to Meridian and Coastal Capital Savings
In early Q2 2019, Ontario's largest credit union, Meridian Credit Union launched a digital only bank called motusbank, now after 6 years in operation, motusbank is shutting down. In a joint announcement, Meridian and Coast Capital Savings confirmed they will take over motusbank’s accounts and assets by early 2026, pending regulatory approval. This marks the end of motusbank's short run as a national online bank. It was meant to be Meridian's vehicle for expanding across Canada but it struggled to reach sufficient scale to remain viable long term.
Why Did motusbank Shut Down?
According to the announcement, despite having national ambitions, motusbank only reached 16,000 members by 2025. It highlights that competing in Canada's banking markets without branches or significant branding, or a strong digital acquisition strategy, is a grind.
See: Will Competition Reforms Boost Fintech? Inside the Fight
The pandemic also hurt smaller banks, but the stiff competition from bigger players like EQ Bank, Tangerine, and Simplii who have more brand recognition, marketing might and deeper pockets was a headwind.
Additionally, there was a leadership change in January 2022 when Jan-Ann Gilfoy was appointed President and CEO of both Meridian and motusbank. motusbank was pushed by Meridan's previous CEO, and now new leadership is emphasizing local growth, cooperative values, and is aiming to deepen relationships with existing members (customers).
Jay-Ann Gilfoy, CEO of Meridian and motusbank:
“We’ve made the decision to sharpen our focus on the growth and success of Meridian.”
Implications and Reactions
👉 Loans originated in Ontario like mortgages and HELOCs will transfer to Meridian starting May 2025. Deposit accounts and loans outside of Ontario will be transferred to Coast Capital Savings.
For customers, this news is obviously an inconvenience but their funds remain insured and most customers don't need to do anything for now, as the transition will happen automatically.
For industry however, news of motusbank's closure shows that without deep pockets, unique value proposition, a strong digital marketing acquisition strategy, and strong brand, being 'digital only with low fees' may not be enough. Compare and contrast the approach to Robinhood's wealthtech push and lifestyle finance offering.
See: Open Banking Delayed to 2026, Favours Banks Over Innovation
This is a quiet exit from the digital banking space, but it says a lot. According to Reddit users commenting on motusbank shutting down, many saw this coming and pointed to the outdated app, slower innovation and lack of aggressive growth.
One user said, “Motusbank has been pretty much on life support through the pandemic.”
Others said they’ll likely switch banks unless Coast Capital can impress them. Some are locked in for now, like one poster with a GIC maturing in 2027.
Closing Outlook
Neo, challenger, and digital-first banks should sit up and take notice, given that motusbank was one of Canada's few fully digital banks not owned by one of the incumbent banks. The message is pretty clear, convenience and low fees must be paired with innovation, strong growth strategy, size/trust and scale.
Given the dominance of Canada's banks and the governments hesitance to open up more competition in the banking sector, it's harder and harder to go it alone and customers will suffer with limited choice for innovative alternatives and high fees. The Crisis Canada and Fintech Can’t Afford to Waste
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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Rural Cash Access Adapts as Bank Branches Close
Bank of Canada Staff Report | March 27, 2025
Image: Canadians' access to cash in 2023 (Bank of Canada, Staff Research)
Digital Services, Mobile banking vans, and Non-bank Owned ATMs Are Filling Gaps Left By Traditional Banks
On March 21, 2025 the Bank of Canada's staff published a cash-related study called 'Canadians Access to Cash in 2023' (16 page PDF) that confirms what most folks especially fintechs and financial institutions (FI) know. That is banks and credit unions are quietly closing branch locations across Canada, particularly in rural and remote areas.
See: Bank of Canada Releases New Guidance for PSPs
The report compares a snapshot taken in Q4 of 2019 and compared it with Q4 in 2023, four years later, and found that 561 branches were shut down, along with more than 900 bank-owned ATMs (automatic teller machines). Now even though the banks and credit unions are closing hundreds of ATMs, private companies or white-label ATMs, fintechs, and innovative alternatives have moved in to fill the gap to provide access to cash for people who rely on them.
“The infrastructure for accessing cash may look stable on the surface, but the underlying delivery models have changed significantly.”
Decline in FI-Owned Infrastructure (2019 Q4 to 2023 Q4)
| Type | 2019 Q4 | 2023 Q4 | Change |
| Bank branches | 5,921 | 5,699 | –222 |
| Credit union branches | 2,984 | 2,645 | –339 |
| FI-owned ABMs | 21,538 | 20,604 | –934 |
| White-label ABMs | 38,863 | 39,660 | +797 |
The table above is sourced from the BoC's staff research report and shows that white-label ATMs, typically not located in retail stores and not affiliated with any financial institution, now make up approx two-thirds of all automatic teller machines in Canada. While they offer convenience, they often come with higher fees and lack the services or security that bank owned ATMs provide.
Impact on Rural Access
In many rural or remote communities where branches and ATMs have been removed, residents now have to travel further to access basic financial services. Credit unions which often serve smaller populations, have reduce the number of branches at a steeper percentage drop than major banks.
See: Canada Post Launches Postal Banking With KOHO
While a growing number of Canadians are transitioning to online banking, those that still rely on cash such as seniors, some small businesses, and those with limited internet access, are faced with rising challenges to access basic banking services.
What’s Filling the Gap?
Some innovative partnerships and initiatives are expanding access through digital and community-based models.
📮 Canada Post + Koho
Earlier this month, Canadian fintech Koho and Canada Post formed a partnerships and launched postal banking services via the My Money Account, a digital spending and savings account managed through the KOHO app. So citizens living in rural or remote areas that live near a post office will be able to load cash, access funds, and manage their money at their local post office and users can deposit cash at over 6,000 Canada Post locations. The service is expected to rollout nationally this year 2025 and is specifically targeting rural, remote and indigenous communities.
🚐 Desjardins Mobile Banking Units
While we've never stepped in one, reports online show that Desjardins has launched mobile banking branches, which are fully equipped vehicles that travel to underserved regions of Quebec. These mobile branch units offer in-person banking services, including deposits, withdrawals, bill payments, and consultations. The approach is proving effective in areas where internet access is limited and/or digital adoption is low.
💻 Digital Financial Services
Digital banking platforms like EQ Bank, Koho, and Wealthsimple Cash are also helping Canadians open accounts, pay bills, and send e-transfers, all remotely. Most of these services offer secure ID verification tools that don't require a branch visit, so they are an ideal fit for communities lacking traditional brick-and-mortar infrastructure.
See: BoC Research on Digital Dollar’s Impact on Economy
Digital banks have become a reliable alternative for delivering a growing suite of financial services at lower rates than traditional banks providers.
Outlook
As the number of physical banking locations and ATMs decline in rural communities, the alternative solutions will be used more and more. From white label ATMs to postal banking services and mobile branch units, are now part of the financial infrastructure of rural Canada.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, 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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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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November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
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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Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
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November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
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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