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
U.S. Regulators Revisiting Bank-Fintech Partnerships
Regulation | Jul 30, 2024
Image: Freepik/rawpixel.com
U.S. regulators launch initiative to address bank-fintech partnership risks
The Federal Reserve, FDIC, and OCC have announced a new regulatory initiative to address the complexities and risks associated with bank-fintech partnerships. The regulatory agencies released a request for information with a particular emphasis on lending, payment processing, and deposit-taking. The results will influence future rulemaking. The agencies also published a comprehensive joint statement about their concerns, which includes guidance and best practices for banks and fintechs entering these arrangements.
Fintech-bank Partnerships: What Keeps Regulators Up At Night?
It goes without saying, regulators are concerned about operational and compliance risks. Banks face challenges in managing outsourced operations like fintech partnerships across regulatory frameworks. A lot is at stake since problems can go beyond inefficiencies and result in potential legal challenges.
See: CFPB Warns: Billions of Dollars Stored on Payment Apps May Lack Federal Insurance
Data security is pretty much everything these days. With fintech's growing role and involvement in handling sensitive customer data, there are legitimate concerns when it comes to proactively preventing (and managing) data breaches and maintaining customer trust. Imagine a situation where sensitive customer data is exposed due to a data breach at a fintech partner that processes payments for a bank. This occurrence not only damages the bank's brand but also calls into question the bank's supervision and the fintech's data protection protocols. In order to stop these kinds of breaches, regulators want to make sure institutions perform extensive due diligence and have strong monitoring mechanisms in place.
Regulators are concerned about misrepresentation of services, especially if there's confusion among customers about the terms of deposit insurance coverage and the specific roles fintech firms hold in delivering financial services. For example, in collaboration with a regular bank, a fintech company offers savings accounts; however, the fact that the FDIC insures these accounts only up to a particular amount is not clear in the communication to customers who think that all of their money is secure (when in fact it's not). The possibility of consumer harm and legal consequences highlight the need for clear and transparent disclosures of insurance coverage and the responsibilities of all parties involved.
Implications for Canada
Although this is a U.S. initiative, the increased scrutiny and potential regulatory reforms may push the Office of the Superintendent of Financial Institutions (OSFI), to take similar actions.
See: Bank-Fintech Partnerships and Trends 2024
Put differently, if international norms are changing, Canadian banks and fintechs, especially with cross-border operations, may need to revise their compliance frameworks and risk management strategies to strengthen data protections and clear disclosures affecting how Canadian fintechs may engage with customers.
Outlook
The results of the RFI will probably influence additional regulations and guidelines, which will determine how these partnerships are structured going forward. Stay tuned...
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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FCAC Embraces New Role in Canadian Consumer Banking
Open Banking | Jul 30, 2024
Image: Freepik/vectorjuice
With the passing of Bill C-69, the Financial Consumer Agency of Canada (FCAC) embraces its expanded role to oversee Canada’s consumer-driven banking framework
As formally confirmed on June 28, 2024, the Financial Consumer Agency of Canada (FCAC) has embraced the task of supervising Canada's consumer-driven banking environment. The federal government's initiatives to improve and modernize consumer protection in the financial industry include this enlarged role. Bill C-69 legislation formalizes the framework, granting FCAC the authority to enforce regulations that prioritize consumer rights and adapt to the evolving financial landscape.
See: Small Step Forward As Feds Publish Straw-man Open Banking Framework
- Canada's open banking framework is scheduled to be introduced in 2024 with implementation expected by 2025. Only the biggest banks will initially be a part of this phased strategy; other institutions will be able to opt in over time.
- With the framework, Canadians will have more control over their financial information and be able to share it securely with authorized third-party providers. The goal of this is to develop the financial services industry into one that is more innovative and competitive.
- With the appointment of a Senior Deputy Commissioner of Consumer-Driven Banking to its ranks, the FCAC will be in charge of monitoring compliance and making sure that all parties follow strict security and privacy guidelines.
Werner Liedtke, interim commissioner, FCAC:
"FCAC has a strong track record in consumer protection and the supervision of federally regulated financial institutions. The Agency has also led multiple consumer awareness campaigns to help Canadians navigate an increasingly digital financial marketplace. The evolution of our mandate over the past 23 years positions us to effectively oversee and promote an innovative and competitive framework that benefits all parties.”
See: Open Banking: Revolutionizing Financial Data Sharing
Closing
Success is dependent on positive collaboration between government, financial institutions, and fintech companies who will need to ensure that the new system satisfies the needs and expectations of Canadian customers.
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 Finally Receives UK Banking License (after 3 years)
Regulation | Jul 26, 2024
Image: Revolut receives UK banking license (website)
Revolut secures UK banking license, enabling expanded services and increased customer security.
Regulators have finally approved Revolut for a UK banking license. With a license Revolut can provide more services to its clientele and offer them better protection. The road to evolve from a fintech platform to a full bank was a drawn out process that took about 3 years of intense regulatory scrutiny by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) who were that as the company rolled out new services Revolut wouldn't be able to uphold the high standards of governance, risk management, and consumer protection. Revolut also forged a recent partnership with Softbank that may have helped remove the barrier to receiving a coveted banking license.
In 2023, Revolut reported a record profit of $533 million (previously there were years of losses), fuelled by a surge of new customers with over 12 million new customers joining the platform in the past year.
- Revolut's license process is still in what's called 'mobilisation phase', which is a period of time the company is transitioning to fully prepare operations for a new set of regulatory conditions. Those conditions must be met before Revolut can offer the full range of banking services. Strict standards are involved and a robust infrastructure is required akin to traditional banks.
See: Revolut Launches Low Fee Crypto Exchange in the UK
- The UK banking license permits Revolut to offer an expanded suite of financial services, including loans, overdrafts, and potentially mortgages.
- With the new banking license, customer deposits will be covered under the Financial Services Compensation Scheme (FSCS) up to £85,000 which enhances customer trust and security when it comes to the discussion of 'are my funds safe'.
What it matters
Fintech is growing up and competing with traditional banks. Revolut's new UK banking license will improve their ability to compete by offering more comprehensive financial services while attracting a broader and deeper customer base.
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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CFPB’s New Rule Boosts Open Banking Standards
Open Banking Jun 12, 2024
Image: Freepik
CFPB Publishes Final Rule on Personal Financial Data Rights
The Consumer Financial Protection Bureau (CFPB) has published final rules for personal financial data rights (PDF)| Newsroom announcement, which focuses on recognizing industry standard-setting groups. The approved rule is a part of a larger initiative to enhance consumer's control over their financial data and promote open banking by implementing Section 1033 of the customer Financial Protection Act. Here's what you need to know.
10 Takeways
1. The final regulation will go into force on July 11, 2024. This gives companies one month to get ready for compliance.
2. The rule lays out the procedure by which industry organizations can be recognized by the CFPB. Consensus standards will be created by recognized organizations to help with the new Personal Financial Data Rights rule's compliance. The CFPB also released this guide.
3. Five essential characteristics that standard-setting bodies must exhibit are: transparency, openness, balance, due process and appeals, and consensus. These characteristics ensure fairness, inclusivity, and transparency of the standards that are set.
See: Open Banking: Revolutionizing Financial Data Sharing
4. This is an open role opportunity. All interested parties, including consumer advocacy organizations, app developers, and different financial institutions, must have access to the processes and procedures of standard-setting bodies. Because of its diversity, no one group is able to dominate the market.
5. To prevent any one group from dominating, decisions must take into account the interests of all parties involved. Meaningful representation from both big and small entities must be part of any decisions.
6. Rather than being created by unanimity, standards must be formed by universal agreement (consensus standards). This guarantees that every opinion is taken into account while creating standards.
7. Accredited organizations are required to have written, publicly accessible policies as well as equitable procedures for hearing appeals and settling disputes. This includes providing sufficient notice of meetings and time for review and objections as per this MortgagePoint article.
8. Transparent methods must be used to create standards which must be open to the public. As stated by American Banker, "this transparency is crucial for maintaining trust and ensuring that the standards are developed openly."
9. Organizations must reapply for standards accreditation after their five-year recognition period is over. This recurring evaluation makes sure that the requirements are met throughout time and that the criteria are still applicable.
See: Open Banking Regulation in the U.S. Strikes a Chord
10. The rule lays the groundwork for future rules that will rely on these acknowledged standards, even if it does not impose any immediate costs for compliance. It is recommended that financial institutions and fintech startups are ready to comply with these agreed norms in the future.
Rohit Chopra, CFPB Director:
"Industry standards can be weaponized by dominant firms to maintain their market position, undermining competition for all. Today's rule will prevent these firms from rigging standards in their favor by identifying attributes the CFPB will use to recognize standard setters"
Image: Freepik/tonodiaz
Implications of CFPBs Final Rule
CFPBs final rule on personal financial data rights is a big step towards open banking and open finance in the US. Here's what it means to various stakeholders.
Empowerment (Control), Access and Potential Cost Savings for Consumers
- Thanks to the ability to share their financial information with fintech companies and other third parties for individualized financial services, customers have more control over their financial information.
See: Credit Reference Agencies Are Coming For Your Data
- Boosts financial inclusion by providing underprivileged communities with access to specialized financial services via fintech innovation and open banking.
- The rule aims to lower long-term costs and improve efficiency through uniform methods, but it does impose certain early expenses on industry participants. Consumers may benefit from these cost savings, which would increase the accessibility and affordability of financial services.
Fintechs
- The rule gives fintechs the chance to innovate and provide services that are competitive by allowing data sharing. By having direct access to customer data, smaller fintech businesses can better compete with larger incumbents in the market.
- Fintechs must make sure that the new standards are followed, which will come with compliance costs and the creation of safe data-sharing solutions.
Financial Institutions
- To comply, banks and other financial organizations must adjust their data-sharing procedures to comply with new rules and accepted norms. To be competitive, this may require more tech expenses and potentially a new business strategy.
- According to American Banker, the law permits banks to charge reasonable fees to third parties for access to their data, which helps them defray the expenses of compliance and data security improvements.
See: 2023 Data Privacy in North America – Year in Review
- The rule requires standard-setting organizations to have open and honest procedures, guaranteeing that customers are aware of the uses and sharing of their data. This boosts confidence in the banking sector
Standard Setting Groups
- The rule outlines the requirements for being recognized as a body that sets standards, placing a strong emphasis on openness, balance, due process, consensus, and transparency. These organizations will be essential in creating and upholding the industry standards.
- To make sure that standards keep up with developments in the market and with emerging technologies, recognized bodies are required to go through periodic assessments every five years.
Outlook
It is anticipated that CFPBs new rule will promote innovation, increase consumer empowerment, and guarantee equitable competition between fintech startups and financial institutions.
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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Zum Rails’ Major AI-Driven BaaS Initiative and Strategic Hire
Release | Jun 7, 2024
Image: Zūm logo
Zūm Rails hires Miro Pavletic to lead new AI-driven banking project
A scaling Canadian fintech business Zūm Rails has announced the hiring of Miro Pavletic who joins Zūm to manage its large-scale AI-driven Banking-as-a-Service (BaaS) project. This is a key move to expand Zūm Rails' unique financial offerings and solutions.
Miro Pavletic
Fintech expert with a wealth of banking and finance experience, Miro Pavletic joins Zūm Rails as a key player in their newest project. Previously, Pavletic was the Co-founder and CEO of Stack, a digital challenger banking app that was acquired by Credit Sesame in 2020.
See: Züm Rails’ $10.5M Boost for North American Expansion
Pavletic will lead Zūm Rails’ BaaS product roadmap, which will integrate with Zūm Rail’s current payment services and include real-time fraud assessment, identity validation, and transaction settlement capabilities. Pavletic is committed to accelerating the development and implementation of these features on a unified platform, enabling businesses to surpass regulators' open banking deadlines and utilize artificial intelligence to effectively manage risk.
Key Developments and Financing
Since founding in 2019 Zūm Rails self-funded its way to profitability and has become a significant player in the North American payments market. Their 'omni-rail' solution combines instant payments with open banking to create a streamlined transaction process that supports multiple payment methods like Visa Direct, Mastercard, direct bank account linking, and Canada's Interac network.
In February of this year, Zūm Rails was in the spotlight when it successfully completing a $10.5 million CAD Series A fundraising round led by Arthur Ventures. The purpose of this capital infusion was to strengthen their open banking and quick payment capabilities, as well as to increase their market share in the United States. The company intends to launch new BaaS capabilities and a FedNow service in the United States that will allow companies to process FDIC-insured payments in a matter of seconds.
See: Implications of the BaaS Synapse Collapse
Firms like Plaid, Finicity, and established banks that are pursuing open banking are a few of Zūm's core competitors. Zūm Rails stands out in a crowded market thanks to its seamless integration of quick payments and open banking. This is the core of its unique value offer (in a fragmented market).
Closing Outlook
Zūm Rails is in a strong position to grow its market share and accelerate its creative activities, thanks to the smart hiring of Miro Pavletic and recent funding injection. As Zūm continues to innovate, stakeholders can expect a wave of new developments that will enhance the efficiency, security, and scope of financial transactions across North America.
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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Implications of the BaaS Synapse Collapse
BaaS | May 29, 2024
Image: Freepik/yanalya
The Synapse Collapse and What It Means for up to 10 Million Consumers and the Fintech Industry
Synapse's shutdown is sending ripples throughout the fintech space
The fintech sector has been rocked in recent weeks by the failure of Synapse Financial Technologies, which has surfaced huge issues within the fintech sector’s Banking-as-a-Service (BaaS) model of doing business. Synapse, a high profile BaaS player backed by Andreessen Horowitz (a16z) filed for Chapter 11 bankruptcy in late-April 2024, potentially affecting up to 10 million consumers per TechCrunch. So lots of customers are unable to access their funds exposing vulnerabilities within the BaaS middleware model providing crucial lessons for the entire fintech ecosystem.
Banking-as-a-service (BaaS)
Banking-as-a-service (BaaS) is the delivery of banking services in partnership between a licensed bank and a fintech or nonbank entity. By and large, the services offered are a range of online banking, payment processing, money transfer, lending, and tools to help budget, save, and invest. BaaS allows fintech firms to innovate at speed and to provide financial services at a lower cost of entry. BaaS does have additional risks in the areas of compliance, security, and operational resilience.
What caused the collapse?
Synapse's failure can be attributed to a number of operational and partnership issues. Among these was a €13 million deficient reconciliation problem with its major banking partner, Evolve Bank & Trust, highlighting inherent risks where middleware can delay real-time financial reconciliation. This was further complicated by Synapse using For Benefit Of Accounts (FBO),a common setup with BaaS firms where FBO accounts hold customer funds under a single account on behalf of multiple end-users, which made reconciliation and tracking of customer funds more difficult.
See: Bank-Fintech Partnerships and Trends 2024
To add fuel to the fire, there was a lack of proper management of such technological and operational bugs which eventually resulted in the freezing of the accounts of Synapse as well as the winding up of its operations. So millions of end customers across a variety of fintech applications like Juno, Yotta, and Copper woke up one day and were denied access to their accounts, with no apparent solution in the near term. For customers, it is a cautionary tale of the risks involved when banking with fintech company relying on a BaaS model.
Industry Implications
The implications for the fintech industry and its investors are significant.
- Greater regulatory scrutiny is also likely to follow, with regulators possibly seeking to impose greater constraints to hold fintech companies to account to high expectations of compliance and risk management.
- Andreessen Horowitz, a leading investor in Synapse, and other investors are now cautious and applying more rigor to the commercial sustainability and risk mitigation systems of BaaS providers. There may be less money on offer for new fintech startups and a more risk-averse strategy towards investment.
See: Bain & Co Embedded Finance Report: What It Takes to Prosper in the New Value Chain
- The failure has also sparked a debate as to whether such failures are the nature of the BaaS model or whether such shortcomings can be averted by more effective governance and operational controls. Experts are of the opinion that while the BaaS model itself is not having any fundamental flaw, management of partnership workings, and particularly with banking institutions, has to be managed closely.
- Fintech companies must work out sound reconciliation process, maintain frank communications with banking partners and ensure fulfillment of regulatory requirement.
- Consolidations and M&A may increase across the market as smaller struggling companies are forced out of the market or into the arms of larger, stronger companies, leaving fewer but more robust providers of BaaS.
Insights for Fintech
To avoid running into the same problem that Synapse Inc. encountered, fintech companies are advised to undertake some proactive measures:
- Provide clear and transparent as well as well-documented agreements with banking partners. Periodically review and update such agreements, so that new risks are addressed. The goal is to foster positive, sustainable relationships.
- Test and verify that middleware systems can effectively process complex financial transactions and reconciliation processes.
See: How GenAI Is Transforming Risk and Compliance in Banking
- Compliance. Compliance. Compliance. Adhere tightly to the specifications of the regulatory bodies to avoid major operational gotchas.
- Establish and follow extensive risks management frameworks with contingency plans for operational breakdowns and partnership failures.
The Road Ahead
As the sector looks on amid the ruins of Synapse’s collapse, it is obvious that fintech firms and their financiers will need to re-establish trust and a high degree of operating resilience. The appointment of an unaffiliated Chapter 11 trustee will serve to manage the immediate crisis, but the fallout will be felt among BaaS participants for some time.
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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EU: MiCA, DORA, Open Finance Framework, and Digital Euro
Regulation | May 23, 2024
Image: Freepik
Key Digital Finance Legislation in the European Union
Digital finance in the EU refers to all financial services and instruments that rely on new Information and Communications Technology (ICT) from digital payment services and instruments to new market infrastructure for crypto assets using distributed ledger technologies. Below is an overview based on the European Parliament's briefing update on 'Digital Finance Legislation: Overview and State of Play". It is quite essential for the regulation and framework set upon by the EU to find a balance between innovation and digitization that will in turn provide an environment that is safe both for risk management and the consumers' protection.
2020 Digital Finance Package
Collectively, the digital finance regulations are called, "The 2020 package" and they are a foundational regulatory framework focusing on:
- Tackling market fragmentation
- Facilitating digital innovation
- Promoting a financial data space
- Addressing new digital finance challenges
See: EU Lawmakers Approve Historic AI Regulation Act
Overall, the package aims to improve market efficiency, strengthen consumer protection and support innovation by:
- Streamlining digital finance regulations
- Providing clear regulatory frameworks for digital finance innovations
- Providing a supportive regulatory environment, fostering new financial technologies
Four (4) Key Digital Finance Regulations
1. Markets in Crypto-assets Regulation (MiCA)
MiCA regulation is set out in such a way that it safeguards consumers and firms using crypto-assets and facilitates innovation. The regulation will secure a sound and transparent legal basis for crypto-assets market, harnessing the potential of innovation while ensuring financial stability.
The above regulation is going to achieve such factors:
- A clear and robust legal framework of DLT-based crypto-assets.
- Enhanced protections of consumers and investors' interests, and finally
- Ensuring market integrity and promoting innovation
Status: Enforcement since June 2023
Key Dates: Measures under Level 2 should be applicable by December 2024
2. Digital Operational Resilience Act (DORA)
DORA regulation is designed to ensure the financial sector is resilient to ICT-induced disruptions and cyber-attacks. It enhances operational resilience and cybersecurity in financial operations by requiring detailed documentation and management of risks.
DORA has the following objectives:
- Effective ICT operation
- Governance and control framework for ICT
- Effective third-party risk management
Status: Enforcement by January 2023
Key Dates: The law will be applicable by 17 January 2025
3. Open Finance Framework
This is a framing of infrastructures that allow for access to financial data. This will allow consumers and small and medium enterprises to share data securely with third-party service providers. The legislation gives consumers control and access to their financial data, thereby enabling innovation in competitive financial services.
See: Small Step Forward As Canada Publishs Straw-man Open Banking Framework
This framework has the following objectives:
- Access to data for businesses and consumers from institutions without any hindrance
- A visionary protection of data under GDPR
Status: The legislative proposal for the same was put forth in June 2021.
Key Dates: The process is at the state of being in the legislative process.
4. Digital Euro
Digital Euro is a project through which ECB seeks to acquire a form of the digital euro which they seek to supplement with what is already physical currency. This will pave the way for modernizing the EU payment infrastructure to allow secure and efficient digital transactions.
As per the ECB, Digital Euro would serve the following purposes:
- Reduce dependency on non-EU payment service providers
- Adapt to the growth in digital payment trends
- Strengthen strategic autonomy of the European Union in the financial sector
See: Open Banking: Revolutionizing Financial Data Sharing
Status: It has the same status—legislative proposals introduced in June 2021.
Key Dates: The adoption of the legislative mandates is pending.
Conclusion
EU digital finance legislation will be a foundational building block for a secure, innovative, and competitive financial ecosystem. The regulations will enhance market efficiency, ensure consumer protection, and foster technological advancements in the financial sector.
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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