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
Vault Launches Comprehensive Online Financial Platform Backed by $5M CAD Funding Raise
Vault | Release | May 16, 2023
Vault announces its official launch and widespread availability across Canada. The all-in-one online financial platform for small-to-medium sized business (SMBs)
- Vault, the comprehensive online financial platform, has announced its official launch in Canada, providing a one-stop financial solution for small to medium-sized businesses (SMBs) and entrepreneurs. The platform offers a wide range of financial products and services, all with no monthly or annual fees or minimum balances. This includes local accounts in multiple currencies, real-time currency exchange, free domestic and international bank transfers, and more.
- Co-founded by Saud Aziz and Ahmed Shafik, Vault has a future-focused vision to reshape the financial experience for Canadian SMBs. The platform is set to include additional services like lending, savings products, payment automation, and more complex FX products in the near future.
- Vault also announces the ability to purchase investment products, including GICs that will earn highly competitive rates. The company is committed to extending its product and service offerings and has plans to include lending, savings products, payment automation and more complex FX products later this year.
- Backed by angel investors from industry-leading companies and securing CAD$5,000,000 in funding co-led by Fin Capital and Gradient Ventures, Vault has substantial support. It is collaborating with regulated financial institutions to ensure customer account safety and security.
See: Founded in Canada, Fintech NorthOne Closes CA$92.1 Million Series B to Serve Small Businesses in the U.S.
Ahmed Shafik, Co-founder of Vault:
My co-founder, Saud Aziz, and I have parents who are small business owners, and we experienced first-hand the antiquated banking services that constrained their ability to freely manage how they spend, move and manage their money, all while enduring excessive fees. We founded Vault to change this. Today, entrepreneurs and SMBs owners have a cheaper and easier way to manage their businesses financial needs - all without the need to visit a branch and backed by 24/7 customer service.
View the original release --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Banks and API Ecosystem Strategies
CCG | Kate Drew | May 11, 2023
According to CSI’s 2023 Banking Priorities Survey, the number one strategy banks are pursuing when it comes to their open API ecosystems is offering third-party products/services to customers.
Three key take-aways:
1. Banks Prioritize Third-Party Offerings: According to the CSI's 2023 Banking Priorities Survey, banks are increasingly focusing on offering third-party products/services through their open API ecosystems. This best-of-breed approach enables them to provide solutions tailored to specific functions or use cases, rather than solely relying on a single vendor. This strategy helps banks to differentiate themselves in a highly competitive market.
See: McKinsey: Reshaping Retail Banks for the Digital Battlefield
2. Potential Missed Opportunities: Despite the push towards third-party offerings, banks may be neglecting other important aspects of API strategy. Data shows that only 21% of banks are embedding their data, products, and services into third-party workflows, and only 16% are offering APIs for third parties to access their data. As open banking regulations are likely to increase, banks might be missing out on important opportunities by not broadening their API strategies.
3. Importance of a Holistic Strategy: It's crucial for banks to develop a comprehensive and long-term strategy when approaching API ecosystems. While it's positive that 66% of US banking leaders are including an interoperability layer or API gateway in their modernization strategy, forethought and planning are key. Without a well-thought-out strategy, there's a risk of building solutions that may not fully utilize the potential of API ecosystems, leading to missed opportunities and potential inefficiencies.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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May 31 NCFA Event Presented by DIGTL: 7th Annual Fintech & Funding Summer Kickoff Networking ON SALE NOW!
NCFA Canada | Craig Asano | May 4, 2023
PATIO TIME IS BACK!
Join the National Crowdfunding & Fintech Association of Canada, DIGTL, Invest Hong Kong, Pateno Payments, Bitvo, Liquid Avatar Technologies, DC Bank, Spaces, United Craft, Take It Easy Group, eThereLive, Gowling WLG, Peninsula, and partners and Canada's leading Fintech & Funding community in the heart of trendy Queen West for an evening of celebration, partnerships, reconnecting with peers, and prime networking mixer.
Launching, scaling or interested in disrupting the finance industry, raising capital or participating in Canada’s growing fintech, blockchain, digital banking, crypto, web3/4/5, DAOs, digital assets, DeFi, AI, and open banking, sustainable finance, crowdfunding, payments, regtech, insurtech, wealthtech, digital identity, and alternative investing sectors?
Here's a perfect opportunity to connect with stealth and emerging startups, scale-ups, and industry experts, and strategize with partners, pitch investors, and mingle with Toronto’s burgeoning fintech and funding ecosystem.
Presented by DIGTL
7TH ANNUAL SUMMER KICKOFF EVENT
Date: WEDNESDAY, MAY 31, 2023
When: Doors open 5:30PM to 9PM
Venue: SPACES, 7th Floor Loft & Rooftop Patio
Where: 180 John Street, Toronto, ON M5T 1X5
Tickets: $40-50 + HST (SOLD OUT Some Tickets at the Door!!)
Tickets are limited and include access, drinks, food, and entertainment
NCFA Members (Only) Click to --> SAVE 20%
Not yet a member? Join now for free and save
This event is for entrepreneurs and investors in the Fintech, Blockchain, Digital Finance, Payments, Crypto, Web3/4/5, AI, and Alternative Investing Community AND all innovative companies raising capital
Innovators and investors interested in financial innovation, deal flow, networking and collaborating with startups, investors, angels, early stage-focused VC's and industry experts and developers in alternative finance, fintech, digital banking, blockchain, crypto, metaverse, web3, defi, refi, cefi, challenger banks, payments, open finance, P2P crowdfinance, wealthtech, insurtech, regtech, digital marketing platforms, innovators, investors and entrepreneurs.
- Women founders and entrepreneurs actively building
- Companies actively raising capital, seeking partners, investors, advisors
- Investors and syndicates interested in investing
- Fintech advisors, consultants, and development experts (startups, institutions, researchers, academia, government)
- Financial innovators, developers, ecosystem partners
- High growth fintech start-ups (stealth mode) and scale-ups. Private or public.
- Developers looking for opportunities and to connect with businesses
- Funding platforms, dealers, providers and their client networks
- Anyone interested in emerging fintech trends, regulations and industry developments
Event Host and Partners:
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain and 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: ncfacanada.org
Connecting the world's best assets with global investors through a network of digital securities exchanges, allowing issuers to quickly access the world's capital at a fraction of the cost, and providing investors with exciting investment opportunities.
For more information, please visit: DIGTL
Invest Hong Kong is the government department created to encourage and facilitate overseas business to set up and expand in Hong Kong. We have teams of business specialists in Canada and Hong Kong dedicated to assist you to advance your business plan in Hong Kong and beyond.
For more information, please visit: Invest Hong Kong
We believe work is about people and ideas. Our Spaces are inhabited by forward thinkers, innovators and game changers who are confident in achieving their goals. Whether you are a small business, entrepreneur or a corporate intrapreneur, at Spaces we help our community to expand their horizon. Our free-spirited vibe attracts an energetic community of positive and open-minded business thinkers who love to meet new people. The full program of professional events and hospitality services, and the inspiring sophisticated European design of our business clubs, involves people in the buzz and energy of Spaces, and make them feel at home. By creating dynamic workspaces with a unique and entrepreneurial spirit we help you think, create and collaborate while our friendly team sees to all of the background logistics and services. At Spaces we make sure that our community can focus on driving their business forward.
For more information, please visit: SPACES
Liquid Avatar Technologies Inc. focuses on the verification, management and monetization of Self Sovereign Identity, empowering users to control and benefit from the use of their online identity. The Liquid Avatar Mobile App, available in the Apple App Store and Google Play, is a verified Self Sovereign Identity platform that empowers users to create high quality digital icons representing their online personas. These icons allow users to manage and control their digital identity and Verifiable Access and Identity Credentials, and to use Liquid Avatars to share public and permission based private data when they want and with whom they want.
The Liquid Avatar Verifiable Credentials Ecosystem (LAVCE) has been developed to support all participants in a digital credential ecosystem, including the Holder, Issuer and Verifier, using state-of-the-art blockchain and open standards technologies initially as a node on the Indicio Network. The Company recently announced its LQID CARD, a unique US payment card, and the world's first Metaverse Rewards program. The LQID Card a cash back and reward program that has over 600 leading online merchants and is working to release its own branded network payment card. The Company's subsidiary, Oasis Digital Studios, is a creative and development agency that supports a wide range of artists, talent, and enterprises with Non-Fungible Token (NFT) solutions and has acquired 50% and controls the Aftermath Islands Metaverse program.
Liquid Avatar Technologies Inc. is publicly listed on the Canadian Securities Exchange (CSE) under the symbol "LQID" (CSE:LQID). The Company also trades in the United States, on the OTCQB under the symbol "LQAVF" and in Frankfurt under the symbol "4T51".
For more information, please visit: Liquid Avatar Technologies
Bitvo is on a mission to become Canada’s premier cryptocurrency trading platform. With a focus on customer service, security, and transparency, we make cryptocurrency trading accessible for all Canadians.
For more information, please visit: Bitvo
Pateno is the only business payment solutions you will ever need. Our innovative payment solutions ensure a more streamlined, secure and flexible way to transfer money. Via our API technology, you can initiate payments from existing web pages, portals, and apps, scaling your capabilities as your industry changes. From tip disbursement to loan management payments, our highly intuitive and simple-to-use system can be easily integrated, instantly enhancing and streamlining your money transfers. Safe, secure and advanced, experience the next generation to online business payment solutions with Pateno. Contact our sales representative to learn more today about our online payment solutions.
For more information, please visit: Pateno Payments
For more information, please visit: DCBank
Gowling WLG is an international law firm created by the combination of Gowlings, a leading Canadian law firm, and Wragge Lawrence Graham & Co (WLG), a leading UK-based international law firm. With more than 1,400 legal professionals in 19 cities across Canada, the UK, Continental Europe, the Middle East and Asia, Gowling WLG provides clients with top-tier legal advice at home and abroad in a range of areas. Our clients have access to in-depth expertise and experience in key global sectors, including advanced manufacturing, energy, financial services, infrastructure, life sciences, natural resources, real estate and tech. We see the world through our clients’ eyes, and collaborate across countries, offices, service areas and sectors to help them succeed – no matter how challenging the circumstances. Our culture is, above all, about people and teams, based on our belief in the power of relationships to deliver tangible business results.
United Craft is an Ontario-based craft beverage company that is all about flavour innovation. We offer new flavours and styles of alcoholic beverages that suit today's lifestyles and emerging consumer preferences.
United Craft works with some of Ontario's best craft beverage producers to create natural, better-for-you recipes using unique combinations of hops, herbs, flowers, fruits, grains, specialty yeasts, and (new in 2022) nutrient-rich maple water. Our beverage offerings are all made in small batches and range from those with low alcohol and/or low sugar to traditional award-winning favourites as well as tasty seasonals flavoured with coffee, pecan, hibiscus, ginger, honey, blackberry, pineapple, peach and other popular fruits.
New for 2022 is Hail Caesar Korean BBQ (a vodka-based bold and tasty drink), Eden Grove Zero Sugar Apple Cider, Sip Elderflower Cherry and Juniper Line Maple Water Radlers, and Flair Los Sangria. YUP lager won the GOLD medal at the Canadian Brewing Awards and Tomorrow Brew Co's Honey Ginger Shandy and Coffee Milk Stout won GOLD at the Ontario Brewing Awards. Moi Mosa and Moi Jito are now top-selling malt-based radlers inspired by popular cocktails.
For more information, please visit: United Craft
Founded in 2017, Take It Easy Group’s mission is to help your Seed & Series A start-up scale for success. Our team of experienced Executive Assistants are your strategic partners, with proven methods to keep your business organized and efficient, so you can focus on growth.
For more information, please visit: Take It Easy Group
eThereLIVE is the streaming and broadcast division of Soundbox Productions, one of the largest providers of lighting, audio & staging production services in Ontario, Canada. Our Professional Services include live and digital events, town halls, conferences, live sports, webinars, and more both virtually and on location across North America.
For more information, please visit: eThereLive
Since our start in 2017, the Peninsula Canada family has grown from a few people to hundreds. And we are all committed to providing exceptional service to over 5000 small businesses across the great white north. We help small businesses grow. This is what we all come into work for every day. By giving them an affordable alternative to an in-house human resources team, we help them save time and money. Peninsula started as a small business and our mission is to help other small businesses achieve their version of success!
For more information, please visit: Peninsula
THANKS TO OUR COMMUNITY SUPPORTERS
Last year: 2022 Summer Kickoff Networking
Apple Launches Apple Card’s High Yield Savings Accounts in Partnership with Goldman
Techcrunch | Romain Dillet | Apr 18, 2023
Image: Unsplash/Laurenz Heymann
Apple Card customers in the U.S. can now open a savings account and earn interest through an Apple saving account.
- Apple has partnered with Goldman Sachs once again for the banking feature. Savings accounts are technically managed by Goldman Sachs, which means that balances are covered by the Federal Deposit Insurance Corporation (FDIC).
- This high-yield savings account has been created specifically for Apple Card customers. Apple is going to offer an APY of 4.15%. It looks like a competitive offering when you look at data from Bankrate — you can currently find savings accounts that offer an APY of 3.5% to 4.75%. The company isn’t making any promise when it comes to future interest rates. It could go up and down at any time.
See: Goldman Sachs Drops Plans for Retail Credit Card
- When customers pay with their Apple Card, they get cash back on all purchases. By default, all purchases grant you 1% in cash rewards and 2% for all purchases made using Apple Pay. Purchases with select merchants unlock 3% in rewards.
- No fees: There are no fees associated with Apple’s savings account. However, there is a maximum balance limit of $250,000. The APY of 4.15% applies to any sized balance and there is no minimum balance required.
Continue to the full article --> here
CNBC | Kif Leswing | Apr 18, 2023
Goldman Sachs is watching for ‘cannibalization’
- Goldman has announced plans to become a large digital bank, perhaps competing at times with Apple to sign up new customers.
- Solomon said Goldman would welcome the deposits from Apple’s savings account and would deploy them within its own client base.
See: Apple Finally Unveils its BNPL Offering. 4 Things to Know Before Signing Up
Goldman Sachs CEO David Solomon:
“We’ve obviously worked very closely at the overlap between who holds credit cards and who has a Marcus deposit, and that overlap is small” Solomon said on his company’s earnings call. “But we’ll obviously watch closely to see whether or not there’s any cannibalization. Its a way for us to try to open up another deposit channel” and said “it’s always good for us to broaden our deposit base.”
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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UK Government Publishes Recommendations for the Next Phase of Open Banking
HM Treasury | Release | April 17, 2023
Image: JROC report
The Joint Regulatory Oversight Committee (JROC) has published its recommendations for the next phase of open banking in the UK.
- The Joint Regulatory Open Banking Committee (JROC) consists of HM Treasury, the Competition and Markets Authority, the Financial Conduct Authority (FCA), and the Payment Systems Regulator (PSR), with the FCA and PSR serving as co-chairs.
- JROC plays a crucial role in advancing open banking in the UK, which currently has over 7 million active users. This expansion will create opportunities for new products and services, allowing consumers and businesses to share data and make payments more efficiently.
See: Update on the Future of Open Banking in the UK by Joint Regulatory Committee
- The committee's recommendations include a two-year roadmap with five key themes:
- Improving availability and performance
- Mitigating financial crime risks, ensuring consumer protection
- Enhancing information flows to third party providers (TPPs) and end users
- Promoting additional services using non-sweeping variable recurring payments (VRP) as a pilot.
- Additionally, JROC outlines its vision for the open banking future entity and the transition from the Open Banking Implementation Entity (OBIE), as well as the principles for a long-term regulatory framework, which the government plans to legislate.
View the original release --> here
Download the 50 page PDF report --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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“Open banking” May Cause Deposit Outflows, Warns U.S. Regulator
FP | Hannah Lang | Apr 19, 2023
Image: Unsplash/Tech Daily
The evolution of “open banking” in the U.S. could impact how regulators supervise banks, as seamless account portability between financial institutions could lead to increased deposit outflows, a top banking regulator said on Wednesday.
See: FinTech Executives Disappointed with Budget 2023’s Lack of Open Banking Update, Raising Doubts on Delivery Timeline
Comptroller of the Currency, COO, Michael Hsu:
While data portability will likely be empowering for consumers, it could also increase the liquidity risk of retail deposits for banks. While such rules could ultimately increase the ‘stickiness’ of retail deposits and lower liquidity risks by encouraging banks to take steps to retain customers, the transition to such a state “warrants careful monitoring. Already, there is a sense that online and mobile banking may have facilitated unusually large and rapid outflows of wholesale deposits at Silicon Valley Bank and Signature Bank last month. While it would be an “overstatement” to attribute the bank run solely to social media and the ease of mobile banking, regulators would be remiss to ignore the impact that both have had on the banking industry. We, bank regulators, need to pay closer attention to how changes in technology and associated practices may impact risks in banking.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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How Government Could Take Control of the Banking System
The Economist | Apr 12, 2023
Image: Unsplash/Brett Jordan
Technology and regulation are making the government’s role in finance explicit. As happens after every banking panic, the safety-net is being remade. And so regulators must again confront a profound question: how far into finance should the hand of government reach?
- Banks are inherently unstable. They offer deposits that are instantaneously redeemable while holding long-dated, illiquid assets such as mortgages and business loans. The mismatch means even well-managed institutions are vulnerable to a run that might be sparked by a misunderstanding. The fragility of banks is matched by severe consequences if they fail: runs tend to be contagious events that can cause credit crunches and recessions.
See: Twitter Generation’s 1st Banking Crisis is Different From 2008
- Despite the danger banks pose, governments tolerate their existence. The transformation of liquidity and maturity is thought to enable a greater provision of credit and faster economic growth than would be possible under the alternative: a system of “narrow banks” in which deposits are fully backed by only the safest assets.
- Government support props up the banking system but also creates opportunities for bankers to exploit taxpayers. [Support] is becoming more visible due to new technology, and collateral policy is increasingly important in the event of runs or emergency central-bank loans.
- Deposit insurance can lead to complacency on the part of depositors and bankers, requiring regulators to monitor excessive risk-taking.
- Similarly, central banks act as a lender of last resort during crises, but determining collateral eligibility can influence banks' asset holdings. While offering too much support can lead to moral hazard, central banks have become more generous. Regulators could redefine the highest-quality liquid assets as bonds issued by the most creditworthy sovereign borrowers to ensure safety, but this could lead to narrow banking.
See: As Valuations Plunge, Fintechs Become Acquisition Targets for U.S. Banks
- The increasing possibility of banks being effectively funded by the government should concern those who appreciate the private sector's responsibility in assessing risk. However, the line between deposit financing backed by various state layers and direct state funding is becoming blurred. It's possible that a more overt government role in the banking system could be the logical endpoint of the road down which regulators have been travelling for some time.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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