Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Enterprise, Scaleup
Valour Debuts First Dogecoin ETP in Sweden
Crypto Investing | Nov 26, 2024
Image: Dogecoin
Valour Launches First Dogecoin ETP on Sweden's Spotlight Market to Open Doors to New Investors
Valour, a subsidiary of DeFi Technologies, has launched the first ever Dogecoin Exchange Traded Product (ETP) in Scandinavia. The ETP is now listed on Sweden's Spotlight Stock Market which opens up options for investors seeking exposure to Dogecoin in a regulated market without having to worry about the complexities of direct crypto ownership, wallets and more.
Highlights
- Valour Dogecoin (DOGE) SEK ETP
- Spotlight Stock Market (Sweden) Management Fee of 1.9%
- Dogecoin is currently ranked 7th largest digital asset globally by market cap at approximately $55.7 billion
- Dogecoin is independent and built on its own Dogecoin blockchain which is a fork of Litecoin blockchain (which is in itself a fork of Bitcoin)
- Uses proof of work (POW) consensus to validate transactions and secure the network
See: Valour Inc. Launches First Yield-Bearing Bitcoin ETP
- Scrypto algorithm supports fast and low cost transactions
- There is no maximum supply of Dogecoins, so suitable for every day use. Dogecoin started as a meme coin joke but has since evolved with real use case applications in tipping, payments, and microtransactions
- Dogecoin has received endorsements from high profile figures like Elon Musk
- Dogecoin has a robust community that has gained traction in crypto markets globally
Elaine Buehler, Head of Product at Valour:
"Introducing the world's first Dogecoin ETP in the Nordics represents a significant milestone in our mission to democratize access to digital assets. We are excited to provide investors with a regulated product that captures the essence of Dogecoin's dynamic market presence."
Conclusion
With Dogecoin's strong community and increasing utility, the ETP product is expected to attract a diverse range of investors looking for regulated exposure.
See: Bitcoin Reaches All Time High as ETF Options Go Live
Time will tell how deep the demand is for this ETP and following market impact.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Trump’s Tariffs: Impact on Fintech and Canada’s Digital Tax
Taxes | Nov 26, 2024
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Could Cross-border Tax Friction Spill Over Into Digital Services and Fintech?
Yesterday, President-elect Donald Trump announced a 25% tariff to be applied to all of Canada's imports into the U.S., sparking plenty of debate. So far the focus is largely on physical goods like lumber, fuel, aluminum, dairy and food products, and things like cars. But what about fintech services, and more specifically Canada's new Digital Services Tax (DST)? Could they be somehow ensnared with this new tax friction which has already ruffled feathers in Washington (and could become another discussion point for a broader trade dispute?
What’s Going On With Trump’s Tariffs?
During Trump's campaign for re-election into office, he must have mentioned tariffs a thousand times or more. He talked about applying tariffs to every country that he thought had an unfair trading relationship with America including Canada. The Canada and Trump Risk Index ranks Canada in third place behind only Mexico and China in terms of which countries are at the greatest risk of a trade policy change. As of Aug 2024, Canada reported a trade surplus with the U.S. of about $11.5 billion CAD which is the difference between how much Canada exports to the U.S. ($43.7 billion CAD) versus imports from the U.S. ($32.3 billion CAD).
See: Who Will Canada’s New 3% Digital Services Tax Impact?
Trump's tariff trade policy on imports hopes to push countries like Canada to the negotiating table by making their exports to the U.S. more expensive for American consumer buyers driving down demand. When Trump announced a 25% tariff on all Canadian imported goods, he also mentioned the flow of illegal drugs and people coming from Canada into the U.S.. Prior to that, we also all know that Trump is angry that Canada has not followed-up on its commitment to spend 2% of GDP on defence per it's NATO member agreement. So in Trump's mind, cross-border trade needs a new deal with all countries including Canada.
Canada’s Digital Services Tax Complicates
Canada is now rolling out a unilateral 3% DST aimed at large tech companies like google, Amazon, and Facebook who generate more than $20 million CAD in revenue in Canada. The goal is to make these tech giants pay their fair share of taxes and is quite a shift in Canada's approach to taxing digital economies, and has caused a lot of controversy in Canada and aboard.
Not everyone agrees. The U.S. government sees the DST as unfairly targeting American companies. Earlier this year, the U.S. made a formal complaint under the USMCA trade agreement. If those talks fail, the U.S. could retaliate with their own tax which could get tricky for some larger Canadian fintech companies.
Could Fintech Get Caught in the Crossfire?
On the surface it seems fintech is safe given that DST is aimed at tech giants and tariffs traditionally focus on physical goods. But trade disputes have a weird way of escalating and if Trump decides to take a stronger stance on Canadian digital tax policies, fintech firms operating in the U.S. could feel the heat.
See: Canada’s Rising Tax Burden and Fintech Opportunities
Take Nuvei for example, a Montreal payment tech company that processes transactions for U.S. businesses. Nuvei reported a total revenue of $357.6 million in the third quarter of 2024 (17% increase year over year). While the U.S. revenue figures aren't specifically disclosed, Nuvei has significant operations and client base down South, suggesting that its revenue from U.S. markets would likely exceed $20 million annually. Or take Wealthsimple who recently expanded into the U.S. and services clients investment tools through its digital platform.
Both companies rely on trouble free cross-border operations to thrive. If the U.S. (or Canada) introduces new restrictions or taxes on digital services, it could make operating harder and more expensive.
Why It Matters
Being a neighbour to one of the most lucrative markets in the world has been a big part of Canada's success. But trade tensions can rise and fintech companies need to keep a close watch on trade developments (i.e., tariffs, DST etc) between the U.S. and Canada, and be prepared for new challenges and opportunities that may arise.
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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Be Part of a Landmark Study Shaping the Future of Fintech
Survey | Nov 26, 2024
Image: 2nd Global Fintech Research Initiative (CCAF, WEF)
Help Shape the Future of FinTech: Join the Global Research Initiative Today!
The Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School and the World Economic Forum invite you to participate in the 2nd Future of Global FinTech Research Initiative. This flagship study will provide key insights into global Fintech trends and challenges. Insights from Canadian fintech innovators are key to this research which will explore the bleeding edge trends such as:
- Artificial Intelligence in Finance: How is AI revolutionizing the industry?
- Partnerships Between Fintechs and Financial Institutions: What are the opportunities and challenges?
- Financial Inclusion: The impact of Fintech in underserved markets
- Key Performance and Growth Indicators: Industry benchmarks for success
See: CCAF and WEF Unveil 2024 Global Fintech Report at Davos
Why Participate?
- Help Shape Policy & Industry Trends: Your data will contribute to evidence-based decisions for regulators, policymakers, and stakeholders.
- Global Recognition: Your organization will be acknowledged in the report and associated materials.
- Access Exclusive Insights: Early access to findings and invitations to key events with industry leaders.
- Checkout the CCAF and WEF 2024 Global Fintech Report (unveiled at Davos)
Click the Survey Link to Start
- Survey Link: Complete the Survey Here
- Time Commitment: 20 - 30 minutes
- Deadline: *Extended until December 28, 2024 (from Nov 29)
- Confidentiality: Individual entries are strictly confidential and only aggregated data will be reported.
Take part in this unique opportunity to drive the future of Fintech and ensure Canada’s voice is strongly represented on the global stage.
For more information, reach out to the team at cambridgeFMO@jbs.cam.ac.uk.
Take the survey --> Now
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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Amazon’s $4B Boost to Anthropic Strengthens AI Alliance
Investment | Nov 25, 2024
Image: Freepik
Anthropic Gains $4 Billion as Amazon Doubles Down on AI
Amazon has invested another $4 billion in AI startup Anthropic bringing its total investment to $8 billion. It's a significant partnership that Amazon expects to benefit its core businesses from Alexa and AWS to e-commerce and logistics. This amount is inline with competitors such as Microsoft who has invested over $13 billion into OpenAI, or Google into AI firms like Canada's Cohere in its last funding round. Let's have a look.
A Smarter Alexa in a Highly Competitive Market
Amazon's Alexa, Google's Assistant, and Apple's Siri are constantly improving but today they are largely utility or task based assistants that remind us of things, control smart home devices or answer straight forward questions. Responses are often pre-programmed or rule-based models which limits the assistant's ability to have more natural conversations.
See: Amazon to Invest $1 Billion in AI-Driven Robotics Startups
By incorporating Anthropic's AI model Claude into Alexa, it would allow Alexa to be more aware of contexts and better handle human like conversations similar to ChatGPT. It would expand Alex's knowledge base to handle more complicated questions that go well beyond any sort of pre-defined answer. It would also dynamically adapt to user preferences and provide more personalized interactions, recommendations, and insights. A smarter and more capable Alexa with improved functionality could help Amazon grow its 28% share of the global smart speaker market (as of Q1-2022), boosting sales across its $20 billion devices and services business. According to Capital One shopping research, as of Oct 2024, about 68% of U.S. smart speaker customers use Amazon Echo devices powered by Alexa.
AWS is the Backbone of the Partnership
Perhaps one of the biggest benefits for Amazon in this deal is in its cloud computing division or with Amazon Web Services (AWS). With this $4 billion, Anthropic has agreed to use AWS as its exclusive training cloud partner. This is a huge win for Amazon since AI models like Claude require a huge amount of computational power to operate on and AWS's partnership will deliver it, translating into consistent revenue for Amazon's cloud division (AWS generated $90.8 billion in 2023 or 15.8% of Amazon's total sales). The partnership will ensure Amazon is a leader in cloud-based AI infrastructure and lock-in billions of future earnings.
Equity Stake
Amazon's total investment into Anthropic is now $8 billion which allows the company to benefit directly from Anthropic's growth (if they go public or achieves massive profitability, Amazon could see some pretty huge returns on their investment). Anthropic was valued at $4 billion prior to Amazon's latest investment so its valuation will grow.
See: Amazon Launches ‘Q’ AI Chatbot for Businesses
Amazon's post funding equity stake hasn't been made public but announcements maintain its still a minority stake so less than 50%. For context however, Google invested $300 million for a 10% equity stake in Anthropic in an earlier funding round.
AI Powering Amazon’s Core Businesses
AI already plays a major role in Amazon’s online shopping platform (i.e. recommending personalized products), which accounts for 35% of its sales. New AI capabilities could further boost engagement and sales revenue. The potential benefits in logistics is arguably even better. Amazon delivers over 1.6 million packages a day. If AI can optimize delivery routes, reduce fuel costs, and streamline operations, it could lead to huge cost savings while at the same time improving delivery speed and the overall experience and reliability of the service for customers.
Outlook
Amazon's decision to invest another $4 billion into Anthropic will boost their ability to compete in the global AI race by supercharging the intelligence of all of its products and operations across the board, and could end up being one of Amazon's smartest bets to date.
Read: Anthropic CEO’s Radical Vision for Humanity
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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The Day the Platform Went Dark. A Cyber Resilience Story
Cyber Insurance | Nov 25, 2024
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How Cyber Insurance Helped SparkFin Survive and Bounce From a Devastating Cyberattack
Sofia and Liam were co-founders of SparkFin a scaling fintech startup that promised a P2P lending experience with just a few taps on a smartphone. Their platform was getting backed and changing personal finance. The buzz was electric. Performance numbers were soaring and investors were reaching out like never before.
See: Major Data Breach @Finastra and Canadian Banks?
Then one Friday afternoon, everything changed. It begin with an urgent alert from the head of security,
“We’ve detected unusual activity on the platform. User accounts are being accessed without permission.”
Then moments later, social media lit up. Customers were angry and anxious. Funds were drained from their accounts.
Liam froze. Sofia grabbed her phone. This is it. A cyberattack.
The Cyber Insurance Lifeline
Fortunately, SparkFin had taken steps to prepare for this kind of scenario just a few months earlier. Their board had insisted on a robust cyber insurance policy. Liam at the time was hesitant thinking "Is this just another expense for something that might never happen?” but Sofia was more realistic and saw their business as a huge risk that needed protection. "If we’re handling people’s money, we have to be covered," she argued.
See: New Cyber Threats Financial Service Firms Need to Know
That moment was a lifesaver. Sofia contacted their insurance provider’s 24/7 breach response team. Before they knew it, an incident coordinator was on the line and a response plan was set in motion.
Taking Action
The first priority was to contain the breach. SparkFin’s IT team worked alongside cybersecurity specialists provided by the insurance policy. They immediately shut down vulnerable access points and began investigating the attack’s origins. The insurance policy covered the cost of hiring forensic experts to trace the hackers and assess the damage.
Next came damage control. The cyber insurance policy included funds to notify affected users quickly and offering them fraud protection services and covering any direct financial losses from the breach. A public relations specialist was also covered by the cyber insurance who expertly crafted messaging to assure customers their money would be safe.
See: FSB’s Warnings of Hidden Stakes of AI in Finance
When regulators stepped in with demands for answers, SparkFin was ready. The insurance policy included coverage for legal fees and compliance experts to handle the high volume of inbound inquiries that demanded a response. This support was critical to staying on top of the complex regulatory landscape SparkFin operated in.
What Wasn’t Covered
Even though the policy was a lifeline, it wasn’t a silver bullet. The breach knocked user confidence down significantly which led to fewer new signups and investors also started to back off. SparkFin’s policy didn’t cover the lost revenue due to the breach nor did it cover the cost of upgrading their technical infrastructure after the attack to ensure it wouldn’t happen again.
Sofia and Liam also realized they needed to explore extra coverage like reputational harm coverage and funding for proactive security upgrades. "If we’re going to be trusted with people’s finances, we need to make sure we’re protected from all sides," Sofia said.
Learning and Building Resilience
Once the crisis was under control, the insurance provider offered a post-incident review which revealed weaknesses in their system. Liam worked with cybersecurity experts to implement stricter authentication measures and establish regular testing protocols.
See: How To Protect Your Data As An Entrepreneur: Essential Practices and Solutions
Sofia held employee training sessions to help reduce human error and ensure the entire team understood how to spot phishing scams and other top cyber threats. They also updated their cyber insurance policy by adding coverage for social engineering attacks which was one of the vulnerabilities the hackers had exploited.
A Stronger, Smarter Fintech
Sofia and Liam eventually recovered from the cyberattack and built a stronger and more experienced and resilient SparkFin. Their users returned given SparkFin's transparency and swift response. They were impressed by their handling of the crisis, boosting their confidence in the company.
“Cyber insurance isn’t just a safety net but rather a test of resilience. It didn’t just help us recover but it helped us build back a stronger and more prepared company, proving to our customers and investors that we’re here for the long haul.”
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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DOJ Wants to Break Up Google’s Search Monopoly
Competition | Nov 21, 2024
Image: Freepik/ijeab
US Regulators Ask Judge to Force Google to Sell Chrome
The U.S. Department of Justice (DOJ) is going toe to toe with one of the biggest tech behemoths in the world. In August 2024, a US court found Google guilty of running an illegal search monopoly where Google uses its dominance to unfairly bundle products like Chrome and Android to its search engine, making it very hard for competitors to grow. The DOJ is now proposing to the judge to force Google to sell its Chrome browser business to level the playing field in search and online advertising.
See: Competition Act Amendments and What It Means for Fintech
DOJ in a court filing:
“Google’s unlawful behavior has deprived rivals not only of critical distribution channels but also distribution partners who could otherwise enable entry into these markets by competitors in new and innovative ways.”
What's the DOJ Going After?
- Google may have to sell Chrome. Without owning the browser, Google would lose one of its main channels to push traffic (people) to its search engine.
- No more exclusive deals. Google would have to stop paying companies like Apple who in return for payment makes Google Search the default option on their devices. Google paid $20 billion in 2022.
- Share search data (say what?). Yes,Google might have to give competitors such as Yahoo, Bing or DuckDuckGo its search data which would significantly help them improve their search game and compete more fairly.
What Could This Mean for You?
If Google is forced to sell Chrome, it may change how you browse the web (assuming you even use Chrome in the first place). Maybe Chrome's new owners would choose to focus on privacy or add some features that change the experience. For sure it would mean losing seamless integrations between Chrome and Google services. And if Google isn't allowed to monopolize deals with Apple then you may see other search engine solutions become easier to use such as AI search (wink wink).
See: Reddit-Google $60M/year AI Content Deal Ahead of IPO
At the end of the day, this is about whether one company should have so much power over how we interact with the internet. By breaking monopolies up, it will loosen their grip and create new opportunities for startups to enter the market. This means more choice for users and a boon for innovation in industries like fintech, AI, ad digital payments.
What's Next?
The court hearings begin in April 2025. If the DOJ wins then Google may be forced to make changes before the end of the year. If this happens, it could be the most significant antitrust outcomes in decades. Stay tuned because these changes will ripple far beyond Google and surely change how we all experience the future of the web.
You may also like:
Competition Bureau: Strengthening Competition in Canada's 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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New Cyber Threats Financial Service Firms Need to Know
Cybersecurity | Nov 21, 2024
Image: 2023-2024 Annual Cyber Threat Report (ASD)
Cybersecurity for Fintech Firms is No Longer Optional. What You Need to Know Heading Into 2025
We all knew it was coming but it's finally arrived. Cyber threats, cybersecurity, cyber attacks, scams, deepfakes, risks, rugpulls, ransomeware, social engineering, phishing etc are now considered a business critical priority. Particularly financial service firms who interact with and manage high value and sensitive transactional data. The Australian Signals Directorate recently published its annual 2023-2024 Cyber Threat Report (78 page PDF report) with insights into the evolving cyber threat landscape - what it looks like and how to build business resilience and fortify against it.
Australian Cyber Threat Landscape by the Numbers
Reported Attacks
- Over 87,400 cybercrime reports were filed. That's an average of 1 every 6 minutes.
- The Australian Cyber Security Hotline took 36,700 calls across all industries for a 12% increase.
Financial Impacts
- Average self-reported cost per cybercrime incident:
- Small businesses $49,600 (up 8%)
- Medium businesses $62,800 (down 35%)
- Large businesses $63,600 (down 11%)
- Total losses from business email's that get compromised was over $84 million with the average loss per incident being $55,000.
See: FSB’s Warnings of Hidden Stakes of AI in Finance
Top 3 Types Targeting Businesses
- Email compromise without financial loss 20%
- Online banking fraud 13%
- Business email compromise resulting in financial loss 13%
Ransomware
- 12% of all cybersecurity incidents involved ransomware where attackers control and/or steal data and extort victims for damage.
- Cyber incidents where attackers focus solely on stealing sensitive data from a target without locking down or disrupting the victim's operations is becoming more popular.
AI-Driven Social Engineering
- Attackers use AI to create realistic phishing emails, deepfake videos, and voice simulations to make scams more difficult to detect.
- Vishing (video phishing) attacks are new and effective and have successfully tricked organizations into transferring millions of dollars.
Methods of Attack
- Phishing (23%), software exploiting software/websites/services over the internet (21%), and brute-force attacks (15%) were the top methods used in breaches.
- Government sponsored 'bad actors' are using more advanced technologies including Living Off the Land (LOTL) attacks where attackers use legitimate tools and techniques available within a tech environment to carry out malicious activities with behaviours that appear normal to the system.
Why Fintech Firms Are Prime Targets
- They deal with sensitive information such as financial details, transaction records and personal data that is valuable to cybercriminals.
- In today's complex world of finance, multiple platforms and third party providers can result in a high number of entry points for attackers.
- Finance is quick to adopt new technologies which can be full of security gaps until they are discovered and patched.
- Cyberattacks in finance are serious and can harm a company’s reputation, lead to legal fines and can cause large financial losses.
See: Elon Musk’s X Challenges California’s Deepfake Law
Ways Fintechs Can Take Action
Strengthen Cybersecurity Foundations
- Adopt the Essential Eight Framework
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- Patch and update software regularly
- Use multi-factor authentication (MFA)
- Segment networks into sections to limit or contain breaches
- Security First Design Practices
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- Prioritize cybersecurity during product/service development
- Securely configure all systems and software by default
See: FBI Raids Polymarket CEO’s Home After Election Prediction
Improve Staff Awareness and Knowledge
- Train employees to identify and report phishing and other social engineering attacks
- Organize regular cybersecurity drills to test readiness and reinforce best practices
Protect Key Systems and Data
- Implement network segmentation to isolate sensitive systems
- Use advanced endpoint detection and response (EDR) tools to identify and mitigate threats
- Encrypt sensitive data when it's at rest AND in transit
Harden Authentication Processes
- Use phishing-resistant MFA for all accounts
- Encourage all staff to use password managers to create strong and unique credentials
- Regularly audit and remove inactive user accounts to reduce entry points for attackers
Monitor and Manage Supply Chain Risks
- Perform due diligence and monitor all third-party vendors and service providers
- Regularly assess supply chain vulnerabilities and ensure all partners comply with cybersecurity best practices
See: Key Findings from 2025 Advanced Payments and Fintech Survey
Use AI for Defence
- AI can quickly detect any anomalies in a network's activity and assess potential threats
- AI tools can preemptively identify phishing campaigns and suspicious behaviours
Be Prepared for an Incident and Act Quickly
- Develop a Cybersecurity Incident Response Plan
- Ensure all employees understand their roles in a potential breach scenario
- Conduct routine 'fire drill' tests of the plan to identify weaknesses and build confidence
- Back Up Data Regularly
- Maintain encrypted backups of critical data systems and test recovery processes regularly
- Collaborate and Partner with Threat Intelligence Networks
- Share and receive threat intelligence to stay informed about the latest tactics and vulnerabilities
See: Meta to Appeal €798M EU Fine for Antitrust Violations
Focus on Proactive Measures
- Review and update systems for vulnerabilities continuously
- Regularly simulate attacks, such as penetration testing, to identify weaknesses
Report and Respond
- Encourage timely reporting of suspicious activity to industry cybersecurity bodies or government resources
- Establish clear channels for escalating cybersecurity concerns internally
Cybersecurity is on Fire and Companies Need to Be Prepared
Fintech firms must manage cybersecurity as an ongoing business function instead of thinking about reacting to one-off incident. Threats are becoming more sophisticated and frequent. Companies need to take proactive steps now to protect their operations and data, and maintain the trust of their customers.
Learn more: ASD Annual Cyber Threat Report 2023-2024
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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