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
Why Canadian Banks Are Fighting Open Banking
Open Banking | Nov 20, 2024
Image: Freepik/newelement
The Battle Over Open Banking
Open banking was first announced in Canada in 2018. It was called 'consumer-driven banking' and aimed to give consumers more control over their financial data and access to innovative services while remaining globally competitive. That was six years ago, yet not much has changed since then. While other countries like the UK are seeing millions of consumes adopt open banking (and reaping the benefits), Canada has remained in first gear and stuck in the planning phase.
Four years post announcement, in 2022 Abraham Tachjian was appointed as Canada’s Open Banking Lead but left without establishing a clear framework about a year later. Recognizing momentum needed to pick-up, the Canadian government allocated $1 million in the 2024 budget to the Financial Consumer Agency of Canada (FCAC) to kickstart the implementation of Open Banking and run a consumer awareness campaign. Why the FCAC? Ultimately they will be responsible for oversight and regulation which includes establishing guidelines and standards for secure data sharing, monitoring participant compliance of financial institutions and third party providers, and addressing any issues around consumer privacy, security, and service. Now the question is how much progress is being made and will it deliver the results that are needed?
See: Open Banking: Revolutionizing Financial Data Sharing
Until then, Canadian consumers interested in accessing financial products and tools that help them in ways that banks aren't, are taking disproportionate risks by giving their banking credentials to third parties who then login and scrape data to be used in their systems. This is the sad and very risky workaround that every day Canadian citizens have to deal with.
While open banking promises to help consumers find the best personalized and competitive financial tools to optimize mortgages, budgeting, and investments, Canadian banks are pushing back to delay its arrival. Why are they so opposed and what’s really at stake?
Open Banking Can Save Canadians Thousands
Open Banking flips the script. It puts you in charge of your financial information instead of your bank. So you can decide who has access to your data and how they can use it. That control comes with many benefits. For example
- If a fintech company could find you a better mortgage rate with lower fees and competitive options it would save you money (the banks won't like it because it eats into their profits).
- If a fintech company could give you access to new financial products tailored to your needs, you would appreciate that option and might take a look to see if it can improve your financial position or outlook (but the banks won't like it because you are getting better service and more choice at lower prices elsewhere).
See: BoE Report: Open Banking Boosts Productivity, Competition
- If a fintech company could help optimize your investments but you need to allow access to your financial data and the bank makes it incredibly difficult to access your information to share it with a third party, you wouldn't be happy because of the hoops you needed to jump through and time lost just to access your own financial data.
Why Are Banks Resisting?
If banks feel they don't have to innovate to compete, they won't spend on research and development to create new products that better serve their customers. With Open Banking banks may have a lot to lose, if adoption takes off like in other jurisdictions. Below are some of the key reasons why banks are hesitant to support change and exactly the reasons why the government should get on with it and diversify the market by giving Canadian's better options and more choice.
- Data privacy - Banks say that letting fintech companies access customer data could lead to more fraud and data breaches. But is this really a threat? The UK has proven that with strong rules in place open banking can be just as secure as traditional systems.
- Banks hold a lot of power because they control your financial data - Open banking would lesson banks control while giving fintechs a chance to compete. This Financial Post article explains it well. The Canadian mortgage market is worth over $2 trillion, and a core banking product. If banks lose their grip on this market segment it would seriously cut into their profits.
- High price tag of change - Banks would need to invest in new technology given that most systems are legacy, so for them they see it as a big expense (without guaranteed profit which they are used to).
See: Open Banking: Revolutionizing Financial Data Sharing
- Eat their lunch - Banks earn billions annually from fees and interest. Open banking would allow competitors who are offering cheaper and more personalized alternatives cut into those profits. Worth noting that there are some segments the banks underserve that would be ripe for the pickings that could lead to a waterfall of other fintech products customers might be interested in.
- Losing the primary customer relationship - today banks are the go to for most financial services. While some tech savvy consumers dabble in innovative fintech product offerings, most fintechs do not own the primary relationship. Open banking would weaken the direct connection banks have with their customers, as they soon realize there are better, cheaper, and more personalized offerings available to them.
What Can We Learn From Other Countries with Open Banking?
The results are pretty telling...
- In the UK, over 7 million people now use open banking services and competition between financial providers has spurred innovation. See: The Transition Towards Open Finance in the UK
- In Australia, the Consumer Data Right program has increased competition, especially in personal loans and mortgages. Non-bank lenders are now thriving.
- In the European Union, PSD2 regulations have created a vibrant consumer-first financial ecosystem.
- In the United States, October 2024 the CFPB introduced the new Open Banking rule, has since been sued by the Kentucky Bankers Association and policy institute. (they are feeling the pressure)
Where Does Canada Stand?
Canada's Open Banking timeline is cloudy and banks continue to raise concerns about risks and costs (delaying the process).
Darko Mihelic, RBC Capital Markets banking analyst said in a report this week:
“We do not think open banking will be coming in the next couple of years. [He's thinking it may take] “three to five years.”
See: Canada’s Open Banking Journey: Interview with Abe Karar, Chief Product Officer, Fintech Galaxy
Closing Thought
Consumers want and deserve better choices, lower fees, and more control over their finances. Whether the Canadian government or banks like it or not, the future of finance will be open.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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FSB’s Warnings of Hidden Stakes of AI in Finance
AI Risks | Nov 19, 2024
Image: Financial Stability Implications of Artificial Intelligence (FSB)
Why the FSB’s Warning Matters More Than You Think
For those who think AI is simply automating tasks, in new report published Nov 14, 2024 titled, "The Financial Stability Implications of Artificial Intelligence" (40 page PDF) the Financial Stability Board (FSB) warns think again. AI is fundamentally changing how financial institutions operate, strategize, and compete. In less than two years, Generative AI and innovative large language models like ChatGPT are game changing the space. Banks and financial institutions are already investing in AI technologies or exploring its capabilities for using AI for everything from complex underwriting to optimizing investment allocations and autonomous bots in the agentic web.
See: NIST Insights: GenAI Risk Management Framework
The FSB is warning that these advancements come with deeper and much more significant risks where financial markets would be at the whim of AI systems all reacting in unison given that they are trained on mostly identical data, making the same decisions at lightening speed, all magnifying shock risks that could trigger widespread instability. Let's break it down.
Risk 1: Too Much Reliance on the Same Players
The report highlights that AI relies on special tech infrastructure such as specialized hardware (i.e., NVIDA chips), cloud services, and pre-trained models that collectively are creating a 'single point of failure' risk. The risk is about third-party dependencies and concentration in the AI supply chain. There are only a limited number of providers and in the event of a key provider facing disruption, it could create a systemic vulnerability that could paralyze global financial operations.
Risk 2: Groupthink on Steroids
As mentioned above, AI models often use the same training data and algorithms which means that many institutions could end up making similar AI-driven decisions under stress. For example, if trading algorithms automatically respond to market drops all in the same fashion, then liquidity could dry up instantly triggering a market meltdown (instead of a routine dip).
See: Canada and Trump Risk Index What Fintechs Need to Know
We've all heard of 'flash crashes' or recent 'run on banks' that are hyper sensitive in the digital age (think pressing a button to get ones money out versus back in the day, lining up at a bank branch to withdrawal funds). Further, mass adoption of AI on a much larger scale could make these event risks more frequent and severe.
Risk 3: The Rise of AI-Powered Fraud
AI technologies are helping both good and bad actors. These days, GenAI can generate realistic fake identities, deepfake videos, and even manipulate sentiment using misinformation campaigns. Imagine a fake video of a CEO announcing a company’s collapse and markets responding negatively before the truth surfaces. Further, a deeper issue of fraud in an AI driven world is that the current fraud detection systems used by governments, central banks, financial institutions, pretty much everyone were not designed to protect against AI smart attacks. And it will take time before these same tools that institutions are using to optimize their operations can also be sophisticated to enough to protect themselves from escalating threats. The 'cat-mouse' game of fraud has always been there but AI risks increasing the gaps in any system.
Risk 4: Misaligned Incentives
Simply put, artificial intelligence tools and the ownership entities behind them can prioritize profit over ethics. One example is an AI bot looking to optimize profit may find it beneficial to spread disinformation to then profit from shorting a stock. While the bot may generate returns in the short term, the long term damage to financial markets and the trust in the systems that manage them could become toxic.
So What Needs to Happen?
There needs to be a mix of better oversight and governance, smarter regulations and more international collaboration. Financial institutions need to rethink how they will adopt and deploy AI by:
See: OECD-FSB Discuss New AI Trends in Finance
- Creating AI solutions by working with a wider range of partners (to mitigate supply chain risk) and develop in-house if possible.
- Building robust security and risk management programs that can withstand disruptions and remain resilient.
- Establishing clear governance practices of how AI systems align with regulations and ethical principles.
Conclusion
The FSB's report is a warning to financial institutions, regulators, and global leaders that they must act now and address vulnerabilities in AI governance, third party dependencies, and security. The stakes are high, and the time to act is 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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Canada and Trump Risk Index What Fintechs Need to Know
Policy | Nov 19, 2024
AI Image
Preparing Canadian Fintechs for an Era of Trump's Policies
The idea of Trump returning to the White House is stirring up questions about how it will shake things up globally, especially for Canada and its fintech companies. The Economist Intelligence developed the Trump Risk Index (TRI) showing just how much trade, security, and immigration policies might shift. For fintechs looking to stay ahead of these changes, it means thinking strategically, staying resilient, and understanding what’s at stake.
Canada is Heavily Dependent on the U.S. Market for Trade
Canada’s economy is closely tied to the United States, its biggest trading partner. In 2023, Canada exported about $439.6 billion USD to the U.S., making up over 70% of its export revenue.
- Trump will likely introduce new trade barriers like tariffs on goods such as aluminum and cars. Trump's America's First policies may also encourage U.S. companies to rely less on foreign suppliers which could adversely affect Canadian fintechs working in areas like supply chain finance and trade facilitation. Same goes for cross-border partnerships for services like payments and lending. These businesses might experience higher costs or disruptions to their operations.
See: Can Fintechs Help Narrow Canada’s Prosperity Gap?
- In September 2024, Canada reported a trade deficit of C$1.26 billion which was larger than expected. This was the seventh month in a row that Canada reported a trade deficit with exports to countries other than the U.S. experiencing significant declines.
- The Canadian dollar has weakened against the U.S. dollar partly due to the uncertainty over U.S. economic policies and has dropped below 1.4 psychological support level. Fintechs that manage international transactions will be impacted by currency fluctuations.
- Fintechs should diversify service providers across multiple regions to offset potential disruptions.
- Fintechs should monitor for any changes in cross-border payment regulations and prepare for adjustments in pricing or service frameworks.
Increased Pressure to Spend More on Security
Canada's defence spending in 2022 was only 1.24% of GDP, one of the lower contributors within NATO. Canada has consistently fallen short of NATO's guideline of 2% of Gross Domestic Product (GDP). Trump has said many times on the campaign trail that the U.S. will push NATO allies including Canada to increase their defence spending or the U.S. will not protect them. In response, Prime Minister Trudeau announced that Canada would meet its 2% GDP target by 2032. So what does this mean for fintech?
- Canada's federal budget will have added pressure making it more difficult to invest in areas like innovation and technology, which is key for fintech growth.
- Also fintech firms need to be aware of indirect effects of a shifting security landscape. For example, greater emphasize may be placed on protecting critical infrastructure such as stricter rules about where data can be stored and how it flows across borders.
See: Reversing Canada’s Digital Economy Productivity Decline
- Fintechs that rely on cloud servers based in the U.S. or that handle sensitive financial data internationally should prioritize compliance with data sovereignty regulations (especially if operating in multiple jurisdictions).
- Fintechs should work with cybersecurity experts to protect their users and environment against increasing risks in a politically charged climate.
Talent Mobility at Risk (Immigration)
If Trump enacts stricter immigration rules in the U.S., it could limit access to skilled labour and make it harder for fintechs to operate offices in the U.S. or attract global talent.
- Skilled professionals in tech and finance might find it harder to obtain U.S. visas, which could impact Canadian companies operating south of the border.
- With the U.S. becoming less welcoming, Canada has the chance to attract global talent. Programs like the Global Talent Stream make it easier and faster for skilled workers to come to Canada, helping fintech companies build innovative and diverse teams.
- But not everyone in Canada sees high immigration levels as a positive. There’s growing debate about how immigration affects the economy and culture. The Canadian government already announced plans to reduce immigration targets. Such reduction will shrink the talent pool for fintech companies who need to keep growing and compete globally.
- Fintechs should continue to build remote work capabilities to optionally access talent from regions unaffected by changing U.S immigration policies.
Regulatory Uncertainty
Based on Trump's initial term, markets can expect to experience deregulation (on some level) and/or abrupt shifts in financial service policies that might disrupt existing frameworks that fintechs rely on, especially in payments, lending and blockcain/crypto.
- President-elect Donald Trump announced that Elon Musk and Vivek Ramaswamy will lead a new private initiative called the Department of Government Efficiency (DOGE) to advise the White House on cutting regulations and reducing spending that would disrupt the system and hold government accountable.
- Trump’s administration could encourage less oversight for banks which might intensify competition for fintech lenders.
See: Innovative Approaches to Smarter Regulation
- Bitcoin and Crypto markets have pumped significantly higher since Trump won the election but some experts are concerned that markets could turn if Trump doesn't deliver many of his campaign promises. Trump is pro-crypto and he already stated that he would fire the current SEC Chair Gary Gensler on day one of assuming office, companies should prepare for a balanced reality where crypto firms could face heightened regulatory scrutiny if the U.S. develops a clear framework for the crypto sector especially around issues like fraud, anti-money laundering, and national security. During Trump's initial term his administration shifted back and forth between support for blockchain innovation and aggressive actions against decentralized cryptos perceived as risky.
- Fintechs should invest in compliance frameworks to adapt to upcoming changes, especially for Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
- It's imperative for companies in both Canada and the U.S to stay current on all regulatory developments.
What This Means for Canadian Fintechs
Canadian fintechs should take a proactive and strategic approach in anticipating of Trump's incoming administration.
- Diversify partnerships and markets beyond the U.S. For example, strengthen ties with Europe through the Canada-European Union Trade Agreement (CETA) or Asia-Pacific markets under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) could help reduce dependency on American markets.
- Prioritize regulatory compliance, build adaptable compliance frameworks, and closely monitor U.S. financial regulations, particularly around crypto and blockchain.
See: Canada’s Rising Tax Burden and Fintech Opportunities
- Invest in a good cybersecurity program to minimize potential disruptions.
- Adapt talent acquisition strategies per shifting immigration policies in both the U.S. and Canada.
Why It Matters
The return of Trump to the White House could bring heightened risks but also unique opportunities. Fintechs that want to thrive in this new changing global landscape must proactively prepare for these challenges as soon as possible.
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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Latest BoC Update for Retail Payment Service Providers
Retail Payments | Nov 18, 2024
Image: Freepik/gpointstudio
What’s Next for Retail Payments Supervision?
Registration for the Retail Payment Activities Act (RPAA) with the Bank of Canada has now wrapped up. If you're a Payment Service Provider (PSP), here's what you need to know about staying compliant, avoiding fines, and operating during the transition period, staying compliant.
1. Transition Period (November 1, 2024 - September 7, 2025)
The transition period allows PSPs who applied on time to keep operating while the Bank of Canada reviews their applications. If you haven’t applied yet, you need to do so right away to stay on the right side of the law.
2. Why You Need to Apply Now - Enforcement
If you’re operating without being registered, you could face heavy fines up to $10 million for serious violations. The Bank of Canada can issue notices if they think you’re breaking the rules. See enforcement tools.
3. Keep Your Application Up to Date
- Check your email regularly, just in case the Bank asks you for more details as they review your application.
- If anything changes after you’ve applied, update your application right away through PSP Connect. See amendments to registration applications.
4. Starting Operations During the Transition Period
- If you applied on time, you can start your payment activities whenever you're ready.
- If you're planning to start operating now, make sure you applied at least 60 days before beginning.
See: Key Findings from 2025 Advanced Payments and Fintech Survey
- If the transition period is nearly over and you still haven’t applied, you’ll need approval before you can start operating.
What You Should Do Next
- The Bank will publish final registration decisions in September 2025.
- If you haven’t applied yet, do so as soon as possible.
- Keep an eye on updates from the Bank of Canada about your application.
- Update any changes to your application right away.
Need help? Contact the Bank of Canada through this general inquiries form.
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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MicroStrategy Makes Record $4.6 Billion Bitcoin Purchase
Bitcoin | Nov 18, 2o24
Image: Freepik
Michael Saylor Doubles Down on Crypto Dominance, Becomes Largest Institutional Holder of Bitcoin
Between November 11 and 17, 2024, MicroStrategy led by bitcoin maximalist Michael Saylor acquired 51,780 bitcoins at an approximate cost of $4.6 billion. To fund the purchase, MicroStrategy sold 13.6 million shares of its own stock which benefited from strong stock performance, allowing the company to raise the necessary funds without taking on additional debt. This strategy is now the hallmark of Saylor's bitcoin investment approach.
See: 3 Bitcoin Indicators You Should Know About
Since its latest acquisition, MicroStrategy now owns a total of 331,200 bitcoins (average purchase price of $50,000) which are currently worth $30 billion based on market prices and making MicroStrategy the largest institutional holder of bitcoin in the world.
Stock Performance
MicroStrategy’s sole-focus on Bitcoin has boosted its stock price significantly. Since the U.S. presidential election earlier this month, the company’s shares (MSTR) have jumped over 50%, outpacing the performance of Bitcoin itself, which rose 30% during the same time. Investors are feeling optimistic because the newly elected administration supports cryptocurrency, boosting confidence to companies and investors involved in the crypto space.
Although MicroStrategy’s bold Bitcoin strategy has generated big rewards for investors recently, it comes with risks. Since the company’s value is joined at the hip with Bitcoin’s price, a sharp drop in the price of BTC or broad cryptocurrency market could quickly hurt its financial position. Also, some analysts have cautioned that the premium investors are willing to pay for MicroStrategy's stock may decline if market sentiment turns negative.
See: Coinbase Launches COIN50 Index of Top 50 Cryptos
Michael Saylor is one of Bitcoin's most influential and vocal advocates calling it a superior store of value compared to traditional assets. He has outlined plans to even further expand MicroStrategy's Bitcoin holdings by selling more shares in the future and further betting on bitcoin's long term potential.
Outlook
Michael Saylor's bitcoin acquisition strategy is both innovative and risky. While the strategy has been successful so far, it ties the company’s future closely to Bitcoin’s unpredictable price volatility.
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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Elon Musk’s X Challenges California’s Deepfake Law
AI and Tech Regulation | Nov 18, 2024
Image: Freepik/pikisuperstar
Elon Musk’s X lawsuit Over California’s Deepfake Law Ignites Debate on Free Speech, AI Ethics, and the Future of Tech Regulation
On Sept 17, 2024, the Governor of California, Gavin Newsom introduced the Defending Democracy from Deepfake Deception Act of 2024 (otherwise known as Assembly Bill 2655). It's a new law aimed at curbing the growing issue of AI-generated deepfakes, especially those that could mislead voters during elections. The law requires platforms like X (formerly Twitter) to either label or remove deceptive content related to elections.
Then on October 3, 2024, a federal judge granted a preliminary injunction which temporarily blocked the enforcement of AB 2655 based on concerns that the law might infringe upon First Amendment rights by potentially suppressing free speech.
See: California’s AI Safety Bill Veto and Its Impact
Then last Thursday, Nov 14, 2024, Elon Musk's X has filed a lawsuit in Sacramento against the legislation arguing that it infringes on free speech rights protected by the First Amendment. X's legal challenge highlights the ongoing conflict between maintaining freedom of expression versus curbing the misuse of deepfakes that erode trust in institutions and manipulate public opinion.
Insights
- The amount of deepfake content online has been exponentially doubling between 2018 and 2020. There's been a noticeable increase in cases targeting political figures and events.
- In July 2024, Musk shared a deepfake video of Vice President Kamala Harris on X that went viral but he forgot to mention that it was a parody. In response, California's Governor Gavin Newsom stated, "Manipulating a voice in an 'ad' like this one should be illegal. I'll be signing a bill in a matter of weeks to make sure it is.".
- The purpose of California’s AB 2655 legislation is protect election integrity by preventing manipulative deepfake content from spreading misinformation. Critics argue that the law is too broad and that it may impact artistic expression, satire and even legitimate political commentary.
"[The law] will inevitably result in the censorship of wide swaths of valuable political speech and commentary and will limit the type of 'uninhibited, robust, and wide-open' debate on public issues that core First Amendment protections are designed to ensure."
Rob Bonta, California Attorney General said last Friday:
"The California Department of Justice has been and will continue to vigorously defend AB 2655 in court, which aims to combat deepfake election content."
Why It Matters
This case is a key test for how governments and tech companies handle the rising influence of AI while protecting basic rights.
See: Three Generations Discuss AI Concerns, Hopes, and the Future
The decision will have significant impact into how technology is regulated from an election misinformation standpoint to broader AI abuses. For Canada and other countries, it provides valuable lessons on the need create laws that balance innovation, ethics, and public trust.
Conclusion
The lawsuit isn't just about California but it's a global conversation on how societies will balance freedom and accountability in the digital age. As AI technology evolves at a dizzying pace, societies must answer tough questions about who holds power in the digital world and how to ensure that power is used responsibly.
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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DeFi Technologies Eyes Nasdaq Listing and Global Expansion
DeFi | Nov 15, 2024
Image: Freepik
DeFi Technologies Targets Nasdaq Listing Amid Strong Q3 Growth
DeFi Technologies Inc., a Canadian player in the world of decentralized finance (DeFi) continues its plans to have its shares traded on the Nasdaq Stock Market while confirming solid Q3 financial results in a press release update on November 14, 2024.
Key Updates for Q4 2024
Nasdaq Listing Progress
The company filed a registration document known as Form 40 F to the U.S Securities and Exchange Commission (SEC) on September 16th in the year 2024. Once all necessary regulatory and listing approvals are finalized, the listing is anticipated to improve access and attract more global investors, cementing DeFi Technologies' role as a leading player in the digital asset sector.
See: CFTC Publishes DeFi Report for Policymakers and Industry
Valour's Debt-Free Growth
- Assets under management touched $1.1 billion CAD as of Nov 13, 2024 (900% increase since late 2022).
- Valour plans to grow its ETP range from 28 to 40 products by year end (and targeting 100 products by end 2025).
- Seeking regulatory approvals to expand to new markets including Asia, Middle East, and North Africa.
- Paid off all outstanding debt in October 2024 ($36.5 million USD) for greater flexibility to support innovation and growth plans.
Stillman Digital Integration
- Improved trading capabilities by acquiring Stillman Digital, a liquidity provider in the market with a trade volume exceeding $20 billion USD.
- Stillman projects $6.7 million USD revenue in 2024 and has plans to diversify into custody services, foreign exchange, and proprietary trading in 2025.
Outlook
This milestone is a big achievement for a Canadian fintech with potential to lead in the next wave of global financial innovation. With its debt-free status and future plans, DeFi Technologies is positioning itself to capitalize on the growing demand for decentralized finance solutions.
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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