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
Citi and BofA Plan Stablecoins as Regulation Advances
Stablecoins | July 18, 2025
Image: Freepik/gstudioimagen
Citigroup and Bank of America Enter Stablecoin Race as TradFi Accelerates Towards Digital Dollars
The dominoes are definitely starting to fall. Citigroup and Bank of America have confirmed they are developing or preparing to launch their own stablecoins. In back-to-back Q2 earnings calls this week, executives from both banks outlined their intentions to support stablecoin issuance for use cases like digital payments and tokenized deposits.
As reported by Reuters, Citigroup CEO Jane Fraser said on July 15 that the bank is “looking at the issuance of a Citi stablecoin” and that stablecoins would fit within the bank’s current initiatives in tokenized deposits, custody, and digital cash on/off-ramp services.
See: Ripple Seeks US Bank Charter for Stablecoin Expansion
Then just a day later, Bank of America CEO Brian Moynihan confirmed that Bank of America is actively preparing to issue a stablecoin of its own. He told analysts the bank “expects to launch” a stablecoin and is in conversations with regulators about what a compliant U.S. dollar-backed version would require. Moynihan also pointed to the advancement of the GENIUS Act in Congress as a key milestone for legal clarity.
JPMorgan Already Live in the Market
Note, JPMorgan Chase already has functional stablecoin infrastructure. JPM Coin, a wholesale payments vehicle used by institutional clients, currently moves over $1 billion in transactions daily. The bank is now expanding into tokenized deposit products for digital settlement use.
Tokenized deposits are regular bank deposits that have been turned into digital tokens. They still belong to the customer and are backed by the bank, but because they run on blockchain technology, they can move money faster and incorporate programmable rules.
See: BIS Stablecoin Warning Meets US Policy Momentum
Worth noting that while Morgan Stanley has not announced its own stablecoin it confirmed during its latest earnings call that it is “actively discussing” potential use cases. CFO Sharon Yeshaya said the firm is monitoring the regulatory landscape and evaluating client needs.
Consortium Stablecoin Being Explored
In a Reuters article May 23, 2025, mentioned that JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other large commercial banks (including U.S. Bank via consortium channels) are “exploring whether to team up to issue a joint stablecoin,”, but there have been no commitments or formal statements issued yet.
Implications for Traditional Finance
Traditional banks are positioning themselves to be regulated providers of digital dollars that can be used in fast, transparent, and low-cost transactions across modern financial systems.
Stablecoins issued by large banks could compete or potentially replace legacy payment systems for cross-border transfers, securities settlement, reserve management, and cash liquidity optimization. Eventually they may support consumer payments, although bank executives have stressed that the focus is on B2B use cases first.
Bank of England Governor Andrew Bailey recently warned that privately issued stablecoins could destabilize global financial systems if left unregulated, reinforcing the urgency for banks to operate within robust legal and supervisory frameworks.
See: Amazon and Walmart Exploring Merchant-Led Stablecoins
Traditional finance (TradFi) is gearing up to compete directly with crypto native infrastructure in the issuance and management of digital cash.
Outlook
The rapid entry of big banks like Citi and Bank of America into stablecoins confirm what fintech leaders have predicted for years. Programmable money will enter the banking mainstream, depending on regulatory approval and market demand.
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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JPMorgan’s Data Fee Sparks Open Banking Backlash
Open Banking | July 15, 2025
Image: Freepik
JPMorgan’s New Data Access Fees Spurs Calls for Stronger Open Banking Rules in North America
On July 11, 2025, Reuters reported that JPMorgan Chase is planning to charge fintechs for access to customer data (subscription required) through its APIs, starting in September. The aggressive announcement by by a major U.S. bank to charge and control data access generated immediate pushback from fintech platforms and open banking advocates, as highlighted on Payments Drive.
Steve Boms, executive director of the Financial Data and Technology Association North America:
“It’s hard to look at this decision by Chase as anything other than a cynical attempt to take advantage of regulatory uncertainty and an about-face by the CFPB. I think they’re banking on the court throwing the rule out.”
See: Canada’s Open Banking Journey: Interview with Steve Boms, Executive Director Financial Data and Technology Association – North America “FDATA”
Penny Lee, Chief Executive of the Financial Technology Association:
Americans deserve the “freedom” to control their financial data. Charging for financial data access undermines that freedom and threatens to jeopardize millions of Americans’ access to the financial services of their choice. This action is designed to crush competition, hold back American innovation, and lock consumers into bank-only products.”
Policy Tensions at the Core of Open Banking
Open banking is designed to put consumers in control of their own financial data. But JPMorgan has another idea; charging fintechs to access customer data when open banking rules are not not clearly regulated, and in doing so, incumbent banks can continue to control terms that limit competition.
See: Open Banking Delayed in Canada But Back in the Legislative Radar
In Canada, this issue is highly relevant for it's proposed Consumer-Directed Finance or open banking framework to be implemented and overseen by the Financial Consumer Affairs Authority (FCAC) in 2026. While Canada’s upcoming framework mandates data sharing and prohibits fees for baseline access by accredited firms, it has not yet been implemented in law. Until then, banks could continue using private agreements that include fees or restrictive terms.
Without legislation or regulatory direction, banks are free to protect their dominant positions by pricing out smaller fintechs or forcing bilateral contracts.
This strengthens the importance of Canada finalizing its open banking rules with clear and enforceable standards that prevent data paywalls.
Fintech competitiveness and market access are at risk. If fees for data access take hold more broadly, it could shift the balance of fintech innovation away from consumer-focused tools towards banking ecosystems, which would limit diversity and competition.
Global Comparisons
In the UK, the Competition and Markets Authority mandates that large banks provide access to current account data at no cost through standardized APIs, under the Open Banking Implementation Entity. This has led to a dynamic fintech ecosystem where consumers can safely and easily share data across apps and services.
In Australia, the Consumer Data Right (CDR) goes even further than just banking to include energy and telecommunications. Under CDR rules, banks must provide access to customer data free of charge, with fees allowed only for optional or value-added services.
See: DPI Digital Finance Works. Why Is Canada Still Waiting?
In contrast, both the U.S. and Canada have not yet fully implemented open banking frameworks. In the U.S., the Consumer Financial Protection Bureau (CFPB) proposed Section 1033 to support consumer data rights, but no binding national law exists. And to make matters worse, under the Trump-appointed CFPB, they effectively killed off the open banking rule as proposed, adopting the banks’ legal argument that the rule was beyond its authority and should be invalidated by the court. So without any protective data sharing framework, banks in the U.S. can act unilaterally in their favour..
Why It Matters for Canada’s Fintech Future
If large incumbent banks like JPMorgan are allowed to set fees or gatekeep data access, consumer choice suffers and fintech innovation slows. As NCFA has advocated for years, Canadian regulators and policymakers must move urgently to finalize a national open banking framework that guarantees:
- Free, baseline access to consumer-permissioned data
- Interoperable API standards
- Robust privacy and security requirements
- Clear accreditation for third party providers
See: Should Fintechs Design for People or AI Agents?
If we don't act now, the same risks and fragmentation now emerging in U.S. markets will further stifle productivity, innovation, and competition in Canada.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Goldman Sachs Deploys Agentic AI Engineer Devin
Agentic AI | July 14, 2025
Image: Freepik AI
Goldman is Using AI to Write Code. What It Means for Canadian Fintechs
Last Friday several outlets reported that Goldman Sachs is now using an AI software engineer named Devin. Now it may seem like what's the big deal here, everyone is using AI engineers, but this is a major U.S. bank, and Goldman says some developer teams using Devin are already producing 3x to 4x more output.
See: Why No Code AI Agents Matter for Fintech in Canada
This is not a trial in a lab. It is a working system inside the bank. According to AInvest, Goldman has about 12,000 developers deployed across hundreds of teams (read 'at risk'). It's one of the first major publicly known cases of a major financial institution putting AI to work in a coding production environment.
What Devin Can Actually Do
Devin can complete full software tasks. It can set up development environments, run scripts, write and test code, and fix bugs on its own. It's agentic AI and can do these things without being told what to do at each step.
Having said that, it doesn't mean it always works (just yet). As reported by Fast Company, when Cognition Labs tested Devin, it only succeeded 3 out of 30 GitHub problems. That’s why Goldman still needs human developers to supervise the output currently. Teams check the code for accuracy and make sure it’s secure, and reviewed before it gets deployed.
What Changes for Canadian Fintechs
Productivity Is Boosting
Goldman is sending a clear message that AI tools are delivering measurable gains. Some software teams are producing three to four times more than before, and tools like the GS AI Assistant are already being used by 10,000 employees at Goldman for non-coding tasks. Any company that ignores AI now, seemingly will only fell behind on speed, output, and efficiency.
Teams and Roles Are Changing
With Devin handling routine tasks, developers are now spending more time reviewing code, planning architecture, and testing fringe use cases, which are all tasks more valuable to the final product experience than basic coding (warning to junior developers).
See: Disruptive Innovations Driving Global Change in 2025
So, companies must rethink how they hire, train, and structure their technical teams to focus on oversight and system integration.
Closed Tools Create Competitive Gaps
Devin is currently a closed, proprietary tool unavailable to the public. It's also expensive and under NDA. That leaves smaller firms with0ut access and at a disadvantage. Canadian fintechs should be piloting open or commercial agent-based tools or partner with AI providers that offer more access to remain competitive.
Governance Is Not Optional
AI code can fail spectacularly if unreviewed by a human currently. This can lead to security holes and/or logic gaps. Canadian companies also need human engineers to oversee similar governance, such as audits, version controls, quality assurance gates, and compliance reviews.
5 Things Fintech Leaders Should Consider Doing Now
- Start testing AI coding tools in sandbox environments to learn what they can and cannot do
- Train development teams to work with AI by focusing on review, security, and systems thinking and governance
See: Tragic Incident Highlights AI Chatbot Risks for Teens
- Treat all AI output as untrusted until it passes through the same testing and compliance layers used for human code
- Push for access to open agentic systems or form partnerships to avoid being locked out of new AI productivity tools
- Engage with regulators early to help shape rules for safe and accountable AI in financial systems
Conclusion
Not too long ago, we said the 'robots were here'! Well now Goldman is using AI to write their banking production code. Productivity is rising but it comes with new risks. Roles are changing, and oversight and governance is critical. Canadian financial technology companies must not fall too far behind. Those that jump in now will likely be in a better position to compete later.
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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Bitcoin Breaks ATH as Global Momentum Builds
Crypto | July 11, 2025
Image: BTCUSD Tradingview
Bitcoin High Fuelled by Record ETF Inflows, Tight Supply, and Rising Institutional Demand
Bitcoin just printed a massive green candle, BTC reaching a new all-time-high (ATH) of USD $118,000, boosted by institutional inflows, constrained supply, and regulatory momentum in global markets. At the same time, Canada is working to finalize long awaited rules to bring clarity to crypto exposure for funds and federally regulated financial institutions. Collectively, it's a rare convergence of events that are pushing up price. It's a timely opportunity for Canadian fintechs, fund managers, and policymakers to assess their positioning and prepare for what's next.
What Is Driving Bitcoin’s Breakout?
Global capital flows into Bitcoin are accelerating, as international financial markets interact with the asset.
1. ETF Inflows Unlock Institutional Demand
U.S. spot Bitcoin ETFs have attracted over $51 billion USD in net inflows since January 2025. These products are managed by firms like BlackRock and Fidelity, are offering institutional investors direct and regulated access to Bitcoin at scale. On July 9 alone, daily flows exceeded USD $1.18 billion.
2. Supply Constraints Are Driving Scarcity
Bitcoin balances held on exchanges have fallen to their lowest levels since 2017, according to Glassnode data. It means long term hodlers are accumulating and there are fewer sellers which tightens liquidity and pushes prices upwards during surges.
3. Short Liquidations Are Accelerating Gains
Roughly $1 billion USD in short positions were liquidated in early July, forcing traders to buy back positions at higher prices, creating momentum that further boosts demand and additional institutional entry.
4. US Policy Developments Are Building Confidence
The GENIUS Act cleared the Senate with a bipartisan 68–30 vote on June 17, 2025, establishing the first federal framework for stablecoins (see SEC Issues Covered Stablecoin Statement, Risks Remain), including issuer registration, reserve and audit rules, and oversight. Next up is a House vote during “Crypto Week” starting July 14. In March, the White House issued an executive order creating a Strategic Bitcoin Reserve stocked with seized BTC and a broader digital assets stockpile, which aims to treat Bitcoin as a national reserve asset.
5. Institutions Are Treating Bitcoin as Core Infrastructure
Major asset managers like Fidelity and BlackRock are incorporating Bitcoin as a foundational allocation. In May, U.S. spot Bitcoin ETFs saw a net inflow of $9.209 billion USD in just one week led by BlackRock’s IBIT and Fidelity’s FBTC. While global forces are transforming financial markets, what matters for Canadian fintechs and financial institutions is how Canada is responding.
Canada Working to Define Rules
OSFI Guidelines for Banks and Insurers
In February 2025, the Office of the Superintendent of Financial Institutions (OSFI) published its final guideline on crypto-asset exposures. Taking effect later this year, the new framework applies to all federally regulated banks and insurers. According to Norton Rose Fulbright, it establishes:
See: SEC Clears Crypto Staking. What It Means for Canada
- A requirement to fully deduct most crypto exposures from Tier 1 capital
- A 2% cap on Group 2 asset exposure (which includes Bitcoin) with enhanced supervision at 1%
- Formal expectations for reporting, governance, and risk measurement of crypto holdings
These rules are an important step in integrating crypto within Canada’s prudential regulatory system, and they provide institutions with clearer guardrails to support innovation while managing systemic risk.
CSA Investment Fund Amendments
On April 17, 2025, the Canadian Securities Administrators (CSA) finalized amendments to NI 81-102, the national rule governing mutual funds and investment products. These changes come into force on July 16, 2025.
As detailed by McMillan and McCarthy Tétrault, the new rules say that:
- Only alternative mutual funds and non-redeemable funds may directly hold Bitcoin or other eligible crypto assets
- Other fund types may gain exposure via crypto derivatives up to 10% of NAV
See: Russia’s State Bank Launches Bitcoin-Linked Bond
- Custodians must use cold wallets, carry insurance, and undergo third-party operational audits
- Pricing must use regulated, reliable, and independent valuation sources
What This Means for Canadian Fintechs and Fund Managers
The OSFI and CSA frameworks are opening clearer paths for new crypto products and more diversified portfolios. Fund managers can now launch Bitcoin-focused vehicles with defined rules around eligibility, custody, and risk.
Banks and insurers must begin planning for capital and governance policies that align with OSFI’s exposure thresholds.
Fintech platforms have more certainty when adding Bitcoin related features, with legal and compliance expectations now taking shape.
These changes also raise the bar for investor protection, requiring firms to strengthen disclosures, improve internal oversight, and adopt secure custody practices.
Closing Thought
Another Bitcoin ATH is worth celebrating but the deeper trend is about normalization. Not too long ago, crypto assets were speculative but they are now moving to regulated infrastructure.
See: Tariff Revenue Hits Record as Canada nears U.S. Trade Deadline
Canada is positioning itself to participate in a more stable and credible digital crypto future, and there's growing alignment between global investment flows and domestic regulatory action, providing fintechs and capital providers with greater clarity and confidence than ever before.
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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Tariff Revenue Hits Record as Canada nears U.S. Trade Deadline
Trade and Tariffs| July 10, 2025
Image: Freepik/rawpixel.com
U.S. Tariff Revenue Soars to $100 Billion as Canada Faces July 21 Trade Deadline
As of July 8, 2025, Reuters reports that the U.S. has collected about $100 billion in tariff revenues in 2025, and according to U.S. Treasury Secretary Scott Bessent, tariff revenue projections could reach $300 billion by the end of this year.
See: U.S. Tax Bill Could Drive Capital Back to Canada
Customs duties in May alone reached $22.8 billion or almost 4x the amount one year prior. While the White House views this revenue as a fiscal benefit, economists caution that tariffs create economic distortions, raise costs for importers, and increase prices for consumers.
Revenue Claims Fact Check
FactCheck.org analyzed Treasury data and found that U.S. customs and tariffs generated $37.8 billion in April and May combined, with $22.2 billion in May alone, which is well below the $88 billion those months were referenced to yield, let alone the larger $122 billion claimed later. It highlights how public statements about tariff income often exceed actual collections.
Canada’s Export Decline and Digital Services Tax Dropped
The Business Council of Canada reports that Canadian exports to the U.S. dropped 26.5% year-over-year, with Canada's share of exports to the U.S. falling from 78% to 68%.
Export volumes fell 10.8% in April before seeing a small 1.1% rebound in May but remain historically low. The Business Council of Canada warned that this declines is another “wake-up call” with advocates pushing to diversify trade into Southeast Asia, and move ahead with the One Canadian Economy Act .
Canada’s proposed 3% digital services tax was supposed to raise C$7.2 billion over five years but was dropped by PM Carney late June after it triggered the suspension of trade talks .
According to The Guardian, Nobel laureate economist Joseph Stiglitz warned that Canada's repeal represents “a troubling precedent for economic sovereignty,” describing it as a resignation to U.S. economic coercion instead of a strategic trade policy.
New Round of U.S. Tariffs Skips Canada for Now
On July 7, Trump issued letters announcing tariffs between 25–40% to start August 1 on imports from 14 countries, including South Korea and Japan. Canada wasn't included on this list but is still subject to existing 25% tariffs on steel, aluminum, and autos, along with 10% U.S. duties on energy and potash not covered by CUSMA. Copper tariffs are also in Trump's sights which is another concern. The S&P 500 fell nearly 1%, it's largest global drop in weeks following the tariff letter announcement.
Fintech Feeling the Strain
Tariff uncertainty is directly affecting Canadian fintechs. Cross-border payment providers are facing higher Foreign Exchange (FX) costs and more regulatory complexity.
See: DPI Digital Finance Works. Why Is Canada Still Waiting?
Trade finance platforms have warned that rising tariff uncertainty is leading to higher invoice default rates among SME exporters and creating pressure on fintech services who need predictable trade flows.
According to PYMTS, many fintechs are accelerating adoption of tokenized receivables and embedded credit insurance tools to help manage risk, speed up funding, and reduce exposure to trade disruption.
“Tokenization… offers the potential to streamline the inefficient $9.7 trillion trade finance market.”
What Comes Next
Canada and the U.S. are negotiating a new security and economic partnership with a July 21 target date but without consequences for missing the deadline, extended talks will cause further economic harm. And if there is no deal, Canada could move forward with retaliatory tariffs while providing targeted relief, which could include SME and export-orientated fintechs.
See: The Crisis Canada and Fintech Can’t Afford to Waste
Looking to diversify and reduce reliance on U.S. markets, Canada is moving quickly to finalize a free trade agreement with Southeast Asian nations. Foreign Minister Anita Anand confirmed that “work is being done with alacrity to finalise the text of the free trade agreement” with ASEAN, adding that economic cooperation will also include energy, food security, digital economy, and artificial intelligence.
Outlook
The July 21 deadline will impact Canada’s exports and redefine trade, innovation, and the financial ecosystem, as it impacts geopolitical volatility, SME access to financing, and investor perceptions. This is a decisive moment for Canada’s economic resilience and fintech innovation.
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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Globalive Completes WealthONE Bank Acquisition
M&A | July 7, 2025
Imgae: Freepik
Canada’s First Fintech-led Takeover of a Schedule I Bank Marks a Change in Ownership Policy
The acquisition of WealthONE Bank of Canada by Globalive and its Canadian investment partners has officially closed, following federal government approval on June 18, 2025. Establishing a precedent, it's the first time a non-bank, fintech-aligned private investor group has successfully taken control of a Schedule I chartered bank in Canada.
See: Ripple Seeks US Bank Charter for Stablecoin Expansion
The deal follows a two-year national security review under the Investment Canada Act, which required WealthONE’s former owners to divest due to foreign influence concerns. WealthONE had previously faced scrutiny over ties to China-based investors, prompting a 2023 directive from Ottawa to restructure ownership.
Key Deal Terms, Ownership and Timeline
Globallive led by Anthony Lacavera (telcom and fintech entrepreneur) now owns 65% of WealthONE’s equity. The remaining 35% is held by a group of Canadian investors whose names have not been disclosed publicly. According to Bloomberg, the full acquisition was valued at approximately $58 million CAD, and covers all issued and outstanding shares of WealthONE and includes a commitment by the buyers to inject new capital to support the bank’s next phase of growth.
- 2023: Government of Canada orders WealthONE’s former owners to divest due to national security concerns
- April 2024: Globalive enters formal agreement to acquire WealthONE
- June 18, 2025: Deal receives official federal approval
- July 7, 2025: Acquisition is finalized and announced publicly
The transaction was reviewed by multiple federal departments and found to meet requirements for Canadian control, transparency, and risk mitigation. Worth noting that the Competition Bureau previously cleared the acquisition in advance of the final approval.
See: Open Banking Delayed But Back in the Legislative Radar
WealthONE will continue to operate independently under its current federal Schedule I charter. Its current CEO, Paul Leonard, will remain in place and work with Globalive to expand products and reach more customers in underserved market segments.
Business Focus and Strategic Expansion
WealthONE was founded in 2016 and currently manages approximately $516 million CAD in assets. The bank focuses on customers often excluded from traditional financial institutions, including newcomers, immigrants, self-employed professionals, and small business owners.
In the months leading up to the acquisition, WealthONE introduced a cloud-based digital onboarding platform that supports accounts such as TFSAs, GICs, and high-interest savings.
According to AINVEST, Globalive intends to scale WealthONE’s operations to reach between $750 -$800 million CAD in assets by streamlining operations, modern digital services, and lean risk-adjusted lending models.
Implications for Canada’s Fintech and Banking Sector
Globalive's acquisition of WealthONE demonstrates how new non-bank players can enter Canada’s banking system. Instead of applying for a new banking license, fintechs and private investors now have a verified path of entering the market via acquisition of existing chartered institutions. The WealthONE deal sets precedent that private capital can take control of federally regulated banks (as long as there aren't any national security concerns).
See: RBC and Cohere Partner on ‘North for Banking’ AI Platform
For fintech founders, challenger banks, and digital lenders, it creates an opportunity to scale into deposit-taking and lending under an existing charter, without having to go through the arduous process of applying for a new banking license which will likely take a minimum of 5 years, just ask Santander.
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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Ripple Seeks US Bank Charter for Stablecoin Expansion
Crypto Banking | July 7, 2025
Ripple Moves to Become a Federally Regulated Bank to Expand its Payments and Custody Business
Ripple has officially applied for a national bank charter from the US Office of the Comptroller of the Currency (OCC). The company is also seeking a Federal Reserve master account to support direct access to US payment rails.
See: Grayscale ETF Wins SEC Approval for 5 Crypto Assets
CEO Brad Garlinghouse confirmed the news on X:
True to our long-standing compliance roots, @Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market.
Earlier in the week via… https://t.co/IdiR7x3eWZ
— Brad Garlinghouse (@bgarlinghouse) July 2, 2025
Ripple Wants to Settle Payments Directly With the Fed
If approved, Ripple would bypass correspondent banks by settling payments directly with the Fed and holding dollar reserves without intermediaries. This is designed to support Ripple’s push to offer a compliant, enterprise-grade stablecoin and accelerate global payments. These objectives align with new federal rules proposed under the GENIUS Act, which sets clear reserve and disclosure standards for stablecoin issuers.
Ripple’s approach mirrors that of Anchorage Digital and Circle, which operate under national trust bank charters regulated by the OCC. Ripple may use its regulated subsidiary, Standard Custody & Trust, to separate digital asset exposure from its core balance sheet. This structure could help the firm meet Basel III capital requirements by keeping volatile assets like XRP off its banking books.
Following the announcement, XRP surged above $2.28 as trading volume spiked. Analysts said the rally was driven by rising confidence that Ripple’s regulatory strategy will boost its long-term institutional credibility.
Why This Matters for Fintech and Regulation
If Ripple is granted the charter and Fed account, it will become one of the few crypto-native firms operating fully within the traditional banking system. It's a significant and growing trend among major fintechs like Circle, Wise, and others seeking deeper integration with regulated payment rails. For Canadian fintechs and regulators, Ripple’s move could accelerate the need to clarify stablecoin policy, custody standards, and access to domestic settlement infrastructure. Regulatory certainty is a competitive advantage today and quickly becoming the norm.
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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