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
Canadian Innovation Leaves Again in Alphawave’s $2.4B Exit
M&A | June 16, 2025
Image: Freepik
Toronto-Founded Alphawave Exits via UK listing and Qualcomm Acquisition
Another high growth Canadian founded tech startup exits on foreign soil. U.S. giant Qualcomm has agreed to acquire Toronto-founded semiconductor designer Alphawave Semi (Alphawave) for US$2.4 billion. The acquisition strengthens Qualcomm's data center and AI capabilities but also raises recurring questions about Canada's ability to retain and scale its homegrown innovators.
See: Canada’s Competition Plan Is Getting More Serious
Alphawave was founded in Toronto in 2017 by Canadian engineer Tony Pialis. The company builds technology that helps computers move large amounts of data quickly and efficiently. Qualcomm plans to use Alphawave's technology alongside its own processors to support the growing demand for AI and energy efficient data centers.
Why Alphawave Looked Beyond Bay Street
In 2021, Alphawave chose to go public on the London Stock Exchange instead of listing on a Canadian stock exchange like the TSX. The decision was widely viewed as a sign that Canada's capital markets were not deep enough to support large scale semiconductor or hardware IPOs. At the time, Alphawave raised roughly US$500 million in its debut, validating London as a preferred launchpad for global visibility.
Canada at Heart, UK on Paper
Alphawave is legally incorporated in the United Kingdom as Alphawave IP Group plc (AWE.L), with its official registered office in Leeds, England. The company is listed on the London Stock Exchange and governed by UK corporate law.
However, since the firm was founded in 2017 in Toronto, it maintains significant operations in Canada. Its main office still remains in Toronto, and it continues to operate major engineering and R&D facilities in Kanata, Ottawa, employing over 250 staff in the country. Alphawave recently opened a 20,000 square foot R&D lab in Kanata and actively recruits from Canadian universities.
So, while the public listing and legal structure are based in the UK, Alphawave's tech development and leadership talent are deeply rooted in Canada. The decision to list in London was based on the availability of semiconductor capital and deeper markets for advanced technology, according the company's leadership.
When Homegrown Innovation Exits the Country
Alphawave is one of the most prominent Canadian-founded technology firms to exit internationally in recent years. The company's core IP and chiplet designs power data centers, AI infrastructure, and cloud platforms, foundations for fintech, e-commerce, and cybersecurity services, which are increasingly built with low latency, high performance hardware.
See: OSC Opens Door for Tokenized Long-Term Funds
For policymakers and Canadian fintech leaders, it's clear that without stronger later stage funding mechanisms, global scale listings, and/or targeted supports, more Canadian firms are at risk of scaling elsewhere and being acquired prematurely.
Why It Matters
Alphawave's story is another wake up call that Canada needs to continue to invest in Canadian tech companies to be globally competitive, from capital to commercialization, or risk a further drain of companies that need to look elsewhere to support their growth and success.
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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Shopify, Coinbase, Stripe to Take USDC Payments Mainstream
Stablecoins | June 13, 2025
Shopify Rolls Out USDC Payments with Coinbase and Stripe for Borderless, Lower Cost, Digital Commerce
On June 12, 2025, Shopify announced that USDC stablecoin payments will be made available to its global merchant base via a new partnership with Coinbase and Stripe. So merchants can now accept USD Coin via Coinbase' Base Blockchain. This new payment feature is available in early access and will expand over time to offer fast, borderless payments without foreign exchange fees and integrated support for crypto wallets through Stripe.
How Shopify’s USDC integration works
Merchants using Shopify Payments can now accept USDC from supported crypto wallets through guest checkout and Shop Pay. By default, they receive payouts in their local currency, with no foreign exchange fees. Alternatively, they can choose to retain USDC in their own wallets. Transactions are processed using a bespoke smart contract system on the Base network, jointly developed by Shopify and Coinbase. This new payment layer is purposely built to offer similar functions as traditional card networks, allowing features such as delayed capture, tax finalization, and inventory reservation to work natively with stablecoin payments. So stablecoin checkout process will act just like normal e-comm payments but with the benefits of being faster and global.
See: Fintech Grows 3x Faster, 97% of Market Still Untapped
Shopify recently acquired Privy which gives Shopify access to a wallet layer that integrates smoothly with both new and existing platforms. Stripe acquired Bridge, which provides the stablecoin rails needed to connect wallet payments to practical merchant settlements. So thanks to Stripe's backend capabilities, merchants won't have to manage blackchain infrastructure but payments will appear on their dashboard as any other transaction would.
Shopify Explains Why Stablecoins Now
Stablecoins offer three major benefits which allow small businesses to access global markets, receive payments quickly, and reduce reliance on expensive or delayed banking infrastructure:
- Stability without volatility – USDC is backed 1:1 by U.S. dollar reserves, so merchant payments will be predictable
- Fast, borderless transactions – Base enables instant, low-fee transactions globally and acts like a digital version of card networks
- Effortless checkouts – Customers have the flexibility to use either Shopify's Shop Pay integration or the guest checkout process, so they have choice
Implications
Stablecoins have been all the rage recently, but there should be no doubt now that they've moved beyond hype and being adopted in real world scenarios at scale. The confluence of proven technology, incentives, and aligning regulations make stablecoin payments ready for prime time, and everyday merchants.
Shopify has widespread reach, serving millions of businesses globally every day from startups to large brands. It's somewhat clever to mimick existing card payment flows because it reduces learning curves and some friction points for retails.
See: SEC Considers DeFi With Innovation Safe Harbour
Stripe's wallet to fiat infrastructure removes the complexity of crypto for every day merchants.
Stablecoin policies in the U.S. are moving forward, creating a legal pathway for this type of integration to work. The landscape was vastly different only a year ago. The GENIUS Act aims to provide clear rules for dollar-backed stablecoins like USDC.
This move will add significant competitive pressure to competing payment processors, and e-commerce merchant ecosystems. Expect Meta, Apple Pay, PayPal, Walmart, and Amazon to follow soon. Oh look, they already have started to move.
Outlook
This is no longer a pilot. I repeat, this is no longer a pilot. Stablecoin infrastructure is being released into production at scale.
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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Gemini Files for IPO as Crypto Reclaims Market Confidence
Financing | June 12, 2025
Image: Freepik/rawpixel.com
Winklevoss-backed Exchange Tests Public Markets As Institutional Flows Rise
On June 6, 2025, Gemini announced that it confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) for a proposed IPO of its Class A common stock. The SEC will now review the statement subject to market conditions.
According to Coingecko, the total global crypto market cap has reached $3.5 trillion with Bitcoin holding above $107,000. Stablecoin issuer Circle's IPO debuted on the NYSE in early June with a over 170% on the first day. Coinbase joined the S&P 500 in May.
Gemini’s IPO intent follows the resolution of enforcement matters with both the SEC and CFTC, positioning itself as one of the first fully compliant crypto exchanges to go public since the FTX collapse in 2022.
Strategic Takeaways
- Compliance Record and Strategic Positioning - Gemini brands itself as a compliance first exchange but it's faced regulatory scrutiny (albeit) during the years when crypto was being unfairly treated by U.S. regulators. In 2023, the SEC charged Gemini and Genesis with offering unregistered securities via a now discontinued Earn program. In 2024, Gemini paid an $5 million civil penalty to the CFTC to settle claims of misleading statements related to bitcoin futures contracts. Unlike some competitors, Gemini didn't collapse or lose its license or shut down. Instead, the exchange managed to resolve enforcement matters and still maintains its regulatory status in key U.S. jurisdictions. Qualifying to list as a public company is more about the existence of structure, transparency, and adaptability, and less about having no enforcement history.
- Market Conditions, Timing - Institutional investors are returning to digital assets. Beyond Circle's massive IPO debut, spot bitcoin ETFs were approved, and President Trump promised to support the sector during his campaign, and even called himself a 'crypto president'. Investor interest in public markets is a narrow but valuable window, reserved for select fintech and AI firms.
See: eToro Files Nasdaq IPO After Crypto Revenue Surge
- Implications for Canadian Fintech - There are some lessons for Canadian fintech companies here. Gemini's early engagement with regulators helped build long term sustainability. Gemini survived enforcement because it operated within the legal perimeter, engaged with regulators, and adjusted when it was required to. Public markets are for firms that combine innovation with governance. Compliance is not just a cost, it's infrastructure needed to access to capital. Global capital is reallocating. If Canadian policy and regulation are too conservative or inflexible, Canadian firms may look South or abroad to scale. It's always a risk. In Gemini's case, they agreed to undertake the CSA's pre-registration undertaking (PRU) but eventually decided to exit Canadian markets because of regulatory friction.
Looking Ahead
If Gemini clears the IPO gate in the U.S., the flood gates will be open for a reset of crypto's place in public markets but only for compliant and credible digital asset firms that prove they are ready for institutional trust (and capital) - not just the hype.
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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Wealthsimple Aims at Banks With New Credit and Loan Tools
Fintech Product Launch | June 12, 2025
Image: Wealthsimple Presents: The End of Banking (WS Newsroom)
Fintech Wealthsimple Rivals Big Banks with 2% Cashback Credit Card Launch and Low Interest Line of Credit
On June 11, 2025, Wealthsimple hosted their first 'Wealthsimple Presents: The End of Banking?" public event in Toronto where they announced the launch of two new financial products that will compete head-on with Canada's largest banks and financial institutions. (1) No fee 2% cashback credit card; and (2) Instant access low rate line of credit starting as low as 4.45%.
These offerings are for anyone who is currently paying banks and credit card companies higher interest rates and fees for the same services, and everything is online and available without having to visit a physical branch. This is healthy competition that will only benefit consumers, and the Canadian government and regulators should take notice.
See: Wealthsimple’s 10th Anniversary and Path to $1 Trillion AUM
The company also highlighted a series of upgrades to its hybrid chequing/spending account and teased new cash delivery pilots that could soon offer same day cash drop-offs to users' doorsteps.
Michael Katchen, Co-founder and CEO of Wealthsimple:
“Canadians don’t need another bank. They need something better. We’re removing friction, fees, and outdated experiences.”
A Credit Card With 2% Cashback and Zero FX Fees
The new Wealthsimple credit card is the most requested product in the company’s history. It offers:
- 2% unlimited cashback on all purchases
- No FX fees, eliminating the typical 2.5% foreign transaction cost charged by most banks
See: KOHO Launches Low Cost Global Money Transfer Service
- No monthly fee for clients with $100,000+ in assets or $4,000+ in direct deposits; $10/month otherwise
- Instant card management features, including card locking and spend controls in the app
Sam Newman-Bremang, Senior Product Director at Wealthsimple:
“This isn’t just another credit card, it’s the one Canadians have been asking for. As the most requested product in our history, it’s clear people want a smarter and more rewarding way to use credit. So that’s what we built: a card that puts humans first, with unlimited cashback, no foreign transaction fees, and no hidden charges.”
A Flexible New Line of Credit Backed by Assets
Wealthsimple will also roll out a line of credit product by the end of 2025 with rates starting at 4.45%, depending on collateral and client profile. The current Bank of Canada prime rate is 4.95% source, which means Wealthsimple’s offering could undercut many traditional unsecured personal loan products, such as unsecured credit card APRs (20-24%+) or home equity LOC rates (typically 5.5-5.7%).
Unlike typical credit lines, Wealthsimple clients will be able to use their investment or chequing balances at Wealthsimple as collateral, enabling lower risk and faster approval.
See: Can Fintechs Win in a High-Interest Rate World?
Plus, because Wealthsimple is not a federally regulated bank, it partners with 10 Canadian banks to hold deposits and qualify customers for up to $1 million in CDIC protection, which is much more than the standard $100,000 protection one would get by banking at a single institution.
Expanding Banking Features Without a Banking License
Wealthsimple now offers a type of chequing account that pays 2.75% interest, 1% cashback on debit purchases, no monthly fees, and no ATM or FX fees. Over one million clients or approx 33% of Wealthsimple’s user base has already adopted the spending account.
The company estimates that in 2024, its users saved more than $100 million in fees they would have paid to traditional banks source.
Recent additions include:
- Mobile cheque deposit
- Wire transfers and bank drafts
- Cheque delivery through app interface
- Pilot cash delivery service in Toronto, with potential USD delivery coming soon
Growing Dissatisfaction with Canada’s Big Banks
See: Where the Gaps Are: Fintech Insights from FCA Data
Wealthsimple’s growth strategy is grounded in public dissatisfaction with incumbent financial institutions. In a 2025 Angus Reid survey commissioned by Wealthsimple:
- 25% of Canadians said they are dissatisfied with their current financial institution
- 38% said they considered switching banks in the past year
- 47% cited hidden fees, 37% poor customer service, and 36% lack of better offers as reasons
Despite this, the Big Six banks still dominate with over 90% of banking assets under management in Canada. But no doubt that Wealthsimple is on a growth pathway that will chip away at the bank's dominant share by competing with seamless design, lower fees, higher yielding accounts and integrated financial tools built for mobile first customers.
Outlook
Canada's fintech sector continues to face significant barriers to scale, including regulatory delays around open banking and digital ID. Despite that, leading scale-up fintechs like Wealthsimple are demonstrating how digital platforms can expand their value propositions without becoming a formal bank or acquiring a banking license.
See: OSFI Approves Santander for Canadian Banking License
Its model has scaled without a banking licence by partnering with regulated banks and embedding services within a single mobile platform. Wealthsimple now has over 3 million clients and manages over $70 billion in assets, up from $18 billion in 2021. If/when opening banking arrives in Canada, platforms that blend investments, borrowing, payments on a single interface will be game-changing for Canada's financial economy.
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 AI Minister Prioritizes Growth Over Rules
AI Policy | June 11, 2025
Image: Canada's Minister of AI and Digital Innovation, Solomon Evans Keynote at Canada 2020 event Ottawa (CPAC)
Canada's AI Minister Says Focus is On Scaling, Not Overregulating
Prime Minister Mark Carney recently appointed Solomon Evans as Canada's first ever Minister of artificial intelligence and digital innovation to lead AI policy development and scale industry, trust and adoption. Solomon just delivered his first public remarks saying that the federal government will prioritize economic growth from artificial intelligence over advancing strict new rules. This new approach follows the collapse of Bill C-27’s AI framework, which failed to pass before the election and left Canada without a federal AI law.
Key Insights
Delivering a key note at a Canada 2020 event in Ottawa on June 10, 2025, Solomon said regulation must protect privacy and personal data but should not constrain innovation. Solomon confirmed that the previous governments AI regulation bill is currently under review.
“We’re not here to throw a saddle on the bucking bronco of AI but we do need to make sure it doesn’t kick anyone in the face.”
See: Canada’s AI Competition Report Faces Big Tech Challenges
Feeling the heat of competition, even governments feel FOMO, and the global trend currently is moving from AI safety messaging towards AI adoption strategies. At the AI Action Summit in Paris, U.S. Vice President JD Vance pushed back on Europe’s regulatory overreach, while President Trump’s draft 'One Big Beautiful Bill' includes a proposed ten-year ban on state-level AI rules. Solomon seems aligned with this shift suggesting that global coordination is difficult, and Canada “won’t go it alone”.
But going slow or quiet is also a risk.
NCFA Canada supports a speedy, focused rollout of AI investments that prioritize open access and trust, especially for smaller firms. Without clear guidance, shared tools and integrate support, SMEs will fall behind. Most do not have the internal capacity to evaluate or safely integrate AI, and that puts Canada’s productivity and innovation milestones in jeopardy. Canada's new AI czar, Solomon, acknowledged this gap, saying big companies are adopting AI, but “small and medium enterprises are not.”
Solomon also emphasized government support for Canadian champions like Cohere. In cases where specialized technical leadership is required to build national AI infrastructure, such as secure compute environments, working with proven domestic firms can make strategic sense. But NCFA cautions that these partnerships must be transparent, based on merit, and designed to benefit the broader ecosystem. The priority must remain funding open infrastructure and access, not enabling a sustainable advantage to a select few. Without transparency on this front, Canada risks loss of investment, talent, and IP.
The stakes are high.
The reality is that Canada’s innovation economy simply can't afford red tape bottlenecks or further restrictions that slow AI growth, especially since its hoping that broad adoption of the technology will turn the countries productivity woes around.
See: Canada’s $300M AI Funding Targets SMEs for Growth
Canada also can't afford regulatory ambiguity that raises red flags for domestic and global firms alike. Solomon says he wants to “crank up commercialization” and support IP protection. That will only work if firms trust the environment they’re entering. For that, Canada needs smart policy, not just encouragement.
Why It Matters
Canada is in a global race to lead in responsible AI and having a dedicated AI minister is a positive step, but evolving Canada into a trusted AI economy depends on speed, clarity and inclusion among other things. NCFA calls for the government to boost support for SME adoption, ensure rules are clear and fair, and build national infrastructure that attracts global innovators without sidelining local ones.
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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Reddit Lawsuit Puts Anthropic’s AI Claims Under Review
AI | June 9, 2025
Image: Freepik
Reddit’s Lawsuit Tests Anthropic’s Promise of Responsible AI
On June 4, 2025, Reddit filed a lawsuit against Anthropic, alleging that the AI tech system conducted more than than 100,000 unauthorized data scraping events since last July, violating Reddit's user terms. It comes at a time when Anthropic is expanding the reach of Claude, its AI model family, across enterprise and government sectors. The legal, ethical, and commercial stakes are high.
Key Insights
- Legal Fight Over Data Use - Reddit claims Anthropic extensively scraped its platform to train Claude without a licensing agreement or user privacy safeguards. Unlike OpenAI and Google, which entered into formal agreements with Reddit, Anthropic allegedly bypassed compliance systems designed to manage post deletions and data controls. The lawsuit was filed in California and accuses Anthropic of breach of contract, unjust enrichment, trespassing, and unfair competition.
See: Anthropic CEO’s Radical Vision for Humanity
- Claude's Rapid Expansion - Anthropic has moved quickly to commercialize Claude through enterprise partnership integrations with platforms such as Amazon Web Services and Databricks. Its Claude 4 model competes directly with ChatGPT and Gemini, and its Claude Gov model now supports U.S. national security applications. As of June 2025, Claude is embedded in tools from finance to customer service, including Amazon’s reengineered Alexa.
- OpEd, Policy Influence - On June 5, Anthropic CEO Dario Amodei published an oped in the New York Times criticizing a proposed 10-year moratorium on state-level AI regulation in the U.S. (part of the 'One Big, Beautiful Bill'). Instead, he advocated for robust federal guardrails including transparency requirements and safety evaluations. Amodei's policy position as a pro-governance AI firm comes at a time when his company is facing allegations of contractual breach and ignoring privacy norms. This dichotomy is a growing situation where AI firms call for policy while quietly cut corners on platform data rights. Reddit's lawsuit challenges the credibility and public stance that Anthropic has on AI ethics and user privacy.
See: Amazon’s $4B Boost to Anthropic Strengthens AI Alliance
- Data Risks and Compliance Concerns - An April 2, 2025 security review of Claude's plugin system called the Model Context Protocol (MCP) audit, found it could be used to steal passwords or run harmful commands if not properly protected. The report warned that this tool, which allows Claude to interact with outside software, might let attackers trick the model into taking unsafe actions. These risks highlight the need for stronger safety checks when AI tools can access other systems.
Closing Outlook
Reddit's lawsuit is a critical test of Anthropic’s values and the public credibility of responsible AI branding. As Claude advances deeper into sensitive sectors like national security, it'll be more important than ever to define what real accountability with regards to data use looks like, and for Claude/Amodei to deliver on his ethical promise.
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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ChatGPT Creator Tells Us What Is Coming Next
AI | June 9, 2025
Image: Ilya Sutskever at University of Toronto convocation June 6, 2025 via Youtube
Ilya Sutskever Warns AI Will Surpass Human Intelligence and Change Work, Value, and Survival
On June 6, 2025 at the University of Toronto’s convocation, Ilya Sutskever, cofounder of OpenAI and lead innovator of ChatGPT, delivered a powerful message while accepting an honorary degree in Doctor of Science (actually his fourth UoT degree). He warned that artificial intelligence (AI) is quickly advancing to a point where it will do everything humans can do, and we're not ready for what comes next.
“The Brain Is a Biological Computer”
Once a machine can learn anything a person can learn, no task is out of reach. This idea is central to Sutskever’s argument that AI will eventually match all human abilities. “We have a brain, and the brain is a biological computer… So why can't a digital brain do the same things?”
The End of Work as We Know It
“The day will come when AI will do all of the things that we can do, not just some of them, but all of them.”
The timeline is uncertain but the direction is clear. Whether it takes 3, 5 or 10 years, general purpose AI will change how the economy functions and how people define and measure productivity.
See: The Rise and Implications of a New AI Software Workforce
Sutskever warns that even efforts to retrain workers may fall short because as technology marches forward, the very jobs people train for could vanish before they are ready to take them on.
“Many will find that the new job they were training for no longer exists by the time they finish retraining.”
He also said that while some will turn to universal basic income but it may not hold up because people may be seen as no longer economically productive.
The Future of Human Value
Sutskever predicts two long-term outcomes. If humans find a way to offer lasting value, we may be treated as companions to AI systems. If not, we risk becoming irrelevant or extinct.
“In the best-case scenario, humanity will become like pets or the microbiome of artificial intelligence. In the worst-case scenario, humanity will become obsolete or even extinct.”
The Challenge of a Lifetime
“The challenge that AI poses is the greatest challenge of humanity ever. And overcoming it will bring the greatest reward.”
He stresses that the response cannot be passive. Every person and institution will need to participate in what this technology becomes.
See: Should Fintechs Design for People or AI Agents?
“Accept reality as it is, try not to regret the past, and try to improve the situation.”
Meeting this moment requires emotional resilience. He says people should remain focused on the present instead of looking backward and encouraged others to adopt the same mindset.
How Canada Should Respond to the Coming AI Disruption
Sutskever’s speech is measured insight into the future, and governments, industry, innovators globally need to take his message as a direct challenge to act now (if you're not already sweating the pace of change in 2025). At NCFA Canada, we believe his message carries the kind of disruption that financial leaders must (anticipate and) respond to with urgency.
See: Global Open Finance Lessons for Canada’s Rulebook
Canada cannot afford to be unprepared. While the changes can be guided with responsible AI efforts, they seemingly cannot be stopped, and so we must act with urgency to be prepared as new AI powered systems will influence financial markets, education, investment models, employment pathways, human mobility and more. the fintech sector needs to become more agile, more connected, and more willing to build for what's coming next.
"Innovating and adapting at the speed of AI development means building solutions and platforms that help people create value alongside AI, not behind or beneath it. It also means designing incentives and safeguards that match the reality of a hybrid workforce where humans and machines co-exist, and to embolden the leadership and collaboration needed to work together to solve problems." Craig Asano, NCFA
Outlook
Canada cannot rely on other jurisdictions to define what safe and responsible AI looks like, and Canadian fintechs and institutions should play a direct role in developing policies, models, and frameworks that ensure AI serves the public interest.
See: AI Concierge Tech and the Future of Finance
This is not just a technology issue. It is a national competitiveness issue. It is also a question of whether we will help define the rules of the future or simply be beholden to them.
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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