Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Entrepreneurs, Start-ups, Small Businesses
How Startups are Reducing Overheads with Security Technology
April 27, 2023
Image: Freepik/rawpixel.com
For startups and small businesses, there has traditionally always been a trade-off between increased security and higher costs. However, ensuring the safety of your operations has become more affordable thanks to technological advancements.
In this article, we will discuss how technology is helping startups reduce overheads while increasing the effectiveness of their security strategy.
Reducing the need for extensive manual intervention by automating security processes
By automating security processes, startups can streamline and simplify complex tasks.
Automation has a positive effect on overheads as it reduces the need for extensive manual intervention. By automating tasks such as monitoring, detection, and incident response, startups can free up human resources for more strategic activities.
Automation also ensures that all physical security policies and protocols are followed accurately and consistently. This way, startups can reduce the risk of human error and thus contain the risk of breaches and other security incidents.
Limiting the number of people needed to supervise access points with modern access control measures
The importance of access control solutions is to make sure only authorized personnel can access the premises or specific areas. Until recently, security personnel was essential to protect areas that needed increased protection.
By implementing modern entry technologies, such as elevator access control systems, startups can limit the number of people that are necessary to supervise access points and cut costs as a result.
For example, startups can protect sensitive areas by implementing access control systems that use biometric technology, such as facial recognition or fingerprint scanning. Users need to provide their unique biometric data if they want to gain entry into the area. Installing these solutions eliminates the need for guards that manually check credentials. Moreover, these solutions can be programmed in a flexible way, allowing certain users to access them only at certain times or for special occasions.
Reducing the need for on-site support staff through remote monitoring
Another way in which technology can reduce the need for on-site security staff is by giving startups the option to monitor the premises remotely. With the use of cloud video security, those with the right credentials can access live video security footage from any place in the world with an available internet connection.
This allows startups to cut the cost associated with on-site security. Remote monitoring is particularly beneficial for those startups that need 24/7 supervision of the premises and for those businesses that have multiple offices.
Another way storing data in the cloud reduces costs is by eliminating the need for expensive hardware (e.g., NVRs or DVRs). Moreover, cloud storage gives startups more flexibility as it can be readily scaled up or down depending on current needs.
Boosting prevention with artificial intelligence and machine learning
The spread of artificial intelligence and machine learning is revolutionizing the field of physical security.
For example, AI-powered video security solutions can analyze large volumes of data in order to identify irregular patterns that may indicate suspicious activity. If an unrecognized individual is loitering on the premises, these systems can recognize this event and suspicious and alert security personnel. Quick response reduces the chance of undesirable events and related costs.
By leveraging technologies like video analytics, body-worn cameras, and sensor fusion AI, startups can set up autonomous and intelligent security systems that help prevent accidents before they occur, with an obvious positive impact on the organization's bottom line.
Reducing data breaches and related costs with advanced cybersecurity measures
According to recent stats, 46% of cybersecurity breaches affect organizations with less than 1,000 individuals, including startups. The cost of data breaches and other cyber attacks can result in significant financial damages for businesses.
Advancements in cybersecurity can allow startups to contain costs by strongly reducing the risk of becoming victims of cyber attacks.
In addition to basic cybersecurity measures like strong passwords, anti-viruses, and firewalls, startups should consider implementing encryption solutions. These work by encoding the data with a complex algorithm that authorized users can only access. This cybersecurity solution can be particularly effective when it comes to protecting sensitive financial data that cybercriminals may otherwise steal, with significant damage to the company.
Reducing insurance premiums by implementing advanced security technologies
By greatly reducing the risk of crimes, damages, and data breaches, the implementation of advanced physical and cybersecurity technologies can help startups reduce insurance premiums.
Insurance premiums can be an important burden for startups, and by implementing the right security solutions, companies can significantly reduce the associated costs.
Reducing employee training costs
By implementing the most modern security technologies, organizations can ensure their employees can access the most up-to-date and secure systems and networks. This eliminates the need for extensive training on outdated or obsolete systems, which can be costly and time-consuming.
To Sum It Up
By leveraging security technologies like cloud storage, AI-powered video analytics, and advanced cybersecurity solutions, startups can benefit from significant cost savings.
See: Security advice for emerging tech companies and investors
Cloud storage eliminates the need for expensive hardware, AI-powered video analytics reduce the risk of security incidents, and advanced cybersecurity measures help protect organizations from data breaches. Finally, leveraging security technologies can help lower insurance premiums and employee training costs.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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NFX: Hot List of 75 Emerging AI Startups (Seed, Series A)
NFX | April 27, 2023
Image: NFX
The hottest up & comers in generative AI. Early-stage companies showing leading indicators of future greatness. Curated by NFX.
- After we open-sourced our Generative AI market map a few months ago, we went to work analyzing this network for early indicators of future greatness. It is going to produce the next generation of unicorns, at a faster rate and at lower cost than any other startups before them.
See: It’s in all of our Interests to Understand How Artificial Intelligence is Transforming our World
- Meet the top 75 early-stage generative AI companies that have the potential for massive growth. To identify these companies, we looked for leading indicators of success such as the amount of funding raised, key investor status, proximity to AI centers of excellence, and buzz generated from factors such as virality, traction, and word-of-mouth recommendations.
- We focused on companies at the Seed and Series A stage and made our final selections based on in-network reputation, taking into account recommendations and regard from peers and experts in our network.
- They represent the next generation of AI companies with notable momentum, making them worth following closely.
Continue to the full article --> here
Open the AI Hot 75 google doc --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Will the No-Code Revolution Transform These Industries?
Digital CxO | Syed Hamid | Apr 25, 2023
Image: Unsplash/Adi Goldstein
With the challenges brought by the pandemic, the subsequent recession, and now industry-wide staffing cuts, organizations of all sizes are tasked to do more with less. And they’re turning to no-code to get it done.
FINANCIAL SERVICES AND BANKING: With dwindling access to developers, the retirement of old technology and the pressure to increase time-to-market, this is changing due to the benefits of low/no-code options that help:
- Accelerate the introduction of financial products to the market by leveraging the rapid prototyping and visual user interfaces provided by no-code platforms, facilitating alignment among developers, designers, and subject matter experts. Consequently, this will lead to a notable reduction in time-to-market.
See: How the no code movement is changing companies and empowering problem solvers
- Transition away from outdated legacy systems becomes imperative for numerous financial institutions, even those relying on COBOL programs running on mainframes. With the diminishing availability of skilled professionals to maintain such technologies, organizations will increasingly turn to adopting no-code frameworks.
- Significantly decrease development costs by embracing no-code development, which requires less specialization and entails fewer requirements for oversight and built-in compliance measures.
- Late last year, SAP introduced SAP Build, a low-code/no-code solution that empowers anyone to build applications and automate tasks on the SAP Business Technology Platform. SAP, like other organizations, recognizes that the future of work is changing. All industries, including the financial industry, must adapt.
“The number of students currently pursuing an IT degree is not enough to produce the number of software experts to meet the projected demand of businesses worldwide. As a result of the labor shortage and the proliferation of low-to-no code, 70-80% of applications will be built by non-technical people by 2024, according to leadership at SAP TechEd.”
Listen: Fintech Fridays EP55: Global Hiring Trends: How Gen Z Talent Thrives
GAMING: Gaming saw huge growth during the pandemic. It is estimated that the global gaming market will be 268.8 billion U.S. dollars annually in 2025, up from 178 billion U.S. dollars in 2021. No-code platforms have been laying the foundation for teams of non-coders to create entirely new games with industry-leading software.
- Game development is placing an emphasis on composability – the ability to assemble something from pre-built components. We see this taking place in games like Minecraft and Roblox, where the community of players can build their own lands and even create marketplaces.
- Companies like Buildbox offer no-code platforms that allow you to easily build mobile games. It includes a library of pre-built game components like characters, backgrounds and sound effects, all constructed with a simple drag-and-drop interface. These tools enable game developers to swiftly experiment and create prototypes for immersive game concepts, thus democratizing the field of game development and driving down the associated costs.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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British Columbia Proposes Money Services Business Legislation (Bill 19: 2023)
Blakes | Jacqueline D. Shinfield and Alan Fraser | Apr 12, 2023
On March 29, 2023, British Columbia introduced Bill 19, the Money Services Businesses Act (B.C. MSB Act), which proposes to regulate money services businesses (MSBs) operating in the province.
- The regulation of MSBs in B.C. was one of the recommendations of the Cullen Commission, which concluded that greater scrutiny of MSB activities was required, beyond that provided by the Financial Transactions and Reports Analysis Centre.
- The B.C. MSB Act defines a money services business (MSB) similar to the PCMLTFA, but the interpretation of what constitutes an MSB has always been subject to debate.
- The Act exempts financial institutions, securities dealers, and insurance companies from its scope and proposes exemption of other MSBs pursuant to the regulations.
- Unregistered MSBs are prohibited from bringing an action for remuneration in relation to money services provided.
- MSBs registered under the B.C. MSB Act must provide annual reports to BCFSA respecting their activities, and there are record-keeping requirements for "books, accounts and other records."
- MSBs must notify BCFSA of certain events, including changes in information, appointment of a new agent, change of directors and officers, change of partners in a partnership, and changes in corporate interest holders.
- The Superintendent has broad enforcement powers, including administrative penalties and imprisonment for committing offences.
- MSBs must report any offence committed related to registration under the B.C. MSB Act to the Superintendent.
See: Cullen Commission Money Laundering Report Estimates Billions Laundered in B.C. Every Year
- Impact: The B.C. MSB Act proposes that the British Columbia Financial Services Authority (BCFSA), the provincial regulator of financial institutions, be responsible for the regulation of MSBs operating in the province. BCFSA will appoint a Superintendent of Money Services Businesses (Superintendent) to supervise MSBs. It is unclear how the B.C. MSB Act will impact the obligations of MSBs until regulations are established. The Act seems to be focused on preventing "bad actors" from operating as MSBs in the province.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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How to Integrate a Payment Gateway in an App
April 21, 2023
Image: Unsplash/Vadim Artyukhin
Making purchases through a mobile application is one of the priority areas of development for many companies. After all, the number of users choosing mobile commerce is constantly growing. Confirmation of this can be found in Statista data.
They point out that in the US, about 60% of shoppers buy through mobile apps. This trend encourages business owners to look for optimal payment solutions in such programs. The first step on this path is a payment gateway. We offer to learn what it is and how the integration takes place.
What is a payment gateway?
Paying through a mobile application is quite complex and involves several stages. For everything to work properly, a reliable channel is needed between the payment processing system and the order page (customer portal or website). This is what the payment gateway is for.
It ensures safe and fast transmission of the buyer's payment and personal data from the resource where the payment is made to the corresponding payment processing service. The latter can be a company (if it has its own system for processing transfers), an independent supplier (Stripe, PayPal, etc.), or a financial institution (Bank-Acquirer).
Different types of technology should be considered separately. Currently, entrepreneurs can choose a ready-made option or a special payment gateway.
How is the integration of payment gateways?
Integrating the solution into the mobile application can be performed in 2 ways. It all depends on the chosen technology.
Special payment gateway
In this case, the channel is developed by a specialized company for a specific business from scratch. As part of the service, special APIs are created to integrate the payment gateway with all important applications. Such a solution is integrated with external payment processing systems through ready-made APIs. They are provided by the payment processing provider. This is usually done by acquiring banks. The advantages of this method include:
- full integration with corporate-type systems, as well as applications (including outdated ones);
- the possibility of adding new options if necessary and developing the gateway;
- special functionality (possibility of implementing all necessary payment methods, including reimbursement and payment in cryptocurrency);
- reliable protection of payment data;
- high speed of operations;
- complete minimization of risks (operational and security-related);
- no fee is charged for the payment gateway provider's services.
However, when choosing such a technology, you need to remember the operation of the infrastructure designed to store payment data. The customer is responsible for support and configuration in this case.
Ready payment gateway
Customers who prefer this technology can count on easier and faster integration. After all, in this case, a ready-made payment gateway is used, provided by one of the payment processing providers (for example, Authorize.Net or bank-acquire). The presented solution provides APIs that are already ready to use. Thanks to them, plug-and-play integration becomes possible.
It can include analytical tools, accounting software products, and all known e-commerce platforms. However, certain difficulties may arise in the process of integration of a ready-made payment gateway. They concern, in particular, outdated applications. The process of integration with them will be expensive and long. In addition, the user will need to periodically pay a fee for using the service.
Image: Unsplash/Mika Baumeister
Conclusion
Payment gateway development and integration is something that deserves special attention. After all, mobile commerce is an important stage in the development of almost any business. You can ensure this by looking at the statistics presented by Statista.
See: FTP Report: B2B Payments: A Major Fintech Opportunity to Solve Paper-based Payments and Processes
It says that by 2025, mobile commerce sales may increase to 700 billion dollars. This means that more and more users are choosing this way of shopping. The seller's task under such conditions is to provide comfortable conditions for this. Therefore, choosing a high-quality solution and performing integration according to standards is worth it.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Do’s & One Don’t for Your Transport Startup
April 19, 2023
Image: Unsplash/Mika Baumeister
The transportation industry is undergoing a growth phase. That's one reason so many entrepreneurs are choosing to try their hand at launching startups that deliver goods from one place to another for a fee. However, as is the case with all other niches and business segments, owners need to avoid common pitfalls and engage in best practices to maximize their chances for long-term success. One example of a smart method is crowdfunding for the purpose of obtaining initial capital.
Another is to manage vehicle fleets with the latest technology to stay ahead of the competition. Owners who automate all payments add another layer of security to their financial operations. What should new entrants to the segment avoid? Impatience is the primary component of an early downfall, along with ignoring local laws and regulations about how to operate fleet vehicles. The bottom line for most who attempt to enter the transportation business is attentive customer service. Consider the following points before launching your entity.
Do: Use Crowdfunding to Generate Seed Money
Crowdfunding is the most efficient way for startups to develop a steady stream of capital that can be used to finance a launch. In transport, the technique is effective because potential donors tend to seek opportunities that can deliver a solid return on investment. This is true even when the recipient does not offer any ownership stake in the business.
Do: Manage Fleets With Smart Technology
If you use vehicles of any kind in your daily operations, it's wise to implement a fleet management process that includes software that can track ELD compliance and other pertinent metrics. Electronic logging devices resolve several problems simultaneously for busy fleet supervisors. Via COC (connected operations cloud) capability, managers can use ELD to meet rigid jurisdictional requirements as well as federal regulations regarding driver logs. One of the central reasons companies utilize the systems is to prove that all their drivers have taken the requisite number of breaks for the proper amount of time. Additionally, ELD equipped with COC technology gives managers a chance to store all the relevant driver information instantly, in the cloud, for later retrieval or analysis.
Don't: Expect Fast Profits & Immediate Growth
Impatience is the enemy of success. Entrepreneurs who expect quick profits are sure to be disappointed. The same goes for those who want to gain vast numbers of clients within the first few months of operations. The reality is that it just doesn't happen that way. Instead, plan to build up a clientele, one customer at a time, for the initial 12 months. Then, calibrate expectations based on what has happened up to that point.
Do: Automate Payments with Apps
Even a single late payment to a vendor can tarnish an otherwise excellent commercial credit rating. Familiarize yourself with finance automation and use a reliable app to automate all recurring payments. Install them on your financial system well before opening day. Double-check with vendors and other payees to make sure they received payment on time or early.
Do: Focus on Customer Service
The shipping and transportation industry is competitive. Customers realize that they can always shop around and find new companies that are willing to give them a better deal. That's why it's necessary for startup owners to focus on pleasing the first wave of clients. Keep in mind that the initial customers took a chance on an unknown business that had virtually no history or track record. For that reason alone, it makes sense to deliver excellent service to them.
See: How Corporations Can Innovate Like Startups
Make it a habit to not only deliver a high level of service but also to study the trends and habits of clients. The data can reveal a lot about what each one values the most. Owners learn that some clients put on-time delivery at the top of the priority list, while others want discounts or access to special packaging. People who purchase your services are not homogenous clones who all want the same thing. Study their habits and desires to better cater to their needs.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Partner Webinar Apr 19: Data and AI driving diversity in SME Lending
SME Finance Forum | April 18, 2023
Considerable cultural, economic, and regulatory differences exist around the world that affect accessibility to capital and in particular the opportunity for women and those underserved to launch and grow thriving businesses. Therefore, it should be no surprise that effective solutions to overcome these challenges are best formulated with particular attention to these differences that are unique to each country, lender, borrowers, and loan type.
While the challenges may be unique for each lender, there is good news. The process for diagnosis and treatment is highly codified, scientific, reproducible to virtually any market and lender in a way that delivers high performance and regulatory compliance.
Webinar
Date: April 19, 2023
Time: 9:00 to 10:00 EDT
Register
See: Board Diversity and Inclusion: 50-30 Challenge
Moderator and speakers:
- Elaine MacEachern, Sr. Financial Sector Specialist at World Bank Group
- Patrick Reily, CEO - Uplinq Financial Technologies
- Mario Schlener, Leader Financial Services Risk Management (FSRM) Practice and Enterprise Risk Strategy Canada and Global FS Risk Technology/Alliance/Innovation Lead - Ernst & Young
- Ayo Olojede, Group Head, Emerging Businesses - Access Bank
- Mehi Mirpourian, Data Science Manager - Women's World Banking
More information --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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