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
Why Upskilling Employs Leads to Greater Productivity and Engagement
Aug 29, 2025
Image: Freepik/Rawpixel.com
Modern organizations face unprecedented challenges in maintaining a competitive advantage while keeping their workforce motivated and efficient. One strategic approach that consistently delivers remarkable results is investing in employee upskilling. This practice not only enhances individual capabilities but creates a ripple effect that transforms entire organizational cultures, driving both productivity gains and deeper employee engagement.
The Direct Connection Between Skills and Performance
When employees acquire new skills or enhance existing ones, they become more efficient at their current tasks while gaining the ability to tackle more complex challenges. This expanded capability translates directly into improved productivity metrics.
- Workers who understand the latest technologies, methodologies, or industry best practices can complete tasks faster, with fewer errors, and often identify innovative solutions to persistent problems.
- Upskilled employees require less supervision and can work more autonomously.
- Upskilling employees frees up management time while reducing bottlenecks in decision-making processes.
The cumulative effect across an organization can be substantial.
Building Confidence Through Competence
Employee engagement often suffers when workers feel unprepared or inadequate for their roles. Upskilling addresses this fundamental issue by building competence, which naturally leads to increased confidence. When employees feel capable of meeting their responsibilities and contributing meaningfully to organizational goals, their intrinsic motivation increases significantly.
This confidence boost manifests in various ways: employees become more willing to take on challenging projects, share ideas during meetings, and collaborate effectively with colleagues. They develop a sense of ownership over their work that goes beyond mere task completion, leading to higher quality outputs and innovative thinking.
Creating Pathways for Career Advancement
Professional development through upskilling sends a clear message to employees that the organization values their growth and sees them as long-term assets, and the investment in their future creates strong emotional connections to the company and its mission. Employees who see clear pathways for advancement are significantly more likely to remain engaged and committed to their roles.
When organizations provide upskilling opportunities, they demonstrate trust in their employees' potential. This vote of confidence often becomes self-fulfilling, as employees rise to meet these elevated expectations. The result is a workforce that feels valued, supported, and motivated to contribute their best efforts.
Building a Culture of Continuous Learning
Upskilling initiatives create momentum that extends beyond individual participants, as it creates positive peer pressure that encourages others to pursue similar opportunities. This cultural shift toward continuous learning becomes embedded in the organization's DNA.
A learning-oriented culture attracts top talent and helps retain existing employees who might otherwise seek growth opportunities elsewhere. It also ensures that the organization remains adaptable and resilient in the face of industry changes and technological disruptions.
Measuring the Impact
Organizations that prioritize upskilling typically see measurable improvements in key performance indicators. Employee retention rates increase, absenteeism decreases, and customer satisfaction scores often improve as more skilled employees deliver superior service. These tangible benefits, combined with the intangible advantages of improved morale and workplace culture, create a compelling business case for continued investment in employee development.
See: IMF Issues Warning on AI’s Impact on Global Jobs
The evidence is clear: upskilling represents one of the most effective strategies for simultaneously boosting productivity and engagement, creating sustainable competitive advantages that benefit both employees and organizations.
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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IG Wealth Joins Fintech interVal to Power Advisory Network
AI Partnership | Aug 29, 2025
IG Wealth and InterVal Bring AI Powered Valuation Tools to Canadian Entrepreneurs
On August 28, 2025, IG Wealth Management and Canadian fintech interVal announced a new partnership to help small and medium business owners measure company value and identify opportunities for growth. The collaboration strengthens IG’s advisory network by embedding interVal’s AI driven valuation platform into client planning services, providing advisors with richer insights to guide strategic decisions.
Partnership Enhances Advisory Services
Over the past year IG advisors have been using interVal’s software to deliver business valuations and health metrics that go beyond traditional reporting. The platform produces valuation ranges, saleability scores, and benchmarks on areas such as excess working capital, serviceable debt, and investable assets. These insights allow advisors to offer more proactive strategies for investment, credit, insurance, and succession planning, covering both business and personal wealth needs.
See: AI Fintechs Attract a 242% Valuation Premium
Damon Murchison, President and CEO, IG Wealth Management:
"Through the interVal platform, clients receive an accurate business valuation and tools to uncover what's driving, or impeding, their business value. This partnership further cements our commitment to serving business owners and helping them build better financial futures."
interVal's Story
Founded in London Ontario, interVal was created to close the information gap between advisors and business owners. The company combines artificial intelligence, machine learning, and natural language processing to transform financial data from systems like QuickBooks and Xero into clear valuation analysis and growth indicators.
See: AI Concierge Tech and the Future of Finance
The platform is designed as a shared environment where both advisors and business owners can track value drivers, monitor benchmarks, and anticipate how changes in performance affect long term outlook. interVal’s culture emphasizes empathy, collaboration, and building tools that make advisory conversations more strategic and forward looking. Its leadership team blends expertise in finance, valuation, customer success, and technology to ensure the platform aligns with the needs of financial professionals and their clients.
Implications for Canadian Entrepreneurs
The integration of interVal into IG’s services brings modern valuation technology to a national network of advisors serving nearly one million clients. With IG managing approximately $148.4 billion in assets under advisement as of July 31, 2025, the reach of this partnership has the potential to influence financial planning practices across Canada.
For small and medium business owners, the benefits are practical and beneficial. Instead of relying on static valuations or fragmented financial reports, they can now access dynamic assessments that reveal what is helping or hindering company value. This improves decision making on growth investments, cash management, and risk protection while also informing personal wealth strategies tied to the business.
See: Are Finfluencers in Trouble or Just Getting Regulated?
The IG and interVal partnership highlights how fintech innovation is proliferating across advisory networks in Canada. As interVal’s AI powered tools scale within IG’s national network, more entrepreneurs will be able to plan with greater clarity and foresight. This improves the competitiveness of Canadian business owners and also strengthens the ability of financial advisors to deliver relevant and modern services (win-win for both parties).
In Conclusion
Advisory practices are increasingly supported by real time data, predictive analytics, and shared insight platforms. By embedding fintech solutions like interVal, large financial institutions such as IG Wealth Management are setting new standards for integrated planning and business growth support.
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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[Event Oct 8]: Rotman Debate on Canada’s Oligopolies
Competition | Aug 28, 2025
Rotman is Hosting A Debate to Test If Corporate Oligopolies Are Limiting Canada's Growth
On October 8, 2025, the Rotman School of Management will host an in person debate on one of the most contested questions in Canada’s economy: Are Canada’s so called oligopolies standing in the way of a dynamic Canadian economy?
This debate is at the heart of whether concentrated industries in banking, telecom, airlines, and grocery are reducing competition and consumer choice or whether a few large firms are needed to sustain investment in a relatively small market.
Event Overview
Host: Rotman School of Management
Rotman Debate: Are Canada's So-Called "Oligopolies" Holding Us Back?
Date: October 8, 2025
Time/venue: 6:00 PM to 8:00 PM at Desautels Hall
Agenda: Live in-person debate followed by a networking reception
Speakers and Perspectives
Arguing For
Anthony Durocher, Deputy Commissioner of the Competition Bureau, and Robin Shaban, economist and founder of the Canadian Anti Monopoly Project. They bring a competition policy and inclusive growth lens, pressing the case that concentration stifles productivity and affordability.
See: Stronger Teeth Needed to Protect Canada’s IP
They will likely emphasize how concentrated markets in banking, telecom, grocery, and airlines restrict consumer choice, keep prices high, and hurt innovation. Both have deep expertise in competition policy, which will resonate with Canadians worried about affordability, productivity, rising costs, and declining foreign direct investment.
Arguing Against
Erin O’Toole, former Leader of the Conservative Party and now President of ADIT North America, and Dany Assaf, co chair of Torys LLP’s competition and foreign investment practice. Their case focuses on the role of scale in driving resilience, capital inflows, and global competitiveness.
Expect them to argue that scale is necessary in Canada’s small market to attract global investment, maintain resilience, and provide stability. O’Toole brings political credibility and public speaking skills, while Assaf brings legal and transactional expertise from landmark competition cases.
Moderator
The debate will be moderated by Anne Gaviola, senior broadcast journalist at Global News, who has more than 15 years covering Canada’s business and financial sectors.
Why It Matters for Fintech
For the NCFA Canada, this debate could not be more timely. The structure and size of Canada’s markets and levels of competition directly affects opportunities for new entrants in fintech and alternative finance. Concentrated industries can create barriers to entry. With productivity and affordability now central to Canada’s policy agenda, the insights from this debate will be directly relevant for startups, investors, and regulators. This is a ticketed event. Register now to secure your spot.
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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Join NCFA at Elevate Festival 2025 in Toronto Oct 7-9
Elevate Festival | Aug 22, 2025
Elevate Festival Oct 7 9, 2025, Toronto
NCFA partners with Elevate Festival October 7–9 in Toronto, Canada’s Stage for Bold Innovation
The National Crowdfunding and Fintech Association of Canada (NCFA) is proud to be a Community Partner of Elevate Festival 2025. This is the seventh edition of Canada’s largest home grown technology and innovation gathering taking place from October 7 to 9 at Toronto’s Meridian Hall and St. Lawrence Centre. The Elevate Festival will welcome more than ten thousand attendees and over 250 speakers who are innovating the future of business, finance, and technology.
Visionary Voices and Experience
The lineup reads like a who’s who of innovation. Chris Urmson of Aurora, Clay Bavor of Sierra, and Dorothy Kilroy of Oura Health will share their visions for automation, artificial intelligence, and digital health. They will be joined by Erika Ayers Badan of Food52, Ida Tin of Clue, Althea Wishloff of Raven Capital, Harley Finkelstein of Shopify, and Hussein Fazal of Super.com. Together they represent the scale and diversity of thought that defines Elevate.
See: Accelerating Financial Innovation and Access in Canada
Elevate is not just a gathering, it is an experience. AI and Scale Up tracks will take the main stage for the first time, drawing thousands to conversations that matter most for Canada’s growth. Eight focused tracks will also cover fintech, moonshots, future talent, investors, and women in tech.
Attendees can join masterclasses limited to one hundred participants, connect in the Women in Tech Lounge presented by Interac, and build relationships in the Startup Lounge presented by Moneris.
Commitment to Inclusion and Impact
One of the things that we love about Elevate is that it continues to lead in representation. More than half of attendees in 2024 identified as women or non binary, which is way above Canadian and global benchmarks for tech gatherings (big and small). The festival has also generated significant startup investment by giving founders access to curated meetings, roundtables, and pitch stages.
See: 10 Innovative Product-Led Growth Strategies
That momentum carries into 2025 with the Startup Open House on October 9, where entrepreneurs can open their doors to investors, partners, and future hires. There are a plethora of reasons why entrepreneurs and investors globally should attend Elevate 2025, don't miss out!
GTA-BASED STARTUP HOST OPPORTUNITY
Open your doors to Elevate Festival attendees at Toronto's Startup Open House on Thursday, October 9 from 3:00 - 7:00 PM. Showcase your business, connect with talent and meet potential partners. Join this unique opportunity presented by TechTO, Elevate, and ElanTech. Gain exposure in Canada's vibrant startup ecosystem --> APPLY NOW
20% Discount for NCFA's Network
For NCFA’s community, Elevate is a fantastic opportunity to be part of Canada’s innovation story. It is where founders meet investors, where startups become scale ups, and where the fintech community can help shape Canada’s economic future. Save 20% on your Elevate Festival pass with the code NCFAELEVATE (offer valid for unlimited uses until October 9).
Register now to secure your ticket before prices rise on September 5.
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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H1 2025 Global Fintech Funding Slows, Some Sectors Firing
Global Fintech Report | Aug 22, 2025
Image: Pulse of Fintech H1 2025, KPMG
Fintech Investment Hits Five Year Low, but Digital Assets, AI, and Regtech Gaining
According to the KPMG Pulse of Fintech H1 2025 report (67 page PDF) published in August 2025, global fintech investment in the first half of 2025 fell to $44.7 billion across 2,216 deals, recording the lowest H1 total since early 2020. Investors remain cautious about elevated risks around higher interest rates, capital costs, and geopolitical uncertainty. Q2 2025 was particularly weak, with $18.7 billion across 972 deals.
Regional Divergence
- Americas attracted $26.7 billion, accounting for more than half of global fintech investment
- EMEA $13.7 billion, driven by large buyouts and consolidation activity
- ASPAC lagged with $4.3 billion, showing the most pronounced slowdown
Top Global Fintech Trends in H1 2025
1. Digital Assets Rebound Strongly
Investment in digital assets totalled $8.4 billion across 586 deals in H1 2025. Stablecoins attracted attention for payments and remittances in emerging markets, while tokenization platforms and infrastructure also captured capital. Circle's IPO anchored the sector’s strength, raising $1.1 billion with shares jumping 168% on day one.
2. AI Is Transforming Fintech Models
AI continues to boost fintech investment. Capital flowed into both AI native startups and to incumbents embedding AI in credit scoring, fraud detection, and customer engagement. Investors prioritized business models that combined growth with efficiency and risk control. See NCFAs coverage of AI Fintechs attracting a 242% valuation premium
3. Regtech Gains Momentum
Regtech attracted $2.1 billion across 190 deals in H1 2025. Adoption of automated KYC, AML, and reporting tools continues to grow as financial institutions look for cost savings and regulatory agility. GenAI in risk and compliance
4. Wealthtech and Insurtech Consolidation
Insurtech raised $4.8 billion across 141 deals in H1 2025, which is already greater than all of 2024. Wealthtech funding reached $0.9 billion across 14 deals, with AI enabled platforms a recurring theme. Both sectors experienced consolidation as incumbents prefer acquisitions over building new capabilities.
5. Payments Infrastructure Still the Backbone
Payments investment slowed to $4.6 billion across 242 deals in H1 2025, as investors grew more selective. But the sector is still foundational with capital being allocated to embedded finance, cross border platforms, and transaction monitoring. For Canada’s policy context see open banking delays and competitiveness and banks exiting merchant acquiring businesses like Moneris.
6. Cybersecurity Funding Is Soft
Cybersecurity specific fintech investment was just $0.1 billion across 26 deals in H1 2025. Despite heightened threat levels, most activity was concentrated at seed and early stages, reflecting investor caution toward scaling security focused fintechs.
7. IPOs and Exit Activity Pick Up
Exit momentum is returning. Circle’s successful IPO may open the door for additional digital asset platforms to list in H2 2025, boosting the case for fintech exit activity after years of lack lustre listings.
Top 10 Global Fintech Deals in H1 2025
- Preqin, $3.2B, London, UK, Information, Buyout
- Next Insurance, $2.6B, Palo Alto, US, Insurtech, M&A
- Binance, $2B, George Town, Cayman Islands, Digital assets, Late stage VC
- Esker, $1.7B, Villeurbanne, France, B2B and back office, Take private
- NinjaTrader, $1.5B, Chicago, US, Investment management, M&A
- Enfusion, $1.5B, Chicago, US, Wealthtech, M&A
- Hidden Road, $1.25B, New York, US, Digital assets, M&A
- Converge Technology Solutions, $916.5M, Toronto, Canada, Fintech services, Take private
- SafeSend, $600M, Ann Arbor, US, B2B and back office, M&A
- Plaid, $575M, San Francisco, US, B2B and back office, Late stage VC
See: U.S. ACCESS Act Advances to Ease Crowdfunding Rules
Outlook for Canada
For Canada, the data shows the window of opportunity for digital assets, AI, and regtech could attract investment with clear policy and infrastructure. The muted state of payments and open banking highlight gaps Canada must address to remain competitive. Clear rules, targeted support, and investment in digital infrastructure are critical to positioning Canadian fintech for growth in the second half of 2025 and beyond. See the crisis Canada and fintech cannot afford to waste
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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Fintechs Lead NPS Race as Banks Lag Behind
Customer Loyalty Report | Aug 20, 2025
Image: Freepik
CustomerGauge 2025 Benchmarks Show Fintechs Leading the Pack as Incumbents Play Catchup
The 2025 CustomerGauge NPS & CX Benchmarks report (120 page PDF report) helps stakeholders measure customer loyalty across the financial services landscape. The industry average NPS stands at 44, while the banking subset is at 30. Fintechs by contrast are setting new standards with NPS scores ranging from 77 to 90.
What is NPS?
Net Promoter Score (NPS) is a widely used measure of customer loyalty. It asks customers a simple question: How likely are you to recommend this company to a friend or colleague? Answers are scored on a scale from 0 to 10.
- Those who score 9–10 are called Promoters
- 7–8 are Passives
- 0–6 are Detractors
See: The Benefits of Implementing Automated Customer Journey Mapping in Your Business
The final NPS is the percentage of Promoters minus the percentage of Detractors, giving a score that can range from –100 to +100. Higher scores reflect stronger customer advocacy and satisfaction.
Reported NPS Scores for Leading Financial Firms
The table data below is from the CustomerGauge 2025 report, sorted high to low. These figures clearly show fintechs leading customer loyalty followed by USAA and First Republic, while many popular banks fall significantly behind.
| Company | Type | NPS |
| SoFi | Fintech | 90 |
| OnDeck | Fintech | 84 |
| Affirm | Fintech | 83 |
| LendingClub | Fintech | 79 |
| Funding Circle | Fintech | 77 |
| USAA | Financial Institution | 75 |
| First Republic Bank | Bank | 72 |
| First Direct | Bank | 66 |
| ING Luxembourg | Bank | 63 |
| American Express Bank | Bank | 52 |
| Charles Schwab | Financial Institution | 52 |
| Royal Bank of Scotland | Bank | 51 |
| ABN AMRO | Financial Institution | 30 |
| JP Morgan Bank | Bank | 31 |
| Santander UK | Bank | 27 |
| Tesco Bank | Bank | 23 |
| Bank of America | Bank | 18 |
| CitiGroup | Bank | 18 |
| Morgan Stanley | Bank | 16 |
| ANZ | Bank | 15.4 |
| National Australia Bank (NAB) | Bank | 15.4 |
| PNC Bank | Bank | 15 |
| TSB Bank | Bank | 12 |
| CBA | Bank | 10.4 |
| HSBC | Bank | 7 |
| Goldman Sachs | Bank | 5 |
| Westpac | Bank | -6.9 |
Global Region Benchmarks
To help compare and contrast 2025 CustomerGauge NPS figures, below is some regional data points for consideration:
- In Europe and the UK, NPS for traditional banks hovered in the low to mid 40s in 2024, based on Forrester analysis of 60 European banks.
- In Australia, NPS among big banks averages –12.7 in 2024, while the digital-only bank Up scores +49.
- NPS Prism report clocked Canadian banks NPS range in 2024 from 12-48, with Tangerine scoring the highest at 48
- Back in 2020, CSI financial ran an Ipsos poll to find that the average NPS of Canada's financial sector was 21.7
- Canadian fintech Nesto self-reported it's NPS of 76 in 2021, which is close to 2025 global fintech leaders scores
Why This Matters
Loyalty is still a competitive currency in financial services. With fintechs consistently outscoring banks by wide margins, Canadian incumbents in particular face mounting pressure to address gaps that stretch beyond digital convenience into trust, personalization, and value delivery.
See: Is FinTech getting it wrong? Focus on needs and wants
Put differently, improving NPS is not simply about catching up to fintechs but about meeting a global standard that modern customers expect globally. For Canada, this means that raising customer loyalty scores is directly tied to future competitiveness, investor confidence, and the ability to scale innovation in an increasingly global financial marketplace.
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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Cybersecurity Bill C8 Raises Fintech Security Bar
Cybersecurity | Aug 19, 2025
Image: Freepik/DC Studio
Canada’s New Cyber Law Strengthens Compliance and Resilience for Banks and Fintechs
After years of delay, Canada is finally moving forward on cybersecurity legislation. The previous Bill C-26 stalled after critics raised concerns around due process and transparency issues with sweeping ministerial powers, unclear compliance costs, and provisions that would have allowed the government to rely on “secret evidence” in court challenges.
Now a newly introduced Bill C-8 An Act Respecting Cyber Security with the controversial secret evidence clause removed and the introduction of stronger oversight, make it more acceptable to industry stakeholders and politically viable. The legislation creates a new compliance regime with enforceable standards for critical infrastructure operators, including the banking system, and introduces penalties for non-compliance. For fintechs, the implications extend well beyond checklists and into how firms manage partnerships, payments, and cross-border data.
Bill C8 and PSP Oversight Raise the Bar
Bill C-8 arrives alongside the Bank of Canada's supervision of payment service providers (PSPs) under the Retail Payment Activities Act on September 8, 2025. Wallets, transfer apps, and other fintech PSPs must register, meet operational requirements, and demonstrate risk and security controls. The alignment of Bill C-8 with this deadline raises the bar for cyber resilience across the fintech ecosystem.
See: Ottawa Issues New Guidance for Biometric Privacy in Canada
Even if most fintechs are not directly listed under the new Critical Cyber Systems Protection Act, regulated banks and clearing systems will be. These institutions will port obligations onto their fintech partners through contracts, audits, and certifications. OSFI’s Guideline B-13 on technology and cyber risk requires federally regulated institutions to govern third-party risks, test resilience, and maintain continuous monitoring, so we can expect those same requirements to flow into fintech vendor and partner assessments.
Payments Canada has also emphasized that national systems such as Lynx are critical infrastructure requiring robust cyber resilience. For fintechs integrated with those rails, resilience is no longer optional. It has become a business differentiator that impacts customer trust and competitive positioning.
Data Flows, Threats, and Global Readiness
Policy analysis suggests that Bill C-8 could influence EU–Canada data adequacy assessments, critical for fintechs handling European customer data or operating cross-border platforms. A compliance strategy that includes strong governance and privacy readiness will put Canadian fintechs in a better position to scale globally. For fintechs, compliance is only the minimum floor. Continues monitoring and governance should be the program.
Outlook
Bill C-8 is a structural change in how Canada is approaching digital security. For fintechs, it means cyber readiness is inseparable from growth, compliance, and trust.
See: Fintechs Face Rising SaaS Security Risks, JPMorgan CISO
Those that move early to align with the expectations of both regulators and banking partners will not only meet compliance demands, but also stand out in a crowded marketplace. Canada’s fintech sector has an opportunity to turn these new rules into a foundation for competitive strength in a global digital 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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