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
UK Announces £7.3 Billion to Unlock Green Private Investment
Funding | Jul 10, 2024
Image from press release: UK's National Wealth Fund
UK Announces Major Boost for National Wealth Fund
On July 9, 2024, the UK government has announced intentions to invest £7.3 billion in funds to the National Wealth Fund for economic development and sustainability. The goal is to unify major financial institutions under a single plan and stimulate private investment, especially in the green and growing industries.
Realignment of Financial Institutions
The British Business Bank and the UK Infrastructure Bank will be merged into the National Wealth Fund as part of the new project. The goal of this realignment is to produce a more unified investment strategy that capitalizes on these institutions' advantages to attract significant private sector investment. The announcement coincided with the launch of this enormous project, which took place at No. 11 Downing Street with the gathering of the National Wealth Fund Taskforce by Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds.
See: Green Fintech 2.0 Shows Progress in the UK
Dame Amanda Blanc, the CEO of Aviva, C.S. Venkatakrishnan of Barclays, and Mark Carney, the former governor of the Bank of England, are among the prominent individuals on the task group, which is chaired by the Green Finance Institute. Their combined experience is anticipated to direct the strategic allocation of the extra £7.3 billion, which will be overseen by the UK Infrastructure Bank to enable prompt investments.
Rachel Reeves, Chancellor of the Exchequer:
"This new Government is getting on with the job of delivering economic growth. We need to go further and faster if we are to fix the foundations of our economy to rebuild Britain and make every part of our country better off. Britain is open for business – and the work of change has begun."
See: Fintech Can Combat Corporate Greenwashing
Ed Miliband, Energy Security and Net Zero Secretary
"Our Mission to make Britain a clean energy superpower is about investing in Britain. Our National Wealth Fund will help create thousands of jobs in the clean energy industries of the future to boost our energy independence and tackle climate change."
Conclusion
Strong public-private partnerships will be essential to achieving the new National Wealth Fund's potential to transform the UK's economic environment, with specific plans expected to be unveiled at the next international investment summit. This bold plan aims to establish the UK as a leader in innovation and green sectors while also promoting economic growth.
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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Fig Financial: Canada’s First Digital Personal Loan Provider
Launch Release | Jul 10, 2024
Image: Freepik tirachardz/personal loan
Fig Financial introduces a fully digital personal loan platform in Canada, with 10 second rapid approvals
With the launch of its services, Fig Financial—Canada's first fully digital personal loan provider—is changing the personal lending market with approachable online solutions. More than 9,000 Canadians have benefited from the company's over $135 million CAD in personal loan funding to date via various partnerships. Fig is now directly available to customers, offering a quicker, more transparent, and safe borrowing experience.
Overview
- In as little as ten seconds, Fig Financial provides quick loan approvals. Unlike typical banks, where the application procedure can take days or weeks, this one can be finished in about ten minutes.
- Users can easily apply for loans at any time and from any location thanks to the user-friendly, entirely digital application process. Flexible loan terms, payback plans, and amounts allow for customization to meet specific needs.
See: How Fintechs Can Integrate AI for Efficiency Gains
- Fig fills a significant void in the industry by offering straightforward, transparent and hidden-free information on loan terms.
- The latest security protocols protect user's data.
- The management team at Fig, led by CEO Francois Cote, has over 50 years of combined expertise in fintech and financial institutions. Fig's dedication to innovation and customer-focused solutions is emphasized by their experienced leadership.
- With competitive interest rates starting as low as 12.99% right now. There are no early repayment penalties, so borrowers who pay off their loans early can save money on interest.
Francois Cote, CEO, Fig Financial:
“We are providing a true alternative to banks for every Canadian who needs better lending options. And we are doing what the banks won’t: making this experience entirely online. If you need to cover unexpected bills and expenses, make home improvements, or pay off your debt faster–whether it’s 3pm or 3am–Fig is available to you.”
See: nesto Acquires CMLS Group, Katipults to Forefront of Canadian Mortgage Lending
Interested in Partnering with Fig Financial to Unlock Revenue?
- According to their website, partnering with Fig Financial gives companies an easy, API-first approach to monetise their existing clientele and draw in new ones.
- Even for near-prime and non-prime consumers, Fig offers flexible lending alternatives thanks to its excellent approval rates and sizable balance sheet, which is supported by Fairstone Bank.
- Automated decisioning, comprehensive servicing and collections, and referral fees on loans are all advantageous to partners.
Outlook
With its quick, open, and safe digital platform, Fig is ready to compete in the sector and provide a strong alternative finance solution from traditional banking.
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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Bank of England Launches New Data Innovation Strategy
Regulation | Jul 9, 2024
Image: Bank of England - Overview of Data and Analytics Strategy
Q&A Insights from the Bank of England's New Strategy
At the Future of Regulation (DiFoR) conference on July 5, James Benford, the at the FCA delivered a speech outlining the Bank of England's new data analytics strategy, goals, and new enterprise cloud data platform and plan to make data innovation work for everyone.
5 Insights About the BoE's New Data Analytics Strategy
Below we highlight some impactful Q&A of interest to fintechs and financial institutions regarding data innovation plans.
1. What is the Bank of England's New Data and Analytics Strategy?
With the goal of revolutionizing the collection, analysis, and application of data, the Bank of England has launched a new comprehensive data and analytics plan. This approach places a strong emphasis on utilizing data technology to promote financial innovation, increase financial stability, and improve regulatory compliance.
See: BoE Report: Open Banking Boosts Productivity, Competition
The goal of the Bank's use of big data and sophisticated analytics is to build a financial system that is more reliable, open, and effective.
2. How Will the New Cloud Enterprise Data Platform Be Developed and Implemented?
Developing a new cloud enterprise data platform to enable real-time analytics and decision-making by facilitating seamless data integration and accessibility is a key part of the plan. The implementation will be phased with core infrastructure added first and more sophisticated features being added in the future. This approach ensures a safer, adaptable, and scalable environment for handling enormous volumes of financial data.
3. What Steps Are Being Taken to Improve Regulatory Data Collections?
Improving regulatory data collection is one of the main priorities of The Bank of England. The implementation of powerful technologies that automate data collection aims to improve the timeliness and accuracy of data submissions while lessening the reporting load on financial institutions. Improved risk management and more effective regulatory supervision will also be possible with streamlined procedures and improved data standards in the financial industry.
4. How Will Artificial Intelligence (AI) Be Safely and Effectively Integrated?
AI tools will be combined to evaluate large, complex datasets, forecast trends, and spot possible dangers. Strict governance frameworks and ethical standards are being implemented by the Bank to guarantee safe and efficient use.
See: How GenAI Is Transforming Risk and Compliance in Banking
By addressing issues with bias, transparency, and data protection, these steps will promote responsibility and trust in AI-driven systems.
5. How Will the Bank Manage the Transformation?
To succeed the bank will need to adjust its corporate culture, skill sets, and business procedures to transform the Bank's approach to operate a modernised data innovation program. The bank is investing in training and development of staff to provide the necessary skills to work in a data-centric environment. Also, cultivating a culture of creativity and cooperation is necessary for the new approach to be implemented successfully. This entails interacting with stakeholders from the financial industry as a whole and promoting candid discussions on industry best practices and new developments.
What Outcomes Are Expected?
- More timely and reliable data can be expected by using automated data collection systems and advanced analytics. This lowers errors and improves the accuracy of the financial data available.
- Improved transparency and confidence. Clients can feel secure knowing that their data is managed ethically, reducing the possibility of bias and privacy issues.
- The strategy's focus on effective risk management and regulatory supervision helps to create a more stable financial system. The bank will use AI and machine learning to forecast consumer behaviour, market trends, and possible financial hazards. A safer financial environment lowers the possibility of systemic risks and financial disasters, which benefits consumers.
See: FCA’s Shift to More Transparent Investigations
- The use of automated data collection tools and standardized data formats will minimize data requests and reduce the reporting workload (administrative burden) and costs for both industry and regulators, thus improving regulatory compliance and supervision.
- Stronger data infrastructure will boost collaborative innovation between regulators, fintechs and the Bank of England around financial inclusion, cybersecurity, and other initiatives drawn by insights from shared data, creating an environment that encourages growth.
- Higher quality compliance related data will empower fintechs to make informed data-driven decisions that will improve operational efficiencies and strategic planning, leading to better customer experiences, and ultimately more competitive financial products.
Conclusion
By using the latest technologies to improve data collection/quality and automate regulatory processes while promoting cooperation, regulators and industry may expect better compliance, streamlined reporting requirements, and a smarter and more agile and resilient operating environment.
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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Robinhood Acquires AI Platform Pluto Capital Inc
M&A | Investing Services | Jul 8, 2024
Robinhood and Pluto (Image: Robinhood)
Robinhood Acquires AI Platform Pluto to Democratize Personalized Financial Advice for All Investors
Robinhood recently announced the acquisition of Pluto Capital inc., an AI-driven investment advice platform, which has the potential to democratize finance by providing personalized investment strategies and real-time analytics to a broader audience.
Pluto's AI Driven Feature Set
- Pluto uses leading large language models (LLMs) with access to real-time personal and international financial data to effectively process and interpret market data. As a result, Robinhood users will be able to spot trends and opportunities more quickly, giving them a competitive advantage.
- Pluto's algorithms examine variables including past performance, investing objectives, and risk tolerance to personalize individualized investment plans to each unique customer profile. With the help of this function, users of Robinhood can obtain suggestions that are highly tailored to their own financial needs.
- Real-time updates and insights are provided to investors, facilitating well-informed decision-making for portfolio optimization. Customer portfolios can be continuously improved for better results, balancing growth and risk in accordance with personal preferences, with the help of AI-driven analysis.
See: Robinhood Acquires Bitstamp Crypto Exchange for $200 M
Mayank Agarwal, VP of Engineering, Robinhood:
“We are thrilled to welcome Pluto and Jacob Sansbury to Robinhood. They have built an impressive platform that is highly regarded in the financial services industry. Importantly, their expertise in artificial intelligence coupled with a mission-aligned passion to democratize finance will complement our team’s effort to bring AI powered tools to our customers.”
Democratizing Financial Information for Retail Investors
Access to optimized personal financial portfolios previously only exclusively available to richer clients—will become more accessible to a wider audience with the integration of Pluto's AI capabilities into Robinhood's ecosystem. There will be other noteworthy effects from this levelling of the playing fields:
See: SEC Issues Wells Notice to Robinhood Over Crypto
- More people will be able to engage in the financial markets more actively since they will have access to advanced investment instruments and guidance.
- Retail investors will have access to the same superior information and insights as larger investors (i.e. institutions), enabling them to make more confident and well-informed investment decisions.
- By making sophisticated financial instruments more accessible to a larger group of people, the disparity between affluent and less affluent investors may be reduced.
Outlook
Pluto's advanced AI capabilities will be integrated, giving every day investors access to tools and insights that were previously only available to their richer clientele. This will promote financial inclusion and will help lessen gaps in investment returns. With AI technology developing at a rapid pace for retail investors, Robinhood is well positioned to capture the value by enabling complex investment tools available to all investors.
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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Changes to PCMLTFA Pre-Published for 30 Day Consultation
Regulation | Jul 8, 2024
Image: Freepik/sentavio
New Regulations under PCMLTFA Announced with 30 Day Public Consultation Open
New rules under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) have been pre-published by the Canadian government. The proposed revisions, which are accessible now in Part 1, Volume 158, Number 27 of the Canada Gazette, seek to put into effect a number of initiatives that have been recommended in recent economic statements and budgets.
See: FINTRAC Guidance on Bitcoin ATMs and Money Laundering
To read the complete text and more information, go to both of the links below:
Overview of Proposed Regulatory Changes
Stakeholders have a 30-day consultation period to provide feedback on these proposed changes.
- Requires properties owned or controlled by individuals or entities listed under various anti-terrorism and sanction statutes to submit detailed reports on sanctioned properties.
- Introduces more stringent reporting guidelines and a registration structure for money service companies operating in the MSB sector in an effort to stop the financing of terrorism and money laundering.
- Requires thorough documentation of the private white-label automated banking machines' ownership, operation, and funding sources in order to improve security and transparency.
- Mandates title insurers to keep extensive records on title insurance policies and enforces the identification of unrepresented and third parties in real estate transactions.
See: Elliptic Publishes New Research on AI and Money Laundering
- Closes a regulatory loophole by making casinos disclose the ultimate beneficiary of payments received from third parties to ensure money traceability.
30 Day Consultation Period
Stakeholders are invited to evaluate the draft regulations and provide feedback during a 30 day consultation period. The contact information for submitting comments on the proposed regulations can be found in the Canada Gazette notice. Final regulations are expected later in 2024. Feedback can be sent by regular mail, email, or the internet.
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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Balance Invests $10M to Launch Trust Company in Canada
Balance | Release | Jul 3, 2024
Image: Balance
Balance Commits $10 Million to Register Balance Trust Company
Balance, the biggest and oldest custodian of digital assets in Canada, has announced the incorporation of Balance Trust Company as a special purpose trust under the Loan and Trust Corporations Act (Alberta). The company has committed $10 million in regulatory capital into a wholly-owned subsidiary. By offering fiat custody, digital asset custody, collateral management, and escrow services, this new subsidiary hopes to qualify as a custodian in both the US and Canadian markets.
See: Balance Commits to Alberta, Relocates to Calgary
This milestone follows over a year of meticulous preparation, including financial audits, SOC 2 Type 2 certification, and system penetration tests. Balance has also strengthened its insurance programs and added key leadership positions, including a CFO and Chief Compliance and Risk Officer.
Leadership and Governance
The board of directors of Balance Trust Company comprises industry veterans:
- George Bordianu: Co-founder, President, and CEO of Balance.
- Alex McDougall: Co-founder and CIO of Bicameral Ventures, President and CEO of Stablecorp.
- James Slazas: Founding partner and CEO of DARMA Capital.
- Colin Pyle: EVP of Strategy and Corporate Development at RFA Capital Holdings.
- Jean Desgagné: Former President and CEO of the Canadian Depository for Securities (CDS).
Significance of Milestone
Setting up the Balance Trust Company is an important milestone for several reasons:
See: 2023 BIS Survey: CBDC and Crypto Trends Revealed
- Balance is now in a position to provide really localized services in the Canadian market, reducing the dependency on the US for tech and custodians.
- At the moment, Balance uses its digital asset custody solutions to safeguard assets valued at over $2.5 billion. Once the Balance Trust Company is registered, Balance will expand to offer fiat custody, collateral management, and escrow services.
- By becoming a qualified custodian in both the US and Canada, balance will surely expand it's footprint in regulated North American markets.
George Bordianu, co-founder and CEO of Balance:
“Canadian regulated entities are still forced to this day to use US custodians or Canadian custodians leveraging US-based technology. We’re laser-focused on bringing a truly local solution to the ecosystem and are grateful to the team at the ATBF for their help and guidance in achieving this mission and for granting us this letters patent."
See: Canada’s Proposed Mutual Fund Crypto Regulations 2024
Conclusion
Balance Trust Company will be able to assist investment broker-dealers, advisers, and issuers of public ETFs and mutual funds after it is registered and qualified as a custodian.
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 US Crypto Tax Reporting Rules Starting 2025
Crypto | Jul 2, 2024
Image: Freepik/rawpixel.com
US Treasury Finalizes New Crypto Tax Reporting Rules for Exchanges and Payment Processors Starting in 2025
The US Treasury Department has finalized a comprehensive set of new cryptocurrency tax reporting guidelines that will take effect in 2025 (2026 tax filing season). These laws, aimed at increasing transparency and compliance, will have a substantial influence on cryptocurrency brokers, exchanges, and investors. They are also estimated to generate $28 billion in tax revenue over a decade.
See: CRA Pursues $54 million in Unpaid Crypto Taxes
Starting in 2025, bitcoin brokers, including exchanges and payment processors, will have to record user transactions to the IRS. A new tax form, Form 1099-DA, will be used to report gross profits, purchase dates, and sales prices. Furthermore, any transactions involving digital assets that exceed $10,000 must be recorded. Regulations for non-custodial brokers and decentralized exchanges have been deferred, with further information due later this year.
Treasury Makes Adjustments Based on Industry Concerns
The crypto industry has expressed concerns about the broad definition of 'brokers' triggering potential privacy issues, as well as the high compliance costs. This included nearly 44,000 comments made to reduce excessive restrictions on the impacted organizations. As a result of this feedback, the Treasury department altered the definition of broker such that "The final regulations require reporting by brokers who take possession of the digital assets being sold by their customers."
Danny Werfel, IRS Commissioner:
“These regulations are an important part of the larger effort on high-income individual tax compliance. We need to make sure digital assets are not used to hide taxable income, and these final regulations will improve detection of noncompliance in the high-risk space of digital assets. Our research and experience demonstrate that third-party reporting improves compliance. In addition, these regulations will provide taxpayers with much needed information, which will reduce burden and simplify the process of reporting their digital asset activity.”
See: Canada’s Proposed Mutual Fund Crypto Regulations 2024
Compared to Canada?
In Canada, bitcoin transactions are classified as capital gains or business income, and taxpayers must disclose all crypto transactions on standard tax forms. Unlike the United States, Canada does not require particular tax forms for bitcoin transactions, with a focus on individual taxpayer reporting rather than broker duties. For more information on Canadian regulations, visit the CRA Crypto Guidelines.
Closing
These improvements are intended to streamline the tax reporting process for cryptocurrency users and enable the IRS enforce tax compliance more efficiently. As the industry evolves, expect additional rules to change the landscape of digital asset taxes.
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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