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
Mastercard Announces Cybersecurity Winners and 6 New Start Path Participants
Cybersecurity | May 13, 2024
Image: Freepik/upklyak
Congratulations to Mastercard UNB Cybersecurity Scholarship Winners
The University of New Brunswick (UNB) has proudly announced the winners of the Mastercard Cybersecurity Scholarship, Vaishnavi Shanmugam and Erika Thea Ajes. This prestigious award grants each recipient $25,000 to support their studies in UNB's Master of Applied Cybersecurity and the Research-Intensive Cyber Knowledge Studies programs, emphasizing the importance of advancing cybersecurity education and research.
See: The State of Cybersecurity in The Fintech Industry
The Mastercard Cybersecurity Scholarship is an investment in the future of digital security. Both recipients are involved in forward-thinking cybersecurity projects at UNB, with Shanmugam focusing on network security enhanced by machine learning, and Thea Ajes specializing in developing robust software against cyber threats. Their work is expected to contribute significantly to the evolving landscape of fintech security, offering fresh insights into protecting digital assets and infrastructures.
Vaishnavi Shanmugam:
"Being a mom to a one-year-old daughter while navigating my studies is a challenging journey. UNB, CIC and Mastercard have recognized my hard work and awarded me this scholarship. This support extends beyond financial assistance; it has significantly reduced the burden of my education loan and given me the time to focus more on my studies.”
Erika Thea Ajes:
“I was amazed when I got the news, especially since it was my first time applying for a scholarship. The news lifted a weight off my shoulders and brought immense relief to my family back in the Philippines. I’m looking forward to the RICKS training program with CIC and Mastercard, and I can’t fully express my gratitude and excitement for this opportunity.”
See: Canadian Fintech VoPay and Mastercard Partner to Move Money
The Mastercard Cybersecurity Scholarship not only alleviates the financial burden for its recipients but also enriches the fintech ecosystem by nurturing innovators like Shanmugam and Thea Ajes. Congratulations to the scholarship winners, and kudos to Mastercard for their commitment to empowering the next generation of cybersecurity experts.
Mastercard Announces 6 New Startups Participating in Startup Path Program
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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OSC Activates 3 New Interim Class Orders to Boost Early-Stage Capital
Capital Raising | May 13, 2024
Image: Freepik/jcomp
The Ontario Securities Commission Publishes Three (3) New Interim Class Orders to Bolster Early-stage Capital Raising
The Ontario Securities Commission (OSC) has published three new interim class orders to foster capital formation, offering targeted relief and clear directives to specific groups within Ontario’s financial ecosystem. Effective May 9, 2024, these orders address not-for-profit angel investor groups, early-stage businesses, and streamline reporting processes under the self-certified investor prospectus exemption. Here, we break down the essential features and limitations of each order, clarifying their purpose, target audience, and anticipated impact on the markets.
Grant Vingoe, Chief Executive Officer of the OSC:
“New and growing businesses play an essential role in our economy, contributing to job creation and driving productivity gains through innovation and competition. These initiatives reflect the OSC’s commitment to fostering the conditions for growth and innovation in Ontario’s capital markets without compromising investor protection, as outlined in our recently released strategic plan.”
1. Ontario Instrument 32-508: Not-For-Profit Angel Investor Group Registration Exemption
- Tailored for Ontario-based not-for-profit angel investor groups that support early-stage businesses by connecting them with potential angel investors.
- This exemption allows not-for-profit angel investor groups to facilitate investments without registering as dealers. It permits these groups to identify Ontario early-stage businesses, introduce them to their members, and organize regular presentations and due diligence sessions without the stringent requirements typically associated with dealer activities.
See: OSC TestLab selects 7 businesses to help improve new capital markets testing environment
- The group must operate on a not-for-profit basis within Ontario, with no more than 500 members who must all be either accredited or self-certified investors. The exemption restricts groups from engaging in public advertising, preparing offering documents, or handling investment transactions directly.
- By reducing the regulatory load on these groups, the OSC facilitates a more robust support structure for startups, potentially increasing the flow of capital to innovative ventures and accelerating economic growth.
2. Ontario Instrument 32-509: Early-Stage Business Registration Exemption
- Designed for early-stage businesses in Ontario looking to raise initial capital through direct marketing and simplified capital-raising activities.
- This exemption enables eligible early-stage businesses to engage in capital-raising activities directly, such as through online promotions and during demo days, without needing to register as dealers. It allows businesses to raise up to $3,000,000 from accredited and self-certified investors.
- Businesses must be headquartered and operational in Ontario, not previously involved in securities fraud or violations, and cannot compensate anyone for finding investors unless through a registered dealer. They are also capped at raising $3 million under this exemption and must adhere to strict reporting and advertising guidelines.
- This exemption lowers the barrier for entry for startups, enabling easier access to necessary funds which can help them scale rapidly and contribute to the local economy.
3. Ontario Instrument 45-509: Report of Distributions under the Self-Certified Investor Prospectus Exemption
- Aimed at issuers utilizing the Self-Certified Investor Prospectus Exemption, facilitating capital raising from investors who can independently assess and understand investment risks.
- This order simplifies the reporting requirements for issuers raising capital under the Self-Certified Investor Prospectus Exemption. Rather than the comprehensive reporting typically required, issuers can now utilize a streamlined, quarterly report without associated fees.
- The simplified reporting applies only to distributions reported under the specific Self-Certified Investor Prospectus Exemption and must adhere to the framework set by the OSC, which limits the scope to specific types of investors and transactions.
See: Videos by Canadian Securities Regulators on Capital Raising in Canada
- By reducing the complexity and frequency of required reporting, the OSC encourages more issuers to opt for this exemption, fostering greater investment opportunities and reducing administrative burdens on emerging businesses.
Leslie Byberg, Executive Vice President, Strategic Regulation:
“The OSC TestLab initiatives will provide important insights as we work to support access to finance at all stages of business growth. The data and information collected will help inform future policymaking, including promoting access to capital for early-stage businesses in Ontario while also ensuring investor protections.”
Conclusion
These interim class orders from the OSC are designed to reduce regulatory impediments and support innovative financing structures. Each order is crafted with specific features and limitations to ensure the balance between capital formation and investor protection. As these initiatives unfold, they are anticipated to help improve Ontario’s economic landscape by enabling more capital-raising pathways for early-stage businesses.
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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The Cody Difference in Custom Software Development
May 13, 2024
In the rapidly evolving digital landscape, businesses face unique challenges that demand bespoke solutions. Custom software development stands at the forefront of addressing these needs, offering tailored solutions that fit the specific requirements of each business. The Cody Difference in custom application software development services embodies our commitment to excellence, innovation, and client satisfaction. Our approach is not just about coding; it's about creating solutions that drive business success.
Bespoke Software Solutions Designed to Meet Specific Business Needs
At Cody, we understand that each business is unique. That's why we offer bespoke software solutions designed to meet the precise needs of our clients. Whether it's streamlining operations, enhancing customer engagement, or securing data, our custom software solutions are built from the ground up to address your specific challenges and objectives.
Why Choose Cody for Your Custom Software Development?
1. Expertise and Experience
Our team of seasoned developers, project managers, and analysts bring a wealth of expertise and experience to each project. With a deep understanding of various industries and the latest technologies, we are equipped to deliver high-quality software solutions that meet the highest standards of excellence.
2. Tailored Solutions
We believe that one size does not fit all. That's why our software development process begins with a thorough analysis of your business needs. This enables us to create tailored solutions that are not only effective but also scalable and future-proof.
3. Agile and Transparent Process
Our agile development methodology ensures flexibility, transparency, and collaboration throughout the development process. Clients are involved at every stage, from initial planning to deployment and support, ensuring that the final product perfectly aligns with their expectations.
4. Cutting-Edge Technologies
Leveraging the latest technologies and development tools is at the core of The Cody Difference. From blockchain to AI and machine learning, we harness the power of innovation to create software solutions that give our clients a competitive edge.
5. Unmatched Quality Assurance
Quality is not an afterthought at Cody. Our rigorous QA process involves multiple layers of testing to ensure that the software is not only bug-free but also meets all functional requirements and performance benchmarks.
See: RBC and Rogers Cybersecure Catalyst Launch New Fintech Incubator
6. Post-Deployment Support and Maintenance
Our relationship with clients doesn't end with deployment. We offer comprehensive support and maintenance services to ensure that your software continues to perform optimally and evolves with your business needs.
Custom Software Development Services We Offer
- Enterprise Application Development: Streamline your business operations with custom-built enterprise applications designed for scalability, security, and high performance.
- Mobile Application Development: Engage your customers with intuitive and feature-rich mobile applications tailored to your business needs.
- E-Commerce Solutions: Boost your online sales with custom e-commerce platforms that offer a seamless shopping experience for your customers.
- Cloud Solutions: Maximize efficiency and reduce costs with cloud-based software solutions optimized for your business.
- Data Analytics and Business Intelligence: Unlock valuable insights from your data with custom analytics tools and dashboards.
Fintech software development
The Cody Advantage
Choosing Cody for your custom software development needs means partnering with a team that is dedicated to your success. Our client-centric approach, combined with our technical prowess and innovative strategies, sets us apart in the industry. We are not just developers; we are problem solvers committed to delivering solutions that drive business growth and efficiency.
Conclusion
In an era where technology is a key driver of business success, partnering with the right custom software development company is crucial https://codyua.com/services. The Cody Difference lies in our ability to understand your business, innovate with the latest technologies, and deliver bespoke software solutions that exceed expectations. Let us help you navigate the complexities of digital transformation and achieve your business objectives with custom software designed just for you.
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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Challenges in Global Crypto Regulations – Lessons from Dubai
Crypto Enforcement | May 9, 2024
Image: Freepik/rarwpixel.com
Challenges of Global Crypto Regulation and Edel Hsieh's Detention in Dubai
As reported in the Guardian, Edel Hsieh, a U.S. cryptocurrency entrepreneur entangled with an alleged pyramid scheme HyperVerse has been detained in Dubai and allegedly beaten and coerced into signing a false confession highlights significant risks of global crypto regulation in regions with stringent legal systems.
HperVerse Backstory
Sam Lee, the founder of the HyperVerse crypto scheme, was charged on Jan 30, 2024 by U.S. authorities with conspiracy to commit fraud related to a $1.89 billion alleged "pyramid and Ponzi scheme." Despite these charges, Lee continues to be involved in promoting new crypto ventures. For instance, he recently promoted a new project called VEND, a South African crypto venture, where participants can promote their crypto projects through livestreams. There was no specific mention of Lee being detained or restricted from traveling without a guarantor as a result of the charges, indicating that while he faces serious accusations, he still maintains some degree of freedom in his professional activities. This situation underscores the ongoing complexities and challenges in regulating international crypto entrepreneurs, particularly those involved in large-scale operations that cross multiple jurisdictions.
Edel Hsieh's Entanglement and Arrest
Edel Hsieh, the U.S. cryptocurrency entrepreneur, was initially linked to Sam Lee through the collapsed crypto fund HyperVerse. Hsieh's involvement in the broader crypto scandal centers around his business relationships and legal disputes within this context. Hsieh's significant issues began when he raised concerns about the operations of a cryptocurrency exchange company he was involved in called Fomodex, which he eventually believed to be fraudulent. After objecting to how the business was being conducted and questioning its legitimacy, Hsieh asked for a refund of his investment from his business partners, including Sam Lee. Lee reportedly issued cheques to Hsieh totaling $2.7 million, which subsequently bounced, leading Hsieh to file a legal complaint.
See: FTX Clients To Be Fully Reimbursed with Interest
However, Hsieh’s legal battles escalated when he was arrested at Dubai’s airport. The charges against him seem to stem from accusations likely filed by one of his business partners, not directly by Sam Lee, but within the tangled web of their business dealings. Following his arrest, Hsieh was allegedly tortured and coerced into signing a false confession while in police custody. His legal situation remains precarious, with serious allegations including theft and committing a felony in the context of financial disputes that are criminalized in Dubai.
Implications
- Edel Hsieh's ordeal underscores the significant legal and personal risks entrepreneurs face when operating in jurisdictions with less transparent legal processes. His arrest at Dubai's airport and subsequent alleged mistreatment by police illustrate the extreme situations that can arise from business disputes in such regions.
- Incidents like these can deter investment in regions perceived as high-risk. Potential fintech investors may reconsider their involvement in markets where legal protections are inconsistent or where the judiciary may be influenced by local business interests.
- The UAE's efforts to position Dubai as a global hub for cryptocurrency have been marred by instances like Hsieh's, potentially compromising its attractiveness to international entrepreneurs. Effective regulation that protects all parties' rights is crucial for the credibility of these initiatives. The alleged threats and physical abuse reported by Hsieh bring up critical human rights issues, aligning with other reported abuses within the UAE. This pattern may lead to increased international scrutiny and calls for reform, impacting the broader geopolitical and business landscapes.
Closing
The troubling events surrounding Edel Hsieh’s detention in Dubai are a stark reminder of the complexities facing fintechs operating in emerging markets with evolving regulatory frameworks.
See: SEC Issues Wells Notice to Robinhood Over Crypto
As the industry continues to globalize, the interplay between innovation, investment, and individual rights will influence its future trajectory.
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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Trends in Reg CF for Minority and Women Founders
Regulation Crowdfunding Report | May 9, 2024
Image: SEC, Office of the Advocate for Small Business Capital Formation
Regulation Crowdfunding is Shaping Opportunities for Minority and Women Entrepreneurs
The Securities and Exchange Commission (SEC), Office of the Advocate for Small Business Capital Formation (OASB) published a report by researcher Melody Cheng called "Women and Minority-owned Businesses in Regulation Crowdfunding' showcasing the increasing trend of how Regulation Crowdfunding (Reg CF) is reshaping the demographics of access capital, moving away from traditional venture capital and angel investment avenues.
- From 2016 to 2022, the proportion of women entrepreneurs participating in Reg CF increased from 17.3% to 22.5%. Similarly, there was a notable decrease in the proportion of White entrepreneurs from 83.4% to 73.0%, while the proportions of Asian, Black, and Hispanic entrepreneurs all saw increases.
See: Fintech Fridays EP62: The Future of Investment Crowdfunding: Innovations, Data, and Opportunities
- Data suggests that women and minorities have a higher success rate securing funding via Reg CF compared to traditional funding sources like venture capitalists and angel investors, indicating a more accessible and potentially less biased funding avenue.
- Reg CF's relatively low offering cap and streamlined process make it an ideal platform for startups and smaller businesses that might not have the collateral or business history required by traditional lenders.
- While there is positive momentum, challenges remain in terms of broader education about crowdfunding processes and the need for ongoing support to ensure these businesses can scale and sustain growth.
Policy Recommendations
The policy recommendations from the SEC report on minority and women activity under Reg CF include strategies aimed at boosting participation and providing ongoing support for these groups of entrepreneurs.
- The report suggests that the government could play a vital role by offering financial support programs such as grants or loans to firms that invest in or acquire startups led by diverse teams. This financial support would help these businesses scale and achieve sustainable growth.
- Encouraging strategic partnerships that could lead to strategic alliances or acquisitions is another recommended policy. These relationships could provide critical networking and mentorship opportunities, and potentially pave the way for successful exits for minority and women-led startups.
See: CCA Report: Investment Crowdfunding 2024: Key Insights
- Addressing educational gaps is crucial. This involves providing training and resources that prepare women and minority entrepreneurs to effectively utilize Reg CF. These initiatives would cover everything from understanding the legal requirements to mastering the financial management skills necessary for running a successful crowdfunding campaign.
- The report calls for robust pre-funding and post-funding support structures. This could include mentorship programs, technical assistance, and continuous advisory services to ensure the long-term viability of funded projects.
- Cultivating an inclusive culture within the investment community is essential. This means encouraging more diversity among investors and adjusting investment criteria that might disproportionately disadvantage certain groups.
- Achieving a more inclusive and equitable entrepreneurial ecosystem requires the combined efforts of policymakers, crowdfunding platforms, traditional investors, and other stakeholders in the entrepreneurial community.
See: The Real Story of Access to Capital
These recommendations are intended to remove barriers and enhance the ability of minority and women entrepreneurs to access and benefit from crowdfunding opportunities, thus promoting a more inclusive entrepreneurial ecosystem.
Closing
As policymakers and industry stakeholders continue to refine these platforms, the potential for fostering a more equitable business environment looks promising.
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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X10 Launches Hybrid Crypto Exchange with $6.5 Million
Launch | May 9, 2024
Image: X10 release
Three former Revolut employees have launched X10, a new hybrid crypto exchange, that merges the benefits of centralized and decentralized platforms. Backed by $6.5 million in venture capital from Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware and Cyber Fund, X10 is combining the performance of a centralized exchange with decentralized security so users can experience a fast, secure trading environment with self-custody of assets.
The company's founder and CEO, Ruslan Fakhrutdinov, was the former head of crypto ops at Neobank Revolut, together with Dmitrii Krasovskikh (former-tech lead), and Stefano Franz (former lead crypto engineer)
See: Revolut Launches Low Fee Crypto Exchange in the UK
"With X10, we want to give our users and traders the best of both worlds. Imagine the features and the speed of Coinbase or Binance but with full self-custody. The FTX situation, where users only got back a third of their funds, serves as a wake-up call for the industry. It urges us to reinforce trust and efficiency in crypto trading through on-chain trade settlement, validation, and self-custody”.
The x10 exchange platform uses the StarkEx Layer 2 engine for on-chain trade settlement, which not only ensures self-custody and transparency but also significantly enhances liquidity and user experience through superior latency and throughput. Key features include on-chain trade settlement and validations, superior performance through off-chain processing, and safeguards like independent Oracle price validation, making it a comprehensive solution in today's crypto trading space.
See: Global VC Hotspots: A Look at Top Growth Cities
X10 is headquartered in the United Kingdom and operates under UK regulatory guidelines. Although the specific type of regulatory license isn't mentioned in the release or on it's site but engaging with progressive financial regulatory authorities like the UK's Financial Conduct Authority (FCA) to ensure compliance with evolving crypto regulations will be key in maintaining trust and safety in financial transactions on their platform. Perhaps a great candidate for the FCAs new digital securities sandbox initiative - notably, the FCA and BoE are consulting on the final rules of the digital securities sandbox now.
Outlook
As the crypto market continues to evolve in the wake of high-profile collapses like FTX, X10 stands out as a forward-thinking response. This strategic blend being touted as the 'best of cefi and defi' could potentially influence future regulatory frameworks and market structures, making X10 an important project in shaping the future of cryptocurrency exchanges.
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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37% Globally to Use Local Payment Methods by 2028
Payments | May 7, 2024
Image: Boku 2024 Global Ecommerce Report
Local Payment Methods to Reach 58% of All Ecommerce Transaction Payment Value Globally by 2028
The 2024 Boku Global Ecommerce Report, produced in collaboration with Juniper Research, offers a detailed analysis of the rapidly evolving landscape of global ecommerce and payment systems drawing from extensive data across 37 major markets to provide insights into the current trends and future directions of the payments industry.
See: Process Flow Comparison: How VISA Works When Swiping a Credit Card at a Merchant’s Shop VS Digital Wallet
Traditional credit card usage like Visa and Mastercard are facing significant headwinds due to the rapid adoption of local payment methods that cater more closely to regional consumer behaviors and needs. These methods often offer greater security, lower fees, and are better integrated into mobile and digital user experiences. Furthermore, regulatory initiatives aimed at reducing foreign dependency in financial transactions are compelling markets to adopt and promote local payment infrastructures.
- Traditional global card networks like Visa and Mastercard are losing share at checkout points to various local and regional payment methods. These include digital wallets, direct account-to-account (A2A) payments, and buy now, pay later (BNPL) offerings. The transition reflects consumer preference for payment solutions that are tailored to local needs and offer added security and convenience.
- Account-to-Account (A2A) payments are growing significantly due to their cost-effectiveness and speed over traditional bank transfers. They're becoming a preferred method, especially in regions where digital wallets and mobile money solutions are prevalent. This trend is expected to continue as these solutions integrate more seamlessly with other financial services.
- BNPL schemes are increasingly popular as they offer consumers a way to manage cash flow better without immediate financial burden. This method is attractive in both developed and emerging markets, with ecommerce platforms and merchants quickly adopting BNPL to increase their appeal and customer base. While not as pervasive as in regions like Europe or Asia, there is growing interest in BNPL solutions among Canadian consumers. This interest is driven by the flexibility these services offer, allowing consumers to manage their budgeting more effectively without immediate financial strain.
See: Canada’s Payment Landscape 2009-2022 – BoC
- In regions like Asia-Pacific, super apps that integrate various services including payments, shopping, social media, and more, are reshaping consumer expectations and behavior. These platforms are enhancing the stickiness of digital wallets and are central to the digital payment ecosystems in their respective markets. See: China’s CBDC: Offline Digital Yuan Payments via Super SIM Cards
- Governments and regulators are playing a crucial role in shaping the payment landscapes by fostering the development of local payment infrastructures that reduce dependency on international card networks and enhance national economic sovereignty. These efforts are leading to the introduction of new standards and protocols for payments, and a reduction in costs, further encouraging innovation in local payment methods.
Implications
- Canadian businesses and merchants must adapt their payment strategies to include a variety of payment options that cater to local preferences and regulatory requirements, ensuring they remain competitive and relevant while maintaining security and user experience.
- Staying abreast of regulatory changes and engaging with policymakers can help businesses anticipate and adapt to changes in the payment landscape, ensuring compliance and leveraging regulatory support for innovation.
- The increasing popularity of BNPL and digital wallets presents new opportunities for financial services providers to develop and offer new products that meet changing consumer demands. Experian to Include Apple’s BNPL Data in Credit Reports
See: JPMorgan’s New Programmable Payments in Blockchain | “Crypto’s Back”, Stripe to Support On-Chain USDC Payments
- As payment technologies evolve, there is a need for consumer education to ensure that users understand the benefits and potential risks associated with new payment methods.
Conclusion
Overall, the 2024 Boku Global Ecommerce Report serves as a crucial resource for understanding the dynamics of the global payments industry, offering valuable insights for businesses looking to navigate the complexities of modern ecommerce environments. Visit NCFA's fintech industry reports and research page for more
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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