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
Campaign: Cascade Pro Trackable Performance Wallet
Crowdfunding | Nov 24, 2023
Cascade pro trackable performance wallet
The Kickstarter campaign for the Cascade Pro | Trackable Performance Wallets by MANI WONDERS is an exciting development in the world of personal accessories.
This product is designed to offer both style and functionality, making it an ideal choice for those who appreciate efficiency and security in their everyday carry items.
Here's a brief overview of the Cascade Pro wallet:
Image courtesy of Cascade Pro
- RFID Secure Wallet: The Cascade Pro wallet comes with RFID blocking technology, ensuring your cards are protected from unauthorized scanning and fraud.
- Quick-Access Card Ejection: This feature allows for easy access to your cards, making transactions faster and more convenient.
- Hideaway Money Clip: The wallet includes a hideaway money clip for those who prefer to carry cash, providing a secure and discreet way to hold bills.
- Detachable Cover: For days when you need to carry more, the wallet comes with a detachable cover, offering flexibility and additional space.
- Loss Prevention Tracker: One of the standout features of the Cascade Pro is its trackable technology, which helps in preventing loss or theft of the wallet.
The campaign is based in Toronto, Canada, and has set a funding goal of CA$ 20,000. It operates on an "all or nothing" basis, meaning the project will only be funded if it reaches its goal by the deadline on December 21, 2023.
See: William Shatner Feature-length Documentary Reaches $790,000 Equity Crowdfunding Goal (less than a week)
Supporting this campaign not only helps bring an innovative product to market but also promotes the growth of creative and practical design in personal accessories. The Cascade Pro wallet is a testament to the ingenuity of modern product design, blending technology with everyday convenience.
For those interested in supporting this campaign, you can visit the Cascade Pro Kickstarter page for more information and to make a pledge. Remember, backing a Kickstarter project is not just about getting a product; it's about being part of the journey from concept to reality.
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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Final Retail Payment Regulations Released Paving Way For Implementation
Payments Regulation | Nov 24, 2023
Image: Pexels/Breakingpic
The final regulations for the Retail Payment Activities Act (RPAA) have been published in the Canada Gazette, Part II.
These regulations help clarify the details of the legislation and outline the intentions of the law. Payment service providers (PSPs) will be required to register with the Bank of Canada starting on November 1, 2024.
The Bank’s related supervisory requirements will follow in September 2025. More information is now available.
More resources:
- Canada’s New Retail Payment Regulations: Registration and Compliance
- Summary: This article explores Canada's Retail Payment Activities Framework, impacting PSPs in 2024. It discusses compliance, exemptions, and its effect on the fintech sector.
- Published: Nov 16, 2023
- Read more
- Preparing for Retail Payment Act Changes
- Summary: Discusses the final regulations under the Retail Payment Activities Act in Canada, expected to be published in the Canada Gazette II, and the significant changes and preparations in retail payments supervision.
- Read more
- Regulatory Consultation (Feedback by March 28, 2023): Retail Payment Activities Act (RPAA)
- Summary: Covers the Department of Finance Canada’s proposed regulations on the RPAA, published for public comment, and the importance of the public comment period.
- Read more
- McCarthy Tetrault: Fintech Regulatory Developments: 2021 Year in Review
- Summary: Discusses the introduction and enactment of the Retail Payment Activities Act (RPAA) in 2021, including requirements for payment service providers in Canada.
- Read 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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Feds Promise Open Banking Laws in 2024 and to Broaden Access to Payments Canada
Open Banking | Nov 23, 2023
Image: Unsplash/Viktor Forgacs
In this weeks Fall Economic Statement the federal government announced plans to introduce open banking laws in 2024, and to expand Payments Canada membership eligibility.
See: Bill C-365: Paving the Way for Open Banking in Canada?
Open Banking Legislation Coming 2024
- The Canadian government has announced plans to introduce open banking legislation in Budget 2024.
- Open Banking will enable consumers to securely share their financial data with trusted third-party providers, unlocking a new era of personalized financial services.
- The legislation aims to enhance consumer control over financial data, promote competition, and foster the development of innovative financial solutions, marking a significant shift towards a more consumer-centric financial landscape in Canada.
Payments Canada to Expand Membership
- Another key announcement affecting fintech is the expansion of Payments Canada eligibility. This change will allow companies beyond the traditional big banks to participate in Payments Canada who are leading the development of a new Real-Time Rail payment system, such as payment service providers supervised by the Bank of Canada and local credit unions.
See: Insights Into Canada’s Evolving Payments Landscape
- This expansion is expected to drive down transaction costs and accelerate the transition to faster, more secure payment systems, significantly enhancing the efficiency and inclusivity of Canada's financial infrastructure.
Believe It When You See It?
Checkout the statements for yourself: See Section 2.1: Making Life More Affordable
Together, these initiatives will reshape how Canadians interact with their finances, offering more choices, better services, and a stronger, more resilient financial system for the future.
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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How Much Is Using the Wrong Credit Card Costing You?
Nov 21, 2023
Image by Freepik
Credit cards in Canada offer you an efficient way of managing your finances. But only if you are using the right credit card. A wrong credit card can cost you to an extent that will eliminate the benefits of using a credit card in the first place.
Wondering what is meant by the wrong credit card? A wrong credit card can be defined as a card that does not give you substantial rewards and benefits, whereas another would have given you substantially better rewards and benefits if you were using that instead.
Ways to identify you are using the wrong credit card
There are three basic ways to identify that you are using the wrong credit card. If you are experiencing any of the below-mentioned issues with your credit card, then you are using the wrong credit card and need to apply for a new credit card that matches your needs well.
Credit cards don't earn rewards as per your spending
If your credit card doesn't earn rewards in correspondence to where you spend, then it means that your credit card is not right for you. There are plenty of credit cards that offer rewards on certain purchase categories such as food, transportation, travel, etc. You need to make sure that the credit card earns rewards for you on frequent purchases to earn a good amount of rewards and enjoy the benefits of your credit card in the true sense.
For instance, if you buy groceries from store A, whereas your credit card offers reward points on grocery shopping from store B, then you are using the wrong credit card. The key is to ensure that the rewards are offered on the things that you buy to make the most out of your credit card.
Credit card perks are not being used
If the perks that your credit cards offer are not advantageous for you, then it is a sign that the credit card is wrong for you. For instance, If your credit card offers you travel insurance, but you haven’t travell ed in years, then it means that the added perk is not useful for you. The credit card perk should match your lifestyle requirements otherwise. To know whether the perks are useful or not, it’s necessary to read the reviews of the credit cards you are applying for.
The credit card annual fee is more than the advantage you seek from it
Many credit cards in Canada have an annual fee. You need to make sure the rewards you are earning as a result of the annual fee are more than the annual fee itself!
For instance, if your credit card offers you travel insurance and car rental discounts, and you are a frequent traveler enjoying the benefits of these credit card perks, which would be valued at $500, then a credit card with a $250 Annual fee is justifiable.
On the contrary, if you don't travel at all forgoing these perks, then the annual fee of $250 will be a liability in your pocket, offering you no advantage at all then the credit card is deemed to be wrong for you.
One way you can figure out whether a card has a net positive value is by using a rewards calculator.
Cost of using the wrong credit card
Using the wrong credit card not only deprives you of the intended perks and benefits but can incur additional costs for you. Here are some of the credit card costs that you will be liable to pay for using the wrong credit card.
Interest Rates
If you intend to carry the account balance from month to month as a revolving line of credit, then make sure that your credit card offers a minimal interest rate. Using a credit card with a high interest rate will result in excessive debt accumulation when you carry the balance to the next month. This will increase the interest charges even more than what you have spent on the purchase. Such an escalation in debt can lead to severe financial pressure on you, which is just the opposite of why you requested a credit card in the first place (to enjoy financial freedom). There are plenty of credit cards available in Canada. So, while applying for one you need to make sure that the interest rate matches you're spending requirements. If your spending pattern includes carrying the amount to the next month and your interest rate is way too high, then it means that the credit card is wrong for your needs. You will be required to apply for the right credit card or else you will end up bearing the interest rate cost. You can read here to learn more about how interest rates are applied to your credit card balance.
Cash Advance Fee
Withdrawing cash from a credit card isn't a rare phenomenon. If you are a credit card user who gets cash advances quite often but has a credit card that charges a very high cash advance fee, then you are surely using the wrong credit card. You need to find a credit card that charges a low cash advance fee so that you can frequently withdraw cash without having to bear the cost of a high cash advance fee. There are plenty of credit cards in Canada that charge very little cash advance fees. All you need to do is to find the credit card that offers the best cash advance fee.
Foreign Transaction Fee
If the credit card you are using for foreign transactions isn't available in foreign currency, then you will have to bear the cost of a foreign transaction fee, which is quite substantial. If you frequently have to purchase from international merchants then it is better to have a credit card with which you can save the foreign transaction fee. You have to work out to find a credit card with no or minimal foreign transaction fee. If you keep on using a high foreign transaction fee card, then you will be using the wrong credit card, which will end up increasing your expenditure in terms of additional fees (that can be saved if you use the right credit card.
Unmatched Rewards and Perks
If your credit card offers great rewards and perks, but you still do not redeem those rewards because they do not match your needs or requirements, then it implies that the credit card is not right for you. The rewards of credit cards should align with your specific needs. While choosing a credit card, you must find the one that suits your lifestyle and spending pattern.
See: TransUnion Offers Credit Scores for DeFi Borrowers Utilizing Crypto Assets
In essence, the right credit card is what offers you the maximum benefits and minimal cost. All you need to do is to vigilantly search for the credit card features that suit your spending habits, payment needs, and requirements. Choosing such a credit card will save you from incurring unnecessary costs while enjoying the rewards and benefits of using a credit card.
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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Goldman Sachs Funds Blockchain Payments Firm
Funding | Nov 17, 2023
Image: Unsplash/Shubham Dhage
Fnality raises £77.7M led by Goldman Sachs for a blockchain payment network, set to transform global financial transactions
Fnality, a blockchain-based wholesale payments firm, has successfully raised £77.7 million ($95.09 million) in its second round of funding. This round was led by Goldman Sachs alongside other prominent financial firms like BNP Paribas, DTCC, Euroclear, Nomura, and WisdomTree participated in this funding round.
With the latest funding, Fnality's total capital raised to date is £132.7 million.
The funds are earmarked for establishing a round-the-clock global liquidity management network, catering to new digital payment models in wholesale financial markets and emerging tokenized asset markets.
See: Understanding the Impact of Blockchain on Banking: Cross-Border Payments
Fnality's Evolution
Fnality International began as a research project focused on understanding how Distributed Ledger Technology (DLT) could transform financial markets. It evolved into a consortium of financial institutions exploring the use of Blockchain and DLT for tokenizing cash assets to settle securities trades, addressing challenges in Financial Market Infrastructures (FMI).
Key Developments:
- Utility Settlement Coin (USC) Project: The initiative was initially known as the USC Project, with a core objective to create a peer-to-peer digital cash asset for settling tokenized transactions with finality.
- Payment Solution Goals: The envisioned payment solution aimed to be available in multiple currencies, capable of interoperating across various business platforms, and represent a digital version of money held in central bank accounts.
After establishing the feasibility of their aims, the consortium members invested in creating Fnality International (Fnality) to enable 'on-chain' payment.
See: Bank Consortium to Launch “Paze” to Challenge Big Tech’s Fintech Dominance
Fnality now includes 17 major institutions as shareholders, such as Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, Euroclear, ING, KBC Group, Lloyds Banking Group, Mizuho Financial Group, MUFG Bank, Nasdaq, Nomura, Sumitomo Mitsui Banking Corporation, State Street Corporation, and UBS.
Next Steps
Fnality is awaiting approval from the Bank of England to commence operations, with plans to launch the Sterling Fnality Payment System in 2023. This system promises to be a game-changer, offering round-the-clock global liquidity management and supporting new digital payment models in both wholesale financial markets and emerging tokenized asset markets.
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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Canada’s New Retail Payment Regulations: Registration and Compliance
Payment Regulations | Nov 16, 2023
Image by Freepik
The Retail Payment Activities Regulations (Regulations) are set to be published on November 22, 2023.
BLG (Borden Ladner Gervais LLP) recently provided an insightful summary of the upcoming changes in Canada's payment industry titled "Canada’s Retail Payment Activities Framework to take off in November 2024". Here are the key points:
Registration and Compliance
- The Retail Payment Activities Regulations (Regulations) are set to be published on November 22, 2023. These regulations will bring Canada closer to regulating payment businesses, including paytechs and certain fintechs, under a formal retail payments supervisory framework overseen by the Bank of Canada.
- Payment Service Providers (PSPs) must submit a registration application to the Bank between November 1 and November 16, 2024. This window is crucial for PSPs to submit their registration applications to the Bank of Canada.
- By September 8, 2025, the compliance curtain rises, with the Bank notifying applicants of their registration status.The Bank will notify applicants of their registration status by September 8, 2025, which is also when compliance requirements begin.
- During the transition period, the Bank may request additional information from applicants, which will be shared with FINTRAC and the federal Minister of Finance. Registration can be refused for reasons such as non-registration with FINTRAC, providing false information, or national security concerns directed by the Minister of Finance.
See: Insights Into Canada’s Evolving Payments Landscape
- Compliance of the new regulations specify requirements for risk management, safeguarding end-user funds, reporting, registration, and record-keeping. These include annual reviews of risk management frameworks and safeguarding-of-funds frameworks by the business's board of directors.
- The finalized regulations have made some changes from the draft, such as reducing the frequency of independent reviews of the safeguarding-of-funds framework and limiting the application of requirements to third-party service providers.
Who is Caught in the Scope
It is estimated that approximately 2,500 PSPs will be impacted due to the Framework's broad scope.
The Framework applies to any retail PSP, regardless of their location (inside or outside Canada), when they perform one or more of the following payment functions in the context of an electronic funds transfer (EFT):
- Providing and maintaining a payment account.
- Initiating payments.
- Authorizing and transmitting EFTs, or facilitating instructions related to an EFT.
- Holding funds on behalf of end users.
- Providing clearing or settlement services.
See: The Transformative Impact of Instant Payments on Financial Crime Mitigation
Who is Excluded
To prevent regulatory and supervisory duplication, the Act empowers the Governor of the Bank to exempt certain entities or classes of entities from certain provisions of the Framework if they are already subject to substantially similar provisions in another Canadian federal or provincial law.
Specific Exclusions
- Transactions already regulated (or exempted from regulation) under Canadian securities laws.
- Transactions involving SWIFT.
- Payment activities that are considered “incidental” to another service or business. The Bank has committed to providing further information on the meaning of incidental in the near future.
The Framework, therefore, includes a wide range of PSPs, particularly those involved in electronic funds transfers and related activities. However, it also provides for exemptions to avoid overlapping regulations and includes specific exclusions for certain types of transactions and activities. This approach aims to ensure comprehensive oversight of the payment services sector while avoiding unnecessary regulatory burdens on entities already governed by other laws.
See: McKinsey Global Payments On Cusp of ‘Decoupled Era’
Closing Thought
The Framework isn't just about registration. It demands a strategic rethink of your risk management, fund safeguarding, reporting, and record-keeping practices. Annual reviews and board-level approvals are now part of the playbook.
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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Top 5 Ways Businesses Can Benefit From DaaS
Nov 15, 2023
Image: Unsplash/Carl Heyerdahl
DaaS solutions allow employees to work from any device of their choosing without IT having to provide company-issued hardware, making BYOD policies simpler to implement and lowering overhead costs.
DaaS provides businesses with an efficient way to easily adjust to changing business needs quickly, while saving on IT infrastructure expenses. Here are the top five benefits DaaS provides for businesses:
1. Scalability
DaaS is essential in helping businesses expand their operations quickly and smoothly, which makes the software so attractive. Without it, hiring additional employees would require time-consuming IT setups of physical machines for them - an unnecessary and time-consuming hassle for any growing company.
DaaS provides faster patching and updates. IT teams can update a single image and have it apply across every device; unlike with traditional PC setups where each change must be manually applied to every individual device individually.
DaaS makes data more secure by never leaving its central server, meaning if an employee's laptop is stolen, company information doesn't reside on that device and cannot be compromised. Furthermore, DaaS also facilitates employees working remotely or from home more easily.
2. Flexibility
DaaS is often more cost-effective and practical for organizations than buying, managing and deploying desktop hardware on their own, saving both money and resources in the process.
DaaS' flexibility can also keep employees engaged and productive. Employees can work from any device connected to the internet with access to company applications - providing hybrid work models, BYOD initiatives, and overall productivity gains.
Data stored in a data center reduces security risks significantly, as updates and patches can be deployed more easily on one single image - saving both time and resources; additionally if an employee loses or steals their device it's easy to disconnect it without impacting other devices or increasing energy costs; eliminating servers taking up significant space can also save energy costs significantly.
3. Security
With DaaS, IT departments no longer need to limit workers to company-issued devices; users can work from their personal smartphones, tablets and laptops while still accessing all the applications and data necessary for doing their jobs. This brings about several DaaS benefits, including:
Enhanced employee productivity: Employees can work from anywhere, at any time, оn any device, which can significantly improve productivity.
Reduced security risks: Data and applications are stored securely іn the cloud, rather than оn end-user devices, which are more susceptible tо theft оr hacking.
Lower costs: Businesses can save money оn hardware, software, and IT support costs.
Business can use BYOD policies more easily to allow employees to remain productive while working remotely, while simultaneously lowering security risks as all data and applications reside securely in the cloud rather than end user devices that could become targets of hackers.
DaaS providers also allow companies to reduce resource wastage by disconnecting inactive desktops automatically when they're not being used for a set amount of time, helping businesses save resources as well as energy costs since many DaaS solutions run on eco-friendly cloud platforms.
4. Mobility
DaaS offers employees the freedom to work from any device they choose, with IT teams easily being able to facilitate Bring Your Own Device policies that ensure consistent access across devices.
Updating software on numerous devices can be time consuming and costly for IT teams. DaaS makes this task simpler by offering cloud service providers who manage updates and maintenance as one subscription option.
See: Visa’s Solutions for the Creator Economy and Fintech Opportunities for Tomorrow’s Digital SMBs
With data monetization initiatives gaining in significance, DaaS can provide an ideal solution to breaking down data silos and giving teams easy access to integrated data. Trustworthy information increases innovation while at the same time making more informed decisions that reduce costs and avoid wasteful spending. Adding ease-of-accessing data solutions could increase employee efficiency by about five percent.
5. Costs
Organizations using DaaS no longer need to invest in hardware for their IT needs; its subscription-based model helps reduce overall IT costs and is the dream of any CFO.
Employees benefit from accessing data and applications reliably on any device with secure, reliable connectivity - leading to greater productivity, team spirit and morale boosting, reduced risks associated with virus attacks or IT management concerns, as data remains centralized rather than on endpoint devices.
Your organization can also reduce its carbon footprint through DaaS. Being cloud-based, DaaS eliminates servers which consume vast quantities of power, as well as taking minutes to spin up new desktop images and IT teams monitoring performance remotely - further decreasing downtime for support services and operational costs.
Reduce Costs and Enhance Productivity with DaaS from a Calgary Managed IT Services Company!
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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