Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Equity Crowdfunding, Alternative Funding
Building a Legal Bench: How Fintech and Crowdfunding Companies Can Hire the Right Legal Talent
Oct 5, 2026 | Legal, Regulation, FinTech, Crowdfunding, Human Capital
In the early days of a fintech or crowdfunding platform, legal work often falls to a founder, an outside firm on retainer or a part time advisor. That works for a while. Then the company grows, regulators take notice, partners ask harder questions during due diligence, and it becomes clear that legal expertise is no longer a supporting function. It is part of the product.
Hiring the right legal talent at the right time can be the difference between scaling smoothly and stalling under compliance pressure. Here is what Canadian fintech leaders should know.
Why Legal Talent Is a Growth Issue
Fintech companies operate in one of the most heavily regulated corners of the economy. Every new product, market or partnership can trigger obligations around money laundering, privacy, securities or payments.
Investors understand this. Strong legal and compliance leadership signals that a company can grow without costly surprises. Banks and payment partners often expect it before they will sign an agreement. And when something does go wrong, experienced counsel can limit the damage.
The Regulations Driving Demand
The Canadian regulatory landscape explains why legal hiring has become so competitive.
Anti-Money Laundering
Many fintechs, including money services businesses and some crypto platforms, have reporting and compliance obligations to the Financial Transactions and Reports Analysis Centre of Canada. These obligations typically include appointing a compliance officer, maintaining a written compliance program and reporting certain transactions. Getting this wrong can lead to significant penalties.
Privacy and Data Protection
Fintechs handle highly sensitive personal and financial information. In most provinces, private sector privacy is governed by the Personal Information Protection and Electronic Documents Act (PIPEDA), and the Office of the Privacy Commissioner of Canada explains how organizations must collect, use and protect that information. Some provinces also have their own private sector privacy laws.
Securities and Crowdfunding
Crowdfunding portals and investment platforms must navigate provincial securities rules, including the national start-up crowdfunding exemptions. Offering documents, investor limits and marketing all require careful legal review.
Payments
The Retail Payment Activities Act requires many payment service providers to register with the Bank of Canada and meet operational and fund safeguarding requirements, adding a new layer of compliance work for payments companies.
The Legal Roles Fintechs Hire For
Not every company needs a full legal department on day one. As companies grow, these roles tend to appear in roughly this order.
General Counsel
A first general counsel usually handles everything from contracts and financing to regulatory strategy. The best early hires are generalists who are comfortable working at startup speed and know when to bring in outside specialists.
Compliance Leadership
A dedicated compliance officer, often with anti-money laundering expertise, becomes essential once regulatory obligations grow. This person builds policies, trains staff and manages relationships with regulators.
Privacy and Technology Counsel
As products become more data driven, specialized counsel can manage privacy programs, vendor agreements and cybersecurity requirements.
Commercial and Partnership Counsel
Growing fintechs sign agreements with banks, processors, software vendors and distribution partners. Counsel who can negotiate these efficiently keeps deals moving.
Why Fintech Legal Hiring Is So Difficult
Lawyers with real fintech experience are in short supply. Fintechs compete with major banks, large law firms and global technology companies for the same people, often with smaller budgets. Candidates also need a rare combination of skills: regulatory knowledge, commercial judgment and comfort with ambiguity.
Startups can compete by offering meaningful equity, broad responsibility and the chance to shape a legal function from the ground up. But they need to find the right candidates first.
Practical Tips for Hiring Legal Talent
A few steps can make the process more effective:
- Define the regulatory scope of the role before writing the job description.
- Decide which work stays with outside counsel and which moves in house.
- Look for candidates who can explain complex rules in plain language.
- Test for commercial judgment, not just legal knowledge.
- Plan the reporting line, since legal and compliance leaders need direct access to senior leadership.
Many companies also find it worthwhile to work with specialists. Experienced legal recruiters like The Heller Group understand the Canadian legal market and can identify candidates with the right regulatory background, including those not actively searching. That can save months on a critical hire.
Legal Strength as a Competitive Advantage
In fintech and crowdfunding, legal expertise is not overhead. It is infrastructure. The companies that thrive are the ones that treat compliance as part of their product, build legal capacity ahead of regulatory pressure and hire people who can help them grow responsibly. Investing in the right legal bench early is one of the smartest moves a growing platform can make.
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 Webinar Oct 15]: Capital Raising Opportunities and Regulatory Innovation in Ontario
September 29, 2026 | NCFA Event Spotlight | Capital Formation And Venture Markets, Regulation And Policy, Competition And Market Structure
October 15 Session, Financing Limits And Issuer Rule Reviews
On October 15, 2026, the Ontario Securities Commission will host Capital Raising Opportunities and Regulatory Innovation in Ontario, a 90 minute webinar on how businesses can raise capital across Ontario's private and public markets. The session comes while the OSC is looking at where companies encounter financing gaps or regulatory obstacles as they move from startup through maturity.
The webinar runs from 10:00 to 11:30 a.m. Eastern with the OSC staff covering the Listed Issuer Financing Exemption (LIFE), the Well Known Seasoned Issuer (WKSI) regime, prospectus exemptions, streamlined reporting requirements and cross border capital raising arrangements with regulators in France and Hong Kong. A final panel focuses on how evidence from issuers, founders, dealers, investors and advisors informs OSC capital formation initiatives.
Event Overview
Event: Capital Raising Opportunities and Regulatory Innovation in Ontario
Host: the Ontario Securities Commission
Date: October 15, 2026
Time: 10:00–11:30 a.m. ET
Format: Webinar
Registration: Register for the OSC webinar
Agenda
- 10:00–10:15: Ontario capital markets, trends and the OSC's role, with Chief Economist and VP Paul Redman
- 10:15–10:45: LIFE, WKSI, prospectus exemptions, streamlined reporting and cross border capital raising, led by Corporate Finance VP Marie-France Bourret and moderated by McMillan partner Leila Rafi
- 10:45–11:15: Accessing growth capital and how market evidence informs OSC initiatives, with Economic Growth and Innovation VP Benjamin Matthews and Trading and Markets Senior Legal Counsel Gloria Tsang, moderated by Blakes partner Christopher Jones
- 11:15–11:30: Audience Q&A
LIFE, WKSI And Growth Capital On The Agenda
The agenda covers several points where financing can become easier or more difficult as a company grows. LIFE gives eligible listed issuers a lighter route to public capital. WKSI can simplify access for larger, established issuers. Prospectus exemptions provide other routes, while streamlined reporting can affect how much time and money companies spend meeting securities requirements.
LIFE provides a useful example of why regulatory design matters. In May 2025, regulators expanded Canada's Listed Issuer Financing Exemption, raising the financing limit from C$10 million to C$25 million, or as much as C$50 million for larger issuers, subject to conditions. Hundreds of issuers subsequently raised about C$3.7 billion during the first year under the higher limits, roughly eight times the previous pace.
The CSA is now proposing to make those higher limits permanent, with comments due October 21. Higher limits don't prove that regulation caused every additional financing, but issuers clearly used the added capacity. That gives the OSC webinar a concrete example to work from when discussing which rules facilitate capital raising and which may constrain it.
The international agreements with France and Hong Kong add another angle. For companies capable of raising beyond Canada, the issue isn't only how much capital is available domestically. It is also how efficiently an Ontario issuer can reach investors and markets elsewhere without duplicating unnecessary regulatory work.
Where Does Financing Stop Working For Growing Companies?
The OSC's Office of Economic Growth and Innovation is looking across the financing continuum rather than at one exemption or company stage. An early stage company may raise its first outside capital and still struggle when it needs a much larger round. A listed company may have more financing routes but face costs, disclosure requirements or eligibility rules that make some of them impractical.
Canada's recent SME financing gaps evidence shows why formal access and usable access aren't always the same thing. A funding route can exist and still fail to meet the size, cost or timing a growing company needs.
Canada's recent SME financing gaps evidence shows why formal access and usable access aren't always the same thing. A funding route can exist and still fail to meet the size, cost or timing a growing company needs.
Equity crowdfunding offers a specific example. Canada's NI 45-110 startup crowdfunding exemption remains capped at C$1.5 million over 12 months, while NCFA has advocated a C$5 million or higher issuer cap for years. Recent Canadian offerings have also pushed close to the existing C$1.5 million ceiling.
Other markets allow substantially larger raises.
- The EU crowdfunding regime permits up to €5 million over 12 months, while the EU's wider prospectus exemption now reaches €12 million, although member states can apply a €5 million threshold instead. EU crowdfunding and prospectus thresholds provide the regulatory detail.
- In the U.S., Regulation Crowdfunding permits up to US$5 million over 12 months.
- The SEC is also considering a petition to change Regulation Crowdfunding limits, while its separate 2026 Regulation Crypto Assets proposal would create tailored exemptions of up to US$5 million over four years and US$75 million in any 12 month period for certain crypto investment contracts.
The OSC hasn't included equity crowdfunding as part of the webinar, but the Canadian investment crowdfunding issuer cap illustrates the policy question well. When does a financing limit become too low for a growing company and push it toward a more expensive way to raise capital?
The 10:45 panel should be especially relevant for founders, issuers, dealers and funding platforms. The OSC says it will discuss how stakeholder feedback, market intelligence and data influence targeted initiatives. Useful questions include where the regulator sees the largest gaps between startup, private growth and public markets, which requirements materially affect access to capital, and what evidence it needs before changing a rule.
Capital Raising Rules Are Already Under Review
The October 15 session lands in the middle of two live regulatory discussions. The proposed LIFE amendments close for comment on October 21. A separate CSA review, open until November 13, considers public company regulation including issuer classification, financial reporting requirements, private placement hold periods and material change reporting.
Neither process means the OSC has decided that particular rules should change. They do show that regulators are comparing existing requirements with how companies actually raise capital, while the OSC is gathering evidence about financing friction at different stages of growth.
More Reading:
- Almost $4 Billion Shows What Lower Securities Friction Can Do — what happened after higher LIFE limits took effect
- UK Crowdfunding Caps Lift As EU Pushes €12M — larger overseas fundraising limits and the case for revisiting Canada's C$1.5 million crowdfunding ceiling
- Can Canada Turn Access Into Productive Participation? — whether wider financial market access is translating into usable capital and economic growth
- Canada's C$14T Non Bank Financial System Opens Up — how Canada's large pool of non bank financial assets connects with wider market access and competition
Talking Point
Ontario already gives companies several ways to raise capital. The question is where those options stop working as a company grows. Sometimes the problem is investor demand or business risk. Other times, financing limits, costs or regulatory requirements may be getting in the way. The October 15 discussion should help show where the OSC sees those problems and what evidence might support a change.
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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Can Canada Turn Access Into Productive Participation?
August 21, 2026 | Last Updated: Oct 7, 2026 | NCFA Story Intelligence | Competition And Market Structure, Capital Markets And Market Infrastructure, Open Banking Open Finance And Data Sharing
Can Canada Turn Access Into Productive Participation?
Talent, Capital, Payments, Data And Retail Markets Are Converging Into A 2030 Growth Test
On August 21, 2026, Canada's founder drain returned to the national debate with a harder number attached to it. The Dominion List, a curated catalogue rather than a census, now tracks 517 U.S.-based companies with a Canadian-linked founder. Together they have raised roughly US$414 billion. About 88% of the founder links include education at a Canadian university, and 56% of the companies are headquartered in San Francisco.
The pace in the list also accelerated during the AI boom. Jesse Rodgers' Barn Ventures analysis counts 60 newly founded U.S. companies with Canadian-linked founders in 2023, 93 in 2024 and 87 in 2025, compared with roughly 20 to 30 a year from 2016 through 2022. The dataset is curated and recent companies may be easier to capture, so it should not be treated as a population estimate. The direction is still difficult to ignore.
Canada clearly produces ambitious builders. The strategic question is whether enough of them can find the capital, customers, infrastructure, investors and operating density needed to build more of the resulting value here. That makes founder retention part of a wider participation problem, not a standalone brain-drain story.
Canada Produces The Builders. The U.S. Captures More Of The Compounding
Canadian universities are producing founders at global scale. The Dominion List links 88% of its founder records to Canadian universities. Waterloo alone accounts for 216 founders across 180 U.S.-based companies in the current dataset, while Toronto, McGill, UBC and Queen's are also major feeders.
The value capture concentrates somewhere else. The 517 companies in the list have raised about US$414 billion. Fifty-six are valued at US$1 billion or more, 19 are public and 59 have been acquired. San Francisco alone hosts 287 of them.
Talent Is Only Productive Capacity If The System Activates It
Canada's problem is not producing ambitious people. It is converting more of that talent into companies, jobs, ownership and follow-on investment that compound inside the Canadian economy.
U.S. founder programs start earlier and remove more friction. Barn Ventures maps programs that reach students before graduation, then layer in early capital, founder communities, recruiting, immigration support and dense investor networks. The argument is that the U.S. offer is a system rather than one accelerator or one cheque.
Canada's response cannot be one more accelerator. Keeping more founders does not mean preventing mobility or copying Silicon Valley. It means giving more builders credible reasons to start, finance, hire and scale from Canada before the strongest networks and ownership structures form elsewhere.
The Participation Problem Starts Before The Financing Round
Capital matters, but so do density, access, customers, infrastructure and the speed of getting from talent to a company with traction. Founder retention makes the wider participation thesis concrete because Canada can create the input and still lose much of the compounding.
The U.S. Keeps Reopening The Participation Question
The Forum looks across the financing lifecycle. NCFA's review of the SEC Small Business Forum shows why the process is useful for Canada. The 2026 Forum program again moved from early-stage financing to growth capital and smaller public markets.
The same frictions keep returning in new forms. Finders, investor eligibility, offering limits, fund structures, secondary liquidity and small-public-company economics remain active issues because one reform can solve one bottleneck while exposing another.
The Market Is Never Finished 45 years of feedback
The transferable lesson is not a U.S. securities rule. It is the habit of bringing market participants back into the process and testing whether a framework is producing the market it was intended to create.
Canada already has detailed market evidence. CVCA tracks venture and private equity, while NACO tracks angel investing. Regulators and departments publish market studies, consultations and program data. Canada does not lack information about every part of the financing system.
Canada is also actively intervening. The federal government is preparing another C$1 billion venture and growth capital program. The Competition Bureau is studying SME financing. Payments, data access and retail private markets are also being redesigned.
The Canadian Opportunity Is To Connect Policy With Market Function
Canada already has consultations, programs and market data. The harder test is whether each reform produces enough real participation to change who can compete, invest and scale.
Canada Is Opening More Than Capital Markets
Institutional venture capital is getting a larger engine. The Venture and Growth Capital Catalyst Initiative is designed to attract more private and institutional capital into Canadian venture funds, strengthen fund managers and support high-growth companies from pre-seed through growth.
SME financing is being tested against a broader business population. NCFA's SME financing competition review examines lender entry, expansion, switching friction and the market position of alternative finance providers. The Competition Bureau market study is the primary verification source.
More Capital Does Not Answer Who Can Participate
Growth VCCI can deepen capital for companies that fit venture mandates. It does not automatically finance every viable manufacturer, service company or local employer whose growth profile, asset base or financing need sits outside institutional venture economics.
Financial data is moving toward regulated access. NCFA's Canada Open Banking Rules intelligence tracks accreditation, liability, data scope, security and technical standards as consumer-driven banking moves toward operation. Finance Canada's proposed regulations provide the primary policy source.
Core payment infrastructure is opening to a wider membership base. PSPs and more credit unions can join Payments Canada, while the Real-Time Rail rules and access are moving toward the planned Q4 2026 launch. Payments Canada remains the primary launch and system source. Wider eligibility gives PSPs and credit unions a clearer route into core payment infrastructure.
The Door Opens, Then Economics Decide Who Walks Through
Formal access changes who is allowed to participate. Competition changes only when entrants can absorb compliance, technology, integration and operating costs and still build products customers want.
Fintechs can gain more control over the customer experience. More direct access to data, payments and settlement can reduce dependence on incumbent-controlled infrastructure and give challengers more control over pricing, product design and service delivery.
Smaller financial institutions can compete through shared capabilities. Credit unions and regional firms may not need to build every payments, AI, compliance, data or digital-asset capability internally if specialized providers can deliver those functions at workable scale.
Participation Can Change The Cost Of Competing
The payoff is not a longer list of fintech entrants. It is more providers controlling enough of their infrastructure and economics to put sustained pressure on incumbents.
Retail Investors Are Entering Private Markets Through Two Doors
Managed access gives households professional selection. Ontario's long-term asset fund work could give retail investors diversified exposure to venture capital, private equity, private debt, infrastructure and other long-duration assets through professionally managed funds. The OSC LaunchPad notice verifies the project and its retail-access objective.
Direct access gives households the company decision. Equity crowdfunding lets an investor choose an individual company. It can connect businesses with customers, employees and supporters, but it also concentrates risk and usually offers little liquidity.
Private-Market Access Is Splitting Into Two Models
Managed access can broaden exposure to private-market returns. Direct access can broaden the number of people deciding which companies receive their money. Both can widen participation, but they create different markets.
Canada is building the managed channel for wider retail use. Managed structures can bring diversification, diligence, portfolio construction and product-level controls around valuation and liquidity. They can also preserve professional gatekeeping over where retail capital is deployed.
Canada's direct channel remains comparatively constrained. NI 45-110 allows a Canadian issuer to raise up to C$1.5 million in 12 months. Ordinary investors are generally limited to C$2,500 per offering, or C$10,000 when a registered dealer determines suitability.
Risk Appetite Is Also A Wealth Participation Question
If more company value is created while businesses remain private, wider retail access affects more than issuer financing. It influences which households can accept productive risk and participate earlier in private-market returns.
Canadian direct demand can reach the existing ceiling. Blossom, Edison Motors and Gander have used community capital alongside accredited, offering memorandum or other financing. Their raises show direct retail capital can complement professional capital rather than replace it.
International peers provide more room for direct participation. Australia permits eligible issuers to raise A$5 million in 12 months and caps retail investment at A$10,000 per company annually. U.S. Regulation Crowdfunding allows eligible issuers to raise up to US$5 million.
Legal Access Can Still Produce A Thin Market
Canada's smaller market does not prove regulation caused weak activity. Issuer quality, investor demand, distribution, awareness, liquidity and platform execution also matter. It does show why market-opening rules should eventually be judged by whether enough issuers, investors and intermediaries can participate economically.
By 2030, Participation Should Show Up In The Market
One future produces more viable participants. New payment participants build useful services. Open-banking firms turn permissioned data into products customers adopt. Smaller institutions buy modern capabilities instead of rebuilding them. More businesses find financing that fits their stage and economics.
The other future opens rules without changing market power very much. Accreditation, integration, compliance, distribution and technology remain expensive enough that the largest institutions and professional managers capture most new activity. Formal access widens while competitive intensity changes only at the margin.
By 2030, The Difference Will Be Visible In Who Built Scale
The evidence will be practical. Entrants that survive. Products customers use. Capital reaching different kinds of companies. Investors using managed and direct routes. Smaller institutions offering capabilities once reserved for much larger competitors.
Better participation can improve the inputs to productivity. More financing choices, faster settlement, stronger data access and better financial tools can give businesses more capacity to invest, automate, hire, commercialize and serve customers.
Stronger companies can create the next round of participation. Businesses that build revenue, productivity and international reach create more investable opportunities. When more founders build and exit from Canada, employees, angel investors and repeat entrepreneurs can recycle capital, experience and networks into the next generation.
That recycling question is now moving into tax policy. The Bet on Canada campaign, launched in October 2026 by Canadian innovation, venture and professional groups, is calling for stronger incentives to reinvest gains from successful Canadian companies into the next generation of domestic businesses, including broader capital gains rollover treatment.
Productive Participation Could Become Self-Reinforcing
More viable participants can increase competition. Better competition can improve products, distribution and capital allocation. Better tools and financing can support more investment. Stronger companies can create more opportunities for households and institutions to participate again.
The U.S. process expects the friction to change. Market participants return because new rules, market conditions and business models keep changing the problem. A recommendation can be implemented and still leave a new bottleneck elsewhere.
Canada will need the same feedback discipline across more than capital. As payments, data, private markets and financing become more open, policymakers will need to know who entered, who could not, which businesses became sustainable and where access failed to generate enough economic activity.
The Next Policy Question Comes After Access
Canada has spent years opening doors. The next phase is finding out which openings create viable markets. That means judging regulation and public programs by the participation, competition and productive activity they generate while preserving the protections that made wider access possible.
Participation is not a complete explanation for Canada's productivity problem. Management capability, commercialization, industrial structure, R&D, domestic demand, risk appetite and global scale all matter. The value of the thesis is that Canada is now opening enough capital, data, payments and investor channels at the same time to test whether participation becomes a measurable growth mechanism.
Talking Point
Canada already produces globally competitive talent and holds deep pools of capital, technology and institutional capacity. The opportunity between now and 2030 is to connect more of those assets before founders, ownership and future value compound somewhere else. If today's reforms create viable participation rather than permission alone, Canada could end the decade with more competitors, more investable companies and more ways for households and institutions to share in productive 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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The State of Crowdfunding in Canada 2026: Growth at the Top, Erosion at the Base
Aug 4, 2026 | Crowdfunding, Charitable Giving, Digital Platforms
Quick answer: Canadian crowdfunding grew in dollar terms in 2026 but shrank in participation. Online donations processed through CanadaHelps reached $529 million in 2025, up 10% year over year, while gifts under $100 fell 17%. The market is consolidating around fewer, larger donors, and the platforms best positioned for the next two years are those that reduce friction for occasional, small-ticket contributors.
Key findings at a glance
- $529 million in online donations processed through CanadaHelps in 2025, up $47 million (10%) year over year, the strongest growth since the pandemic.
- Gifts under $100 fell 17%, while donors giving $10,000 or more doubled.
- Roughly 3,894 individuals (under 0.5% of donors) accounted for over 16% of all giving via securities donations.
- Local and regional causes are now the single largest category, at $121.8 million in 2025, up 11%.
- The average crowdfunding donation is $66. Campaigns with video raise up to 4x more. Hitting 30% of goal in week one pushes success rates toward 90%.
For organizers, that last cluster of numbers is the actionable part. A $66 average gift means volume matters more than any single donor, which in turn means the checkout experience is the campaign. Platforms built for crowdfunding canada that let a contributor give without creating an account convert measurably better at that price point than platforms that require registration.
The headline paradox: more money, fewer givers
The Giving Report 2026 describes a market that looks healthy in aggregate and fragile underneath.
Total online giving is up. The growth rate is the best since 2021. But the composition of that growth is narrow. Donors making gifts of $1,000 to $9,999 increased 40%. Donors giving $10,000 or more doubled. Meanwhile the $10-to-$100 band, historically the foundation of Canadian charitable participation, contracted 17%.
This is not a Canadian anomaly. It mirrors a pattern visible across most mature giving markets: donor concentration rising while donor count falls. But it has specific consequences for crowdfunding, which is structurally dependent on the small-gift band that is shrinking fastest.
Why the small-gift band is eroding
Three explanations are usually offered, and all three appear to be partly true.
- Cost of living. Discretionary giving is the first line cut when housing and grocery costs rise. The $25 donation is not being redirected, it is being eliminated.
- Donation fatigue. The proliferation of campaigns has raised the ask frequency without raising the ask quality. Contributors triage.
- Friction. A $25 donation that requires a six-field form, an account creation and an email verification has a poor effort-to-value ratio for the donor. At $2,500 the friction is tolerable. At $25 it is not.
The third point is the one platforms can actually control.
Where Canadians are giving
Local and regional organizations became the largest cause area on CanadaHelps.org in 2025, with $121.8 million in donations, an 11% increase, and giving to local causes has nearly tripled since 2019.
That reorientation toward the local is arguably the most important structural story in Canadian crowdfunding. It favours campaigns with a geographic identity, a named beneficiary and a verifiable connection to a community. It disadvantages diffuse, national-scope appeals.
| Segment | 2026 direction | Structural driver |
| Local and regional causes | Strong growth | Proximity, verifiability, community trust |
| Medical and emergency campaigns | Stable | Urgency, high shareability |
| Peer-to-peer and team challenges | Growth | Distributed asking, social proof |
| Creative and product projects | Flat | Competition from e-commerce pre-orders |
| Small-gift general appeals | Decline | Cost of living, friction, fatigue |
The Canadian platform landscape in 2026
The market splits into three tiers, and organizers routinely pick the wrong one.
Tier 1: charity-only platforms. Zeffy (0% platform fee, funded by optional donor tips) and CanadaHelps (3.75% on one-time gifts, 3.5% on monthly, plus card fees) both issue CRA-compliant tax receipts. Both require registered charitable status. For a registered charity, the receipting infrastructure alone justifies the fee.
Tier 2: general-purpose crowdfunding. GoFundMe and Fundrazr accept individuals and informal groups. Reach is the differentiator; GoFundMe's brand recognition still moves campaigns beyond a personal network in a way smaller platforms cannot match.
Tier 3: money pool and group-collection platforms. This is the fastest-growing and least-analyzed tier. Tiing, a Montreal-based platform operating in Canadian dollars for Canada and US dollars for the United States, is representative: a flat $1 fee per contribution covering Stripe processing, a 4% commission taken only when the organizer requests the transfer, no transfer fee, and payout within 24 to 48 hours. Contributors do not create an account. Tiing reports 120,000 users, more than $6.5 million collected and a 4.8/5 user rating.
The tier-3 model matters for a specific structural reason: it is optimized for exactly the small-ticket, high-volume contribution pattern that the broader market is losing. A flat fee plus back-end commission is transparent in a way percentage-plus-fixed models are not, and removing account creation addresses the friction problem directly.
Fee structures verified August 2026. Confirm current pricing with each provider.
What separates funded campaigns from stalled ones
The performance data is unusually consistent across platforms and geographies.
- Video. Campaigns including a video raise up to 4x more than text-only campaigns. This is the single largest observable effect in the dataset.
- Week-one momentum. Reaching 30% of goal within the first week correlates with success rates approaching 90%. Campaigns that launch publicly at $0 raised rarely recover.
- Specificity of goal. Itemized targets ("$4,200 for six weeks of physiotherapy") outperform emotional-but-vague targets.
- Update cadence. Campaigns posting weekly updates get materially more second-wave sharing than silent ones.
- Named local beneficiary. Given the shift toward local causes, campaigns that make the geography explicit outperform.
- Checkout friction. At a $66 average gift, every additional required field measurably reduces completion.
Regulatory and trust context
Canadian crowdfunding remains split between two regulatory realities. Donation-based and reward-based crowdfunding operate largely outside securities regulation, governed instead by consumer protection law, payment-processor rules and platform terms. Equity crowdfunding sits under provincial securities regimes and start-up crowdfunding exemptions.
See: What Canada Can Learn From The SEC Small Business Forum
For donation-based campaigns, the practical trust levers are disclosure rather than regulation: naming the organizer, naming the beneficiary, disclosing the fee structure up front, and being explicit about whether a tax receipt will be issued. Platforms that do not issue charitable receipts should say so plainly, and organizers should repeat it in the campaign description.
Outlook for 2027
Three things look likely.
Consolidation of donor value at the top will continue. Charities that have not built a major-gift and securities-donation capability will feel the squeeze regardless of how well their online campaigns perform.
Friction reduction becomes the main competitive axis for small-gift platforms. Account-free contribution, wallet payments and single-field checkouts are no longer differentiators, they are table stakes.
Local specificity keeps winning. The tripling of local giving since 2019 is not a cycle, it is a reorientation.
Frequently asked questions
How big is crowdfunding in Canada in 2026? Online donations through CanadaHelps alone reached $529 million in 2025, up 10%. The total Canadian market is larger, since it includes general-purpose platforms, money pool platforms and equity crowdfunding, which are not captured in that figure.
What is the average donation to a Canadian crowdfunding campaign? $66.
Do I need to be a registered charity to crowdfund in Canada? No. Individuals, families, schools, sports clubs and informal committees can raise money through general-purpose or money pool platforms such as Tiing, GoFundMe or Fundrazr. You cannot issue charitable tax receipts without registered status.
Are crowdfunding proceeds taxable in Canada? Funds received as a genuine personal gift are generally not taxable income, but the treatment depends on the circumstances, particularly if the funds relate to a business, a service or a reward. This is general information, not tax advice; consult an accountant or the CRA.
Which platform has the lowest fees for a Canadian campaign? For registered charities, Zeffy at 0%. For everyone else, flat-fee-plus-commission models such as Tiing's ($1 per contribution plus 4% at withdrawal) are typically among the lowest total-cost options, particularly at higher average gift sizes.
What makes a Canadian crowdfunding campaign succeed? Video, week-one momentum above 30% of goal, an itemized target, weekly updates, an explicit local connection, and the fewest possible clicks between "I want to give" and "I gave".
Bottom line
The Canadian crowdfunding market in 2026 is not in decline, but it is changing shape. Dollars are concentrating while participation thins. The organizations and organizers that adapt will be the ones that make small gifts effortless again, and that anchor their appeal in a place, a person and a number.
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 $7.3 Billion Community Finance Market Data And Map
July 28, 2026 | NCFA Resource | Sustainable Finance And ESG, Financial Inclusion, SME Finance And Business Banking
A National Baseline For Community Investment
On July 23, 2026, SVX published Canada’s first comprehensive national assessment of community finance. The report identifies 768 institutions, estimates their combined assets and examines how community finance products direct money into housing, local businesses, Indigenous entrepreneurship, food systems, clean energy and other community priorities.
Its most useful contribution is a baseline. Until now, Canada didn't have a public national picture connecting credit unions, Community Futures organizations, Indigenous Financial Institutions, community loan funds, land trusts, community bond issuers and related intermediaries. The report brings these organizations together through a common definition, a product dataset and an interactive market map.
What The $771.3 Billion Actually Measures
The report’s three main asset figures describe different parts of the market:
- $771.3 billion in estimated total assets across the community finance dataset
- $764 billion attributed to 306 credit unions
- $7.3 billion held by the remaining community finance network when credit unions are excluded
The $771.3 billion headline doesn’t mean that amount has been invested directly into community projects. It mainly reflects the institutional assets of large credit unions, including Desjardins, Vancity and Assiniboine Credit Union.
Credit unions account for approximately 99% of the reported assets, although they represent 40% of the 768 institutions. Community Futures organizations form another 34% of the network, followed by Indigenous Financial Institutions at 8%, community land trusts at 6%, community loan funds at 4% and community bond issuers at 4%.
That makes the $7.3 billion figure particularly useful. It provides a clearer estimate of the specialized community finance market operating outside credit unions. The report also identifies $755 million held by Indigenous Financial Institutions and $153.8 million raised through community bonds from 28 issuers.
Credit unions still belong in the national picture because member ownership and local deployment are central to the report’s definition. The DUCA Impact Lab discussion shows how a credit union can test lending models designed for people and businesses underserved by conventional criteria.
Community finance also means something different from community capital raising. In this report, community finance describes institutions that pool and direct capital toward a defined place, population or shared need. Differently, investment platforms that support equity crowdfunding like FrontFundr uses community capital to describe companies raising money from customers, supporters and retail investors through regulated crowdfunding. NCFA’s review of Canadian equity crowdfunding covers that second model.
The two can overlap. A community bond issuer or investment cooperative may attract individual investors while also qualifying as a community finance institution. A startup supported by its customers through an equity crowdfunding campaign doesn’t automatically meet the report’s institutional definition.
What The Dataset Reveals
The institutional map combines 107 organizations in the Catalyst Community Finance Collection with 661 additional organizations identified through the Canadian Community Finance Intermediary Market Map.
Geographic coverage extends across every province and territory. Quebec contains 32.7% of mapped institutions, followed by Ontario at 25% and British Columbia at 12.9%. The geography chart is based on 752 institutions because location data weren’t available for every organization.
Assets are more concentrated than institution counts. Quebec holds 54.9% of total reported assets, largely because of the Desjardins caisse network. Ontario and British Columbia each account for approximately 14%.
Once credit unions are removed, Quebec’s share falls to 45.1%, Ontario’s rises to 40.1% and British Columbia accounts for 10%. Nova Scotia, Manitoba, New Brunswick, the Northwest Territories and Yukon remain lightly represented in the asset data.
The map shows that institutions exist across Canada. It doesn’t establish that every community has enough local financing capacity. NCFA’s review of rural financial access provides additional context on what happens when conventional financial infrastructure contracts in smaller and remote markets.
The detailed product analysis covers 202 products from 107 organizations. Private bonds and debentures account for 44.3% of the products studied, although they represent only 0.2% of reported product assets. Loan funds or equivalent products represent 20.9%, while private equity and venture capital funds account for 12.4%.
The CSI community bond campaign provides a current Canadian example. Individual and institutional investors supplied capital for community owned real estate while receiving defined interest rates and repayment terms.
Return expectations also distinguish these products from much of the conventional investment market. Among 91 products with disclosed return targets, 59.3% seek below market returns and 40.7% seek market rate returns. None of that sample targets an above market return.
Term information is available for 152 products. Nearly two thirds, or 62.5%, have terms of three to five years. This creates a practical consideration for investors because community outcomes and capital repayment often develop over several years.
Real estate is the leading investment focus. Of 192 products with disclosed objectives, 98, or 51%, support real estate activities such as affordable housing and green buildings. The most common United Nations Sustainable Development Goal alignment is SDG 11, Sustainable Cities and Communities, followed by themes connected to decent work, economic growth and reduced inequality.
Strengths, Limits And What Comes Next
The report gives Canada a common starting point for describing community finance. Its national map helps readers locate institutions, while its product data show how capital is structured, how long it may remain invested and what returns issuers target.
However, the figures shouldn’t be treated as a complete census of every institution or dollar. Asset information is incomplete at the individual organization level, particularly for Community Futures organizations and community land trusts. The 661 organizations added through the map also weren’t included in the detailed product analysis.
Several findings use smaller disclosure samples:
- 768 institutions in the full organizational dataset
- 752 institutions in the geographic count
- 202 products from 107 organizations in the product analysis
- 192 products with disclosed investment objectives
- 152 products with disclosed term lengths
- 91 products with disclosed return expectations
The provincial asset analysis combines Q4 2025 credit union data from the Canadian Credit Union Association and regulators with the core SVX collection. Quebec’s credit union figure includes an estimate for the Desjardins caisse network.
These limits don’t reduce the report’s value as a national baseline. They define how the figures should be used. Readers can compare institution types, product structures and geographic coverage, while avoiding claims that the dataset measures every community investment or proves the economic effect of the market.
A upcoming companion report, The Economic Case for Community Finance, is expected to examine job creation, enterprise growth, capital mobilization, government savings and potential returns from a national community finance strategy. That work should provide stronger evidence for evaluating community finance as an economic and public policy tool.
Talking Point: Canada now has a national view of the institutions involved in community finance. The next questions concern how much specialized capital reaches underserved communities, where financing gaps remain and which models can expand without losing their local purpose.
Key Resources
Community Finance In Canada Report (national market assessment, findings and methodology)
Catalyst Community Finance Collection (community investment products and participating organizations)
NCFA Weekly Fintech Intelligence Jul 18–24, 2026 (community finance figures and market context)
Canadian Impact Investing Platform SVX Launches (early development of Canada’s impact investment infrastructure)
Economic Case For Community Finance (scope for the forthcoming economic and policy study)
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 Crowdfunding Turned Tabletop Card Games Into a Kickstarter Powerhouse
July 27, 2026
Ask most fintech watchers what crowdfunding funds and you'll hear about startups, real estate, or the odd gadget. Rarely do card games come up first — yet tabletop projects have quietly become one of the strongest categories on reward-based platforms, and the numbers back that up. For anyone tracking alternative finance in Canada, it's a category worth a second look.
Why Games Became a Crowdfunding Magnet
Reward-based crowdfunding was built for exactly this kind of project: a creator with a finished prototype, a passionate niche audience, and a product people can pre-order rather than just invest in blindly. Card and board games fit that mould almost perfectly. Backers aren't betting on a business plan — they're paying upfront for a physical thing they'll actually get to play.
The 2024 Numbers Tell the Story
Kickstarter's own 2024 year-in-review called it the biggest year for games in the platform's fifteen-year history, with $270 million pledged across games projects and 83% of that money going specifically to tabletop titles. That's not a niche curiosity anymore — it's a real slice of the alternative finance economy, funded entirely by individual backers rather than venture capital.
Canadians Are Part of the Trend
Canadian creators have been active participants in this shift for years, not just recent arrivals. Research on nearly 10,000 Canadian Kickstarter campaigns found that roughly a third succeeded — a reminder that reward-based crowdfunding, while accessible, still rewards a clear pitch and a product people genuinely want.
What This Means for Backers and Creators
For creators, the appeal is obvious: no equity given up, direct validation from a real audience, and often enough working capital to cover a full print run. For backers, it's a chance to shape what gets made and get a game months before retail — assuming the campaign delivers, which isn't guaranteed.
Picking Projects Worth Backing
Not every campaign is worth a pledge. Look for creators with a track record, a playable prototype (not just concept art), and a realistic production timeline. Comment sections and creator updates on past projects are usually more honest than the campaign page itself.
Where to Play Once the Cards Arrive
Whether or not you're backing the next big campaign, there's no shortage of ways to enjoy the category right now. Sites built around fun card games are a good starting point if you want to try something new without waiting for a shipping date.
Frequently Asked Questions
Is crowdfunding a reliable way to fund a game?
It can be, but it favours creators who already have a working prototype and an existing audience. All-or-nothing platforms like Kickstarter mean the project only gets funded — and the creator only gets paid — if the goal is hit.
Why are tabletop and card games so popular on Kickstarter specifically?
They combine a tangible reward, a built-in enthusiast community, and relatively low production complexity compared to, say, hardware or video games, which makes them easier to pitch and deliver.
Do backers get any ownership in the game they fund?
No. Reward-based crowdfunding gives backers the product itself, not equity or royalties — that distinguishes it from equity crowdfunding, which is regulated differently in Canada.
What's the biggest risk of backing a card game campaign?
Delayed or cancelled delivery. Even well-intentioned creators can underestimate manufacturing and shipping timelines, so backing is closer to a pre-order with extra risk than a guaranteed purchase.
How can Canadian creators improve their odds of a successful campaign?
Building an audience before launch, running a modest and achievable funding goal, and having a genuinely playtested prototype all correlate strongly with success, based on patterns across thousands of past Canadian campaigns.
The Bottom Line
Card games aren't a footnote in the crowdfunding world — they're one of its steadiest performers, and Canadian creators have a real track record within that space. For anyone watching where alternative finance is headed next, it's a category that keeps proving there's an audience willing to fund what they genuinely want to play.
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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NCFA Weekly Fintech Intelligence Jun 20-26, 2026
June 26, 2026 | NCFA Fintech Whisperer | Digital Assets Blockchain And Tokenization, Capital Markets And Market Infrastructure, Artificial Intelligence And Data, Lending Consumer Credit And BNPL, Risk Compliance And Regtech, Payments And Market Infrastructure, Regulation And Policy, Treasury Liquidity And Cash Management
Image: Freepik
This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, February 21-27, 2026, February 28-March 6, 2026, March 7-13, 2026, March 14-20, 2026, March 21-27, 2026, March 28-April 3, 2026, April 4-10, 2026, April 11-17, 2026, April 18-24, 2026, April 25-May 1, 2026, May 2-8, 2026, May 9-15, 2026, May 16-22, 2026, May 23-29, 2026, May 30-Jun 5, 2026, Jun 6-12, 2026, Jun 13-19, 2026).
Weekly Fintech Market Intelligence Jun 20 - Jun 26, 2026
Digital Assets Blockchain And Tokenization
Credit Unions Launch Stablecoin And Digital Asset Programme
June 24, 2026, United States
- Stablecore, Circuit and Curql launched an early access stablecoin and digital asset programme for credit unions, with initial participation from RBFCU, Stanford FCU, La Capitol FCU and other institutions representing approximately $25 billion in combined assets.
- The programme allows participating credit unions to evaluate stablecoin payments, tokenized deposits, Bitcoin on and off ramps, digital asset accounts, staking, compliance support and member education before broader deployment.
- The initiative gives credit unions a coordinated path to test digital asset services instead of running isolated vendor experiments.
Credit unions now have a clearer way to test stablecoins, tokenized deposits and digital asset accounts inside member owned financial institutions. Banks, core providers, payments firms, fintechs and regulators should watch whether these early programmes become production deployments for real time settlement, deposit tokens and broader member access to digital assets.
FinCEN Proposes CIP Rules For Stablecoin Issuers
June 22, 2026, United States
- FinCEN and the federal banking agencies proposed customer identification program requirements for permitted payment stablecoin issuers under the GENIUS Act.
- The proposal would treat permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act and require them to maintain effective CIPs.
- The Federal Register notice opened a public comment period ending Aug. 21, 2026.
Stablecoin issuer regulation is becoming an AML and identity control issue, not only a reserve or redemption issue. Issuers, banks, custodians, wallets, exchanges and compliance teams should prepare for customer identification, verification, recordkeeping and risk controls as payment stablecoin frameworks mature.
Bank Of England Advances Systemic Stablecoin Rules
June 22, 2026, United Kingdom
- The Bank of England published a policy statement and draft rules for systemic sterling stablecoin issuers.
- The framework covers reserve assets, safeguarding, redemption, issuer resilience, disclosure, supervision, and the role of stablecoins in payments.
- The rules are aimed at firms whose stablecoins may become systemically important for UK payments and financial stability.
Stablecoin regulation is moving from policy design into operating rules for payment infrastructure. Issuers, banks, custodians, payment firms, exchanges, and fintechs should watch how reserve design, redemption rights, safeguarding, and systemic supervision shape market access for regulated digital money.
Capital Markets And Market Infrastructure
Securitize Sets NYSE Listing Path For Tokenization Platform
June 26, 2026, United States / Global
- Securitize and Cantor Equity Partners II said their business combination is expected to raise approximately $400 million in gross proceeds.
- The combined company is expected to trade on the New York Stock Exchange under the ticker SECZ after closing, subject to shareholder approval and closing conditions.
- Securitize said it has more than $4 billion in tokenized real world assets under management and operates regulated digital securities infrastructure in the United States and Europe.
Tokenization platforms are entering public capital markets. Asset managers, broker dealers, transfer agents, custodians, exchanges and investors should watch how public company access, regulated ATS infrastructure and cross border digital securities permissions shape the next phase of tokenized fund and real world asset distribution.
US Senators Target Sports Prediction Market Contracts
June 26, 2026, United States
- Senators John Curtis and Adam Schiff introduced the Prediction Markets Are Gambling Act to prohibit CFTC registered entities from listing prediction contracts that resemble sports bets or casino style games.
- The bill would clarify that the Commodity Exchange Act does not permit sports gambling through federally regulated prediction market contracts.
- The senators said sports prediction contracts are being offered across all 50 states, including states with sports betting restrictions or prohibitions.
Event contract markets are facing a sharper boundary test. Exchanges, brokers, prediction market platforms, sports leagues, tribal gaming authorities and regulators should watch whether Congress narrows the line between federally regulated event contracts and state regulated gambling.
FRC Clarifies Auditor Independence Rules For PISCES Companies
June 25, 2026, United Kingdom
- The Financial Reporting Council issued staff guidance on auditor independence requirements for companies traded on the UK Private Intermittent Securities and Capital Exchange System.
- The guidance says PISCES traded companies should not currently be treated as listed entities under the FRC Ethical Standard for auditor independence purposes.
- The FRC said it will give at least one year’s notice before any future change to this position.
Private market trading infrastructure needs audit rules that firms can apply before transactions scale. Companies, auditors, advisers, venues and investors should watch how PISCES treatment affects independence checks, audit committee planning, transaction readiness and the operating model for periodic private share trading.
CSA Finalizes Access Model For Issuer Disclosure
June 25, 2026, Canada
- The Canadian Securities Administrators announced final amendments to implement an access model for annual financial statements, interim financial reports, and related MD&A for reporting issuers other than investment funds.
- The model lets issuers provide electronic access to eligible disclosure documents instead of sending paper copies, while investors can still request paper or electronic delivery.
- The amendments are expected to take effect on Sept. 22, 2026 and include new SEDAR+ functionality to notify investors when eligible documents are filed.
Canadian issuer disclosure is becoming more digital by default. Public companies, transfer agents, investor relations teams, legal advisers and compliance staff need to adjust delivery controls, SEDAR+ workflows, investor notices and request handling before the new access model takes effect.
CSA And CIRO Delay Access Fee And Tick Size Rule Changes
June 22, 2026, Canada
- CSA and CIRO delayed implementation of final amendments to Canadian access fee and tick size rules.
- The amendments had been scheduled to come into force on Nov. 2, 2026.
- The delay follows the SEC’s postponement of related US tick size and access fee reforms, affecting harmonization for interlisted securities.
Canadian equity market structure remains tied to US implementation timelines. Trading venues, brokers, market makers, and technology teams need more time to adjust routing logic, fee models, tick increments, compliance controls, and systems that support trading in interlisted securities.
ICE And OKX Form Joint Venture For Tokenized Markets
June 22, 2026, United States / Global
- Intercontinental Exchange and OKX announced a 50-50 joint venture, subject to regulatory approvals, to connect traditional and digital asset markets.
- The venture is expected to operate as a US registered broker dealer and futures commission merchant.
- The companies say the platform will give OKX customers access to ICE futures markets and NYSE tokenized equities markets.
Tokenization is moving closer to regulated market infrastructure. Exchanges, brokers, clearing firms, custodians, digital asset platforms, and regulators should watch how traditional market operators and crypto venues build permissioned pathways for tokenized securities, futures access, custody, execution, and compliance. Similar infrastructure questions are also emerging in event contract markets as new regulated venues, distribution channels, and contract frameworks develop.
Artificial Intelligence And Data
Santander Scales AI Access Across 185,000 Employees
June 22, 2026, Spain / Global Bank
- Santander extended AI access to all 185,000 employees as part of its AI first operating strategy.
- The bank reported €35 million in AI generated value in Q1 2026, with a target above €200 million in 2026 and more than €1 billion from 2026 to 2028.
- Santander says it has deployed 280 process automation agents and is applying AI across fraud, KYC, operations, software development, customer service, and internal productivity.
Bank AI adoption is moving from pilots to operating metrics. Financial institutions, fintech vendors, compliance teams, investors, and regulators should watch how large banks measure AI value, scale employee access, govern automation agents, and connect AI deployment to fraud control, onboarding, productivity, risk operations, and compute infrastructure markets.
Payments And Market Infrastructure
Skydo Establishes Regulated Canada Payments Presence
June 23, 2026, Canada / India
- Skydo co founder Movin Jain said Skydo Payments Inc. is registered as a FINTRAC approved money services business and authorized under Canada’s Retail Payment Activities Act.
- The post described the Canadian authorization as Skydo’s first regulatory step outside India.
- Finextra reported that the Canadian entry supports local collections, local payouts and two way payment flows between India and Canada.
Cross border payments are becoming a regulated corridor strategy. Exporters, payment firms, banks, compliance teams and fintechs should watch how RPAA registration, money services business obligations, local payout capability and bank account connectivity affect competition in Canada India payment flows.
European Parliament Committee Backs Digital Euro Position
June 23, 2026, European Union
- The European Parliament’s Economic and Monetary Affairs Committee adopted its position on the establishment of the digital euro by 43 votes to 14, with one abstention.
- The proposal would create an electronic form of ECB money that works online and offline, with privacy safeguards, holding limits, fee rules, and a distribution role for banks, e-money providers, post offices, and regulated crypto-asset providers.
- The committee also backed related files on digital euro services by PSPs in non-euro member states and the legal tender status of euro cash.
Digital euro policy is becoming payment infrastructure design. The next test is how offline use, privacy controls, holding limits, fees, PSP distribution, and cash protection fit into a system that has to work across public money, private payment providers, and existing rails.
Lending Consumer Credit And BNPL
B.C. Tightens Mortgage Services Rules Under New Act
June 22, 2026, Canada
- B.C.’s Mortgage Services Act comes into force Oct. 13, 2026, replacing the Mortgage Brokers Act.
- BCFSA says the new framework modernizes licensing, supervision, rulemaking, investigation, discipline, and consumer protection for mortgage services.
- Discipline penalties for serious contraventions can reach $250,000 for individuals and $500,000 for mortgage brokerages, while administrative penalties can range from $1,000 to $100,000.
Mortgage distribution is becoming a stronger fraud, licensing, and consumer protection issue. Brokers, lenders, fintech mortgage platforms, compliance teams, and investors should watch how higher penalties, clearer licensing rules, and stronger supervision reshape risk controls in mortgage services.
Risk Compliance And Regtech
FINTRAC Enables Information Sharing To Detect Financial Crime
June 25, 2026, Canada
- FINTRAC confirmed that reporting entities can now exchange designated information with one another to detect and deter money laundering, terrorist activity financing and sanctions evasion under Canada's amended anti money laundering framework.
- The changes allow regulated entities to strengthen financial crime detection while remaining subject to legislative requirements governing the collection, use and disclosure of personal information.
- The new information sharing framework forms part of broader amendments to Canada's anti money laundering and anti terrorist financing regime.
Financial crime detection no longer depends only on what individual institutions can see. Banks, credit unions, payment service providers, securities dealers, fintechs and other reporting entities can now strengthen risk detection by sharing designated information, creating new opportunities for collaborative fraud controls, network analysis and anti money laundering investigations.
Bank Of England Signals Shift In Enforcement Engagement
June 24, 2026, United Kingdom
- Bank of England Head of Enforcement and Litigation David Chaplin said PRA and Bank enforcement cases are showing earlier engagement, candour and remediation by investigation subjects.
- The speech highlighted the Early Account Scheme, which can support faster investigations and enhanced penalty discounts where firms provide accurate accounts and make early admissions.
- The Bank said the change is already visible across live cases, with firms making admissions earlier than would previously have been typical.
Regulatory enforcement is becoming more incentive driven. Banks, insurers, investment firms, credit unions and compliance teams should review how early investigation strategy, breach assessment, remediation evidence and senior accountability affect enforcement outcomes.
FRC Updates UK Auditing Standards
June 24, 2026, United Kingdom
- The Financial Reporting Council revised ISA (UK) 700, ISA (UK) 701 and ISA (UK) 720 to shorten auditor reports and improve investor usefulness.
- The standards add auditor reporting requirements linked to UK Corporate Governance Code Provision 29 controls statements for companies that follow the code.
- The FRC withdrew two older audit bulletins and said the revised standards take effect from Dec. 15, 2026.
Audit reporting is becoming more focused on useful disclosure, controls evidence and investor readability. Companies, audit committees, auditors, governance advisers and compliance teams should prepare for updated report content, Provision 29 controls statements and revised audit workflows before the December effective date.
White House Orders Transition To Post Quantum Cryptography
June 22, 2026, United States
- The White House issued an Executive Order directing federal agencies to accelerate migration to post quantum cryptography to address future quantum computing threats to encryption.
- Federal agencies must designate post quantum cryptography migration leads within 30 days, while OMB is required to issue implementation guidance within 90 days.
- The order establishes transition targets requiring high value assets and high impact systems to adopt post quantum cryptography for key establishment by Dec. 31, 2030 and digital signatures by Dec. 31, 2031.
Firms need to know where encryption is used, which vendors are exposed, which systems protect high value data, and how long migration will take. Crypto inventory, procurement language, vendor assurance, and roadmap planning should start before compliance dates become delivery pressure.
Treasury Liquidity And Cash Management
SCRYPT Moves Internal Treasury Into Franklin Templeton’s BENJI Fund
June 25, 2026, Switzerland / Global
- SCRYPT integrated BENJI, the tokenized share of the Franklin OnChain U.S. Government Money Fund, into its internal treasury operations.
- The deployment gives SCRYPT 24/7 onchain access to a yield-bearing money market fund for managing idle liquidity.
- SCRYPT is using the fund through the same Swiss-licensed trading, settlement and custody infrastructure that supports its institutional digital asset operations.
A regulated operating company is using a tokenized money market fund for its own liquidity rather than presenting it as a future client product. That moves tokenization into daily treasury operations, where continuous access, settlement speed, custody controls and balance-sheet utility can be tested against conventional cash-management infrastructure.
Regulation And Policy
OSFI Launches Streamlined Approvals Framework
June 25, 2026, Canada
- OSFI launched its Streamlined Approvals Framework to provide eligible new entrants with a quicker, clearer and more predictable approvals process for federally regulated financial institutions.
- The framework introduces a three phase approvals process with defined service standards, greater transparency and a public dashboard showing the status of applications.
- The initiative applies to eligible incorporations, continuances, business expansions and other approval requests, using a risk based approach to streamline lower risk applications.
Approval processes are becoming more transparent and predictable for eligible applicants entering or expanding within Canada's federally regulated financial sector. Banks, fintechs, federal credit union applicants and regulated financial institutions should watch how the framework affects application timelines, market entry, organizational changes and future supervisory expectations. For background, see NCFA's earlier coverage of the Streamlined Approvals Framework proposal.
Manitoba Enacts Public Sector AI And Cybersecurity Governance Law
June 1, 2026, Canada
- Manitoba gave Royal Assent to the Public Sector Artificial Intelligence and Cybersecurity Governance Act, creating a legal framework for AI and cybersecurity controls across prescribed public sector organizations.
- The Act allows requirements covering AI accountability, monitoring, documentation, risk assessment, bias testing, human oversight and prescribed technical standards.
- It also provides for cybersecurity programs, incident reporting, procurement requirements and ministerial cybersecurity directives.
- Most practical obligations still depend on proclamation and future regulations, which will determine who is covered and how the requirements operate.
Manitoba has put AI governance and cybersecurity inside the same statutory control structure for the public sector. The next test is implementation. Regulations will determine how far the province goes on human oversight, technical standards, incident reporting and vendor procurement, and whether those requirements become a practical benchmark for other Canadian governments.
Conclusion
Every week brings hundreds of announcements. Only a small number signal meaningful change. This week's developments point to new opportunities across payments, digital assets, AI, capital markets and regulation that could influence where innovation accelerates, investment flows and new business models emerge next.
NCFA offers various curated resources to help founders and investors stay current on developments that impact fintech markets, subscribe to NCFA weekly newsletter updates, view the latest fintech insights, industry research, or launch into emerging financial innovation opportunities.
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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