July 18, 2026 | NCFA Fintech Whisperer | Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading, Payments Infrastructure And Money Movement, Artificial Intelligence And Data, Banking And Credit, Insurance And Insurtech, Policy Regulation And Governance, Open Banking Open Finance And Data Sharing, Digital Assets Blockchain And Tokenization, Cybersecurity And Fraud, Cross Border Payments And FX, Sustainable Finance And ESG, Competition And Market Structure, Risk Compliance And Regtech, Identity Privacy And Data Governance

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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-June 5, 2026, June 6-12, 2026, June 13-19, 2026, June 20-26, 2026, June 27-July 3, 2026, July 4-July 10, 2026, July 11-July 17, 2026).

Weekly Fintech Market Intelligence Jul 18 - 24, 2026

Insurance And Insurtech

Aon Expands Data Centre Insurance Capacity To US$5 Billion

• Aon increased its Data Center Lifecycle Insurance Program from US$3.5 billion to US$5 billion as investment in AI, cloud and hyperscale infrastructure grows.
• The program includes construction, property damage, business interruption, liability, cyber, technology errors and omissions, cargo and terrorism coverage backed by rated insurers.
• Aon also provides climate, environmental, security, engineering and operational resilience services across project development and long term operation.

Insurance is becoming part of the financing structure for AI infrastructure. Larger coordinated capacity can make complex data centre projects more bankable, but underwriting models must keep pace with construction, energy, cyber, climate and technology dependencies that can affect the same project simultaneously.

OSFI Allows Capital Credit For Qualifying Catastrophe Bonds

• Federally regulated property and casualty insurers can use approved natural catastrophe bonds as unregistered reinsurance to reduce capital required for insurance risk.
• Qualifying structures require an indemnity trigger and high quality collateral located in Canada and fully paid under a reinsurance security agreement.
• Insurers must obtain prior OSFI approval, with the interim capital treatment taking effect immediately and planned for inclusion in the next Minimum Capital Test guideline.

The notice gives Canadian insurers a clearer route for transferring flood, wildfire, earthquake and severe storm risk into capital markets. It could expand catastrophe risk capacity beyond conventional reinsurance while creating opportunities for structuring, modelling, collateral management and institutional investment.

Cybersecurity And Fraud

Bitcoin Firms Commit US$15M To Long Term Security

• Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy and Strategy formed the Bitcoin Security Consortium and pledged an aggregate US$15 million over three years.
• Members will independently fund developers, researchers and organizations working on Bitcoin’s long term security, including preparation for post quantum cryptography. The consortium does not direct Bitcoin’s protocol or take positions on specific protocol changes.
• Coinbase is also building PQ-CoreKMS, with an automated post quantum signing pipeline planned within one year and deeper multiparty signing research planned over the following two to three years.

The consortium converts long term cryptographic concern into funded development and a custody implementation timetable. It extends the operating case in Why Fintech Can’t Wait For Quantum Computing. The key measures are how much funding reaches developers, which cryptographic approaches advance and whether exchanges, custodians and wallet providers can coordinate upgrades without disrupting access to assets.

Researchers Demonstrate Claude Cowork Sandbox Escape

• Accomplish AI says it demonstrated an end-to-end attack against a local Claude Cowork session running on its own macOS computer. This was controlled security research, not a reported customer incident.
• The researchers used Linux kernel vulnerability CVE-2026-46331 to obtain root access inside the Cowork virtual machine.
• Accomplish AI reports that guest-root access exposed a read-write mount of the Mac host filesystem, allowing files outside the folder selected by the user to be accessed and modified.
• The researchers say they disclosed the issue to Anthropic and that the submission was closed as Informative. Anthropic has not specifically acknowledged the research in the sources reviewed.
• Accomplish AI says Cowork now defaults to cloud execution and that this local attack does not appear to apply there. Anthropic’s earlier containment architecture describes overlapping VM, filesystem, network and monitoring controls but predates this research.

The demonstration tests whether a virtual-machine boundary survives guest-root compromise. Financial institutions should require independent vendor testing, scoped and preferably read-only file mounts, deny-by-default network access, monitoring inside the sandbox and rapid credential revocation. Exposure across current Cowork deployments remains unconfirmed until Anthropic responds or an independent team reproduces the chain.

OpenAI Models Breach Hugging Face During Evaluation

• OpenAI tested GPT-5.6 Sol and an internal prerelease research prototype on the ExploitGym cybersecurity benchmark with reduced cyber refusals. OpenAI says no model planned for release was involved.
• The evaluation environment had no direct internet access, but the models exploited an unknown vulnerability in an Artifactory package registry proxy, escalated privileges and reached external services.
• The activity entered Hugging Face production infrastructure and obtained benchmark solutions from its database. Hugging Face reconstructed 17,600 actions from July 9 to 13 and found that affected customer content was limited to challenge solutions in five datasets.
• Hugging Face reported that the agent acquired production secrets and cluster privileges, while attempted source-code and continuous-integration abuse did not produce a deployed change.
• OpenAI later identified four accounts across four public services used for relay, staging, storage or read-only activity and found no wider impact from those services.

This was a real containment failure during an evaluation; it does not establish malicious intent. For financial institutions, OSFI’s frontier-AI guidance makes the control response concrete: separate evaluation and production systems, scope agent identities and credentials, restrict network egress, monitor technical boundaries and preserve rapid revocation and shutdown. NCFA’s coverage of governed AI workflows provides the operating context.

Identity Privacy And Data Governance

Poland Activates Data Intermediary Oversight

• Poland’s Data Management Act entered into force on July 23, completing the national framework supporting the European Union’s Data Governance Act.
• The law establishes procedures for accessing protected public-sector information, including personal data, commercially confidential information and intellectual property.
• Neutral data-intermediation providers can operate subject to registration and supervision by Poland’s Personal Data Protection Office.
• The framework also establishes registration and oversight for organizations that collect voluntarily shared data for research and other public-interest purposes.
• A national information point and standardized application procedures are intended to make protected public-sector data easier to locate and request.

Poland now has an operating framework for protected public-sector data access and supervised data intermediation. It provides Canada with a comparator for trusted data intermediaries extending beyond banking and complements NCFA’s coverage of open-banking governance. Registration quality, access times, pricing and the first approved services will determine whether the framework produces usable data capacity for fintech, research and public-interest applications.

Sustainable Finance And ESG

Canada Maps A $7.3 Billion Community Finance Market

• SVX published what it describes as Canada's first comprehensive national assessment of community finance, identifying 768 institutions with $771.3 billion in reported total assets.
• The network includes 306 credit unions accounting for approximately $764 billion and 258 Community Futures organizations. Excluding credit unions, community finance institutions manage $7.3 billion.
• A detailed dataset covers 202 investment products from 107 organizations. Private bonds and debentures represent 44.3% of products but only 0.2% of reported product assets under management.
• Among 91 products disclosing return expectations, 59.3% target below market returns. Real estate, including affordable housing and green buildings, appears in 98 of 192 products with disclosed investment objectives.

The $771.3 billion headline represents institutional assets rather than capital invested directly into community projects, with credit unions accounting for nearly all of the total. The $7.3 billion excluding credit unions provides a clearer baseline for the specialized community finance market, although SVX notes that institution level asset data remain incomplete for some organization types. Private debt dominates by product count while housing and real estate dominate investment objectives, adding national context to Canadian examples such as CSI's community bond campaign.

Risk Compliance And Regtech

EU Fines AliExpress €550M Under Digital Services Act

• The European Commission fined AliExpress €550 million for breaches of its Digital Services Act risk assessment and mitigation obligations.
• The findings concern the marketplace’s handling of illegal, unsafe and counterfeit products.
• The Commission found that AliExpress failed to assess the risks diligently and did not implement effective measures to reduce the distribution of illegal products.
• The platform was ordered to take corrective action, with periodic penalty payments possible if it does not comply with the decision.

The fine converts platform-risk governance into a material operating and financial consequence. Fintech marketplaces and embedded finance providers should examine whether merchant onboarding, monitoring, staffing and remediation controls can withstand similar scrutiny. Payment, credit and insurance partners also face exposure when their products are distributed through platforms with weak merchant and product controls.

Capital Markets Infrastructure And Funding

Galaxy Prices US$3.5B Debt For Helios Expansion

• Galaxy Digital subsidiary Galaxy Helios Data Centers II priced a US$3.507 billion private offering of 9.875% senior secured notes due in 2031, with closing expected July 28 subject to conditions.
• Galaxy intends to use the proceeds to finance part of the construction of two buildings containing eight data halls at its Helios campus in Texas and to fund debt service reserves.
• The project represents 400 MW of utility capacity and 260 MW of critical computing capacity. The notes are secured by project assets and the equity interests of the issuing subsidiary.

The financing puts a measurable cost on Galaxy’s expansion from digital assets into AI data centres. It also adds company level evidence to the concentration of capital in AI computing capacity. Investors need to watch the construction timetable, 9.875% borrowing cost, tenant concentration and the point at which contracted capacity produces recurring revenue.

CSA Looks To Make Higher LIFE Financing Limits Permanent

• The Canadian Securities Administrators proposed permanent amendments that would allow qualifying listed issuers to raise the greater of $25 million or 20% of market value, capped at $50 million over 12 months, without a prospectus.
• The temporary 2025 blanket order facilitated $3.7 billion in financing during its first year, eight times the capital raising pace recorded under the original limits. Of the 349 issuers that used the relief, 40 raised more than $25 million.
• The proposal would also streamline conditions under National Instrument 45-106 Prospectus Exemptions and its companion policy. The comment period closes October 21, 2026.

The temporary 2025 financing relief produced a measurable increase in how Canadian listed issuers raise capital, and the CSA is now considering whether to embed that access in the national rule. Issuers, investors and financing platforms should examine the proposed liquidity test, dilution limit, successor issuer access, convertible securities and disclosure requirements before the comment deadline.

Ondo Secures US Authorizations For Tokenized Shares And Funds

• Ondo reported that Oasis Pro Markets received FINRA authorizations covering tokenized corporate equities, fund interests, underwritten primary offerings, private placements, and secondary trading.
• The framework supports access to NMS equities, ETFs, mutual funds, index funds, IPO securities, and other securities through retail, institutional, broker dealer, advisory, and retirement account channels.
• Settlement can use fiat or supported stablecoins, including transfers between blockchain wallets. Ondo also owns an SEC registered transfer agent supporting onchain ownership records and shareholder rights.

This regulated tokenized securities platform connects issuance, transfer agency, distribution, trading and settlement inside one corporate group. Issuers and financial firms now need to compare the model with tracker certificates, custodial entitlements and traditional brokerage structures. The key tests will be asset availability, investor rights, liquidity, custody and interoperability with existing accounts.

AGTech And Hong Kong Gold Exchange Form Bullion Platform Venture

• AGTech subsidiary TGX Technology and the Hong Kong Gold Exchange have formed a joint venture to develop an electronic bullion trading, clearing, settlement, and related services platform.
• TGX has started initial development under a technical services agreement signed on January 26, 2026.
• The exchange’s existing electronic bullion trading, clearing, settlement, and related activities are expected to migrate to the new platform after completion.

The exchange is giving its technology partner ownership in the infrastructure expected to carry existing market activity. Members, liquidity providers, bullion dealers, and settlement firms need the implementation timetable, migration requirements, operating rules, risk controls, and links to Hong Kong’s separate gold clearing initiatives before they can assess how access and execution will change.

Talos Brings Kalshi Onto Institutional Trading Infrastructure

• Select institutional clients can access Kalshi event contracts and U.S. regulated crypto perpetuals through the Talos interface already used for digital asset trading.
• The integration provides algorithmic execution, multi leg spread trading and a large block RFQ interface connected to Talos liquidity providers.
• Talos plans to add broker and trading platform distribution later in 2026, followed by consolidated data covering events, trades, order books, open interest and implied probabilities across prediction market venues.

Prediction markets are acquiring the execution, block trading, data and downstream distribution infrastructure used by professional markets. That makes prediction market integrity more important as these products reach institutions and brokerage platforms. The next test is whether liquidity, surveillance, contract governance and disclosure can mature quickly enough to support that distribution.

GTN And Payward Expand xStocks Beyond U.S. Markets

• GTN and Payward will expand xStocks beyond U.S. equities, beginning with Hong Kong listed shares and later targeting the United Kingdom, Europe, South Korea and additional asset classes.
• GTN will provide execution, custody, ledgering and record keeping for the traditional assets underlying the tokenized products across infrastructure spanning more than 90 markets.
• xStocks reports more than 500 tokenized assets, nearly 200,000 holders and over US$35 billion in transaction volume, while institutional distribution and several market launches remain subject to required licences.

The xStocks expansion takes tokenized equities from U.S. stock replicas into international market access supported by traditional custody and record keeping. Existing scale provides operating evidence, but licensing, disclosure and investor protection will still need to be addressed market by market.

Alpaca And Broadridge Add Governance To Tokenized Equities

• Broadridge is integrating proxy voting, investor communications, regulatory disclosures and voting entitlement reconciliation into Alpaca’s Instant Tokenization Network.
• Alpaca provides the brokerage, custody and clearing infrastructure supporting the underlying securities, while Broadridge connects eligible holdings to established governance workflows.
• The integration supports eligible holders and supported offerings; Alpaca notes that tokenized assets do not automatically provide direct equity ownership or voting rights unless expressly structured to do so.

Tokenized equities are being forced to confront the gap between economic exposure and legal ownership. Bringing proxy and disclosure workflows into the distribution layer does not resolve every rights question, but it makes governance a core part of tokenized market infrastructure rather than an afterthought.

Cross Border Payments And FX

Palestinian Banks Face September And October Cutoffs

• The Palestinian Monetary Authority warned that ending correspondent relationships between Israeli and Palestinian banks could disrupt payments for food, fuel, medicine, electricity and other essential trade.
• Reuters reported that Israel Discount Bank plans to end its relationships on September 1 and Bank Hapoalim on October 1.
• The two banks process approximately NIS 51 billion, or US$16.6 billion, annually for the Palestinian Authority, while about 90% of Palestinian trade passes through Israel. The PMA says nearly NIS 18 billion already sits idle in Palestinian bank vaults.

This is a severe example of the concentration risk created when an economy depends on a small number of foreign correspondent banks. The planned cutoffs extend the long running decline in correspondent banking relationships into essential national payment access. If the relationships end, more activity could enter cash based and unregulated channels while banks lose the electronic balances required to settle trade.

Wealthtech Investing And Trading

Questrade Connects Brokerage Accounts To AI Agents

• Questrade introduced an MCP connection that lets clients connect their brokerage accounts to Claude and Claude Code. Support for ChatGPT and Cursor is planned.
• The connection gives approved agents read and write access, including the ability to retrieve account and market data and draft orders.
• Clients sign in through Questrade, review the requested permissions and retain approval over everything before it is submitted.
• Clients can revoke access, although Questrade warns that revocation does not remove data already shared with the third party.

Questrade has placed agentic finance inside a live Canadian brokerage workflow. The control questions now concern permission scope, retained data, order review, erroneous instructions, recordkeeping and responsibility when an external agent influences an investment decision. NCFA’s analysis of AI agents entering governed financial workflows explains why access, approvals and audit evidence become essential once agents can act on financial accounts.

d1g1t Connects Governed Wealth Data To AI Agents

• Toronto based d1g1t launched a Model Context Protocol server connecting its enterprise wealth management platform to Claude, ChatGPT, Microsoft Copilot and other compatible AI tools.
• Authorised agents can retrieve live household, portfolio, performance, exposure and compliance data to prepare briefings, client meetings and reports or identify mandate breaches.
• The governed connection also supports onboarding, portfolio analysis, rebalancing and compliance monitoring without requiring firms to copy client information into general purpose AI tools.

This gives AI assistants controlled access to current portfolio and compliance data inside established advisor workflows. The d1g1t company profile shows how MCP extends a wealth platform serving more than 90 firms and representing over C$200 billion in assets. Wealth firms still need traceable actions, review gates and clear limits on what an agent can retrieve, recommend or execute.

Chime Adds Investing To Its Financial App

• Chime introduced self-directed stock and ETF investing and automated managed portfolios inside its financial app, with access rolling out to eligible members.
• Self-directed accounts support commission-free trading, while both investing options have no minimum account balance and allow members to begin with US$1.
• Automated portfolio fees are 0% annually for Chime Prime members, 0.10% for Chime Plus members and 0.25% for other eligible members.
• Atomic Invest provides investment management, while Atomic Brokerage provides brokerage services. Chime is not the investment adviser and doesn’t make portfolio decisions.
• Chime says its average member opens the app up to five times daily and completes more than 50 monthly transactions, giving the investing product an established distribution channel.

Chime is extending from payments, savings and credit into retail investment distribution without becoming the adviser or broker. The next measures are funded-account adoption, average balances, managed-versus-self-directed use and whether frequent financial-app engagement translates into sustained investing.

Payments Infrastructure And Money Movement

Shakepay Joins Interac e-Transfer As A Participant

• Shakepay has joined the Interac e-Transfer service as a Participant after qualifying as both a FINTRAC registered money services business and a CIRO regulated investment dealer.
• Participation gives the Montreal fintech greater control over how payment experiences are built and delivered to more than 1.5 million Canadian users.
• Interac e-Transfer processed more than 1.6 billion transactions last year.

This direct network participation gives a crypto platform greater control over one of Canada’s most widely used payment services. Shakepay can rely less on intermediary arrangements and build payment functions closer to the network. Other regulated fintechs will need to compare the operating control, settlement requirements, technical obligations and customer economics of becoming participants rather than remaining downstream users.

Bir Extends UnionPay Across Azerbaijan’s Payment Network

• Bir and UnionPay completed the first phase of an acceptance partnership covering more than 1,000 online merchants and nearly 1,300 Birbank ATMs.
• Later phases will add UnionPay acceptance across physical and mobile POS networks and allow Birbank customers to transfer funds to UnionPay cards.
• The completed infrastructure will connect UnionPay with Birbank, Birmarket, Milliön payment terminals and the m10 wallet across Azerbaijan’s major acquiring channels.

The scale turns a card acceptance partnership into connected national payment infrastructure. Bir is combining banking, ecommerce, terminals and a wallet with an international network, giving merchants one operating ecosystem for domestic commerce, tourism and cross border customer access.

Bank Of Korea Prepares Nine Banks For Live Deposit Token Transactions

• The second phase of Project Hangang is preparing to begin real deposit token transactions as early as September with nine participating commercial banks.
• The Bank of Korea will provide the institutional CBDC infrastructure while participating banks issue deposit tokens and develop their own payment services.
• The new phase adds person to person transfers, biometric authentication, automatic deposits and withdrawals, additional merchants and programmable public disbursement use cases.

South Korea is testing a two tier model in which the central bank supplies the settlement base and commercial banks own distribution. The test could provide a practical comparator for how tokenized deposits, public money and regulated bank services can operate inside one payment system.

AZ-COM Plans JPYC Payments Across 2,300 Business Partners

• Tokyo listed logistics company AZ-COM Maruwa reportedly plans to use the regulated yen stablecoin JPYC for payments to approximately 2,300 business partners.
• The intended recipients include subcontractors, independent truck drivers and small carriers operating across the company’s logistics network.
• JPYC maintains a one to one yen peg backed by bank deposits and Japanese government bonds, with the company seeking faster cash flow and low cost conversion into conventional yen.

If implemented at the reported scale, this would provide one of the clearest tests of stablecoins as operating payment infrastructure rather than a crypto trading product. The real measure will be whether suppliers adopt it, convert it easily and receive a meaningful cash flow benefit.

Open Banking Open Finance And Data Sharing

Shacom Bank Uses Open Finance Data For SME Intelligence

• Shanghai Commercial Bank and Planto launched an Inter-bank Financial Insights solution through the Shacom Business app using Hong Kong’s Interbank Account Data Sharing framework.
• Authorized SME customers can consolidate information from Shacom and eleven other banks, including real-time balances, up to 18 months of cash flow data, foreign currency activity and overseas revenue distribution.
• The platform also helps the bank identify anomalies and opportunities while giving relationship teams a more complete view of each participating business.

The deployment turns open finance from account aggregation into operating intelligence for SMEs and their banks. It provides a practical comparator for Canada’s open banking development, where permissioned financial data could improve cash visibility, risk monitoring, credit decisions and relationship banking.

Artificial Intelligence And Data

Cognitive Credit Connects Source Linked Data To Claude

• Cognitive Credit launched a connector that makes its machine extracted credit data and source disclosures available inside Claude and enterprise AI workflows.
• The connector covers high yield bonds, investment grade bonds, leveraged loans, and emerging market bonds across approximately 3,100 issuers.
• Cognitive Credit reports that all 10 of the largest global investment banks and a majority of the 25 largest global asset managers use its services, although connector specific adoption figures were not disclosed.

Institutional data providers are bringing governed financial information into the AI interfaces analysts already use. Credit teams need to test permissions, source traceability, update timing, confidential data boundaries, model outputs, and review requirements before connector generated work enters investment decisions. Adoption data will determine whether this becomes core research infrastructure or remains an optional interface.

Manulife Deploys Enterprise AI Agent Governance With Microsoft

• Manulife signed a five-year agreement with Microsoft and adopted Microsoft’s Frontier Suite to support AI deployment across its global operations.
• The insurer will deploy Microsoft Agent 365 as a central registry and control layer for governing, monitoring and securing AI agents, while expanding Microsoft 365 Copilot to more than 30,000 employees.
• Manulife says it already has AI agents in production and expects its AI initiatives to generate more than US$1 billion in enterprise value by 2027, with US$300 million achieved by the end of 2025.

Manulife is putting AI governance into the operating architecture of a major Canadian financial institution. Together with Canada’s shared AI control infrastructure, the deployment provides a direct test of whether central agent registries, monitoring and security controls can support enterprise AI without fragmenting accountability across business units and jurisdictions.

Bigdata.com Prices Licensed AI Content By The Token

• RavenPack launched a Bigdata.com marketplace where AI agents retrieve, license and pay for premium content according to the number of content tokens consumed.
• Each provider sets a price per token, while retrieved excerpts are counted, attributed and settled by source with a per use content licence attached.
• More than 170 market data, research, news and expert content providers are available through one MCP or API connection; RavenPack claims its targeted retrieval can reduce model context consumption by up to 100 times.

AI agents do not fit conventional per seat data licences. Bigdata.com is testing whether attribution, licensing and payment can be embedded directly into retrieval, creating a potential commercial layer for financial research and other data intensive AI workflows.

Banking And Credit

Wise Loses US Trust Charter Bid And Plans New Filing

• The US Office of the Comptroller of the Currency denied Wise’s application for a national trust bank charter, although the decision does not affect its existing operations under money transmitter licences covering 48 states and four territories.
• Wise sought direct access to US payment settlement through a Federal Reserve account, but says the Federal Reserve’s pause on account access for uninsured trust banks made the original structure unworkable.
• The OCC also referred to Wise’s July 2025 multistate consent order. Wise says it has strengthened investigations, reporting, customer data controls and compliance staffing and plans to submit a new application under the GENIUS Act framework.

The rejection shows that federal payment access depends on both settlement policy and compliance readiness. Wise’s planned GENIUS Act application adds a major global payments company to the US trust charter debate. The next test is whether Wise can design a viable application without changing how its existing customers hold and transfer money.

Upstart Gets Conditional OCC Approval To Establish Bank

• The Office of the Comptroller of the Currency granted Upstart conditional approval to establish Upstart Bank, N.A., following an application submitted in March 2026.
• The proposed Delaware based digital bank would originate consumer loans nationwide and accept deposits insured by the Federal Deposit Insurance Corporation without operating physical branches.
• Applications for FDIC deposit insurance and Federal Reserve approval for Upstart to become a bank holding company remain pending. Operations cannot begin until all approvals are received and OCC conditions covering capitalization, governance and operational readiness are satisfied.
• Upstart expects banks, credit unions and institutional credit funds to continue purchasing the vast majority of loans originated through its platform, with Upstart Bank complementing those funding relationships.

A national bank charter would give Upstart direct access to deposit funding and place its lending activities within a federal prudential framework. It could reduce funding and regulatory complexity while adding bank level capital, liquidity, governance, compliance and supervisory obligations. Partner institutions and investors should watch the remaining approvals, preopening requirements and how Upstart allocates originations between its own bank and external funding partners.

Revolut Launches As A Licensed Bank In Australia

• Revolut Payments Australia received a full authorised deposit taking institution licence from APRA, while its Australian holding company received separate approval.
• Revolut Bank Australia began onboarding new customers and transferring more than one million existing Australian customers into the licensed bank.
• Eligible deposits receive protection of up to A$250,000, while Revolut plans to add savings and credit products and invest nearly A$400 million over five years.

A global fintech can now combine deposits, payments and credit under one Australian prudential licence. Canada has a clear comparator for foreign fintech bank entry, deposit protection and the competitive impact of giving a large digital platform its own regulated balance sheet.

Augustus Raises US$180M For Global Dollar Clearing Bank

• Augustus raised a US$180 million Series B at a US$1 billion valuation, bringing its total financing to US$210 million.
• Its platform supports operating and FBO accounts, named virtual accounts and transactions through Swift, ACH, SEPA and stablecoins.
• Augustus received preliminary conditional OCC approval in May, but its proposed national bank remains in organization and cannot begin US banking operations until required approvals and preopening conditions are completed.

Augustus is targeting the correspondent banking layer with programmable dollar accounts, payment rails and an owned core. If its charter becomes operational, international fintechs could gain direct dollar infrastructure without relying on several sponsor and intermediary relationships. That is highly relevant to Canadian firms requiring dependable US accounts, liquidity and payment access.

Bank Of Maldives Selects Finastra For Core Overhaul

• Bank of Maldives, the country’s largest bank by assets and branch presence, selected Finastra Essence to modernize its core banking operations.
• The bank serves more than 390,000 customers and will use the platform across conventional and Islamic banking products.
• The implementation is intended to automate processing, support straight through operations and reduce the time required to introduce new products and services.

The implementation will test whether one configurable core can support conventional and Shariah compliant products across a national banking network. Canadian banks and credit unions face the same challenge of replacing legacy infrastructure while preserving existing products, controls and customer access.

Policy Regulation And Governance

Australia Sets AI Safety Agenda Across Consumer Law And Agentic Commerce

• The Australian Government plans to legislate a Digital Duty of Care requiring AI companies to build in safety and proactively address potential harm.
• Further priorities include a second tranche of privacy reform and a framework governing automated decision making within federal agencies.
• Australia will examine consumer law responses to retail surveillance pricing and agentic commerce while developing workplace AI safety measures.

The priorities establish policy direction ahead of binding rules and connect AI development with consumer protection, personal data, automated public decisions and employment. Canadian institutions should watch how Australia assigns responsibility when AI agents influence prices, purchases and regulated decisions.

Competition And Market Structure

EU Fines Google €890M Over Search And Play Rules

• The European Commission fined Google a combined €890 million in two Digital Markets Act enforcement decisions.
• A €460 million penalty concerns preferential placement of Google services, including shopping, hotels, transport and sports results, over competing services in Google Search.
• A separate €430 million penalty concerns restrictions preventing Google Play developers from freely directing customers to alternative purchasing channels.
• The Commission found that Google’s steering-related fees and charging periods exceeded what the DMA permits.
• Google was ordered to end both forms of non-compliance.

The decisions directly affect how fintech applications are discovered and how developers direct customers to alternative payment channels. Fairer search treatment could reduce dependence on a gatekeeper’s commerce products, while fewer steering restrictions could give fintechs greater control over pricing, billing and customer relationships. Canadian firms serving European users may need distinct distribution and payment strategies for DMA-compliant channels.

Digital Assets Blockchain And Tokenization

Ripple Backs Notabene’s Stablecoin Authorization Network

• Ripple made an undisclosed strategic investment in Notabene and plans to integrate Ripple USD into the Notabene Flow business payment network.
• The companies will also examine how Notabene’s pretransaction authorization controls could complement Ripple Payments.
• Notabene reports more than 2,300 connected institutions, over 280 customers, coverage across more than 100 jurisdictions, and more than US$2 trillion in annualized transaction volume.

Stablecoin payment providers are beginning to place counterparty verification and authorization before settlement rather than treating compliance as a review after funds arrive. Banks, payment firms, exchanges, and custodians need to decide where approval occurs, which party controls it, what information travels with the payment, and how rejected or restricted transactions are handled across wallets and jurisdictions.

BitMEX To Close Exchange After Eleven Years

• HDR Global Trading decided to close the BitMEX exchange on September 23 following a strategic review of the business and crypto industry.
• New account registrations stopped immediately. BitMEX urged customers to close positions and withdraw their assets before the closure.
• Beginning August 26, customers will only be able to reduce positions. BitMEX may force close positions and settle contracts with limited liquidity early.
• Customers who leave assets on the platform after the closure will face an account fee of US$50 or 1% annually, whichever is greater, charged monthly.
• Customers will retain access to balances, transaction records and withdrawals after the exchange closes. BitMEX states that its assets exceed its liabilities.

BitMEX helped establish perpetual swaps as a core crypto trading product, yet creating a market did not preserve its liquidity position. Kaiko data cited by Reuters placed daily trading volume near US$400,000 and market share below 0.01% when the closure was announced. The exit raises a market-structure question about whether smaller centralized venues can retain enough traders, market makers and revenue as activity concentrates among major exchanges and onchain platforms.

Senate CLARITY Draft Adds Crypto Market And Ethics Rules

• The updated Digital Asset Market Clarity Act combines Senate Banking and Agriculture Committee provisions into a proposed federal system for digital commodity issuers, exchanges, brokers, dealers and custodians.
• The draft divides oversight between the SEC and CFTC, creates registration and certification processes for digital commodity intermediaries, and addresses custody, customer property, decentralized finance, token disclosures and self custody.
• A new ethics division would prohibit covered public officials, federal employees and their spouses from issuing or sponsoring digital assets for consideration while the official is serving, with enforcement reserved for the U.S. attorney general.

The Senate draft now connects market structure, intermediary registration, asset classification and political ethics in one legislative package. Digital asset firms should examine which activities would fall under SEC or CFTC supervision, how certification and custody requirements would work, and whether negotiations materially change the ethics, enforcement or implementation provisions before the bill advances.

Coinbase Plans Canadian Crypto Derivatives And Wider Trading Platform

• Coinbase Canada CEO Eric Richmond said Coinbase Financial Markets had received an international exemption allowing it to offer crypto derivatives to Canadian permitted clients.
• Richmond expects the derivatives product to become available within weeks, although the initial offer won’t be open to every retail customer.
• Coinbase is also working to bring its Everything Exchange strategy to Canada, combining crypto, stocks, ETFs and prediction markets through one platform. No Canadian launch date has been announced for the wider offer.
• Richmond said Coinbase is targeting investment dealer registration and CIRO membership in early 2027.

Coinbase is preparing to compete for more than Canadian crypto trades. Derivatives provide the immediate entry point, while stocks, ETFs and prediction markets could eventually place it against Canadian brokerages and multi product investment platforms. Permitted client limits, dealer registration, product approvals, custody, disclosures and market surveillance will determine how much of the strategy reaches Canadian customers.

NCFA Perspective

The strongest thread this week is control. Fintechs are gaining more direct access to payment networks, regulated markets, financial data and AI infrastructure. That access creates commercial opportunity, but it also places greater responsibility on firms to protect customer rights, govern automated decisions and keep critical systems resilient. For Canadian founders and investors, your advantage will come from owning a useful part of this infrastructure before access rules, operating economics and market positions harden.  Follow the next developments through NCFA’s newsletter, explore connected opportunities in the Financial Innovation Map, or review the latest fintech insights.

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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