Category Archives: Fintech International

NCFA Weekly Fintech Intelligence Mar 14-20, 2026

March 20, 2026 | NCFA Fintech Whisperer Weekly Intelligence | Digital Assets Blockchain And Tokenization, Capital Markets And Market Infrastructure, Regulation And Policy, Payments And Market Infrastructure

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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).

Weekly Fintech Market Intelligence Mar 14 - 20, 2026

Digital Assets

CIRO Adds Newton Crypto Ltd. As A New Member

Mar 20, 2026, Canada
  • CIRO publishes a member bulletin that lists Newton Crypto Ltd. as a new member.
  • The bulletin provides formal notice that Newton has received CIRO membership.
  • This expands the set of firms operating under CIRO oversight in the Canadian crypto dealer landscape.

This adds a new regulated counterparty node for banks, payment partners, and fintech vendors that use CIRO membership as a gating factor for onboarding, integrations, and supervised operating scope.

Apex And Coinbase Launch Tokenized Bitcoin Fund On Base

Mar 19, 2026, Global
  • Apex Group and Coinbase Asset Management launched a tokenized share class of a Bitcoin yield fund on Base.
  • The structure uses ERC-3643 with identity and eligibility rules enforced at the token level.
  • Investor onboarding runs through a Tokeny portal, and token records remain aligned with the fund’s NAV.
  • The product is offered to institutional and accredited investors.

This puts fund distribution onchain with rules built into the asset. Transfers can enforce who can hold and trade without separate manual checks. That changes how funds issue, manage investors, and handle transfers. It points to tokenized fund infrastructure moving into live use, not pilots.

CIRO Tests Lower Margin For Stablecoin Inventory At Three Platforms

Mar 19, 2026, Canada
  • CIRO approved three InnovateSafe applications to test reduced margin rates for firm inventory positions in certain fiat backed stablecoins.
  • The test applies to NDAX, Shakepay, and Wealthsimple Investments.
  • CIRO says the pilot uses a tiered margin approach with enhanced controls, monitoring, reporting, and conservative concentration limits.
  • The test applies only to firm inventory positions and will run for one year unless modified, suspended, or terminated earlier.

This affects crypto trading platforms, market makers, treasury teams, and regulators watching stablecoin market structure in Canada. Lower margin on eligible inventory can improve capital efficiency and balance sheet use, but only inside a tighter control framework. It means regulated treatment of stablecoins is moving deeper into prudential design, not just disclosure and registration.

S&P 500 Licensed For Perpetual Trading On Hyperliquid

Mar 18, 2026, United States
  • S&P Dow Jones Indices licensed the S&P 500 to Trade[XYZ] for what it describes as the first officially licensed perpetual derivative tied to the benchmark.
  • The product launches on Hyperliquid and gives eligible non US investors 24/7 access to leveraged long or short exposure without fixed expiry.
  • S&P says the move extends the S&P 500 liquidity ecosystem on chain, putting a core equity benchmark onto a crypto native trading venue.
  • The structure follows crypto perpetual markets while using S&P index data, linking traditional benchmark exposure to on chain trading rails.

A core global index now trades outside exchange hours. Price formation can start on crypto venues before futures markets reopen, which puts pressure on where liquidity shows up first. If activity builds on chain, traditional venues risk reacting instead of leading. For brokerages, exchanges, and market infrastructure providers, this is not theoretical. Firms need to decide whether to support 24/7 access, how to manage risk when markets never close, and how to compete with venues that remove time and geographic limits.

SEC And CFTC Publish Crypto Asset Interpretation

Mar 17, 2026, United States
  • The SEC published an Interpretive Release on how federal securities laws apply to certain crypto assets and crypto asset transactions, and the CFTC joined the interpretation.
  • The release sets out a token taxonomy covering digital commodities, digital collectibles, digital tools, stablecoins, and digital securities.
  • The SEC says the interpretation explains how a non security crypto asset may become subject to, and later cease to be subject to, an investment contract.
  • The release also addresses airdrops, protocol mining, protocol staking, and the wrapping of a non security crypto asset. The SEC also published a fact sheet summarizing the interpretation.

Crypto issuers, exchanges, custodians, brokers, investors, and token builders now have a clearer US reference point for token design, disclosures, and jurisdiction planning. The practical implication is significant. Firms exposed to staking, airdrops, wrapped assets, stablecoins, or token distribution models can reassess compliance, product structure, and market access strategy with more precision across SEC and CFTC lines.

Banking

US Banking Agencies Move To Modernize Capital Rules

Mar 19, 2026, United States
  • The Federal Reserve, FDIC, and OCC requested comment on three proposals to modernize the regulatory capital framework for banks of all sizes.
  • The agencies say the proposals would streamline capital requirements and better align regulatory capital with risk.
  • The stated goal is to maintain the safety and soundness of the banking system while updating the capital framework.

This is for banks, lenders, treasury teams, and fintechs that rely on bank balance sheets and bank distribution. Capital rules affect lending capacity, pricing, and risk appetite. A lighter or more targeted framework can change how banks allocate capital and where they are willing to compete.

Close Brothers Speeds Cost Cuts And AI Rollout As Banking Pressure Builds

Mar 17, 2026, United Kingdom
  • Close Brothers says it is accelerating its cost program, with annualized savings of about £25 million in FY 2026 and £60 million by the end of FY 2027.
  • The bank says the program includes outsourcing, offshoring, reducing office space, and increasing the use of AI and automation.
  • Reuters reports the plan includes about 600 job cuts by 2027, roughly 20% of staff.
  • Close Brothers reported a statutory pre tax operating loss of £65.5 million for the half year and increased its motor finance commission provision to £300 million.

Banks facing margin pressure, conduct costs, and weak returns are under more pressure to lower their operating base faster. The practical implication for lenders, fintechs, and banking vendors is that AI and automation are moving from pilot projects into cost and staffing decisions. Firms that can automate servicing, operations, and control workflows without weakening customer outcomes or compliance will be in a stronger position.

Regulation And Policy

FCA Updates Regulatory Priorities Reports And Replaces Portfolio Letters

Mar 19, 2026, United Kingdom
  • The FCA states it is introducing 9 annual Regulatory Priorities reports to replace portfolio letters.
  • The page shows publication dates across sectors including wholesale markets dated Mar 19, 2026, and a payments report dated March 2026.
  • The FCA notes it does not publish a cryptoasset sector priorities report because a new UK cryptoasset regime is scheduled for October 2027.

This gives UK facing fintechs and suppliers a cleaner map of where supervisors focus and where firms should spend compliance and product time. Payments, retail banking, consumer finance, and wholesale market firms can now align internal control roadmaps to sector specific priorities instead of broad portfolio letters, which tightens how boards and senior managers justify investment decisions.

Canada Flags Weak Procurement Competition And Paths To Improve Access

Mar 17, 2026, Canada
  • A federal report from the Office of the Procurement Ombud examines two issues that weaken competition: procurements that receive only one bid and solicitations that are cancelled before award.
  • Across 17 procurement practice reviews from 2018 to 2023, only one bid was received in 53 of 180 open processes and 106 of 303 limited competitive processes.
  • The report points to restrictive criteria, misaligned evaluation methods, complex rules, and poorly defined requirements as key causes that limit supplier participation.
  • Recommendations include better requirement design, stronger justification for cancellations, potential payment of bid costs, and broader use of anti collusion certification.

Federal procurement remains difficult for new entrants to access, with complexity and restrictive design favouring repeat suppliers. At the same time, the report outlines clear changes that could open participation, improve competition, and expand access for fintech, govtech, and smaller vendors seeking to sell into government.

Payments And Market Infrastructure

China Expands Bank Access To Digital Yuan

Mar 20, 2026, China
  • Reuters reports China plans to add 12 more banks to its digital yuan program, on top of the 10 banks already authorized.
  • The new group is expected to include joint-stock and city commercial banks such as Shanghai Pudong Development Bank, China Everbright Bank, and Bank of Ningbo.
  • Reuters says digital yuan transactions reached a cumulative 16.7 trillion yuan as of last November, versus 128 trillion yuan in total payments transacted in 2025 alone. The report says China continues to pair e-CNY expansion with a ban on stablecoins and broader crackdown on virtual currencies.

China is widening the distribution base for state digital money inside the banking system. Analysts see the bigger role in cross-border settlement and in building a payments channel that's outside dollar-based infrastructure such as SWIFT. China is pushing public digital money deeper into bank distribution while closing space for private stablecoin models.

Payments Canada Approves Meridian As First New Provincial Credit Union Member

Mar 19, 2026, Canada
  • Meridian Credit Union (Ontario's largest credit union) becomes a Payments Canada member as the first credit union to obtain membership following expanded eligibility requirements.
  • The approval ties to expanded membership eligibility under amendments to the Canadian Payments Act.
  • In January 2026, Payments Canada Admitted Five New Payment Service Providers, including Wise Payments Canada, Float, KOHO, Paramount Commerce, and Brim Financial.

This expands direct access for credit unions that want to build or buy modern payment capabilities. Credit unions, processors, and fintech partners can now plan for real system participation, not just eligibility on paper.

Thunes Connects Stablecoin Payouts To Banks Through Swift

Mar 17, 2026, Global
  • Thunes says banks can now send payouts to stablecoin wallets through existing Swift connectivity.
  • The company says this opens access for the 11,500 institutions on the Swift network to more than 500 million stablecoin wallets worldwide.
  • The service supports USDC and USDT and enables real-time payouts in more than 140 countries.
  • Thunes says the rollout requires no additional integration and builds on its Pay-to-Stablecoin-Wallets product launched in October 2025.

This is for banks, cross-border payment firms, remittance providers, treasury teams, and stablecoin infrastructure players. Stablecoin payouts are moving closer to standard bank payment flows instead of sitting outside them as a separate integration project. That lowers friction for bank adoption and puts more pressure on legacy cross-border payout models.

Mastercard Acquires BVNK To Connect Fiat And Stablecoin Rails

Mar 17, 2026, Global
  • Mastercard agreed to acquire stablecoin infrastructure firm BVNK to connect on chain payments with its global payments network.
  • The company pointed to about $350B in digital currency payment volume in 2025 as demand grows for hybrid fiat and stablecoin settlement.
  • The deal focuses on cross border payments, payouts, and enterprise treasury use cases that combine bank rails with digital asset settlement.

Mastercard is building direct control over how funds move between bank accounts and stablecoin systems. That changes routing, pricing, and who captures value in cross border and treasury flows. For fintechs, payment products will increasingly need to support both fiat and digital settlement paths in the same workflow. For banks, this puts more pressure on correspondent banking and other legacy cross border revenue lines.

Capital Markets And Funding

CIRO Launches Disgorgement Distribution Program To Return Funds To Harmed Investors

Mar 19, 2026, Canada
  • Effective date is April 1, 2026.
  • The program enables distribution of funds collected under disgorgement orders to investors financially harmed by registrant misconduct.
  • Administrative Bulletin 26 0062 sets out program scope and the claims based process, with supporting policy and procedures in appendices program policy and procedures.

This changes how investor harm connects to enforcement outcomes. Dealers, registrants, and their vendors now need tighter client records and cleaner evidence trails because the process depends on what harmed investors can prove and what firms can produce quickly and accurately when claims arrive.

CSA Adopts Semi Annual Reporting Pilot For Venture Issers

Mar 19, 2026, Canada
  • The CSA allows eligible TSXV and CSE issuers to report financials semi annually instead of quarterly on a voluntary basis.
  • The pilot removes first and third quarter reporting requirements under National Instrument 51-102 for participating issuers.
  • The CSA states the goal is to reduce compliance burden while maintaining investor protection.
  • The results will inform future rule changes for broader adoption.

This lowers reporting cost and workload for smaller public companies. It changes how often new financial data enters the market. Investors and data platforms will have less frequent updates. For issuers, this improves the economics of staying public. If adopted more widely, it moves Canada toward a lighter reporting model for venture markets.

EU Industry Calls For Changes To DLT Pilot Regime

Mar 19, 2026, European Union
  • An industry group coordinated by the European Digital Finance Association submitted an open letter to the European Commission calling for changes to the EU DLT Pilot Regime.
  • The letter highlights constraints limiting scale, including participation thresholds, asset scope limits, and operational frictions between DLT and traditional market infrastructure.
  • The proposal calls for expanded scope, interoperability requirements, and clearer regulatory treatment to support tokenized securities markets.

Industry participants are pushing to remove limits that keep tokenized market infrastructure in pilot mode. That pressure targets how quickly the EU can move from controlled testing toward scalable digital asset markets.

SEC Approves Nasdaq Rule For Tokenized Securities Trading

Mar 18, 2026, United States
  • The SEC approved a Nasdaq rule change to enable trading of securities on the exchange in tokenized form during DTC’s tokenization pilot.
  • Eligible participants can trade tokenized versions of certain equity securities and exchange traded products, including Russell 1000 securities and ETFs that track major indices such as the S&P 500 and Nasdaq 100.
  • Tokenized shares will trade on the same order book as traditional shares, with the same execution priority, the same trading symbol and CUSIP, and the same shareholder rights and privileges.
  • Nasdaq says existing order types, routing strategies, connectivity, surveillance, fee schedules, and T+1 settlement will continue to apply, with tokenization handled through post trade instructions to DTC.

Tokenized securities into the core of exchange trading. They will trade the same way as regular shares, on the same book, with the same symbol and rules. No separate venue, no parallel system. It removes a major barrier with tokenization now aligned with the same clearing, settlement, and surveillance systems as the rest of the market.

Upstart Secures A $1B Forward Flow Loan Purchase Commitment

Mar 17, 2026, United States
  • Eltura Capital Management, Aperture Investors, and co investors agree to purchase up to $1B of consumer loans originated through the Upstart platform.
  • The agreement runs for 12 months and builds on an existing relationship.
  • View the release. Upstart Forward flow announcement

A forward flow commitment supports predictable loan takeout capacity, which can stabilize origination volume when bank balance sheets tighten or pricing changes.

SEC Prepares Proposal To End Quarterly Reporting Requirement

Mar 16, 2026, United States
  • The SEC is preparing a proposal that would remove the requirement for public companies to report earnings every quarter.
  • The change would allow companies to report financial results every six months instead of every 90 days.
  • The proposal has not been formally released and the SEC has not issued an official statement.
  • The report is based on coverage by the Wall Street Journal and confirmed by Reuters.

Public companies, investors, analysts, and fintech platforms that rely on earnings data will face longer gaps between official disclosures. Less frequent reporting reduces the flow of standardized financial data into the market. Firms that can generate alternative data, continuous signals, and independent performance insight will have an advantage as reliance on scheduled earnings reports declines.

PhonePe Pauses IPO As Market Volatility Hits Fintech Exit Timing

Mar 16, 2026, India
  • Reuters reports Walmart backed PhonePe paused its IPO plans on Mar 16 as geopolitical tensions and market volatility hit investor sentiment.
  • Reuters says the Indian fintech had targeted a valuation of about $9 billion to $10.5 billion.
  • In a company statement carried by local market coverage, CEO Sameer Nigam said PhonePe remains committed to a public listing in India and will resume the process when global capital markets stabilize.

When one of India's largest fintech payments company pauses an IPO, it tells founders, investors, and late stage boards that the public market window remains fragile. That affects valuation expectations, liquidity planning, and timing for other fintech listings.

Conclusion

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 a rundown of current fintech news and insights, or dive into the latest fintech industry research.


NCFA Jan 2018 resizeThe 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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Mills Review Response Targets AI Execution Barriers

Mar 19, 2026 | NCFA Feature | AI Finance Policy

AI in Finance Policy

UK Industry Sets Clear AI Policy Priorities

On Jan 27 2026, the UK Financial Conduct Authority launched the Mills Review into the long term impact of AI on retail financial services to examine how AI could reshape consumers, firms, markets, and regulation through to 2030. NCFA flagged the review earlier in NCFA Weekly Fintech Intelligence Jan 24-30, 2026.

On Mar 4 2026, Innovate Finance submitted its response to the Mills Review, setting out where the UK fintech industry believes deployment will stall unless policy and infrastructure move faster. The paper cites Bank of England and FCA data showing 75% of firms now use AI, up from 58% in 2022. The issue is no longer whether AI adoption will happen. It is what still blocks firms from using AI inside live financial workflows at scale.

What The Industry Is Asking For

  1. Keep AI regulation principles based and outcomes focused. The point is to avoid rigid rules that will age badly as models and tools change.
  2. Give firms clearer examples of good and poor practice. High level principles are not enough when firms need to deploy AI in regulated settings.
  3. Clarify assurance requirements for third party AI tools and for senior managers responsible for them. Most firms will not build every model in house, so external model use needs a clearer control standard.
  4. Review the rulebook and remove blockers in high value AI use cases. The paper points to debt advice, affordability in lending, agentic payments, and wallets.
  5. Prevent gatekeepers from controlling access to models, data, or agents, especially in payments. If a small number of providers control that layer, they can control distribution.
  6. Move Open Finance, digital assets, and Digital ID forward at the same pace. AI in finance depends on trusted data, verified identity, and usable infrastructure.
  7. Back this with a strategy to make the UK the world leader in AI adoption in financial services by 2030.

Why These Asks Matter

AI is clearly evolving from chatbot assistance to execution at scale.  The submission describes AI agentic systems that can act on behalf of users. One example is an AI bot that handles everything from comparing mortgage deals to submitting the application and coordinating with conveyancers under user permission.

The value is no longer only in the model itself (ie. speed, quality, cost, expertise), but rather the full operational chain from customer permission to data access to execution to payment. That's why industry is focused on a stacked layer of tech solutions from Open Finance and Digital ID to payment access and rulebook friction to ensure AI can fully complete financial tasks.

See: Pro Human AI Declaration Gains Backing Across Sectors

The same logic applies to industry concerns over gatekeepers. As AI agents begin to initiate and route transactions, control moves to the layer that connects the agent to the payment method and the financial product. If that layer becomes concentrated, a small number of providers can influence access, routing, and competition.

The response uses real commercial examples and market data, highlighting that AI in finance is already underwriting, trading, core banking, and compliance.

  • One embedded finance platform says it's facilitated more than £7 billion in SME revenue worldwide and is twice as likely to approve financing for female-owned businesses compared with the UK average.
  • A core banking technology provider says it was last valued at $2.7 billion and employs more than 500 people globally.
  • The submission also notes that algorithmic trading accounts for roughly 60% to 75% of activity across major U.S., European, and Asian markets.
  • It adds that the RegTech market could reach $88 billion by 2032.

The next phase isn't whether or not firms can build AI tools. It is whether regulation and infrastructure will allow them to use those tools in broader customer and transaction flows.

The stronger points made is that AI in finance won't scale on model quality alone. It will however scale on the stack around the model. That means smart data, Open Finance, Digital ID, fraud data sharing, wallet infrastructure, and payment access. Without those layers, AI stays stuck in narrow support roles. With them, it can move into lending, advice, payments, and automated execution.

See:  India’s AI Declaration Pulls In BRICS And Western Powers

That is why the response is more useful than another generic values and ethics based AI policy statement. It identifies where deployment slows, where control could become concentrated, and what has to move together if the UK wants AI to scale significantly inside financial services.

Why This Matters For Canada

Canada is also building its next AI strategy. The federal government launched an AI Strategy Task Force in September 2025 as part of a 30 day national sprint, and later said it heard from more than 11,000 Canadians and 28 task force members. The Canadian process is broad. It is focused on national AI leadership, trust, safety, adoption, and public interest.

That broad approach is already raising execution questions. NCFA covered this earlier in its analysis of Canada’s AI strategy and capital flight risk, which argued that deployment, investment, and commercialization need clearer direction.

The UK industry response to the Mills Review is more targeted. It focuses on what is blocking AI deployment inside financial services today. Open Finance, Digital ID, payment access, wallets, third party model assurance, and rulebook friction sit at the center of that response.

See:  Google Signs EU AI Code Despite Competition Warnings

Canada is still discussing the national direction of AI while UK fintech industry is already laying out what has to change for AI to work inside live financial workflows. The lesson for Canada is straightforward. AI policy cannot move on its own. Open Finance, Digital ID, wallet policy, payments modernization, and data access frameworks need to move with it or adoption in regulated finance will stay limited.

There is also a market structure lesson. If agent led payments grow, whoever controls the interface between the agent, the wallet, and the payment rail can control distribution. Policymakers who want competition and innovation to hold need to keep that layer open.

Takeaway

The industry response to the Mills Review is not just a call for clearer AI rules. It argues that the next barrier sits outside the model. Data access, identity, payments, and regulatory clarity now decide whether AI in finance stays at the support layer or moves into execution. The firms and jurisdictions that solve those bottlenecks will have the advantage.


NCFA Jan 2018 resizeThe 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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S&P 500 Perpetual Trading Goes 24/7 Onchain

Mar 19, 2026 | NCFA Market Activity | Digital Assets

AI image S&P 500 perpetual futures

S&P 500 Perpetuals Launch On Hyperliquid

On Mar 18, 2026, licensed S&P 500 perpetual trading went live on Hyperliquid through Trade[XYZ]. The product gives eligible non US investors 24/7 access to leveraged long or short S&P 500 exposure without expiry. A core global equity benchmark now trades onchain 24/7.

Liquidity Starts To Move

S&P says its linked ecosystem drives $1T daily trading across futures, options, ETFs, and structured products. Moving that benchmark into a perpetual format allows liquidity to form before traditional sessions open. Early demand for the product already looks real. Decrypt reported $10M open interest shortly after launch, while S&P’s release says Trade[XYZ] markets on Hyperliquid have already cleared $100B volume since October 2025 and are running at more than $600B annualized.

See:  Fortune 100 & 500 Embrace Blockchain, Driving Onchain Growth

Price discovery no longer has to wait for markets to open. If more benchmark trading starts off hours on crypto venues, traditional exchanges risk following market moves instead of leading them. Even a modest change in where liquidity shows up first can change how volatility spreads across markets.

Why Operators Should Care

Investors now have a route to benchmark exposure at any hour, across borders, on a venue built for continuous trading. That changes expectations around access, monitoring, and response time for exchanges, brokerages, data analytics and risk teams. It also raises risk with reports that the product can offer leverage up to 50 times, which means off hours trading can bring sharper liquidations and sweeping moves when order books are thin.

The global implication is bigger than one listing. A major index owner has opened a new channel for benchmark access on chain. That puts pressure on incumbents that still depend on fixed sessions, regional access, and legacy infrastructure. If this model gains traction, exchanges will need to defend their role not just on liquidity depth, but on speed, availability, and product reach.

Canadian fintechs, dealers, market infrastructure firms, and regulators should pay attention to how benchmark access is changing. If clients start expecting round the clock exposure and faster market response, organizations that stay tied to old windows may lose ground. Firms that build around new access patterns, stronger risk tools, and better market visibility will have a chance to capture more of the next layer.

See:  SEC Crypto Interpretation Resets Market Structure

This is not just a crypto wrapper on a known index. It is an early sign that benchmark distribution is starting to move onto new rails. The firms that adapt early can help shape where liquidity, data, and customer activity go next.

Outlook

The next phase will depend on where liquidity builds and how quickly institutions respond. If trading depth increases on these venues, more benchmarks, sectors, and asset classes will follow into perpetual formats. That would push exchanges, clearing systems, and regulators to respond to a market that no longer operates in sessions. However, if liquidity remains thin, these products will stay a niche trading layer. The open question is how fast global capital markets will adjust to always on access?


NCFA Jan 2018 resizeThe 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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Razorpay Agent Studio Targets Payment Operations

Mar 19, 2026 | NCFA Fintech Market Activity | Payments Operations And AI

AI image AI agents for payment operations

AI Agents For Payment Operations Automation

On Mar 12 2026, Razorpay launched Agent Studio, a product it says lets businesses build and run AI agents across payment and post payment workflows. Razorpay says the system is built on Anthropic’s Claude Agent SDK.

Based in Bengaluru, India, Razorpay was founded in 2014 and has grown into one of India’s largest payment platforms. The company says it supports millions of businesses, reaches more than 300 million end consumers, and processes about $180 billion in annualized payment volume. Its stack spans payment acceptance, processing, disbursements, payouts, and business banking through RazorpayX.

Agent Studio targets the operational layer that sits around those flows. In its launch post, Razorpay lists agents for dispute response, subscription recovery, abandoned cart follow up through WhatsApp or email, settlement summaries delivered through messaging, and cashflow forecasting over a 3 to 7 day window. It also includes tools for cash on delivery orders, such as identifying and analyzing returns sent back to the seller.

See:  Global Payments to Reach $2.4 Trillion and Tokenized Future

These workflows cost merchants and payment teams money every day. Disputes create losses and take time to resolve. Failed recurring payments reduce revenue. Abandoned carts lower completed purchases. Cash on delivery returns add shipping and handling costs. Razorpay is building automation around these problem areas, not just the payment itself.

The company is also introducing a no code agent builder in beta and plans to open the system to third party agents. That points to a setup where merchants choose automation for specific tasks across the payment lifecycle, instead of relying only on bundled platform features.

This extends Razorpay’s recent work on AI driven payments, including its earlier work with NPCI on agentic payments to enable AI driven transaction flows. The focus now moves to what happens after a payment, where recovery, customer support, and problem cases still rely heavily on manual work.

Acceptance rates and pricing are still important for PSPs and merchant platforms. Operational efficiency is becoming part of the core value proposition, especially where it directly improves recovery and reduces cost.

Talking Point

If agents handle disputes, recovery, reporting, and cash on delivery losses, does competition start to favour the provider that cuts the most cost for merchants, not just the one with the lowest processing price?


NCFA Jan 2018 resizeThe 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

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Why IT leaders who hide their weaknesses lose their team and their business

March 19, 2026

AI Image Why vulernable leadership works in IT

For a long time, it was believed in the business world that a leader should project nothing but confidence. Why does this model cease to be effective in IT?

The stereotype of the ‘invulnerable leader’ took shape back in the days of rigid hierarchical structures. In IT projects, everything changes very quickly and there is a great deal of uncertainty — and at this point, such a model becomes detrimental to the business. When a leader tries to appear flawless, they create a distance.

Employees stop raising issues at an early stage, as they fear they will fall short of the ideal that has been set. The manager gets a distorted picture, and for an IT project, this is critical.

What is the danger of the ‘unspoken’ risk, and what does it mean for the business?

The ‘unspoken’ is a void that the brain fills in itself. And it most often fills it with negative thoughts and emotions. If a manager remains silent about difficulties, the team begins to think: ‘There’ll probably be redundancies, the project will be shut down, or the money will run out.’ Anxiety grows, people put less effort into the project, or they resign. Competent openness, on the other hand, fills this void with explanations — and the tension dissipates.

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Won’t admitting vulnerability, such as feeling nervous before an important pitch, undermine the founder’s authority in the eyes of investors?

On the contrary. Investors invest in the founder’s competence. Someone who speaks honestly about risks and their state of mind comes across as someone who is truly in control of the situation. Admitting vulnerability is not a complaint from a weak leader, but a statement of fact. For example, when we were developing Matthew Eat Bot, we openly discussed the challenges of integrating with external APIs with the team. Such honesty shows that we understand the scale of the task and are prepared for it, rather than simply ignoring the obstacles.

How does this approach affect internal processes within the team?

It makes the human factor a normal and natural part of the work. If a manager can say, ‘I’m worried about this release,’ then employees are also entitled to be just as honest. At Gratio, this helps to quickly identify any issues. People don’t waste energy pretending to be perfect; they simply do their jobs well. Trust in this context translates into real savings: faster communication and fewer unnecessary costs.

See:  How Fintech Teams Move From Tools To Agents

Where is the line between ‘thoughtful openness’ and excessive emotionality, which might scare off partners and investors?

The line lies in the purpose. A leader shares their vulnerabilities not to elicit sympathy, but to create a safe working environment. Openness must be practical: if you’re discussing a problem, immediately show how to solve it, or ask for specific help. This is a working conversation, of which there may be as many as a hundred during the process. The main goal is one: to make the business more sustainable through honest relationships between management and the team.


NCFA Jan 2018 resizeThe 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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BMO Expands Physical Banking In US Growth Markets

Mar 18, 2026 | NCFA Fintech Market Activity | Banking Distribution And Market Expansion

AI Image Physical bank branch in the United States

BMO Expands Advice Led Branch Strategy Across California And Arizona

On Mar 17 2026, BMO announced a multi year expansion of new financial centers in the United States, adding more than 130 locations in California and about 15 in Arizona over the next five years. BMO already operates more than 220 financial centers in California, so the new build represents growth of more than 50% in that state.

Seven California financial centers are scheduled to open in 2026, with three in Greater Los Angeles, two in the Bay Area, and two in San Diego. In Arizona, the bank plans to expand in Phoenix and Tucson.

BMO is betting on distribution by putting more capital behind in person, advice led banking in high growth U.S. markets at a time when many firms still talk as if digital channels alone will carry the next phase of growth.

How Important is Face to Face?

BMO describes each new site as a modern financial advice hub covering personal and business banking, commercial banking, and wealth management. It is expanding to deepen relationships, cross sell more products, and win over higher value clients who still want face to face advice for borrowing, business growth, and wealth decisions.

See:  Canada’s RBC and BMO Possibly Looking to Sell Moneris

This also shows that branch strategy is splitting by market. Some regions still face access pressure from branch closures, which NCFA has covered in rural cash access, while banks such as BMO are still adding physical advice hubs in faster growing urban markets.

That's the strategic point. Digital tools lower servicing cost, but physical distribution remains important when banks compete for trust, complex financial needs, and local business relationships.

BMO is also signalling confidence in the long term value of U.S. regional expansion. The bank says the new network across California and Arizona is expected to support hundreds of jobs over five years, while also investing in renovations and relocations across its existing footprint.

Talking Point

If TradFi banks invest in physical centers for advice, trust, and higher value relationships in growing urban markets is it because digital banking plus AI services are at risk of missing the mark?

In growth markets, a physical footprint can still be a customer acquisition and advisory asset if the banking experience moves from transaction counter to relationship hub.


NCFA Jan 2018 resizeThe 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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US Trust Charter Debate Heats Up Around Crypto Banks

Mar 17, 2026 | NCFA Insight | Banking Regulation And Digital Assets

AI Image Crypto Firms Push for Federal Banking Access

Crypto Firms Push for Federal Banking Access

The debate is heating up over crypto and fintech access to US banking infrastructure since actions already taken by the Office of the Comptroller of the Currency (OCC) on Dec 12 2025 to conditionally approve five national trust bank charters for the following crypto firms:  First National Digital Currency Bank, Ripple National Trust Bank, BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company. These charters allow firms to operate under federal oversight for custody and payments without taking deposits.

On Mar 17 2026, the Wall Street Journal reported that regulators are considering expanded crypto bank access, points to further expansion along this path rather than a new standalone rule. The direction is reinforced by guidance such as the OCC bulletin on digital asset and stablecoin activities, which shows regulators are already defining how non traditional firms operate within the federal banking perimeter.

It's significant because national trust charters give firms a way to scale across the US without relying on fragmented state licensing. They provide a regulated path into custody, payments, and fiduciary services under a single federal supervisor, without becoming full service deposit taking banks.

Banks Pushback Showing What's At Stake

Traditional banking groups are pushing back. In a statement opposing OCC conditional approval of five national trust bank charters, the Bank Policy Institute (BPI) said the decision left “substantial unanswered questions” about how these firms would operate and be supervised. BPI has also filed specific objections to trust charter applications, including its opposition to Connectia Trust’s national trust bank application and its opposition to BitGo Trust’s conversion to a national trust bank.

The concern is regulatory parity. Banks argue that if crypto and fintech firms can access core custody and payments infrastructure through trust charters without taking deposits, they may gain entry to important parts of the banking system without facing the same balance sheet requirements as full service banks. That tension is at the center of the policy debate. Who gets access to regulated infrastructure, and under what conditions.

What Fintech Operators Should Take From This

The US isn't waiting for a new trust charter rule. It's progressing through approvals, guidance, and case by case decisions that give some firms a clearer path into regulated custody, payments, and fiduciary services under federal oversight.

See:  Bank Of Canada Signals Open Banking Timing Risk

A national trust charter can reduce dependence on fragmented state licensing, improve credibility with institutional partners, and make it easier to build around regulated payment and custody infrastructure. But know that the regulatory bar isn't low. Firms pursuing this path still need strong governance, compliance, risk controls, and operating discipline. Access is possible, but it is conditional.

Canada Has A Different Federal Entry Path

Canada is taking a different approach. In the US, the trust charter debate is about whether crypto and fintech firms can enter deeper into the banking system through a federal charter pathway. In Canada, the main stablecoin related framework sits inside securities and crypto trading platform oversight, not bank chartering. Canadian regulators use the term value referenced crypto assets (see CSA Staff Notice 21 333) and sets conditions around reserves, disclosure, redemption rights, assurance, and platform controls before these assets can be offered to clients. That means the US debate is mainly about institutional status and access to banking infrastructure, while the Canadian debate is mainly about asset eligibility and client protection on regulated platforms.

In Feb 2026, OSFI announced a targeted fast track approval framework for new entrants that will launch in June 2026 and give eligible applicants a quicker, clearer, and more predictable path into the federal system. The initial scope includes provincial credit unions seeking federal status and firms with technologically innovative or emerging banking models.

Talking Point

The real question is not whether crypto firms become banks. It is whether regulators create a consistent operating standard for firms that want access to core financial infrastructure without becoming full service deposit taking institutions.


NCFA Jan 2018 resizeThe 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

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter