Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Fintech International
NCFA Weekly Fintech Intelligence Jan 17-23, 2026
January 23, 2026 | NCFA Fintech Whisperer Weekly Intelligence | Artificial Intelligence And Data, Payments And Money Movement, Digital Assets Blockchain And Tokenization, Open Banking Open Finance And Data Sharing, Risk Compliance And Regtech
Image: Freepik
This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026)
Weekly Fintech Market Intelligence Jan 17-23, 2026
AI In Finance
UK Parliament Treasury Committee Publishes AI In Financial Services Report
Jan 20, United Kingdom
- 75% of UK financial services firms use AI, with the highest take up among insurers and international banks operating in the UK.
- The report calls for practical FCA guidance by the end of 2026 on how existing consumer protection rules apply to AI, and how senior managers stay accountable when AI harms consumers.
- Calls for AI focused stress testing by the Bank of England and the FCA, and it presses HM Treasury to designate major AI and cloud providers as critical third parties by the end of 2026. Download the 22 page PDF report, 'AI in Financial Services'
This lands in the middle of a problem every operator knows. AI stops being a feature once it touches credit, pricing, advice, fraud decisions, or customer outcomes. Buyers and supervisors ask one thing first. Can you prove how it behaves, who owns the decision, and what happens when it fails. Founders who build strong logs, clear accountability, and testable controls keep momentum when scrutiny rises. Investors should back teams that can ship AI inside regulated environments without betting on fuzzy governance.
Payments And Money Movement
SUNRATE Announces New Alliance With Juniper Travel Technology
Jan 19, United Kingdom
- Juniper integrates SUNRATE cross border payments and commercial card issuing into its travel technology ecosystem for travel companies.
- The announcement lists card issuing and settlement in more than 15 currencies, plus controls like smart spending limits and customizable security settings.
- The announcement lists collections in more than 30 currencies and positions the rollout as progressive with further product expansions planned through 2026 and beyond.
Travel payments stay messy because suppliers, currencies, fraud controls, and reconciliation collide in one workflow. When a travel platform embeds issuing plus FX plus collections, it turns payments into a default layer that buyers adopt without a separate vendor decision. Fintechs that sell cards, FX, or payables into travel win faster when they integrate into the platforms that already control inventory and supplier routing, and when they ship audit ready controls that finance teams can trust at scale.
Digital Assets, Blockchain And Tokenization
UBS Prepares Crypto Investing For Select Private Banking Clients
Jan 23, Switzerland
- UBS prepares to offer cryptocurrency investing options to select private banking clients in Switzerland.
- The report says UBS is selecting partners for a crypto offering and discussions have been underway for several months.
- UBS could start with bitcoin and ether trading for some clients, with potential expansion to Asia Pacific and the United States.
Private bank adoption changes buyer expectations fast. Once a top tier wealth manager treats crypto as an investable asset inside the core private bank, every crypto vendor selling into wealth has to meet private bank standards on suitability, controls, reporting, and operational discipline. Founders that sell custody, execution, portfolio reporting, or risk tooling should expect tougher diligence and longer lists of required evidence. Investors should watch for picks and shovels that fit inside existing wealth compliance rather than products that need new rules to work.
India Central Bank Proposes Linking BRICS Digital Currencies
Jan 19, India
- India’s central bank proposes linkages between BRICS central bank digital currencies to support cross border trade and tourism payments.
- The proposal could be introduced at the 2026 BRICS summit that India hosts.
- India’s e-rupee launched in December 2022 and has attracted seven million retail users.
Cross border CBDC linkage puts sovereign governed interoperability back on the table as an operating roadmap. Fintechs that sell wallets, settlement tooling, compliance rails, and treasury workflows should plan for rule dense governance, shared operating standards, and audit grade traceability that can survive multi jurisdiction scrutiny.
Market Infrastructure
Revolut Scraps US Bank Acquisition Plan And Pursues Standalone US Banking Licence
Jan 23, United States
- A report says Revolut drops plans to buy a US lender and pivots toward applying for its own US banking licence.
- Revolut holds discussions with US officials about a national bank licensing route through the Office of the Comptroller of the Currency.
- A standalone licence path puts Revolut on a track to offer deeper, locally supervised banking products instead of staying limited to partner led distribution.
A serious push for a US banking licence tells the market Revolut wants durable US distribution, not a light footprint. Once a global fintech commits to supervised rails in the United States, competitors face a tighter clock on product depth, compliance maturity, and funding strategy. Founders that sell infrastructure into banks and fintechs should expect more demand for audit ready controls, clean reporting, and resilient operations that hold up under US supervision.
BitGo Prices IPO And Begins Trading On NYSE
Jan 22, United States
- BitGo prices its initial public offering and begins trading on the New York Stock Exchange under its stated ticker.
- The offering includes an underwriter option for additional shares, as described in the release.
- The company frames the raise around scaling custody and related infrastructure for institutional digital asset activity.
Public markets put custody under a harsher light than private capital. Reporting cadence, risk controls, and operational proof start becoming the product. Founders selling into custody, compliance, and settlement stacks should expect tighter vendor scrutiny and cleaner evidence demands. Investors can treat this as a live benchmark for how the market values regulated digital asset infrastructure once it sits in plain view.
Capital One Agrees To Acquire Brex
Jan 22, United States
- Capital One enters a definitive agreement to acquire Brex in a $5.15B cash and stock transaction.
- Brex provides corporate cards, spend management, and payments software used by growth stage and technology companies.
- The transaction is expected to close in mid 2026, subject to regulatory approvals and customary closing conditions.
This deal pulls a modern fintech spend platform directly inside a large US bank instead of leaving it at the partnership layer. Once a bank owns the full card, payments, and spend stack, pricing pressure increases and distribution advantages compound fast. Founders building expense management, treasury, or commercial card tooling should expect tougher competition from vertically integrated banks. Investors should treat this as another signal that late stage fintech exits increasingly come through acquisition by incumbents that want product control, not just vendor relationships.
NYSE Develops Tokenized Securities Platform
Jan 19, United States
- The NYSE announces development of a platform for trading and on chain settlement of tokenized securities, and it will seek regulatory approvals.
- The platform design includes 24-7 operations, instant settlement, orders sized in dollar amounts, and stablecoin based funding.
- The design pairs the NYSE Pillar matching engine with blockchain based post trade systems, with support for multiple chains for settlement and custody.
Tokenization stops looking like a side experiment once a core exchange puts its matching engine and brand behind it. The winners don't come from who talks loudest about crypto. The winners come from who can run clean market structure under supervision, with settlement, custody, funding, and controls that broker dealers and clearing members can defend. Founders building post trade, custody, reconciliation, collateral, and stablecoin treasury tooling should treat this as a buyer signal. Regulated infrastructure buyers want fewer moving parts, stronger audit trails, and reliable operating hours that match global capital flows.
OSFI Sets Two Near Term Touchpoints For Data Collection Modernization
Jan 19, Canada
- OSFI schedules an Industry Day on Feb 12, 2026 to walk filers through the technology and data work tied to Data Collection Modernization.
- OSFI schedules a Technology Open Door Forum on Feb 23, 2026 to cover practical details for institutions preparing for the new platform.
- OSFI positions these sessions inside its multi year Data Collection Modernization program that runs with the Bank of Canada and CDIC, with a new platform expected to go live in 2026.
Data modernization rarely feels exciting until it hits production. When a supervisor modernizes filing rails, every regulated team ends up rewriting workflows, data mapping, controls, and audit evidence. Fintechs that sell reporting, data, regtech, or infrastructure should treat this as a near term buying trigger. Institutions will pick vendors that reduce change risk and make compliance proof simple, not vendors that add another layer of complexity.
Revolut Applies For Full Banking License In Peru
Jan 19, Peru
- Revolut applies for a full banking license in Peru as it expands further in Latin America.
- Revolut targets 100 million customers by 2027 and has more than 70 million retail customers globally.
- A full banking license would expand Revolut’s ability to offer local products inside Peru under local supervision.
Charter expansion at scale. When a global fintech pursues full licenses market by market, it raises the competitive bar on compliance execution, local product depth, and funding strategy. Competitors feel pressure through faster distribution, tighter pricing room, and regulators expecting stronger controls across the category.
Closing Outlook
The firms that win are the ones that control where money moves and can prove they run a tight and compliant shop. Payments and treasury are getting built into the software people already live in, not sold as a separate product. Big fintechs keep chasing full licenses so they can offer more, price tighter, and rely less on partners. Governments keep pushing cross border settlement ideas that bring more rules, more reporting, and more scrutiny.
Founders should treat three things as product work. First, build evidence into the workflow so every action leaves a trace you can explain. Second, design for partner and regulator questions before they show up, not after. Third, sell into distribution points that already own the customer and the switching moment, because that's where adoption actually happens. Investors can use the same filter. Back teams that reduce operating risk while keeping shipping speed. Avoid models that need regulatory fog, fragile partners, or perfect market timing. The upside concentrates in infrastructure and platforms that buyers can trust at scale.
NCFA offers various curated resources to help founders and investors stay current on developments that impact fintech markets, subscribe to NCFA’s weekly newsletter, view a rundown of current fintech news and insights, or dive into the latest fintech industry research.
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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From Guardrails to Judgment in Claude’s 2026 Constitution
AI Governance and Risks | Jan 23, 2026
Image: Freepik/DC Studio
What Claude’s 2026 Update to Embedded Judgment Changes
On January 21, 2026, Anthropic announced a new 2026 constitution for Claude, an internal framework that guides how its AI models reasons and responds, moving it's intelligence beyond guardrails and towards explicit value-based judgment, see: Claude's new constitution. This update builds on Anthropic’s original 2023 constitutional AI, which focused on constraining harmful outputs instead of embedding decision logic inside the model.
The timing matters. Policymakers are already warning that AI use in financial services is creating risks that existing oversight struggles to address, including opaque decisioning, unclear accountability, and consumer harm, as detailed in the UK Parliament Treasury Committee’s report on artificial intelligence in financial services. In Canada, the federal government launched a Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems, setting expectations for governance, oversight, and risk management at the organizational level rather than inside individual models. Since its launch in September 2023, a growing group of technology, financial services, and infrastructure firms have signed on with early alignment around common principles even as binding AI legislation is still under development.
Seen in that context, Claude’s 2026 constitution provides a clear example of how decision making is being built into AI models themselves, while responsibility for outcomes still sits with the institutions that use them.
From Guardrails to Embedded Judgment
2023 constitution
The original constitution operated primarily as a set of behavioural constraints. It instructed the model on what to avoid and what to prioritize, largely to prevent harmful or non compliant outputs. The emphasis was containment.
2026 revision
The revised constitution introduces embedded judgment logic. Instead of checking outputs against rules, the model is trained to reason through competing objectives using an explicit hierarchy of values.
See: Grok AI Sexual Image Failures Trigger Global Backlash
Under the 2023 framework, a customer support assistant helping with a disputed transaction would follow predefined rules. If the request met policy, the model would proceed. Under the 2026 framework, the model may pause or redirect even when rules allow action, if it determines that safety or downstream harm outweighs helpfulness. The outcome changes not because policy changed, but because judgment moved inside the model. The practical result is that product teams can no longer assume consistent behaviour across similar cases, since internal judgment may lead to different responses even when inputs look the same.
Explicit Prioritization of Values
2023 constitution
Values such as safety, helpfulness, and compliance were present but not clearly ordered. The model generally tried to satisfy all simultaneously.
2026 revision
Anthropic now makes the hierarchy explicit. Broad safety and ethics take priority, followed by compliance with rules and policies. Helpfulness ranks last.
Consider a compliant onboarding flow for a higher risk customer segment. In 2023, the model would guide the user through required steps as long as eligibility criteria were met. In 2026, the model may slow the process, add cautionary language, or decline to provide certain guidance if it determines that risk or misuse concerns outweigh the value of completing onboarding smoothly. Over time, this can change conversion and completion rates in ways that are difficult to trace back to a single rule or policy change.
How Decisions Are Explained
2023 constitution
Explainability centered on technical or policy based reasoning. Outputs were justified by reference to rules or restrictions.
2026 revision
The model is encouraged to explain decisions using value based reasoning, such as safety considerations or ethical caution.
See: AI Immerses Youth Today And The Real Question Of Protection
In a credit related inquiry, a 2023 style response would reference eligibility thresholds or policy rules. A 2026 style response may explain that certain guidance cannot be provided because of safety concerns or potential harm. While that explanation may feel reasonable to a customer, it doesn't currently map cleanly to regulatory expectations that rely on objective, measurable criteria. This creates added pressure on compliance teams to reconcile human readable explanations with audit and supervisory requirements.
How the Model Acts When Unsure (Conservative Bias)
2023 constitution
Uncertainty was handled implicitly through restrictions.
2026 revision
Anthropic explicitly states that uncertainty warrants caution. The model is trained to err toward conservative responses when intent, impact, or downstream effects are unclear.
In financial education or product comparison tools, a 2023 model would provide general guidance within allowed boundaries. A 2026 model may decline to offer comparisons or suggestions if it believes the information could be misused or misunderstood. This reduces risk, but if left unmanaged it can gradually narrow what the product is willing to do, even when the underlying business intent remains unchanged.
What This Changes for Fintechs in Practice
Model risk no longer stops at accuracy, bias, or drift. Those risks are familiar. Since the 2026 constitution itself becomes part of the model, fintechs now inherit a set of embedded priorities that influence how decisions are made when rules alone are not enough. If those priorities are not understood and tested, teams can see unexpected behaviour even when inputs and policies stay the same.
This puts real pressure on procurement and vendor governance. Evaluating models based on performance and compliance checklists is no longer sufficient. Fintechs need to understand how a model handles tradeoffs, when it decides to be cautious, and when it may refuse or redirect actions that the business considers acceptable. Those behaviours directly affect customer experience, conversion, and operational consistency.
See: AI’s Hidden Costs in Replacing Junior Workers
Accountability still sits with the organization. Even when an AI model makes its own call, regulators and customers still look to the firm using it. If an AI driven interaction leads to confusion, exclusion, or harm, the explanation and the responsibility is still firmly with the fintech provider, not the AI system or tool. Embedded judgment raises the stakes for internal oversight because there is less room to say the system simply followed a rule.
Canada’s voluntary AI code is an important step but it operates at a different level. It sets expectations for governance, monitoring, and oversight by organizations. It doesn't however address how a model reasons in real situations. That gap becomes more important now that judgment is being built into some models directly. Fintechs can be in a situation where the code meets expectations but they still face questions that they aren't fully prepared to answer when an AI behaves in ways that are technically compliant but operationally unexpected.
Closing Outlook
The change from Claude’s 2023 constitution to the 2026 update is a breadcrumb trail showing where AI governance is heading. For many firms there could be an emerging gap that shows up when a customer gets a different answer than expected, when a compliance team has to explain why an AI responded the way it did, or when a board asks how much control the firm really has over a third party model.
The real issue is not whether AI follows rules. It is whether fintechs understand how these systems behave in real situations, before that behaviour affects customers, regulators, or the business.
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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Projector vs. Monitor: What You Should Buy for Display on Your PC
January 23, 2026
Choosing the right display for your PC can significantly impact your productivity, entertainment experience, and overall satisfaction. Two of the most popular options available today are projectors and monitors. Each has its advantages and drawbacks, and the best choice ultimately depends on your specific needs, environment, and usage patterns. In this comprehensive comparison, we break down the key differences between projectors and monitors to help you decide which is the ideal choice for your PC setup.
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What Is a Projector?
A projector is a device that casts a visual image onto a large surface, typically a wall or projection screen. Projectors vary in size, resolution, brightness, and price, but all share the basic function of turning a flat surface into a large display area. Projectors are widely used in home theaters, business presentations, and classrooms.
Projectors typically connect to a PC via HDMI, USB-C, or wireless display adapters. Modern projectors can deliver high definition (HD) and 4K resolution and even support HDR content.
What Is a Monitor?
A monitor is a dedicated display screen designed to show visuals with clarity and precision. Monitors come in various sizes, resolutions, refresh rates, and panel types such as IPS, TN, and VA. They are the standard display for desktops, laptops, and gaming PCs.
Unlike projectors, monitors have built-in screens with consistent brightness levels, reliable color accuracy, and support for fast refresh rates that benefit gaming and professional work.
Projector vs. Monitor: Key Factors to Consider
When evaluating whether to buy a projector or a monitor for your PC, it helps to compare them across several essential criteria:
1. Display Size and Viewing Experience
Projector
The most obvious advantage of a projector is its ability to produce a large image. Depending on the model and throw distance, you can create a display that ranges from 60 inches up to 150 inches or more. This makes projectors ideal for home cinema, group presentations, and immersive media consumption.
However, the viewing quality heavily depends on the projection surface and ambient light conditions. A darker room and a dedicated projection screen will deliver the best results.
Monitor
Monitors offer precise, consistent image quality at fixed sizes, typically between 21 inches and 49 inches for consumer displays. While they cannot match the sheer size of a projector image, monitors provide sharp visuals ideal for close-up work like graphic design, spreadsheets, and gaming.
Monitors are also easier to position and use without worrying about distance or external light sources.
2. Image Quality and Resolution
Projector
Projectors have come a long way in image quality. Modern units support Full HD (1080p) and 4K resolution, and some models offer enhanced color and contrast. However, due to projection optics and surface limitations, projectors may not deliver the same sharpness and detail as monitors of similar resolution.
Brightness is another concern. Measured in lumens, projector brightness affects how well the image holds up in well-lit environments. Unless you choose a high-lumens model, bright rooms can wash out the projected image.
Monitor
Monitors generally deliver superior image clarity and crispness at similar resolutions. Because they generate their own light, monitors perform well in any lighting condition and maintain consistent brightness. This makes them ideal for tasks where accurate visuals matter, such as photo editing or video production.
High-end monitors can also offer professional color accuracy with wide color gamut support (sRGB, Adobe RGB, DCI-P3), which is crucial for creative professionals.
3. Space and Setup Requirements
Projector
Projectors require more setup consideration. You’ll need space for the projector, a flat wall or screen, and sufficient throw distance to achieve the desired screen size. Mounting options include ceiling mounts or placing the projector on a desk or shelf.
Cables may need to be routed carefully, and you might need additional accessories like speakers if the projector’s built-in audio is insufficient.
Monitor
Monitors are generally plug-and-play. They fit well on desks, require minimal setup, and have straightforward cable connections (HDMI, DisplayPort, USB-C). Monitors also take up less physical space and don’t require external screens or darkened rooms.
4. Performance for Productivity and Gaming
Projector
Projectors are not typically designed for performance-intensive tasks like gaming or professional productivity. Input lag, refresh rates, and response times tend to lag behind monitors. While some projectors improve these specs, they still cannot match gaming monitors with high refresh rates (144 Hz, 240 Hz) or low response times (1 ms).
For presentations, multimedia, and casual gaming, projectors can perform well, but competitive gaming or fast-paced tasks may suffer.
Monitor
Monitors excel in performance applications. Gaming monitors offer high refresh rates and adaptive sync technologies like FreeSync and G-SYNC, which reduce screen tearing and improve visual smoothness. Productivity monitors often include ergonomic stands, multiple ports, and split-screen software support.
If you rely on your PC for work, creative projects, or gaming sessions, a monitor is usually the better choice.
5. Cost and Value
Projector
Projectors can vary widely in price. Budget models may start under $300, while high-end 4K cinema projectors can exceed $2,000. Remember that projectors may also require additional expenses such as a screen, mounting hardware, and external speakers.
Projectors offer excellent value if your priority is a large display experience in a dedicated media room.
Monitor
Monitors also vary in price, from affordable options under $150 to professional-grade displays over $1,000. For the average user, a mid-range monitor (1080p or 1440p) offers excellent performance for both work and play.
Monitors tend to deliver better overall value for everyday PC tasks due to their simplicity and versatility.
Final Verdict
When deciding between a projector and a monitor for your PC, your choice should match your primary use case. A projector can transform your space into a home theater and deliver an impressive screen size for shared viewing. A monitor, on the other hand, delivers superior clarity, performance, and ease of use for daily computing tasks, gaming, and professional work.
See: BC Backs VR and Gaming Studios With Tax Credit Boost
Before purchasing, consider your room size, lighting conditions, budget, and how you intend to use your PC. By aligning these factors with the strengths of each display type, you can make an informed decision that enhances your computing experience.
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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Eurostars Funding and What It Means for Canadian Fintech
Global R&D Funding Program | January 22, 2026
Image: Freepik
Eurostars Call 10 Now Open. Registration and Key Dates
The Eurostars Call 10 is a live international R&D funding program open to small-and-medium-sized enterprises in participating countries, with applications due March 19, 2026. Described by the National Research Council of Canada as the world’s largest international R&D funding program for SMEs, Eurostars focuses on collaborative projects that lead to commercialization. Canadian SMEs can participate and receive advisory services and non-dilutive funding through NRC IRAP when collaborating with eligible partners abroad.
See: AI, Capital, Money Rewire Financial Infrastructure In 2026
For Canadian fintech companies, this creates an opportunity to collaborate internationally on core technology development while keeping operations and control in Canada. The key question is not whether fintech qualifies as a category, but whether a specific project involves building technical solutions that cannot be resolved with routine engineering and fits the program’s collaboration and commercialization requirements.
What Eurostars Is Designed to Fund
The focus is practical. Build new technology, solve real technical problems, and bring the results to market. The program operates under the European Partnership on Innovative SMEs and is co-funded through Horizon Europe, with each country supporting its own participants under national rules.
Eurostars is sector neutral. It supports companies developing new technology through structured R&D and doesn't fund general business expansion or product launches on their own. Eligibility depends on whether the project involves real R&D effort, not on how the company or sector is labeled.
For Canadian companies, NRC IRAP provides advisory services and funding support under Canadian eligibility rules.
Where Fintech Projects Fit
Fintech projects tend to fit when teams are building technology rather than assembling existing components. Projects may qualify when they involve developing technical solutions around performance, security, scalability, or governance that go beyond standard implementation.
This can include new payment or settlement infrastructure, fraud or risk systems that require experimentation to reach acceptable accuracy, secure identity or data architectures, or AI driven financial systems where existing approaches fall short. In each case, R&D must be central to whether the project succeeds.
See: Why Fintechs Are Rebuilding How They Measure Work
In practice, fintech work that focuses mainly on integrating existing platforms, launching commercial products using off the shelf systems, or scaling operations without new technology development usually falls outside scope.
Eligibility Requirements and Funding
Canadian SMEs seeking funding through Eurostars must be NRC IRAP clients and meet both Eurostars and Canadian eligibility requirements. At a minimum, companies must be incorporated and profit-oriented in Canada, have 500 or fewer full time equivalent employees, and have been operating for at least 12 months. By the NRC IRAP registration deadline, companies must also have at least five full time equivalent employees on Canadian payroll.
Applicants must demonstrate the financial and operational capacity to carry out a multi year international R&D collaboration while maintaining regular operations, along with a credible plan to commercialize the results in global markets. For Canadian participants, NRC IRAP funding is capped at $500,000 CAD per project over a maximum duration of 36 months.
Full eligibility rules and call requirements are outlined on the official Eurostars Call March 2026 program page.
Key Dates and Registration
An official Eurostars information webinar for applicants takes place on January 22, 2026 and will be recorded.
Canadian SMEs must be eligible for support through NRC's Industrial Research Assistance Program. Canadian firms that are not yet NRC IRAP clients must complete registration by February 17, 2026. Contact 1-877-994-4727
Canadian SMEs that are already registered with NRC IRAP, or that have confirmed eligibility with an NRC IRAP advisor, must submit their registration of interest and application for the Eurostars call through the NRC IRAP international expression of interest form.
The Eurostars application deadline is March 19, 2026 at 2 pm CET.
Conclusion
Eurostars gives Canadian fintech companies a structured way to collaborate internationally on R&D while accessing non-dilutive funding through NRC IRAP, without relocating operations or shifting governance outside Canada. Canadian participants work with European partners to build technology with global commercial potential while remaining funded under Canadian rules.
See: Canada Confronts a Changing World at Davos 2026
For fintech teams with global ambitions, Eurostars can help turn locally built innovation into internationally relevant technology. The program looks at what is actually being built. Companies that understand this distinction early save time and approach the opportunity with realistic expectations.
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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AI, Capital, Money Rewire Financial Infrastructure In 2026
January 21, 2026 | Report Insights
Image: ARK Invest, Big Ideas 2026 report. AI inference cost data reproduced for commentary and analysis.
In 2026, Systems Run Continuously Instead of at Human Pace
In January 2026, ARK Invest released its annual research report Big Ideas 2026, building on trends first measured in Big Ideas 2025. The 111 page report spans artificial intelligence, tokenized assets, decentralized finance, Bitcoin, consumer AI platforms, and what ARK describes as the Great Acceleration. Rather than summarizing each theme in isolation, this article focuses on how these technologies accelerate change together inside financial systems.
What felt experimental in 2024 and operationally strained in 2025 now shows up as baseline reality in 2026. AI costs collapse, investment capital concentrates in infrastructure, digital assets move closer to settlement rails, and consumer AI platforms compress decision cycles. These forces do not arrive sequentially. They compound. The result is technically a financial system that no longer needs to pause between decisions.
See: Canada Confronts a Changing World at Davos 2026
ARK’s data on collapsing AI inference costs explains why this shift becomes unavoidable. At the same time, investment capital continues to concentrate in infrastructure designed for continuous operation. Together, these forces change how money moves, settles, and gets controlled.
Finance is AI-native by design. It already runs on software, explicit rules, and constant feedback. As AI becomes cheap enough to run continuously, software acts directly inside financial systems instead of waiting for human input.
AI Is Moving From Advice To Continuous Action
ARK’s Big Ideas 2026 research shows AI inference costs dropped more than 99% in the past year. That single data point explains why continuous operation becomes economically viable at scale for the first time.
When inference costs fall that far, AI stops being something teams consult occasionally. It becomes something that runs all the time. Human prompts, batch reviews, and periodic decision cycles turn into friction rather than safeguards.
See: NCFA Weekly Fintech Intelligence Jan 10-16, 2026
In financial systems, this breaks a long standing boundary. AI no longer stops at scoring, forecasting, or recommendations. It initiates actions. Payment routing adjusts automatically. Exposure limits rebalance in real time. Liquidity thresholds enforce themselves continuously. Software no longer waits for approval at every step.
Founders experience this when systems stay busy all the time instead of spiking occasionally. Investors see it when infrastructure costs stop falling as predictably even while revenue continues to grow. Operating leverage behaves differently because systems no longer rest between decisions.
Investment Capital Concentrates In The Rails
ARK’s capital analysis shows where investment capital flows as systems scale. In 2025, annual investment in data center systems reached roughly $500B, nearly 2.5 times the long term average from 2012 through 2023. Since the ChatGPT moment, ARK shows growth accelerating from about 5% to 29% annually. The report projects this category of investment could approach $1.4T by the end of the decade.
That level of spending signals where long term value accrues. Capital is not chasing surface automation features. It is concentrating where compute, data availability, uptime, and recovery determine whether systems can operate continuously without failure.
See: OpenAI Revenue Surpasses US $20B, Raising Fintech Stakes
For fintech teams, this breaks a familiar assumption. Products designed for occasional use face redesign pressure. Infrastructure built for constant operation gains structural leverage. Cost structure, resilience, and throughput now shape competitive advantage more than feature differentiation.
Payments Run Without Pausing
Traditional payment systems assume a person initiates the transaction. AI breaks that assumption. Software now initiates payments, manages balances, and settles obligations automatically as conditions change.
This pushes pressure into liquidity management, fraud controls, and settlement logic. Batch review fails quietly when systems never pause. ARK’s analysis of AI driven transaction flows emphasizes sustained throughput and recovery under stress rather than peak performance.
Founders building payment infrastructure encounter this pressure early. Systems designed for bursts now operate under constant load, and cost curves change accordingly. Reliability becomes a competitive feature rather than an operational afterthought.
Digital Wallets And Consumer AI Compress Control
ARK’s 2026 research frames consumer AI as an operating layer rather than a feature. AI models converge into a consumer operating system, and adoption accelerates faster than earlier digital platforms. As these systems take on purchasing, allocation, and coordination tasks, decision making shifts closer to software execution.
See: Stablecoin Interest and Rewards A Regulatory Fault Line
Wallets evolve alongside this change. They function less as interfaces and more as control layers for software driven financial activity. Identity, permissions, and payment logic compress into the same layer.
Investors familiar with earlier platform cycles recognize this pattern. Control consolidates where decisions execute, not where they are merely displayed.
Tokenized Assets And DeFi Become Plumbing
ARK frames tokenized assets as market infrastructure moving trillions of dollars in asset value onto blockchains. Tokenization matters because assets move and settle automatically. DeFi matters because financial rules run on software without manual steps.
ARK’s data shows digital asset application revenue reaches roughly $3.8B in 2025, with around one fifth generated in January alone. The report also notes that about 70 applications generate more than $1M each in monthly recurring revenue. Value capture shifts from base networks toward platforms that control execution, coordination, and user interaction.
For fintech builders, this exposes a structural mismatch. Systems designed for batch reconciliation struggle when assets move continuously.
Stablecoins And Digital Money Operate As Settlement Rails
ARK’s research treats stablecoins as payment and settlement rails, not alternative products. Transaction activity reaches record levels because stablecoins can now move value automatically and clear obligations without waiting for manual steps.
Bitcoin functions as a monetary network with predictable issuance and global settlement. In 2026, its relevance aligns with the same requirement driving stablecoin use. When systems run continuously, money must move at software speed.
See: FCA Stablecoin Sprint Puts Payment Models Under Review
This doesn't remove banks, payment firms, or regulators. It changes how settlement works underneath them, reflected in Canada’s Stablecoin Act draft, which outlines how programmable settlement rails are governed.
Regulation Follows System Design
ARK's analysis points to convergence. Continuous systems expose the limits of oversight built around delayed reporting and human initiated workflows. Design, auditability, and real time visibility matter more because systems no longer pause between decisions.
For policymakers, this changes where effective oversight begins. Rules written for periodic review struggle when financial activity runs continuously. Payments oversight, digital asset policy, and AI governance increasingly overlap because the systems themselves overlap.
Teams that design for transparency and control early reduce downstream risk. Regulators that focus on system behaviour rather than product labels gain clearer visibility and fewer surprises.
Outlook
Big Ideas 2026 highlights what happens when AI inference costs collapse by more than 99%, investment capital concentrates at unprecedented scale, digital assets mature into settlement rails, and consumer AI platforms compress decision cycles at the same time. Finance changes faster because it already runs on rules, incentives, and software.
See: Grok AI Sexual Image Failures Trigger Global Backlash
In 2026, the question is no longer adoption. It is readiness. Financial infrastructure rarely fails loudly. It simply stops scaling.
Strategic Q And A
Where do founders underestimate cost first?
AI systems now run continuously. Many teams still model for peak usage instead of sustained operation. The gap appears in compute, monitoring, compliance operations, and incident response long before it shows up in customer metrics.
What do investors misprice in AI driven fintech?
Infrastructure intensity rises faster than application revenue. ARK’s capital data shows control and throughput capture value before features do. Margins do not scale linearly during infrastructure transitions.
Which assumptions break down fastest?
Human initiated workflows. Cost per transaction and average response time lose meaning when systems never pause. Sustained throughput and recovery time under stress become the binding constraints.
Where does policy lag create exposure?
Frameworks assume discrete events. Continuous systems blur those boundaries. Risk appears as operational mismatch rather than enforcement action.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Canada Confronts a Changing World at Davos 2026
Canada | January 20, 2026
Image: PM Mark Carney, WEF 2026 at Davos
Mark Carney’s Davos Address Confronts the Risks Canada Can No Longer Afford to Ignore
Some speeches try to calm markets. Others try to project confidence. Prime Minister Mark Carney’s special address at the 2026 World Economic Form in Davos does neither. Instead, it speaks plainly about where the world actually is, and Canada's place in it.
Carney doesn't describe today’s global system as temporarily strained or waiting to reset. He treats fragmentation, pressure, and mistrust as conditions we are already living with. Economic openness no longer guarantees cooperation. Integration no longer guarantees stability. For countries like Canada, assuming otherwise is not optimism. It is exposure.
That is why this speech lands with unusual weight. It is not aspirational. It is not dressed up. It is grounded in reality.
The Assumptions Canada Lived By Are Fading
A central message running through the address is uncomfortable but clear. The idea that a neutral, rules based international order reliably protects middle powers no longer holds in practice.
Trade becomes leverage. Markets get weaponized. Finance turns into a geopolitical arena. In that environment, scale matters, and countries without it cannot rely on habit or goodwill.
See: Canada Expanding Economic Ties With UAE India And Africa
Carney does not try to soften this. He acknowledges directly that economic integration itself can be used as a tool of pressure. That recognition marks a break from the language Canada has leaned on for decades.
Why This Hits Close to Home
For Canadians, the message touches jobs, prices, housing, supply chains, energy, investment, and long term growth. For fintechs and financial institutions, it goes even deeper.
Payments infrastructure, capital markets, data flows, compliance frameworks, and cross border operations all depend on trust based systems. When those systems weaken, risk shows up in cost, friction, and constraint.
Ignoring geopolitics does not insulate innovation. It makes it more fragile.
Middle Powers Cannot Drift
Another core message in PM Carney's address is that in a fractured world, drift is a decision. It means allowing outcomes to be set by external forces through inaction, habit, or default choices rather than deliberate strategy.
See: Davos 2026 In A More Competitive and Risky World
Canada cannot assume that openness will persist by default or that others will protect shared systems out of principle. It has to participate actively in building coalitions, standards, and partnerships that still value predictability and accountability.
That kind of leadership is less comforting than the past. It requires clarity, coordination, and follow through rather than rhetoric.
Watch the Address
The delivery matters. Carney speaks without inflated promises. No slogans. Just a steady assessment of risk, responsibility, and constraint shaped by experience inside global financial systems.
Why It Matters
PM Mark Carney's speech is candid acknowledgement of a new phase of Canadian engagement with the world. One that names limits, acknowledges pressure, and treats resilience as something that must be designed rather than assumed. That is the work ahead, to modernize Canada’s financial systems and infrastructure with purpose and impact, at scale and with urgency.
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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Understanding Merchant Account Risk Classification in the Modern Fintech Landscape
January 20, 2026
Want to Accept Credit Cards Without Getting Rejected?
Needless to say, every business needs payment processing to function.
But there's a problem…
Not every business gets approved for a merchant account. Some businesses are immediately deemed "high-risk".
These companies face large obstacles when applying for merchant accounts.
The good news?
Learning how risk classification works will help any business understand how payment processing truly works.
Let's take a look!
What you'll learn:
- Risk Classification Defined
- Common High Risk Business Industries
- Top Merchant Account Providers
- Things banks actually look for
How Does Merchant Account Risk Classification Work?
Processors and banks evaluate every business before approving them.
They want answers to one question…
How likely is this business to cost me money?
With this question in mind, banks assign your business a risk level. Every business falls into one of three categories.
- Low-risk
- Medium-risk
- High-risk
Your risk level determines your processing rates, contract terms, and if you get approved at all.
Specialised high-risk business payment solutions have become necessary for certain industries. Finding the right high-risk merchant account provider can mean the difference between growing your business or getting denied payment processing completely.
But here's the kicker…
The fintech industry is huge.
According to Research and Markets, fintech services reached $1.86 trillion in 2025 and will grow to $2.93 trillion by 2030. The report estimates that fintechs (segmented by payment methods such as card) continues to benefit from the amount of consumers and businesses who need payment processing.
Millions of new businesses apply for merchant accounts every year. That means more businesses than ever need specialized high-risk processing solutions.
Why Do Businesses Get Labelled High-Risk?
Alright, let's dig in…
Payment processors review businesses based on several different criteria. Below are the most important factors.
Bear with us…
Industry: Some industries are immediately considered high risk. Gambling, CBD, nutraceuticals, adult, travel, and subscription based businesses often get flagged.
Chargebacks: High chargeback amounts and ratios indicate a problem. When customers dispute charges frequently, processors take notice.
Credit History: Processor's will run your business and personal credit when approving your account. Poor credit = red flag.
Transaction Style: Riskier transaction styles include high ticket sales, card not present, and international businesses.
Age of Business: New businesses with little to no processing history are scrutinized more.
Did you know…
According to Mastercard's chargeback report, chargeback volume worldwide is projected to increase 24% from 2025-2028. High-risk industries with the highest average chargeback amounts are gambling ($143) and crypto currency exchanges ($124).
This is why your risk level matters.
Who Are the Top High-Risk Merchant Account Providers?
Not all payment processors work with all business types.
When searching for a processor, look for ones that work with your specific industry.
Below are 4 of the top providers:
Compare all 4 Providers
| Provider | Approval Speed | Monthly Payout | Payment Methods | Once Offered |
|---|---|---|---|---|
| 2Accept | Fast | Instant | All Major Cards | Yes |
| PaymentCloud | Varies | Daily | All Major Cards | Yes |
| Durango | Varies | Weekly/Ach | All Major Cards | Limited |
| Host | Fast | Instant | All Major Cards | No |
1. 2Accept
Our money is on 2Accept.
2Accept specializes in working with high-risk merchants. While other payment processors turn away high-risk businesses, 2Accept focuses solely on these types of businesses.
Pros:
- Quick Approval Process
- Highly Competitive Rates For High-Risk Businesses
- Individual Account Managers
- Works with all High-Risk Industries
Need help with Payment Processing?
Contact our experts at (800) 220 – 4619 to see if 2Accept is right for you!
2. PaymentCloud
PaymentCloud was created with high-risk merchants in mind. Whether you're listed on MATCH or not, PaymentCloud can help your business. PaymentCloud is proud to offer 24/7 customer support.
3. Durango Merchant Services
Durango is one of the oldest providers catering to high-risk businesses. Durango loves to work with businesses rejected by other payment processors.
4. Host Merchant Services
Host Merchant Services offers high-risk processing for numerous industries. From nutraceuticals to CBD, Host has got you covered.
What does High-Risk Cost Businesses?
Here's a little secret that business owners might not know.
High-risk merchant accounts cost more.
The alternative would be no processing at all.
Here are common fees associated with high-risk accounts.
| Fee | Rates |
|---|---|
| Processing Fees | 3% – 10% Per Transaction |
| Rolling Reserve | 5% – 10% of Monthly Processing Volume |
| Chargeback Fees | $20 – $100 Per Dispute |
| Contract Terms | Stricter / Varied |
Regular processing accounts pay between 1.5% to 3%. When doing the math, those few extra percentage points really add up.
It's worth paying more for a seamless payment solution.
How Can Businesses Avoid High Risk?
Here are some common ways businesses can combat high risk.
- Use Address Verification and CVV verification.
- Keep customers informed and aware of charges. If a customer doesn't recognise a transaction, they are likely to dispute it.
- Have responsive customer service to handle disputes before they reach the banks.
- Keep detailed records of all sales, correspondence, and proof of shipment.
Businesses don't want to be high-risk. These steps help reduce chargebacks and promote healthy processing habits.
What Do Banks Look for When Accepting Businesses?
When review business applications, banks look for common traits.
If your business meets the criteria, you're likely to receive low-risk status.
Below are some things that banks love to see.
- Clean Processing History: Demonstrate a history of clean transactions with low chargeback ratios.
- Business Financials: Bank statements, taxes, and licenses prove your business is legit.
- Website Legality: Display clear terms of service, refund policy, and contact information.
- Fraud Prevention: Businesses with fraud prevention systems demonstrate responsible transaction practices.
Payment card networks have set a definitive standard. Businesses that exceed a 1% chargeback-to-transaction ratio are automatically classified as high risk. Both Visa and Mastercard require merchants to be under 1%, or ideally .5%.
Can Risk Levels Change Over Time?
If your business is deemed high-risk, don't fret.
Businesses can lower their risk levels by following some simple steps.
The key is to build a clean history over time.
Wrapping Up
Now you know how merchant account risk classification works.
The entire classification system is set in place to prevent risk to processors and the payment industry as a whole.
Here are some key takeaways:
- Risk level is determined by your industry, financial history, and transaction habits.
- Every business is considered high-risk at one time or another.
- Just because you are high-risk doesn't mean you can't find a payment processing solution.
- Look for payment processors that specialize in working with high-risk businesses.
- Higher fees are inevitable but necessary to run your business.
- Implement good habits and fraud prevention to lower your risk.
The fintech industry is constantly changing and growing.
As more businesses begin to accept payments, high-risk merchants will have more processing options than ever.
Don't let being high-risk scare you away from growing your business.
There's plenty of payment processing companies that work with high-risk all the time.
Find the right payment processing partner and watch your business thrive.
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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