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 and Networking Events
SEC Insights on Balanced Regulation and Non-Bank Finance
Regulation | Speech | Oct 30, 2024
Image: Freepik/rawpixel.com
Uyeda’s Insights on a Global Framework for Balanced and Adaptable Finance for Growth
At the 2024 AIMA APAC Annual Forum, one of largest gatherings of regulators, hedge fund managers, and alternative finance and institutional investors in the Indo-Pacific region, SEC Commissioner Mark Uyeda delivered a talk around key issues including regulations for private funds, advancements in digital assets, and the importance of international cooperation among financial regulators.
See: Innovative Approaches to Smarter Regulation
Uyeda's perspective offers valuable insights for global markets especially for those aiming to strike the balance between innovation and regulatory supervision. Below are five quotes from Uyeda's speech, each reflecting on his approach to supporting a global framework for balanced financial future.
1. Supporting Growth with Balanced Private Fund Regulation
“Private fund regulation should be precise, safeguarding investors without becoming an impediment to growth.”
Commissioner Uyeda raised concerns that overly prescriptive rules could limit innovation within funds by focusing disproportionately on compliance rather than allowing room for a diverse range of approaches to investing. Such strict rules might discourage large investors from participating in alternative asset classes and strategies and they would miss out on higher yielding returns that perhaps better align with their investment goals.
See: Balancing Fintech Innovation and Regulation
He believes that rules should be designed to allow private fund managers the freedom to innovate while still ensuring transparency and accountability to investors. The key takeaway here is that regulation should support growth without unnecessary restrictions.
2. A Nuanced Approach to Digital Asset Regulation
“The approach to digital assets should avoid blanket prohibitions; instead, it should consider each asset’s unique characteristics and risks.”
Uyeda's comment highlights that digital assets need a customized approach in regulating them. Specifically, rules should be adapted to the unique features and risks associated with varying digital assets rather than a one-size fits all approach. This is true in markets around the world including the U.S. and suggests the way forward is (again) balanced growth with responsible oversight ultimately crafting flexible guidelines that support innovation while addressing specific traits of crypto and other new technologies.
3. Embracing Non-Bank Finance to Catalyze Innovation
“Non-bank financial entities are critical to a diversified economy, providing essential liquidity without the rigidity of traditional banks.”
Uyeda argues that non-bank finance (sometimes called 'shadow banking') plays an important role in maintaining diverse markets and resilience. Instead of looking at non-bank finance as purely a risk, he highlights its importance in driving economic stability and spurring innovation.
See: Federal Reserve Launches Novel Activities Supervision Program Targeting Digital Assets and Non-Bank Partnerships via Banks
He believes that policymakers should support these types of finance while still keeping markets stable, and that such an approach is especially important for economies that benefit from a range of funding sources to fuel growth.
4. The Importance of Global Regulatory Cooperation for Stability
“Global regulatory collaboration is not just beneficial but essential to maintain financial stability in an interconnected market.”
He believes that global regulators must collaborate and in doing so they can develop a unified way to oversee financial risks that cross borders. This kind of teamwork is especially beneficial for sectors like crypto and alternative finance where consistent and agreeable (global) standards will help drive innovation while also keeping global markets stable.
5. Building Sustainable Growth Through Adaptability and Transparency
“Transparent, adaptive regulation is the foundation of sustainable market growth.”
Uyeda stresses the importance of having clear and flexible regulations especially in fintech and alternative finance where things evolve quickly and regulations need to be adaptable. This mindset and approach helps build a financial environment that remains up to date with new technologies and trends while keeping investor protection a priority.
See: Insights from the UK’s Pro-Innovation Regulation Review
Looking into the future, change is constant. Uyeda’s focus on having adaptable and transparent rules is a way to future-proof financial systems for whatever challenges and opportunities come their way.
A Global Framework for Balanced Finance
Uyeda’s insights show the value of regulatory frameworks that protect investors while allowing room for economic growth and innovation. That means adaptable and well tailored regulation along with a spirit of international collaboration is necessary to keep the economy strong and competitive. Great lessons for any regulators including Canada looking to balance innovation, growth, and investor protection.
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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Join NCFA’s Virtual Delegation to HK FinTech Week 2024
NCFA | Sep 12, 2024
Image: #HKFW24
Interested in exporting, scaling, growing networks and opportunities in Hong Kong/Asia?
The National Crowdfunding & Fintech Association of Canada (NCFA) is pleased to provide Canadian fintech firms with the chance to participate in Hong Kong Fintech Week 2024 (HKFW) online. This globally recognized event, produced by Finoverse in conjunction with the Government of Hong Kong, will take place from October 28 to November 1, 2024, and will provide a powerful platform for fintech entrepreneurs to explore potential in Hong Kong and the rest of the Asian market.
Why Join the Virtual Delegation?
We're looking for 5-10 Canadian growing fintech companies looking to export to Hong Kong/Asia or scale-up to the region, can benefit from:
See: WealthTech in Asia-Pacific: A Trillion-Dollar Opportunity
- Receive a complimentary Virtual Exhibitor Booth to showcase your company on Brella, the official networking platform of HKFW. Gain exposure and track engagement with over 35,000 attendees from around the world.
- Each participating company will receive 3 hybrid passes offering flexibility to attend the event in person or digitally.
- Network and connect with attendees virtually (or in person if you attend), including top industry professionals, regulators, and key decision-makers. Engage with experts in fintech, AI, Web3, and more, and explore new business opportunities in the Asia-Pacific region.
- Complimentary access to watch the live stream of the main HKFW Conference on October 28-29, featuring keynotes from global leaders in finance, technology, and innovation.
Why Hong Kong FinTech Week?
Hong Kong Fintech Week is one of the largest and most prominent fintech events, bringing together industry executives and decision-makers from across the world. With over 80 global delegations in previous years, the event provides a great platform for firms wishing to develop and grow their presence in Asia. HKFW provides great networking, exposure, and partnership possibilities in industries like as digital assets, payments, investech, AI, and more.
Next Steps
If your company is looking to expand into the Asian market or if you know of other innovative fintechs ready to scale up, and are interested in learning more about the virtual delegation opportunity please express your interest by contacting Craig Asano at casano@ncfacanada.org.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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How Fintechs Can Drive Financial Literacy in November
Financial Literacy Month | Sep 4, 2024
Image courtesy of FCAC
Fintechs Can Play a Leading Role in Promoting Financial Literacy!
To strengthen financial literacy in Canada, the Financial Consumer Agency of Canada (FCAC) launched financial literacy month (FLM) back in 2011 and continues to lead a national campaign to engage organizations across private, public, and the non-profit sectors to encourage financial education and resilience every year. This November is Financial Literacy Month.
One of the main theme's this year is "Money on your mind. Talk about it!" to help break the taboo around talking about money. As leaders and influencers in fintech, we all play an important role in shaping how Canadians manage, interact with, think about, and of courese talk about money and their finances.
See: 10 Eye-Opening Financial Literacy Statistics
Financial technology companies are uniquely positioned to provide Canadians with the tools, information, and resources they require to improve their financial well-being. As tech continues to transform how we manage our money, it is more important than ever to ensure that all Canadians, regardless of financial knowledge and background, are prepared to make educated and smart decisions about money.
3 Ways Fintechs Can Get Involved this November to Make A Difference
1. Boost Financial Literacy Education On Your Platform
You may already have a wide range of financial resources and tools on your platform. This November, encourage visitors to explore these educational features that can provide valuable information around budgeting tools, credit score monitoring, saving options, debt management, and tailored financial insights that align with your community and platform design and tools. If you're stuck for time and don't have many educational resources on your website, you can draw from the various free tools and resources available on the FCACs website. Or share the latest FCAC financial well-being survey results to help inform.
One idea is to create digestible content in a series that you can regularly share throughout the month of November to help customers understand critical financial literacy issues and concepts. If your platform can deliver data-driven personalized advice to users that would be amazing. For example, analyzing spending patterns and recommending tips on reducing expenses or how to optimize budget planning. This type of content can also be delivered through quizzes or challenges where the results help guide customers towards better financial habits.
Image courtesy of FCAC
2. Promote Open Conversations About Money
Host a virtual event or webinar and encourage your network to participate in an FLM campaign by sharing their own stories, challenges, or tips on social media using the hashtags #MoneyOnYourMind and #FLM2024. Perhaps participants can share their financial achievements and how they did it. You could incentivize participation with rewards and discounts or perks on your platform. Feature the top stories through your network and social channels to help inspire others. Engage with other influeners or financial experts to discuss and host Q& A sessions.
3. Support Financial Literacy for Underserved Communities
Traditional financial services remain out of reach for many Canadians. Fintechs can be crucial in closing this gap by creating resources and tools that specifically help underprivileged or marginalized populations.
See: FCAC Survey Results on Canadian's Financial Well-Being
Collaborate with NCFA Canada and others to develop and disseminate instructional materials that are available to all Canadians, including those who might not have access to conventional financial institutions. Offer them free access to your platform's premium features during FLM along with financial management resources.
Let's Boost Financial Literacy in Canada!
As a Fintech, you're in a great position to lead the way in encouraging financial literacy this November. By incorporating education into your platform, connecting with your user base through events or social media, and removing barriers for underprivileged groups, you can contribute to a future in which every Canadian feels competent managing their finances.
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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BoC Conducts Mock PSP Registration Ahead of Nov 1, 2024
Payments Regulation | Aug 28, 2024
Image: Freepik/Drazen Zigic
Preparing for PSP Registration on November 1 under the Retail Payment Activities Act (RPAA)
Under the Retail Payment Activities Act (RPAA), PSPs will be subject to Bank of Canada supervision to ensure the security and dependability of their services.
- With the November 1, 2024 registration window approaching, PSPs should be getting ready to comply with the Bank of Canada’s requirements.
- PSPs are expected to have submitted their registration applications no later than November 15, 2024. It takes time so you need to be prepared.
Feedback From the Registration Pilot
On April 9, 2024, the Bank of Canada carried out a registration pilot with 54 voluntary PSPs to help evaluate the PSP Connect online portal and application procedure prior to the official registration process. There was a diverse range of companies participating in the pilot including cross-border payments, digital wallets, BNPL and others who submitted mock registration forms and provided feedback about the application process and the online portal and accompanying materials.
Overall, the PSP Connect site was described as intuitive and user-friendly by pilot participants, however a few recommendations were made:
- Simplify the account creation process
- Simplify the application form as much as possible
- Clarify the terminology and concepts used online and in the documents (for consistency and understanding)
See: Guide: PSP Registration with Bank of Canada (RPAA)
There were also some technical difficulties that appeared in the feedback re: browser compatibility and mobile responsiveness. Compared to mobile platforms, users had fewer problems using browsers Microsoft Edge or Google Chrome on desktop computers. Lastly, worth noting that the application is comprehensive and takes a lot of time to complete.
Otherwise, technical staff are working to streamline the process and improve the data exchange process.
* Important BoC Webinar* on October 3, 2024 - Getting Ready to Register
On Oct 3, the BoC will give PSPs a detailed rundown of the registration procedure, and PSPs will get a chance to ask questions about the process, PSP Connect Platform and tools/services. For PSPs looking for a positive registration experience, you don't want to miss this webinar!
Register for the BoC webinar --> here
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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Join the 2024 Canada FinTech Forum! Sept 10-11, 2024
Fintech Event | Aug 18, 2024
Image: Canada Fintech Forum 2024
Join Us at the 2024 Canada FinTech Forum
NCFA is pleased to be a visibility partner of the annual Canada FinTech Forum 2024 taking place at the Fairmont The Queen Elizabeth Hotel in Montreal on September 10-11, 2024. This year’s event brings together over 1,300 industry leaders, innovators, and fintech enthusiasts to explore the latest trends in financial technology.
The forum’s theme, “Pushing the Boundaries of Fintech Innovation,” promises to deliver thought-provoking insights into the rapidly evolving landscape of fintech, with a focus on:
- AI Advancements in financial services
- Enterprise Infrastructure
- Integrated & Open Finance
Featured Speakers
The event will showcase thought leaders and innovators from across the fintech industry, including:
See: Innovative Approaches to Smarter Regulation
- Shelby Austin: Co-Founder and CEO, Arteria AI
- Dax Dasilva: Founder and CEO, Lightspeed Commerce
- Harley Finkelstein: President, Shopify
- Roham Gharegozlou: Co-Founder and CEO, Dapper Labs
- Darryl White: CEO, BMO Financial Group
- Jil Macdonald: Chief Operating Officer, Walnut Insurance
- Mara Reiff: Interim Co-CEO and Chief Customer Officer, FreshBooks
Hot Sessions
Attendees will have the chance to take part in lively panels and conversations that explore many aspects of financial technology's future throughout the 2 day event, such as:
- Concrete Gen AI Applications in Finance: Explore how generative AI is being applied to reshape the financial services industry with leaders from Scotiabank, NVIDIA, and Arteria AI.
See: FINTRAC Working to Fully Restore AML System Post-Cyberattack
- Building Bank-Fintech Partnerships: Learn from successful collaborations between institutions like National Bank of Canada and PayPal.
Networking & Exhibits
In addition, attendees can network with top executives at a prestigious Annual Supper, which features speakers like Shelby Austin and Dax Dasilva, and discover the latest innovative financial products in the Exhibit Hall.
Registration
Don’t pass up this great opportunity to be part of this influential fintech event. Use NCFA’s 15% discount code: FF2024NCFA15 and save $$!
🔗 Register here: Canada FinTech Forum 2024
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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Join the Canadian FinTech Mission to Hong Kong (Oct 28-29)
Fintech Mission | Aug 8, 2024
Image: Canadian Fintech Mission to Hong Kong (Oct 28-29, 2024)
Unlock Your Company's Asian Market Potential - Opportunity for Canadian Fintech Startups!
A Canadian Fintech Mission is being planned by the Canadian Consulate General in Hong Kong for October 28–29, 2024, which is during Hong Kong Fintech Week (HKFTW). For Canadian Fintechs, this mission offers an amazing opportunity to connect and uncover the enormous potential in Hong Kong and other Asian markets in the region.
Why Should You Participate?
1. As a Gateway to Asia
Hong Kong is an ideal entry point to Mainland China and the ASEAN markets in addition to being a preeminent worldwide financial hub. Take advantage of this opportunistic mission for Canadian fintechs to establish influential connections in the area and unlock deep potential in these expanding markets.
See: Ant Group’s Restructuring and Rebooting of Its Hong Kong IPO
2. Strong Financial Ecosystem
Hong Kong is a great base to develop and expand fintech developments with a strong banking system, leading payment networks, and global stock exchange. The regulatory environment nurtures innovation while protecting consumers, a great combination for investment and to distribute Canadian fintech products/services. For more information on the Hong Kong FinTech Ecosystem and market trends and landscape.
3. Strategic Opportunities
Canadian fintech mission participants receive complimentary access to the HKFTW Conference, and ample networking opportunities with IT partners, prospective clients, and industry leaders. The mission will also have a central location to showcase at the Canadian Pavilion at HKFTW.
Hong Kong Fintech Week 2024
Who Should Apply?
All Trade Commissioner Service clients who are registered Canadian businesses engaged in the Fintech industry are welcome to apply for the mission. Innovative companies in WealthTech, InsurTech, RegTech, and Green Fintech that have creative solutions will receive special attention, especially in fields like blockchain, cybersecurity, and artificial intelligence and data analytics.
What’s Included?
Successful applicants will receive a complimentary participation package, which includes:
- Admission to the HKFTW Conference with access to a searchable attendee list.
- A presence at the HKFTW Canadian Pavilion.
- A personalized meeting program with potential partners and customers in Hong Kong.
See: Hong Kong to Start Trading Bitcoin and Ether ETFs April 30
Please note that participants are responsible for their own travel and accommodation expenses.
Application Process
Don’t miss out on this opportunity to expand your reach into one of the most lucrative markets in the world. To apply, complete the application form and notify Eunice Wong, Trade Commissioner, at Eunice.wong@international.gc.ca by 11:59 PM EST on August 30, 2024. Selected applicants will be contacted within seven working days after the deadline.
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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Key Takeaways from Bitcoin 2024 Conference
Bitcoin | Jul 29, 2024
Image: Freepik/diana.grytsku
Highlights from the Bitcoin 2024 conference, including major policy proposals and insights
The Bitcoin 2024 Conference, which was held in Nashville on July 25–27, was a mix of creativity and energy with the enthusiasm of almost 20,000 people coalescing, including tech aficionados, business titans, and newbies filling the venue. Passionate conversations permeated the air against the backdrop of the newest blockchain tech and companies on display and neon lights.
See: FINTRAC Guidance on Bitcoin ATMs and Money Laundering
This year was infused with anticipation as prominent speakers like Senator Cynthia Lummis and Donald Trump espoused their version of a crypto future. It was an event honouring the digital revolution, where innovative concepts collided with the enthusiasm of a society poised to revolutionize the world of finance.
Top 5 Takeaways
1. Trump's Bitcoin Endorsement
Drawing parallels to China's advances in digital assets, former President Donald Trump suggested establishing a "strategic national bitcoin reserve" in the United States. He said, "If Bitcoin is going to the Moon, I want America to send it there." This represented a substantial departure from his earlier pessimism and was consistent with his larger goal of establishing the United States as a global leader in crypto.
Trump speech recap:
- US to become crypto capital of the world
- To create strategic Bitcoin reserve for US
- To fire Gary Gensler on day 1
- Views stablecoins as pro dollar
- To end Operation Chokepoint 2.0
- To bring Bitcoin mining to the US— Will (@WClementeIII) July 27, 2024
2. Senator Lummis's Legislative Proposal
Senator Cynthia Lummis announced plans to introduce legislation for the U.S. Treasury to purchase 1 million bitcoins, equivalent to 5% of the world's supply, over five years. The goal is to establish a strategic Bitcoin reserve to counter inflation and protect against dollar depreciation. Lummis emphasized the need to hold these assets for at least 20 years.
See: Inside Federal Securities Laws and Crypto’s Tightrope
3. Political and Regulatory Jockeying
Trump warned of possible harsh restrictions and attacked Vice President Kamala Harris and the Democratic position on cryptocurrencies. On the other hand, more than a dozen Democratic lawmakers—among them Ro Khanna and Ritchie Torres—called for a more crypto-friendly stance, pushing the DNC to incorporate financial inclusion and innovation into their agenda.
4. Institutional Demand
The conference brought attention to the increasing interest in Bitcoin ETFs, which are being led by large institutions like BlackRock. Strong institutional demand is seen in BlackRock's iShares Bitcoin Trust (IBIT), which has made a 20-25% of the company's revenue flow this year. This pattern suggests that Bitcoin is becoming a more widely accepted financial asset.
5. Energy and Mining Outlook
Integrating renewable energy sources and sustainability were the main topics of discussion when it came to Bitcoin mining. Marathon Digital Holdings declared that it has purchased and will full HODL more than 20,000 Bitcoin, worth $1.3 billion.
See: Rising AI Energy Use: A Call for Sustainable Innovation
This action fits in with the industry's broader trend toward strategic asset management and sustainability.
Closing Outlook
With strong political and institutional support, the future of Bitcoin and digital assets looks promising. However, regulatory developments will be crucial in shaping the industry's trajectory. Bitcoin magazine is hosting the talks on it's youtube channel here.
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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