Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Innovation and Resources
Polymath Adds Protocol Privacy For Tokenized Asset Markets
May 29, 2026 | NCFA Fintech Market Activity | Digital Assets Blockchain And Tokenization, Capital Markets And Market Infrastructure, Risk Compliance And Regtech
Controlled Disclosure Becoming Core Tokenization Infrastructure
On May 27, 2026, Toronto based Polymath launched Confidential Assets on Polymesh, a protocol level privacy feature for tokenized securities and real world assets. It uses zero knowledge cryptography to keep transaction details private while preserving access for regulators, auditors, and authorized parties.
Privacy solves a practical market problem. Public blockchains can expose positions, client data, and transaction flows. Private chains can protect confidentiality, but they can also silo activity inside closed systems. Confidential Assets is Polymath aim to give regulated asset markets privacy without giving up public permissioned infrastructure.
Martin Halford, CEO, Polymath:
“The question the market has been asking is not whether assets can be tokenized -- they can. The question is whether tokenization can be done at an institutional scale, with the privacy and compliance standards that real financial infrastructure demands. Confidential Assets is our answer to that question.”
The stronger use case isn't about keeping secrets, but rather controlled disclosure. Issuers, investors, and asset managers need privacy around holdings and transfers. Yet a wide range of stakeholders from regulators to auditors, custodians, and compliance teams still need access when rules require it.
See: Polymath Dalmore Partner On Tokenized Capital Raising
Confidential Assets is built into the Polymesh protocol, not added through a third party tool or Layer 2 solution. This allows privacy to work within the same system that handles compliance, governance, and settlement. A fund, private credit issuer, real estate platform, or broker dealer could use the feature to complete a compliant transfer without exposing position size or counterparty details to the broader market.
The ultimate goal and impact is the right mix of privacy and oversight. If Polymath gets that balance right, Confidential Assets could make Polymesh more useful for real capital markets activity, not just token issuance.
What To Watch Next
Confidential Assets is available immediately to institutions building on Polymesh. Polymath has been building regulated asset infrastructure since 2017 and contributed the ERC 1400 security token standard. Polymesh achieved SOC 2 Type 1 compliance in 2025. Polymath also says a post quantum ready version of Confidential Assets is in development for long term assets that may remain on chain for decades.
For Canadian capital markets and fintech firms, controlled disclosure is becoming core infrastructure for tokenized assets. Platforms that manage who can see what, and when, will become harder to replace in digital securities markets, over time.
Talking Point
Can tokenized markets reach institutional scale without protocol level privacy, or will controlled disclosure become a core requirement for regulated digital assets?
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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Top 5 Digital Marketing Agencies in Canada to Consider in 2026
May 29, 2026
Most businesses don't struggle to find digital marketing agencies. They struggle to find one that actually understands their industry, reports honestly, and ties every dollar spent back to real revenue. After reviewing dozens of Canadian agencies across service depth, client results, and transparency, a clear pattern emerged: the ones worth your budget are the ones that treat return on investment as a must-have, not a nice-to-have. This guide breaks down the top five agencies in Canada worth serious consideration heading into 2026.
The research approach for this ranking
Every agency on this list was assessed using publicly available sources: Clutch profiles, client testimonials, published case studies, award records, and official service pages. The focus stayed on agencies with a verifiable track record in digital marketing, not just strong website copy or a polished pitch deck.
-> See the full research breakdown
- dNovo Group - Best for legal and healthcare digital marketing
- Dialekta - Best for performance marketing and 360 media strategy
- Major Tom - Best for full-service digital marketing and ecommerce
- Kinex Media - Best for enterprise and mid-market ecommerce and digital marketing
- Marvel Marketing - Best for local professional practices and home service businesses
Why Digital Marketing Agencies Matter for Your Business
Picking the wrong agency doesn't just waste budget. It sets your business back months while competitors pull ahead.
The real challenge isn't finding an agency that offers services. It's finding one that genuinely understands your industry, can trace every lead back to a specific campaign, and gives you reporting you can actually trust.
Specialized agencies tend to produce better outcomes because they already know the ad platform policies, the content angles that convert, and the audience behavior patterns that matter in your space. That kind of focused experience usually shows up directly in your numbers, whether you're tracking Return on Ad Spend (ROAS), Customer Acquisition Cost (CAC), or Cost Per Lead (CPL).
The right fit doesn't just run campaigns. It moves your business forward.
Top 5 Digital Marketing Agencies Breakdown and Comparison
Note: All data in this table is sourced from review platforms and the official websites of the listed companies.
| Company Name | Years Operating | Headquartered In | Rating |
| dNovo Group | Est. 2011 | Toronto, ON, Canada | 5/5 (Clutch) |
| Dialekta | Est. 2010 | Montreal, Toronto, and Paris | Not listed |
| Major Tom | Est. 2018 | Vancouver, British Columbia | Not listed |
| Kinex Media | Est. 2008 | Mississauga, Ontario, Canada | Not listed |
| Marvel Marketing | Est. 2014 | Calgary, AB | Not listed |
dNOVO Group - Best for Legal and Healthcare Digital Marketing
What Does dNovo Group Do?
dNovo Group is a Toronto-based boutique agency founded in 2011, built around legal and healthcare marketing. They cover SEO, Local SEO, AI Search Optimization, Google Ads, web design, and content marketing for law firms and medical practices across personal injury, criminal defense, immigration, family law, and more. What sets them apart is the fully in-house team structure. Every campaign is built and managed internally, which means accountability stays in one place and results don't get lost between vendors.
Why dNovo Group Stands Out for Digital Marketing:
The agency fills a specific gap for law firms and healthcare practices that need a marketing partner who already understands their industry's advertising restrictions and client acquisition dynamics. From what the case study data shows, that kind of sector-specific focus tends to produce results that general agencies struggle to replicate at the same pace.
Summary of Real User Reviews:
dNovo Group holds a 5/5 rating across 66 reviews on Clutch, which is honestly rare at that volume. Clients consistently point to measurable outcomes, including 150% increases in qualified leads and website visitors driven by campaigns and 180% gains in client acquisition. The recognition as a Top SEO, Top Advertising, and Top Web Design company on Clutch, plus a Netty Award nomination, backs up what the client feedback is already saying.
Dialekta - Best for Performance Marketing and 360 Media Strategy
What Does Dialekta Do?
Dialekta is a Montreal-based performance marketing agency founded in 2010, and they've grown considerably since then. They cover SEM, SEO, analytics, conversion rate optimization (CRO), media planning, and business intelligence. What makes them interesting compared to others on this list is their move into traditional media in 2020 and their 2024 acquisition of Varibase, which deepened their data and loyalty marketing capabilities. They serve major Canadian brands including Vidéotron, Bell Media, Intact Insurance, and Desjardins Group (not a small client list by any measure).
Why Dialekta Stands Out for Digital Marketing:
Dialekta addresses a real challenge for mid-to-large businesses that need a single partner to connect digital and traditional media without losing performance accountability across channels. Their data activation work, built out further through the Varibase acquisition, gives clients a clearer picture of how campaigns are actually driving discovery call to signed retainer conversion, not just surface-level impressions.
Summary of Real User Reviews:
Dialekta's industry reputation carries weight, especially the Google recognition as one of six most forward-thinking companies worldwide in Search Innovation. Their client retention rates are reported as among the highest in the Canadian agency market, which suggests the results are holding up long after the initial campaign launch. Multiple Infopresse awards round out a track record that's hard to ignore for enterprise-level marketing buyers.
Major Tom - Best for Full-Service Digital Marketing and Ecommerce
What Does Major Tom Do?
Major Tom is a Vancouver-based full-service agency formed in 2018 through the merger of 6S Marketing and Drive Digital, two respected names in Canadian digital marketing. They cover strategy consulting, web development, creative design, SEO, paid media, ecommerce, social media, content marketing, and marketing automation. Think of them as a shop that can take a brand from broad strategy all the way through to live campaign execution. Their client list includes PepsiCo, SAP, and DoorDash, which shows they can operate at serious scale.
Why Major Tom Stands Out for Digital Marketing:
The agency solves a specific problem for growing businesses that need strategy and execution under one roof, without bouncing between a consulting firm and a production agency. That merger background means their teams are genuinely skilled at both the planning side and the technical delivery, which is a combination that's harder to find than it sounds.
Summary of Real User Reviews:
Major Tom has earned recognition through the Canadian Search Awards for ecommerce work, which points to real performance in a competitive category. The combined heritage of two established agencies gives them a credibility base that newer firms can't replicate overnight. And honestly, the strength of their client portfolio across major global brands says a lot about the trust they've built with marketing buyers at scale.
Kinex Media - Best for Enterprise and Mid-Market Ecommerce and Digital Marketing
What Does Kinex Media Do?
Kinex Media is a Mississauga-based agency founded in 2008, giving them over 15 years of active work in the digital space. They focus on website design and development, Magento ecommerce, SEO, SEM, and print services. What stands out about their approach is the experiment-driven model. Rather than applying a standard playbook, they test strategies on a per-client basis and adjust based on what the data shows. They've worked with more than 2,000 businesses, from early-stage startups to Fortune 500 companies (not a small range by any measure).
Why Kinex Media Stands Out for Digital Marketing:
Kinex Media addresses the frustration businesses face when agencies apply cookie-cutter strategies regardless of industry or business model. Their testing-first mindset means campaigns are shaped by actual performance signals, not assumptions carried over from a previous client in a different vertical.
Summary of Real User Reviews:
The Globe and Mail named Kinex Media one of Canada's top companies for multiple consecutive years, and they ranked #298 on The Americas' Fastest Growing Companies list in 2023. Clutch also places them among Toronto's top web design and development firms. That kind of consistent external recognition across different platforms suggests the client experience is holding up well beyond just the initial project launch.
Marvel Marketing - Best for Local Professional Practices and Home Service Businesses
What Does Marvel Marketing Do?
Marvel Marketing is a Calgary-based full-service agency founded in 2014, with offices in Toronto and Vancouver. They cover web design, SEO, social media marketing, PPC, content strategy, brand development, ecommerce, local SEO, and email marketing. They work across B2B, legal, real estate, automotive, franchise, trades, healthcare, and sports sectors. The thing that makes them genuinely different is their "NO RESULTS, NO PAYMENT" guarantee combined with a strict limit of three new clients per month. That kind of intentional capacity cap is rare and signals they're serious about delivering, not just scaling.
Why Marvel Marketing Stands Out for Digital Marketing:
Marvel Marketing directly addresses the anxiety businesses feel when signing long-term agency contracts without knowing if results will follow. Their human-in-the-loop execution model (no reliance on public AI models for strategic decisions) combined with SOC-2 and GDPR data compliance builds trust with clients in regulated industries who can't afford data handling mistakes.
Summary of Real User Reviews:
Detailed third-party review data for Marvel Marketing isn't as widely published as some other agencies on this list, so drawing direct comparisons is harder. That said, their model speaks for itself. The combination of a results-backed guarantee and deliberate client limits suggests a team that would rather do fewer things exceptionally well than take on volume at the expense of quality.
Research Methodology and Selection Process
Initial Data Collection
The starting point was a broad sweep of agencies operating across Canada, pulled from directories like Clutch, UpCity, agency-specific review platforms, and Google Business listings. The goal at this stage was building a wide longlist, not filtering yet. Agencies were flagged based on their presence in Canadian markets, the range of digital marketing services listed on their official sites, and whether they had any documented client history.
Shortlisting Phase
From that longlist, agencies without verifiable client results or independently published review records were set aside. The shortlisting process focused on identifying patterns across multiple signals: Were the reviews consistent? Did the agency's stated services match what clients actually described receiving? Agencies with thin public footprints or unverified claims were removed before deeper evaluation began.
Verification of Claims
Each agency's website claims were cross-referenced against third-party sources. If a firm claimed a specific award or recognition, that recognition was confirmed through the awarding organization's published records. Case study numbers (such as percentage increases in client acquisition or campaign performance improvements) were checked against what was publicly available on Clutch profiles and the agencies' own published materials. Claims that couldn't be traced to a source were discounted in the scoring.
Authority and Industry Contribution Layer
Beyond standard service verification, each agency was assessed for its broader standing in the industry. This included award histories, mentions in recognized Canadian business publications, Google Partner or platform certifications, and any original research or published commentary the agency had produced. Recognition from credible external sources (like Google's global Search Innovation ranking for Dialekta or Globe and Mail top-company recognition for Kinex Media) added weight to an agency's overall assessment.
Digital Marketing Agencies-Specific Evidence
The final layer focused on digital marketing depth. Each agency needed dedicated, clearly defined service pages (not just a general "digital marketing" label), verified client reviews that referenced specific campaign types and measurable outcomes, and case studies that demonstrated performance across relevant channels. Agencies that only operated in one narrow service area without broader digital marketing capabilities were excluded from the final list, keeping the focus on firms that can genuinely support a business's full marketing needs.
How to Choose the Right Digital Marketing Agencies
Choosing an agency isn't just about who has the best website. The right fit depends on how well their strengths line up with what your business actually needs right now.
See: Bringing Good Ideas to Life: 13 Modern Ways to Innovate
Here's what to look at before signing anything:
- Industry and Domain Experience: Look for agencies that have worked in your specific sector. An agency that already understands your audience, your ad platform restrictions, and your competitive environment will move faster and waste less of your budget getting up to speed.
- Features and Service Offerings: Match their services to your actual gaps. If you need paid media and content but the agency leans mostly toward web design, that's a misalignment worth catching early.
- Pricing Structure: Understand exactly what you're paying for and what triggers additional costs. Hourly rates, retainers, and performance-based models each carry different risk levels for your business.
- Results Measurement: Ask how they report on Return on Ad Spend (ROAS), Cost Per Lead (CPL), and Customer Acquisition Cost (CAC). If they can't clearly explain how they attribute revenue to their work, that's a problem.
- Industry Knowledge and Compliance: Agencies working in healthcare, legal, or finance need to understand FTC disclosure guidelines, GDPR, CCPA, and platform advertising policies. Ask directly how they handle this.
Bottom Line
Canada has no shortage of digital marketing agencies, but the ones worth your budget share a few things in common: real industry experience, honest reporting, and results you can trace back to actual campaigns. Whether you need niche legal marketing like dNovo Group offers, enterprise-level performance work like Dialekta delivers, or a full-service setup like Major Tom provides, the best agency is the one built for your specific business stage and goals.
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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Are Tokenized RWAs Legal And Becoming Market Infrastructure?
Tokenized RWAs Gain Ground Inside Regulated Markets
Last Updated: May 28, 2026
Status: Strengthening
Organizations: Bank of Canada, DTCC, Broadridge, NYSE, Securitize, FCA, LSEG, BIS
The answer is yes, but only in the right legal and market structure. Tokenized real world assets are becoming usable where regulators connect them to securities, custody, fund, settlement, collateral, payment, and investor protection rules. The strongest evidence is not speculative token launches. It is regulated infrastructure that can support bonds, Treasuries, funds, repo, collateral, transfer agency, and settlement.
- Tokenized RWAs are legal in some jurisdictions when they fit existing rules. The answer depends on the asset, investor type, issuer, custody model, market venue, and settlement rail.
- The strongest growth is happening inside institutional infrastructure. DTCC, Broadridge, NYSE, Securitize, FCA, LSEG, BIS, and central banks are testing the market plumbing, not just the token wrapper.
- Canada has direct relevance through the Bank of Canada tokenized bond experiment and broader work on wholesale settlement, stablecoins, and tokenized cash infrastructure.
The practical question is not whether RWAs can be tokenized. They can. NCFA has tracked this progression from experimentation to execution. Earlier evidence showed how tokenization started looking like financial infrastructure, while more recent developments show tokenization finding scale in collateral and cash. European policymakers are also advancing a roadmap for tokenized finance infrastructure, reinforcing the view that tokenization is increasingly being evaluated as market infrastructure rather than a standalone asset class.
The firms to watch are the ones building the boring middle layer. That means custody, transfer agency, collateral management, settlement links, reporting, governance, and legal certainty. RWA growth depends on trust and operating proof, not marketing.
Strategic Takeaway
Tokenized RWAs are becoming market infrastructure where legal rights, custody, settlement, collateral, and investor protections connect. The opportunity is not just putting assets on chain. It is making regulated assets easier to hold, move, finance, and reconcile inside trusted financial systems.
Market And Policy Evidence
Click each item to expand
1. Canada Tests A Full Tokenized Bond Lifecycle (Mar 2026, Canada) ⓘ
The Bank of Canada, Export Development Canada, RBC, TD, and RBC Investor Services completed a tokenized bond experiment using distributed ledger technology. This gives Canada a credible domestic proof point for tokenized securities infrastructure.
- The experiment used a single $100 million Canadian dollar bond.
- The platform tested issuance, bidding, coupon payments, redemption, secondary trading, and settlement.
- The cash leg used wholesale central bank deposits, which matters because tokenized assets need trusted settlement money.
2. DTCC Prepares Tokenized RWAs For Production (May 2026, United States) ⓘ
DTCC is preparing tokenized real world asset services for production use. This is important because DTCC sits inside regulated post trade infrastructure, not outside the system.
- DTC planned initial limited production trades in July 2026.
- A broader service launch was planned for October 2026.
- More than 50 firms joined the working group.
3. Broadridge Shows Tokenized Repo At Institutional Scale (Apr 2026, United States) ⓘ
Broadridge’s Distributed Ledger Repo platform shows tokenization already operating in a serious institutional workflow. Repo is market plumbing tied to collateral, liquidity, and funding.
- Broadridge reported $8 trillion in tokenized repo volume in March 2026.
- The platform recorded 392% year over year growth.
- This evidence points to collateral and settlement use cases, not retail token speculation.
4. NYSE And Securitize Push Tokenized Securities Standards (Mar 2026, United States) ⓘ
NYSE and Securitize agreed to support tokenized securities infrastructure, including standards for digital transfer agents and tokenization agents.
- The agreement focuses on institutional tokenized securities infrastructure.
- Transfer agency matters because tokenized securities need legally recognized ownership records.
- The larger signal is integration with regulated markets rather than replacement of them.
5. UK Rules Bring Tokenized Funds Into Asset Management (Apr 2026, United Kingdom) ⓘ
The UK FCA published rules and guidance for fund tokenisation, giving asset managers a practical framework for tokenized fund operations.
- The FCA links tokenized funds to existing asset management rules.
- The UK asset management market includes about 2,600 firms managing £16.5 trillion.
- This supports the view that tokenized RWAs gain credibility when they fit regulated fund structures.
6. Project Agorá Connects Tokenized Assets With Settlement Money (May 2026, Global) ⓘ
Project Agorá, led by the BIS with central banks and commercial banks, tests tokenized deposits and wholesale central bank money for cross border settlement. This matters because tokenized assets need a reliable cash leg.
- The latest BIS work included seven central banks and a 97 page findings report.
- The next phase includes real value transaction testing.
- Tokenized securities, collateral, and funds become more practical when money and asset settlement improve together.
Do you agree the evidence is strengthening?
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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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Project Agorá Tests Real Money Bank Settlement Rails
May 28, 2026 | NCFA Insight | Payments And Market Infrastructure, Digital Assets Blockchain And Tokenization, Capital Markets And Market Infrastructure
Bank Of Canada Joins Next Phase Of Tokenized Bank Settlement
On May 26, 2026, the BIS released its 97 page Project Agorá report, detailing how a global public private prototype tested the feasibility of tokenized commercial bank deposits and wholesale central bank money for cross border payments. The report explains the project vision, who participated, what the prototype tested, what worked (or not), and what has to happen before any production system can operate at scale.
Project Agorá isn't a retail CBDC project, nor is it a stablecoin clone. It tests whether today’s correspondent banking system can use tokenized bank money and smart payment workflows to make wholesale cross border payments faster, safer, more transparent, and easier to coordinate.
Cross border payments totalled USD $195 trillion in 2024 and are projected to reach USD $320 trillion by 2032. Wholesale payments accounted for 91% of cross border payment value in 2023. These flows affect banks, PSPs, exporters, capital markets firms, treasury teams, and fintechs building around global money movement.
Bank Of Canada Joins The Next Phase
On May 27, 2026, the Bank of Canada joined Project Agorá, giving Canada a seat at the table and role in the next phase of testing. The Bank says the project has successfully tested the feasibility of a multi currency unified ledger that enables atomic settlement of wholesale cross border transactions.
The next phase will continue testing the prototype and examine how an Agorá type platform could operate under existing legal and regulatory frameworks, including settlement finality, anti money laundering rules, and terrorist financing rules.
Carolyn Rogers, Senior Deputy Governor, Bank of Canada:
“We know that the Canadian economy could benefit from innovation in cross-border payments. Tokenization has the potential to make these payments faster, cheaper and more efficient and secure. Project Agorá is a unique opportunity to test the technology across several jurisdictions and currencies, with the participation of private sector financial institutions.”
Agorá Tests Programmable Bank Money
Project Agorá was convened by the BIS and the Institute of International Finance. It originally brought together 7 central banks and more than 40 regulated financial institutions, including banks, payment service providers, financial market infrastructures, and global payment networks.
The central bank group includes the Federal Reserve Bank of New York, Bank of England, Bank of France representing the Eurosystem, Bank of Japan, Bank of Mexico, Swiss National Bank, Bank of Korea, and now the Bank of Canada for the next phase. That makes Agorá a multi currency and multi jurisdiction test, not a single bank proof of concept.
See: AI, Capital, Money Rewire Financial Infrastructure In 2026
The project keeps correspondent banking as the base model. Banks still manage customers, deposits, access, compliance, and balance sheet relationships. Central banks still control reserves and domestic policy settings. Agorá adds a shared programmable platform to coordinate the payment workflow.
How The Platform Would Work
The prototype uses a two layer architecture. (1) A unifying ledger records tokenized commercial bank deposits and coordinates the cross border workflow. (2) Separate jurisdictional ledgers record tokenized central bank reserves so each central bank keeps control over its own money, access rules, and policy settings.
The payment workflow has five stages. Agorá checks the payee, finds the payment route, confirms required checks, locks the needed balances, then settles the transaction. In report terms, those stages are confirmation of payee, path discovery, validation, locking, and settlement.
The order sequencing matters. Agorá checks the payment before banks lock up liquidity. It confirms the payee, route, required checks, and available balances first. Only then does settlement begin. That reduces the risk of finding a problem after money has already been committed.
Source: Bank for International Settlements, Project Agorá, “Wholesale cross border payments today and in Project Agorá,” Figure 1.
Atomic Settlement Worked In The Prototype
The prototype showed that atomic settlement is achievable in a tokenized environment across the participating jurisdictions. This means that either every required balance update happens, or none of them happen. One leg of a transaction cannot settle while another fails.
The report says settlement can occur in seconds once funds or liquidity are locked. The platform is also designed to operate around the clock, which could reduce delays caused by time zones and market hours. That doesn't mean every payment becomes instant from start to finish. It means the settlement step can happen quickly after the required checks and liquidity locks are complete.
The prototype also showed that shared infrastructure doesn't require shared data by default. Participants can coordinate payment status, validation outcomes, and settlement without exposing customer data, internal risk models, or sensitive routing information to everyone on the platform.
The Pain Points Are Operational
The report identifies specific pain points in wholesale cross border payments. They include mismatched operating hours, sanctions and compliance false positives, serial processing, poor data quality, weak payment status visibility, unclear fees, liquidity pressure, settlement risk, reconciliation breaks, and client outreach.
See: CBDC Tokenization And Stablecoin Design For Fintechs
These are practical banking problems. A false positive can stop a legitimate payment. A missing data field can trigger manual review. A payment status gap can leave banks and clients unsure where funds are stuck. A reconciliation break can create cost after settlement. Liquidity sitting in the wrong place can weaken treasury efficiency.
The report doesn't make cost reduction the main objective because many wholesale payment costs come from FX pricing and market structure. The stronger claim is narrower though. Fewer failed payments, investigations, returns, and reconciliation breaks could reduce operating drag if the model works in production.
Compliance Stays With Each Institution
Agorá doesn't try to centralize AML, counter terrorist financing, sanctions, fraud, or policy decisions. Each institution still performs its own checks inside its own systems. The platform coordinates only the outcomes needed to move the workflow forward.
This is important for banks who need shared infrastructure, but they don't want to expose customer information, proprietary screening logic, or internal compliance decisions to every other participant in a payment chain. Agorá uses scoped privacy and controlled information sharing so only relevant parties receive the data they need.
The result is a realistic compliance model for regulated institutions. It doesn't remove compliance work. It tries to reduce duplication, bring validations earlier in the process, and stop settlement from starting before required checks are complete.
Tokenized Money Keeps Its Legal Nature
The report’s legal analysis as tested in Agorá, found that tokenization doesn't fundamentally change the legal nature of money. Tokenized central bank reserves remain central bank reserves. Tokenized deposits remain commercial bank deposit obligations.
See: VersaBank USA Launches Tokenized Deposits Pilot
It suggests tokenized bank money can develop inside existing legal and regulatory frameworks instead of starting from a blank page. It also separates Agorá from private digital asset models where the legal nature of the claim can be less familiar.
The report doesn't claim every legal issue is solved however. Settlement finality is achievable across the participating jurisdictions, but production deployment would still need rulebooks, contractual frameworks, liability rules, governance, data rules, insolvency treatment, and clear legal effect across jurisdictions.
Benefits And Risks For Banks And Fintechs
The strongest benefits are operational. Agorá could give banks better payment status visibility, earlier data checks, fewer late stage failures, faster settlement after liquidity is locked, and more predictable workflows across currencies.
Treasury teams could benefit from better liquidity coordination. Cross border payments today can require prefunding, manual investigation, and treasury allocation across time zones. Agorá’s design could reduce some of that friction by coordinating payment paths, validations, balance locks, and settlement in one workflow.
The risks are in production execution. The report says the prototype didn't prioritize production grade performance, cyber security, or liquidity saving tools. It also left FX integration and other tokenized asset classes outside scope.
A real system would need to connect with existing bank infrastructure and prove it can operate under stress. That means strong governance, resilience testing, failover, monitoring, and clear performance benchmarks.
What To Watch Next
The Bank of Canada is now involved, but commercial value depends on private sector participation. Canadian banks, PSPs, market infrastructure providers, and fintechs need a role in testing, rule design, and integration.
For fintechs, the opportunity is to build around the workflow through compliance tools, privacy technology, treasury systems, FX routing, liquidity optimization, reconciliation software, APIs, and analytics.
See: Tokenization Finds Scale In Collateral And Cash
Agorá gives banks and central banks a regulated alternative to stablecoin settlement networks, but only if the next phase proves it can handle real value, real liquidity, and real operating rules.
Talking Point
If Project Agorá evolves from prototype to real value settlement, will tokenized bank deposits become the regulated answer to stablecoin driven cross border payments?
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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Are Stablecoins Becoming Payment Infrastructure?
Stablecoins Expand From Crypto Products Into Payment And Reserve Infrastructure
Last Updated: May 28, 2026
Status: Building
Organizations: SoFi, Department of Finance Canada, Bank of Canada, FCA, UK Government
The answer is yes, but not because stablecoins are leaving crypto behind. They are expanding from crypto market use into banking apps, remittances, reserve models, and payment policy. The test is no longer whether tokens can move on chain. The test is whether they can move money inside regulated financial systems.
- SoFiUSD shows how stablecoins can enter mainstream distribution. A national bank is putting a bank issued dollar stablecoin inside a consumer financial app. That gives stablecoins a different trust frame than exchange based tokens.
- Canada’s stablecoin framework gives this question direct domestic relevance. The federal framework brings stablecoin issuance, reserves, custody, redemption, and Bank of Canada oversight into the financial policy stack.
- The UK is building the policy lane. FCA and UK Government work on qualifying stablecoins points toward payment use cases that sit inside authorization, reserve, custody, and consumer protection rules.
The link to payment access is important. Stablecoins need banking partners, reserves, payment gateways, custody controls, and settlement routes. That connects directly to limited direct settlement access, because stablecoin utility depends on how close non bank firms can get to trusted payment and reserve infrastructure.
The firms to watch are the ones that can make stablecoins boring enough to use. That means clean reserves, clear redemption, strong compliance, distribution reach, and payment flows that solve real problems.
Strategic Takeaway
Stablecoins are expanding into payment infrastructure where they connect trusted reserves, regulated distribution, and real money movement. The strongest players may be firms that can make tokenized money useful without making users think about crypto at all.
Market And Policy Evidence
Click each item to expand
1. SoFiUSD Launches On A Banking Platform (May 2026, United States) ⓘ
SoFiUSD shows stablecoins moving into mainstream financial distribution. The product is positioned as a bank issued, 1:1 redeemable U.S. dollar stablecoin inside the SoFi app.
- SoFi says nearly 15 million members can buy, sell, hold, and convert SoFiUSD directly in its app.
- The stablecoin is described as bank grade and 1:1 redeemable for U.S. dollars.
- The launch links stablecoin utility with consumer banking access rather than only crypto native wallets or exchanges.
Source
2. Canada Advances Stablecoin Framework (Mar 2026, Canada) ⓘ
Canada’s framework gives the stablecoin infrastructure question a domestic policy base. It moves stablecoin activity toward rules for issuance, reserves, custody, redemption, governance, and oversight.
- Finance Canada says the proposed framework is intended to support safe innovation and competition while protecting consumers.
- The framework applies to both domestic and foreign issuers.
- NCFA coverage of Bill C-15 framed the framework as part of Canada’s broader digital finance execution test.
3. UK Policy Moves Stablecoins Toward Payments (Apr 2026, United Kingdom) ⓘ
UK policy work shows regulators treating stablecoins as potential payment instruments, not only crypto assets. That means issuance, custody, reserves, and payment services are becoming connected policy questions.
- The UK Government says it plans to consult on bringing payment services using qualifying stablecoins into regulated payment services reforms.
- The FCA has worked on rules for qualifying stablecoin issuance and cryptoasset custody.
- The FCA also identified stablecoin payments as a 2026 priority and linked the work to faster and more convenient payments.
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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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Are Non-Bank Firms Getting Closer To Limited Direct Settlement Access?
Policymakers Test Narrower Payment Access Models For Qualified Non Bank Firms
Last Updated: May 27, 2026
Status: Building
Organizations: Federal Reserve, Neo, Interac, Tether, Government of Georgia
The answer is moving toward yes, but through tighter gates. Regulators are not opening settlement systems to every fintech. They are testing whether some firms can reach parts of the settlement layer without becoming banks.
- The Federal Reserve’s proposed Payment Account framework is the clearest sign so far. Eligible firms could support specific payment and reserve functions, but without intraday credit, discount window access, interest on balances, or full Master Account rights.
- Neo’s direct access to Interac e-Transfer shows the model already exists in narrower form inside Canada’s payment system. The gain is not prestige. It is more control over routing, customer flow, timing, and cost.
- Tether’s GEL₮ project with Georgia pushes the pressure further. Stablecoins are moving into remittances, digital payments, and state backed financial infrastructure discussions. That changes the settlement conversation. It is no longer limited to bank transfers and card rails.
Canada already allows some narrower access models through Interac participation and registered payment frameworks. The next pressure point may come from real time payments, stablecoin reserve treatment, tokenized settlement, or cross border payment competition from outside Canada.
The firms to watch are not necessarily the biggest fintechs. The advantage may go to companies that can prove resilience, compliance depth, operational uptime, fraud controls, and trusted movement of funds at scale. Regulators appear more willing to test narrower infrastructure access when the activity is tightly defined and operationally mature.
Strategic Takeaway
Limited direct settlement access is becoming a middle layer between sponsor bank dependence and full banking status. That could reshape who controls payment flow, customer relationships, settlement logic, and financial infrastructure over the next few years.
Market And Policy Evidence
Click each item to expand
1. Fed Proposes Limited Payment Accounts For Eligible Firms (May 2026, United States) ⓘ
The Fed proposal separates limited payment access from full banking status. It gives regulators a way to test settlement and reserve functions without granting the full benefits of a Master Account.
- The proposal would create Payment Accounts without intraday credit, discount window access, interest on balances, or full Master Account privileges.
- The Fed identifies use cases including stablecoin reserves, tokenized securities settlement, pay by bank checkout, B2B transfers, instant wages, refunds, and cross border dollar settlement.
- The model would keep liquidity support and full banking privileges outside the non bank account structure.
2. Neo Gets Direct Access To Interac e-Transfer (Apr 2026, Canada) ⓘ
Neo’s Interac access gives the Canadian market a practical proof point. Direct rail participation can improve control over payment flow without turning a fintech into a full bank.
- Neo gained direct access to Interac e-Transfer inside Canada’s payment infrastructure.
- The access gives Neo more control over routing, customer experience, and payment operations.
- The development shows sponsor bank dependence is not the only possible model for qualified fintechs.
3. Tether And Georgia Plan National Lari Stablecoin (May 2026, Georgia) ⓘ
The Georgia stablecoin plan shows why this question is moving beyond traditional payment rails. Stablecoins can connect payments, remittances, programmable finance, and national digital infrastructure.
- Tether announced plans for GEL₮, a stablecoin representing the Georgian lari, with government support.
- The initiative targets remittances, digital payments, fintech development, and programmable financial infrastructure.
- The project adds pressure to define how non bank money infrastructure should access settlement and reserve layers.
Source
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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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Novisto Raises USD $27M For Audit Ready ESG
May 27, 2026 | NCFA Market Activity | Risk Compliance And Regtech, Banking And Credit Infrastructure, Artificial Intelligence And Data
Novisto Raises Capital As ESG Claims Need Proof
On May 20, 2025, Montreal based Novisto announced a USD $27M Series C round led by Inovia Capital, with White Star Capital, SCOR Ventures, and Sagard participating. Novisto says the financing brings its total funding to more than USD $55M. The money comes as ESG reporting moves away from wide sustainability claims and into data controls, audit trails, and disclosure risk.
Green Claims Need Proof
On April 23, 2025, the Canadian Securities Administrators paused mandatory climate and diversity disclosure rules, but greenwashing risk remains high Issuers gained more time on reporting. Unsupported environmental claims still carry legal and reputational risk.
The Competition Bureau’s environmental claims guidance expects businesses to back green claims with evidence. NCFA previously wrote about Canada’s updated rules for environmental claims which explains why sustainability language now needs verification records behind it. Yes, that includes many types of fintech firms, such as ESG data analytics, carbon platforms, and investor communications.
ESG Data Needs Audit Trails
Novisto helps companies turn scattered sustainability data into usable reporting records. That means cleaner source data, clearer approvals, and stronger evidence when claims face review.
Revenue almost tripled since Novisto’s 2023 Series B. Clients also reported a 50% reduction in time spent completing reporting assessments. Enterprise buyers are still spending because ESG data now needs source records, approvals, and proof.
See: RBC Drops Green Commitment After Law Change
Novisto also points to AI powered ESG data automation and audit readiness. AI can speed up extraction, benchmarking, and disclosure mapping, but bad records still break automated reporting systems. Financial institutions already know this from credit, fraud, risk, and regulatory reporting.
Europe Needs Reporting Systems
Novisto plans to use the financing to expand in Europe. Sanofi used Novisto to produce one of the first 15 CSRD compliant reports released in 2025. Emirates Group is a recent customer, and S&P Global is a distribution partner.
Europe gives Canadian regtech firms a live commercial opening. Large enterprises now need systems that can defend sustainability disclosures under tighter reporting standards for boards, CFOs, auditors, regulators and investors. No more spreadsheet cleanup before every reporting cycle.
For financial institutions, OSFI’s climate risk guideline still expects federally regulated financial institutions to manage climate related risk through governance and disclosure. That keeps climate and sustainability data tied to risk controls, not just communications.
Talking Point
If green claims need proof now, how should Canada balance slower climate disclosure rules with tougher greenwashing enforcement so credible reporting infrastructure wins and weak ESG claims lose market trust?
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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