Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Leadership, Competition, Human Capital, Health
Why Canada Is Making It Cheaper to Leave Your Bank
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy
Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity.
On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution.
The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer.
Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay.
January 2023 came and went.
Real Time Rail also slipped years beyond its first expected launch. Meanwhile, Canada's productivity performance kept falling behind major peers. In 2024, the Bank of Canada called the problem an emergency. By 2025, Senior Deputy Governor Carolyn Rogers was directly connecting productivity, competition and Canada's highly concentrated banking sector. She also said the debate had become more urgent after U.S. trade policy delivered a major economic shock to Canada.
Then more barriers started coming down.
Payment companies came under supervision. Payments Canada opened membership to more firms. Consumer driven banking advanced. NSF fees were capped. Real Time Rail finally launched. Budget 2026 targeted bank entry, ownership and regulatory competition. Now Ottawa wants to make investment accounts cheaper and faster to leave.
The $150 exit fee is the latest part of a much longer story about how difficult Canada has made it for customers to switch and for competitors to win them.
Canada had already been debating these barriers for years. In 2017, the Competition Bureau called for stronger competition and innovation in financial services. NCFA agreed that regulatory burdens could favour large incumbents and pointed to the UK's more aggressive support for fintech and new competitors.
Customers faced their own friction. Bundled products, recurring payments, transfer charges, branch relationships and the hassle of changing providers all made staying easier than leaving. In a concentrated market, those small frictions can add up to a powerful advantage.
Ottawa launched the open banking review in 2018 while Canadians were already connecting outside apps to bank accounts through screen scraping. Privacy, security, liability and technical standards required real work, but the January 2023 target still passed without an operating system.
Interac was selected as the RTR exchange provider in 2021 when launch was expected in 2022. The rail did not reach production until November 2026, leaving Canadian firms to build around older settlement infrastructure for several more years.
In March 2024, Bank of Canada Senior Deputy Governor Carolyn Rogers said Canada's productivity problem had reached emergency status. Canada was producing far less output per hour than the United States and had lost relative ground against major peers over several decades.
By October 2025, Rogers was talking directly about competition. She pointed to Canada's concentrated banking market, said stronger competitive pressure can improve productivity and warned that new U.S. trade policies had made the need to perform better at home more urgent.
Bank of Canada supervision of payment service providers began on September 8, 2025. Expanded Payments Canada eligibility followed later that month. By October 2026, 22 new members had joined after access opened, including fintechs, payment companies and credit unions that couldn't qualify under the old rules.
Consumer driven banking advanced through 2026 while new open banking rules started turning accreditation, consent, security and data access into practical requirements. On November 9, Real Time Rail went live after years of delay.
Federal rules cut NSF fees to a maximum of $10 on March 12, 2026. Typical charges had been about $45 to $48. The rules also block repeat NSF charges within two business days on the same personal deposit account and prohibit the fee when the shortfall is under $10.
By November, Budget 2026 widened the competition push with proposals covering faster bank entry, a secondary competition objective for OSFI, ownership rules, credit union funding and customer switching.
Finance Canada estimates about 17,000 transfers would be covered in the first year of its model. It assumes no increase in transfer volumes because there isn't enough evidence yet to know how customers or institutions will respond once the barrier is removed.
Banks could also respond by improving offers to keep customers. Easier switching doesn't require everyone to leave to create pressure. The possibility of leaving more easily can give the customer more leverage before the account ever goes anywhere.
Canada's Recent Financial Competition Reset
The recent changes reach almost every part of the customer relationship. Some open the system to more competitors. Others lower fees, make switching easier or give customers more control over their money and data.
- Payment companies entered formal supervision. Bank of Canada oversight under the RPAA began in September 2025, giving regulated PSPs a clearer place inside Canada's payment system.
- Payments Canada membership opened. Federal reform made more PSPs, credit unions and other qualifying firms eligible to join. Twenty two new members joined in the first year.
- Consumer driven banking advanced. Canada's open banking rules are turning data access, consent, security and accreditation into operating requirements.
- NSF fees fell to a maximum of $10. The March 2026 cap cut a charge that had commonly been about $45 to $48 and added restrictions on repeat fees.
- Real Time Rail finally launched. After years of delay, RTR went live on November 9, bringing 24/7 clearing and settlement to participating institutions.
- Fintech investment powers are finally being activated. Parliament approved broader technology investment powers in 2018, but operating rules took another eight years to arrive. The long wait for fintech investment reform shows how slowly even approved changes can reach the market.
- Bank entry could get faster. Budget 2026 proposes a maximum one year decision timeline for new banks, trust companies and insurers.
- OSFI could get a competition objective. The same Budget 2026 package proposes adding competition as a secondary statutory objective alongside prudential stability.
- Growing banks could face fewer ownership limits. Ottawa proposes raising the bank equity threshold that triggers widely held ownership requirements from $12 billion to $25 billion and giving some foreign bank subsidiaries more flexibility.
- Federal credit unions could get more room to raise capital. Proposed changes would widen who can invest and make growth easier.
- Deposit insurance could rise to $250,000. A higher limit could make it easier for customers and businesses to keep larger deposits with smaller federally insured institutions.
- Bank fees could become easier to see. Budget 2026 proposes an annual statement showing total chequing and savings account fees after FCAC found that banking costs can be difficult to see and compare.
- Branch closures could make switching cheaper. Budget 2026 proposes waiving certain closing or transfer fees during prescribed branch closure periods.
- Mortgage competition is also getting attention. Budget 2026 proposes stronger rate disclosure and other measures aimed at giving borrowers more choice.
- Investment account exit fees are now directly in Ottawa's sights. The November 7 proposal would prohibit most bank transfer fees, improve disclosure and put clearer timelines around account transfers.
Canada is now changing who can enter, who can reach payment infrastructure, who can use customer data, what institutions can charge, how quickly money can travel and how easily a customer can leave.
For years, these problems could be treated as separate files. Open banking sat in one department. Payments modernization sat somewhere else. Banking fees were a consumer issue. Productivity was an economic problem. Competition had its own consultations.
They are harder to separate now.
Canada needs firms to invest faster, grow further and compete in a tougher economy. A financial system that makes entry, customer acquisition and switching more expensive than they need to be works against that goal.
The country knew about many of these barriers years ago. What has changed is how many of them are finally coming down at the same time.
Talking Point
Canada's recent competition reforms aren't about handing fintechs or challenger banks an advantage. They're about removing advantages that can protect an incumbent relationship before price, service, product quality or trust gets a chance to decide who wins the customer.
The results should become visible. Transfers should get faster if the rules work. Receiving firms should spend less reimbursing exit fees. New payment participants should be able to offer services they couldn't offer before. Incumbents may respond with better prices, products and service.
The bigger question is whether all of that produces the competitive pressure Canada has been missing.
What Happens Next?
- Will the investment transfer proposal survive consultation without major changes?
- Will account transfers become measurably faster once the timing rules take effect?
- Will receiving institutions spend less reimbursing outgoing transfer fees?
- Will consumer driven banking lead to more switching, not just easier comparison?
- Will new Payments Canada members turn access into lower costs, better products or new services?
- Will RTR adoption spread beyond the first launch participants?
- Will the proposed OSFI competition objective and one year entry timeline bring more viable financial institutions into the market?
- Will incumbents respond to easier switching with better prices, products and service?
What Did You Think?
Canada knew about many of these competition and productivity problems years ago. Why did it take this long for so many financial barriers to come under pressure at once?
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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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Creative Ways to Boost Team Morale
Nov 11, 2026
A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results.
Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture.
Here are some fun strategies to help improve your team's morale and make the workplace livelier.
Fun at the Arcade
Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers.
Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the office. After a fun night of games, your team is likely to feel more excited about their work.
Indoor Putt-Putt Adventures
Indoor putt putt is another great activity for building teamwork. The unique themed courses, like those with pirate ships or enchanted forests, keep things interesting. Navigating tricky holes encourages conversation and laughter, helping team members bond while having fun.
Playing putt-putt focuses on the shared experience, not just the score. Cheering for each other or making jokes can create a friendly atmosphere that continues in the workplace. This relaxed setting can lead to spontaneous discussions about projects, boosting creativity and problem-solving.
Encouraging a playful competition may reveal hidden talents among team members. For example, you might discover that Brenda from HR is great with a putter! These insights can help teams work better together and understand each other's strengths, leading to more supportive collaborations.
Creative Challenges
Organize fun team activities that combine enjoyment with problem-solving. Consider scavenger hunts, puzzle contests, or cooking challenges. Holding these activities outside the usual office setting gives everyone a break from routine while encouraging teamwork and creativity. Team members need to work together and use each person's strengths, which improves collaboration and communication.
Creative challenges also promote fresh thinking. This can lead to new project ideas or different views on existing tasks. The laughter and playfulness during these activities help lower stress. As a result, team members feel energized and share a sense of accomplishment.
Themed Dress Days
Who says work clothes have to be boring? Plan themed dress days to add excitement to the workplace. Whether it's funky hat day, pyjama day, or a colour theme, fun dress codes can brighten the office atmosphere. As team members join in, smiles and light-hearted conversations make the work environment more enjoyable.
Themes can spark conversations and encourage team members to interact. These activities create opportunities for storytelling and laughter, building connections that might not happen during a normal workday. Plus, seeing everyone's creative outfits can boost pride and belonging, strengthening team spirit.
Recognition Boards
A recognition board can make the workspace more encouraging. Celebrating small wins and acknowledging everyone's contributions builds a culture of appreciation. A dedicated space for colleagues to leave notes of praise or thanks lifts morale and fosters a positive community.
When team members feel valued, they often become more committed and enthusiastic about their work. Celebrating everyday achievements, like finishing a project early or helping a coworker, cultivates a feeling of belonging. This simple act not only improves morale but also creates a culture that recognizes and values effort within the team.
Volunteer Together
Volunteering as a team can build strong connections and a sense of purpose. Choose a local charity or community project where your team can share their time and skills. Working together for a common cause strengthens team bonds and allows you to give back to the community.
Helping others can provide new perspectives, lower stress, and create a positive atmosphere. After volunteering, hold reflection sessions so team members can share their thoughts and feelings. This shared experience promotes a workplace culture of empathy and teamwork, which boosts overall morale.
Team-Building Workshops
Consider organizing team-building workshops focused on personal and professional growth. These workshops can cover topics like communication, conflict resolution, and leadership. Bringing in an experienced facilitator can provide helpful insights and encourage discussions among team members.
See: How to Reduce Work Stress and Fatigue
Participating in these workshops helps individuals learn about each other's working styles and strengths. This improved understanding can lead to better collaboration and teamwork in daily tasks. The skills gained from these workshops can also boost productivity and create a more motivated, efficient workplace.
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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Webull Adds Free Data as Canadian Brokers Compete Beyond Fees
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health
A Brokerage Race Beyond $0 Commissions
On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages.
Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform.
Who Led Canada’s Race To $0 Trading And Free Market Data
Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs in February 2025. Webull had entered Canada on January 2, 2024 charging $2.99 per Canadian trade and US$2.99 per U.S. trade, outside an introductory promotion. It moved to permanent $0 Canadian and U.S. equity commissions on April 13, 2026.
Market data hasn't followed exactly the same timeline because the products differ. Wealthsimple added free real time charting in August 2025. Questrade currently includes free streaming Level 1 data for TSX and TSXV securities on its Edge platforms, along with a more limited U.S. feed through Cboe One. Webull's new Nasdaq Basic Canada feed consolidates Nasdaq Canada's CXC, CX2 and CXD books at no additional charge. Investors still pay for some deeper exchange data across the industry.
| Webull Canada | Wealthsimple | Questrade | Interactive Brokers Canada | |
|---|---|---|---|---|
| Canadian Brokerage Launch | January 2024 | Trade launched nationally March 2019 | Founded 1999 | Long established in Canada |
| $0 Stock Commission Milestone | April 13, 2026 | March 13, 2019 | February 2025 | Uses low per share pricing rather than universal $0 commissions |
| Free Basic Real Time Data | Nasdaq Basic Canada added November 10, 2026 | Free real time quotes and charting, with real time charting launched August 2025 | Free Level 1 TSX and TSXV streaming data on Edge platforms | Free U.S. non consolidated streaming data. Canadian real time feeds generally require subscriptions |
| Advanced Market Data | Nasdaq Level 2 promotional access plus real time options data | Growing active trader data and charting tools | Paid package includes Nasdaq TotalView and TSX Market Book | Broad professional data catalogue sold by exchange and package |
| Current Brokerage Model | $0 equities, options, advanced charting, extended trading and AI connections | $0 trading inside a broader investing, cash and household finance platform | $0 trading, managed portfolios, active trader tools and premium subscription benefits | Global market access, sophisticated execution and professional trading tools |
| Target Customer | Active self directed investors who value data and trading tools | Investors willing to consolidate more of their finances on one platform | Self directed investors seeking breadth, control and established brokerage tools | Sophisticated and globally active investors |
| Strategic Play | Close pricing gaps and compete on active trader features | Own more of the household financial relationship | Combine low cost brokerage with premium investing services | Compete on execution, markets and professional depth |
The dates tell the competitive story. Wealthsimple attacked commissions first. Questrade eventually matched the headline price. Webull arrived much later and has spent the past two years filling out its Canadian offer with registered accounts, options, extended trading, $0 commissions and now broader free market data. Its recent AI integrations add another layer by letting users connect their Webull accounts with assistants including ChatGPT, Claude, Perplexity and Grok.
See: Crypto Price Feed: How to Tell If Yours Is Fresh or Stale Before You Trade
Webull is therefore competing less on being first and more on how much active trader functionality it can put into one account. Its own pricing page currently compares its free Nasdaq Level 2 promotion with paid or unavailable alternatives at competing firms. That doesn't make every Webull data feed permanently free, but it shows where the company wants Canadian investors to compare it.
Why Brokers Are Paying Investors To Move More Assets
$0 commissions remove one visible cost, but they don't remove brokerage economics. Platforms can still earn from foreign exchange, margin lending, options, subscriptions, cash balances, managed products and other financial services. The real value is in the relationship. The more assets a broker holds for a client, the more opportunities it has to earn from those services over time.
Canadian firms are already paying to acquire those relationships. Wealthsimple's 2026 promotion offers a 1% match on qualifying account transfers of at least $25,000, up to $20,000 on the first $2 million transferred. Questrade Plus gives subscribers a 1% match on eligible RRSP contributions, real time streaming market data, options rebates and early access to some private offerings for $19.99 a month after its trial period.
The banks are also responding. BMO InvestorLine moved to $0 commissions on stocks, ETFs and options in September 2026 and eliminated brokerage account administration fees. BMO described itself as the first direct investing brokerage owned by one of Canada's five largest banks to remove stock and ETF commissions. The pressure that began with fintechs is now reaching institutions that can bundle brokerage with deposits, lending, credit cards and advice.
A large account transfer can be worth far more than years of trading commissions. A customer who moves an RRSP, TFSA and taxable portfolio can bring hundreds of thousands of dollars onto a platform at once. Once those assets arrive, the broker can earn from cash, currency conversion, margin, options, subscriptions and other products. Paying 1% upfront can work if enough of those assets remain on the platform.
What Canadian Brokerage Incentives Could Come Next
U.S. brokerage competition has already moved well beyond $0 commissions. Firms are now using asset transfer bonuses, retirement contribution matches, higher yields on idle cash, premium memberships and card rewards to win more of the customer relationship. Robinhood has competed with retirement contribution matches, asset transfer bonuses, higher yields on idle cash and a paid membership that bundles investing benefits with card rewards. Public has used account transfer incentives and premium membership benefits, while SoFi connects investing with banking and lending. The contest is increasingly about how much of the customer's money and financial activity a platform can attract and retain.
Canada is already following parts of that playbook. Transfer bonuses can become richer or more targeted at large portfolios. RRSP contribution matching could spread to other registered savings campaigns where tax rules permit. Brokers can also compete more aggressively on interest paid on idle cash, foreign exchange, margin rates, transfer reimbursements, Level 2 data, options pricing and premium subscriptions.
See: Questrade Connects Brokerage Accounts To AI Agents
Loyalty may become another battleground. A broker that combines investing with banking, cards, credit, tax or advice can reward customers for consolidating accounts rather than simply trading more often. Wealthsimple already has an advantage here because its model extends well beyond brokerage. Large banks have an even broader product base if they become willing to price their investing businesses aggressively enough.
Webull can lean harder into active trading, advanced data, options, extended hours, paper trading and AI tools. With more than 29 million registered users globally, it can also import features developed for larger markets into Canada. The challenge is converting those tools into enough Canadian account growth to overcome Wealthsimple's head start, Questrade's established base and the distribution power of the banks.
Talking Point
$0 commissions were only the first price reset in Canadian online investing. Free market data, transfer matches and contribution rewards show brokers are now spending more to win the entire account.
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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BBVA Deploys Canadian AI for Derivatives Pricing
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding
A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow
On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank.
Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference.
How Riskfuel Speeds Up BBVA's Autocallable Pricing
Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments that can redeem early when an underlying asset meets preset conditions, with returns and downside exposure tied to the product’s terms. Change one feature and the desk may need another valuation across many possible market outcomes. That becomes expensive when structurers want to compare thousands of combinations before taking a product to market.
See: TD And Luma Bring Structured Note Tools To Canada
Riskfuel uses a neural surrogate, essentially a fast AI copy of BBVA's existing pricing model. BBVA's own engine generates training data across thousands of market and product combinations, and the neural network learns how that model behaves so it can produce similar pricing outputs much faster when structurers test new products. It doesn't replace BBVA's core pricing model, which remains the reference.
Riskfuel and Intel benchmarked the model at approximately 2.27 million valuations per second on Intel Xeon 6 processors. Riskfuel also says thousands of candidate autocallables that previously took hours to evaluate can now be processed in less than a minute. Those figures come from Riskfuel and Intel and have not been independently verified.
Francisco Gómez Casanova, Executive Director, XVA Quantitative Analysis, BBVA Corporate & Investment Banking:
“By integrating Riskfuel's technology into ePricer, we can dramatically accelerate the evaluation of different autocallable structures while keeping BBVA's pricing framework at the core of the process.”
Faster calculations give structurers more room to test product designs before deciding which ones deserve further work. BBVA's ePricer already lets professional and institutional clients price, trade and monitor structured products across equities, foreign exchange, interest rates and credit. Riskfuel reduces the time spent waiting for repeated model runs, which can make product design more responsive without handing pricing control to the AI.
BBVA Still Has To Validate The Faster Model
Riskfuel is now part of the workflow BBVA's structuring teams use for client products, so model accuracy a live operating risk. BBVA has to know where the surrogate tracks its reference model closely enough to use and where the original pricing engine needs to take over.
BBVA already has machine learning controls covering development, testing, preproduction and production. The bank says developers cannot approve their own models, higher risk systems receive additional review and model lifecycle events are recorded in a central audit trail.
The model isn't setting prices on its own. BBVA says its own pricing framework stays at the centre of the process. The faster model has to remain accurate across the products, market conditions and edge cases where structurers actually use it, not just across the data on which it was trained.
Riskfuel had already worked with Scotiabank and BMO on derivatives pricing and risk calculations before the BBVA deployment. BMO announced a Riskfuel partnership in 2021 after an autocallable pricing pilot. BBVA takes the Toronto company's technology into an operating workflow at a global bank, giving Riskfuel a stronger export proof point than another pilot or technology benchmark.
The reality is Riskfuel isn't trying to sell a general AI assistant across every bank function. It's solving a narrow, expensive problem where derivatives knowledge, model accuracy and integration are all important. Canadian fintech companies don't need to compete with the largest AI platforms on model size if they can own difficult financial workflows those platforms don't understand nearly as well.
OSFI's recent work on frontier AI risks points to the same issue from the regulatory side. Banks can put AI deeper into pricing, risk and execution, but the controls have to become more specific as the financial consequences grow. Testing and accountability matter far more here than broad AI policy statements.
Talking Point
The most valuable financial AI may be the kind clients never see. Riskfuel is competing inside a bank's pricing workflow, where a narrow model can create value by making an existing process faster instead of trying to replace it.
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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National Bank to Buy Embark for $226 Million
November 9, 2026 | Market Activity | Wealthtech, Investing And Trading, Fundraising And Capital Markets
Competing for Canada’s $98.6 Billion RESP Market
On November 6, 2026, National Bank of Canada agreed to acquire Embark Student Corp. for an estimated $226 million, adding more than $6 billion in RESP assets under management and approximately 436,000 beneficiaries. The deal gives National Bank immediate scale in Canada’s $98.6 billion RESP market and strengthens its digital competition with Wealthsimple, Questrade and other investment platforms. The transaction is expected to close by mid fiscal 2027, subject to court, regulatory and other customary approvals.
National Bank already competes in Registered Education Savings Plan (RESP) accounts. It offers advisor supported RESPs and its direct brokerage lets customers manage RESP investments themselves. Embark brings a national digital business focused specifically on managed education savings, grant administration and RESP servicing. The acquisition gives National Bank a third way to compete for families without building that specialist operation one customer at a time.
What National Bank Gets That It Doesn't Already Have
Embark is one of Canada's largest direct to consumer RESP providers and operates as a Scholarship Plan Dealer across Canada. Its platform handles account administration, investment management, government grants and digital servicing around one financial goal. Its current student plans use target date portfolios that gradually reduce investment risk as a beneficiary approaches post secondary education.
National Bank's existing bank RESP starts with an advisor relationship, while National Bank Direct Brokerage gives investors a self directed route. Embark operates between those models. Families hand over portfolio management but can manage much of the RESP relationship digitally through a provider built around education savings.
National Bank is buying scale with it. Embark brings more than $6 billion in RESP assets and about 436,000 beneficiaries. For comparison, National Bank's Wealth Management segment reported approximately $939 billion in assets under administration and $207 billion in assets under management at April 30, 2026. Embark is small beside that platform, but highly concentrated in a financial relationship that can last from a child's early years through post secondary withdrawals.
The acquisition also adds another route for National Bank's expansion outside Quebec. The bank says Embark increases its reach in Ontario and Western Canada. That follows its acquisition of Canadian Western Bank, which added banking scale in Western Canada. Embark adds something different, a national consumer savings platform without requiring another branch network.
How National Bank, Wealthsimple And Questrade Compete For RESP Customers
Canada's RESP market now puts banks, digital wealth platforms and investment dealers against each other with very different models. National Bank can offer advice, self directed investing and, if the Embark deal closes, a specialist managed RESP platform. Wealthsimple combines managed and self directed RESPs with a much broader digital financial relationship. Questrade also offers both models but leans heavily into investment choice, investor control and lower published management fees.
| National Bank + Embark | Wealthsimple | Questrade | |
|---|---|---|---|
| Total Platform Scale | National Bank Wealth Management about $939B AUA and $207B AUM at April 30, 2026 | $169.2B AUA and 3.8 million clients at September 30, 2026 | $80B+ AUA |
| RESP Scale Disclosed | Embark $6B+ AUM and about 436,000 beneficiaries | RESP assets not separately disclosed | RESP assets not separately disclosed |
| Managed RESP | Embark specialist managed education savings plans | Wealthsimple managed portfolios | Questwealth managed ETF portfolios |
| Managed RESP Fee | 1.65% MER plus applicable tax. Embark says this covers investing, management and administration | 0.50% standard management fee, falling to 0.40% above $100,000. Some higher tier clients qualify for lower pricing. Underlying portfolio MER also applies | 0.25% below $100,000 and 0.20% at $100,000 or more, plus underlying ETF MER |
| Self Directed RESP | Available through National Bank Direct Brokerage | Available through Wealthsimple | Available through Questrade |
| Self Directed Fees | $0 online stock and ETF commissions. NBDB charges a $100 annual administration fee unless an exemption applies, including at least $20,000 in eligible assets | $0 stock and ETF commissions. A 1.5% currency conversion fee can apply when converting between Canadian and U.S. dollars | $0 stock and ETF commissions. RESP account, platform and inactivity fees are $0 |
| Product Fit | Families wanting specialist managed RESP support, bank advice or a separate self directed brokerage route | Digital households wanting education savings alongside investing and other financial products in one platform | Investors focused on cost, portfolio choice and control, with a lower cost managed option available |
| What's Unique | Combines a major bank with a large specialist RESP business and an existing bank owned brokerage | RESP inside a broad digital household finance ecosystem | Strong brokerage orientation with managed and self directed investing at low published fees |
| Strategic Play | Buy RESP specialization and an installed customer base | Grow the family relationship across more financial products | Compete on cost, choice and investor control |
Embark's current 1.65% MER is materially higher than the standard managed pricing published by Wealthsimple and Questrade. Its proposition has to carry more than portfolio management. National Bank is paying for specialized RESP administration, grant handling, digital servicing and a large base of funded plans that already exists.
Wealthsimple competes differently. Its RESP can exist alongside chequing, trading and other investment accounts within the same digital relationship. It reported $169.2 billion in assets under administration and 3.8 million clients at the end of September. Its advantage is less about RESP specialization and more about making education savings another product inside a growing household finance platform.
See: Banking Consolidation as Canadian Western Bank Is Acquired
Questrade combines a low cost managed option with a brokerage model built around investor control. It reports more than $80 billion in assets under administration, offers Questwealth managed portfolios and lets RESP customers directly hold stocks, ETFs, options, bonds, GICs and mutual funds. National Bank can already answer that self directed model through NBDB. Embark strengthens the part of the market where families want management without relying on a conventional advisor relationship.
Why Canada’s $98.6 Billion RESP Market Still Has Room To Grow
Canadian RESP assets reached $98.6 billion at the end of 2025, up from $89.8 billion in 2024 and $78.9 billion in 2023, according to the federal government's 2025 education savings statistics. Canadians contributed another $6.5 billion during the year, while 3.2 million beneficiaries received the Canada Education Savings Grant.
The CESG take up rate was 54% in 2025, with 318,233 beneficiaries receiving the grant for the first time. That leaves substantial room for providers to win new education savings relationships even before competing for assets already held elsewhere.
The market is also split across different types of providers.
- Investment services held 50.1% of RESP assets in 2025
- Banking services held 28.6%
- Scholarship Plan Dealers held 15%
- Insurance and other providers held 6.4%
Talking Point
Embark's managed RESP carries a materially higher fee than the managed options offered by Wealthsimple and Questrade, while National Bank already competes with both through its own direct brokerage. National Bank therefore has to show that specialist RESP administration, grant support and a dedicated education savings experience justify the premium while using its broader wealth platform to deepen those relationships over time.
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 to Reduce Work Stress and Fatigue
Nov 9, 2026
Work can be stressful, especially in our busy world. Many people feel pressured to meet deadlines and juggle multiple tasks, which can leave them feeling overwhelmed. Work stress and fatigue can hurt both your job performance and your personal life. Recognize these feelings and look for ways to reduce them for better overall well-being.
Many believe that working long hours is unavoidable. However, you can find simple ways to manage stress and boost your energy for a more balanced and satisfying work life. Here are some strategies to help you reduce work stress and fatigue.
Set Healthy Boundaries
Setting boundaries is the first step in managing stress. In a world that expects you to always be available, define your work hours. Let your colleagues know when you are available, and stick to that schedule. When you decide when to stop working, make sure you follow through. This may mean turning off notifications or avoiding emails after work hours.
Taking breaks throughout the day is also crucial. Short breaks can increase your productivity and clear your mind. Use these moments to move away from your desk, go for a walk, or take deep breaths. These small pauses can refresh your energy and help you focus better.
The Role of Physiotherapy
Physiotherapy North York can help reduce work-related stress and fatigue. It improves movement and function, which can help you feel more comfortable. Stress often shows up as physical tension, especially in the neck, back, and shoulders. Physiotherapists can identify and treat these tensions to reduce discomfort.
Physiotherapy also teaches you how to use your body correctly. Learning to sit, stand, and lift properly can help prevent strain and injuries over time. Many physiotherapists provide personalized exercises that meet your needs, helping you keep a healthier posture and movement. The benefits of physiotherapy go beyond relaxation; they help you manage your body better and improve your overall health.
Focus on Physical Well-Being
Your physical health greatly affects how you manage stress. Regular exercise is an excellent way to reduce stress and fatigue. Whether you prefer walking, yoga, or the gym, choose an activity you enjoy. Exercising releases endorphins, which help lift your mood and boost your energy.
Good nutrition is also vital. Eating a balanced diet filled with whole foods, fruits, vegetables, and lean proteins provides the energy you need for the workday. Staying hydrated is important too, as it helps your body perform at its best.
The Chiropractor's Touch
Chiropractors offer another way to reduce stress and fatigue by focusing on spine health. Proper spine alignment can improve how your body functions. Misalignments can cause discomfort and tension, which may increase stress. Regular chiropractic adjustments can help bring balance back and relieve these issues.
A chiropractor often combines adjustments with guidance on posture, ergonomics, and lifestyle changes. This complete approach treats not just the symptoms but also the underlying causes of your stress and fatigue. Many clients feel more relaxed and energized after chiropractic sessions, showing how spinal health affects well-being.
Relaxation Techniques
Adding relaxation techniques to your daily routine can help you manage stress. Simple practices like deep breathing, meditation, or mindful walking can calm you and reduce anxiety. Taking a few minutes each day to focus on your breath or appreciate your surroundings can greatly shift your mental state.
Mindfulness helps you stay in the present moment, allowing you to step back from overwhelming thoughts. It can also improve your focus, making it easier to complete tasks clearly. As you practice mindfulness, you may feel calmer and more resilient when facing workplace challenges.
Support Systems
No one should handle stress alone. Building a strong support system at work can make a big difference. Sharing experiences with trusted colleagues can provide emotional relief and build friendship. Team-building activities or group discussions can create a supportive atmosphere, making it easier to tackle challenges together.
If stress feels too heavy, consider talking to a counsellor or therapist. Sometimes, an objective view can help you find specific strategies for your situation. This resource can help you manage stress better and improve your mental health.
See: Burnout Reflects How Work Gets Structured
In the end, reducing work-related stress and fatigue needs a well-rounded approach that includes physical health, emotional well-being, and supportive relationships. By being proactive about your needs, you can create a more balanced and fulfilling work experience. Small changes can lead to big improvements in your quality of life.
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’s Real Time Rail Is Live
November 9, 2026 | Last Updated: Nov 10, 2026 | NCFA Fintech Market Insight | Payments Infrastructure And Money Movement, Competition And Market Structure, Cybersecurity Fraud And Financial Crime
A New 24/7 Settlement Layer for Canadian Payments
On November 9, 2026, Payments Canada launched Canada’s Real Time Rail, giving banks, credit unions and eligible payment firms a national system that can exchange, clear and settle payments in real time, 24 hours a day. Eight organizations are active at launch. RTR uses ISO 20022 messaging, makes settled funds available immediately and starts with centralized fraud controls built into the rail. Canadians won't suddenly see a new payment button. Interac e Transfer starts migrating onto RTR in 2027, major banks are still onboarding and participants need to build services customers can actually use.
What changes today is the infrastructure underneath Canadian payments. Qualified firms can now build on a domestic rail that settles continuously instead of waiting for traditional processing windows. That opens more room for faster payouts, better treasury tools, real time account transfers and new payment products, but the commercial value now depends on who turns access into something useful.
Who Can Use the Real Time Rail Now?
The first active participants are Wealthsimple, Questbank, Peoples Trust Company, Paramount Commerce, KOHO, DoBusiness.com, Digital Commerce Bank and Bank of America. Several are challengers or payment focused firms rather than Canada's largest banks. Payments Canada says the major Canadian financial institutions are onboarding in the coming months, so the opening group is the start of production, not the final market. Payments Canada also doesn't say all eight firms are offering identical customer services today. Being active on RTR means a firm has cleared the technical, operational, security and certification requirements for its role. Product availability and customer access still depend on what each participant has built and when it releases it.
Questbank President Rob Galaski called RTR a system that lets Canada's financial infrastructure operate “at the speed of everyday life.” Early access only becomes useful if participants turn it into faster payouts, lower payment friction or products customers prefer. The launch follows a broader opening of Canada's payment infrastructure. By October, 22 organizations had joined Payments Canada after membership eligibility widened, with 20 becoming eligible because federal reforms opened membership to regulated payment service providers, qualifying local credit unions and designated clearing houses.
Membership opens the door, but it doesn't grant automatic access to RTR. Firms still have to choose how they connect and settle. Some can connect directly to the RTR Exchange, while others can use service providers or settlement agents. NCFA's Real Time Rail rules and access guide maps those options and the regulatory, liquidity, fraud, testing and operating requirements behind them.
What Changes for Interac, Businesses and Treasury Teams?
RTR doesn't replace Interac e Transfer. Interac remains the service Canadians know, while RTR provides the clearing and settlement infrastructure underneath it. Interac e Transfer transactions will begin migrating onto RTR in phases. Payments Canada's production schedule puts the first migration participants in Q1 2027, additional participants in Q2 and full transaction volumes for the initial launch phases in Q3. The consumer experience may therefore look familiar while the plumbing underneath changes.
Payments can settle continuously, including nights and weekends, and the receiving side can get immediate access to settled funds. For businesses, the bigger benefit may be knowing exactly when money has arrived instead of waiting for a batch cycle or banking day to close. ISO 20022 adds structured payment data to the transaction, so invoice numbers, remittance details and other standardized information can travel with the payment. That gives accounting platforms, treasury software, payroll providers and embedded finance firms better data for reconciliation and automated workflows.
Potential uses include supplier payments outside normal banking hours, payroll, insurance payouts, government disbursements, real time refunds, account to account commerce and faster merchant settlement. These are capabilities RTR can support, not a list of products already available on November 9. Business demand is already visible. Payments Canada says 60% of Canadian businesses in its research are ready to adopt real time payments, with cash flow forecasting and delays in sending or receiving money among the problems they want solved. Another 52% of consumers expressed interest and intent to use real time payments.
The potential economic gains are meaningful, but they depend on adoption. A C.D. Howe Institute model estimates cumulative savings over 10 years of between $5.3 billion and $14.5 billion. Lower processing costs, less cheque and cash use and reduced payment float drive much of that estimate. A separate C.D. Howe analysis estimates about $16 billion in cumulative economic gains under its initial model, with further gains possible if later functionality improves productivity.
How Does RTR Handle Faster Payment Fraud?
Real time settlement gives fraud teams less time to stop a bad payment, so Payments Canada has made centralized fraud services part of the rail from launch. It says Canada is the first G7 country to launch a real time payment system with mandatory centralized fraud services from day one. That is Payments Canada's claim, and it doesn't mean RTR prevents fraud. The system launches with Confirmation of Payee for consumer accounts, a transaction safety score, a shared repository of fraud risks and indicators, and a fraud reporting and intelligence platform. Participants use those tools alongside their own authentication, monitoring and fraud controls.
Confirmation of Payee checks whether the recipient name matches the account information before a payment is sent. It can catch mistakes and some impersonation attempts, but it cannot establish that every recipient is legitimate. A customer can still be persuaded to send money to the intended account of a scammer. The Bank of Canada designated RTR a prominent payment system effective November 8, bringing it under formal Bank oversight for safety, resilience and continuity. The Bank also makes clear that its payment system oversight does not cover consumer protection, so RTR's launch doesn't settle who bears losses when fraud occurs.
For banks and fintechs, faster money raises the value of better identity checks, transaction monitoring and intervention before authorization. Fraud controls can't become an afterthought when settlement happens in seconds.
A Bank of Canada working paper published November 10 adds another dimension to that question. Its researchers find that centralized fraud controls can improve coordination between sending and receiving institutions, but centralization alone is not enough. Access pricing, transaction limits and who ultimately bears fraud losses can all change prevention incentives and who uses an instant payment rail. The research argues these choices need to be designed together rather than treated as separate consumer protection issues.
Can RTR Give Fintechs and Challengers an Edge?
RTR gives qualified firms more ways to reach national payment infrastructure, but direct access comes with real cost. Direct participants need technical integration, liquidity, security, certification, fraud controls and continuous operations. Other firms can build through an RTR participant or use a settlement agent instead. The Bank of Canada RTR settlement account policy lets qualifying Payments Canada members, including eligible PSPs, apply for direct settlement access if they meet the required regulatory, financial and operational tests.
Firms with enough scale can gain more control over settlement instead of relying entirely on another financial institution. For many fintechs, though, the better business model may be to stay one layer above the rail. A payroll platform, marketplace, lender or treasury provider can use a participant to deliver real time payment features without becoming a direct settlement participant itself. Direct control only makes sense when the product or margin advantage is worth the added cost.
See: Canada Real Time Rail Rules And Access
Early participants get time to learn before the wider market arrives. They can test workflows, fraud controls, liquidity and customer demand while other institutions are still onboarding. That head start won't last forever because Canada's largest banks bring enormous customer bases, deposits, payment volume and distribution when they connect. Payments Canada targets RTR availability to more than nine in 10 Canadian bank accounts by Q3 2027, so the numbers worth watching now are active participants, payment volumes, merchant adoption, fraud performance, product launches and the cost of using the rail.
Talking Point
RTR also arrives after a long build. Canada's real time payment program previously targeted 2022 and then mid 2023 before further testing, review and a 2024 restart. NCFA's financial infrastructure opening tracks how wider Payments Canada membership, new access rules and RTR gradually moved from policy into operation. The rail is finally running. From here, execution and adoption is more than another infrastructure milestone.
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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