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
Consumer Duty Demands Proof Of Understanding
Mar 16, 2026 | NCFA Market Insight | Consumer Duty And Digital Finance
Data Source: UK Financial Conduct Authority Financial Lives Survey
Customer Outcomes And Consumer Understanding Framework
On Mar 13, 2026, the UK Financial Conduct Authority published good practice and areas for improvement on consumer understanding, which is critical under Consumer Duty. It's important because the FCA wants firms to show that customers actually understand products, risks, costs, eligibility, and support at the point of decision. This moves the debate past disclosure.
Why The FCA Pushes Harder
The FCA has real evidence about consumer weakness. Its 2024, a UK Financial Lives survey found that 12% of adults, about 6.3 million people, had limited understanding of the products they held.
Another 19%, about 10.3 million, had low confidence with everyday numeracy (34% poor or low financial numeracy). Three in 10 said their preferred communication channel had been withdrawn, causing difficulty for most of them.
See: FCA Stablecoin Sprint Puts Payment Models Under Review
The FCA also cites research showing that 1 in 7 adults have literacy skills at or below those expected of a 9 to 11 year old.
The study also notes that 22% of adults lacked confidence managing money and 36% had low knowledge about financial matters.
Those numbers explain the policy intent. If firms keep pushing more financial decisions into online self serve journeys, regulators want evidence that speed doesn't come at the expense of understanding.
What The FCA Reviewed
The FCA says it used a wide evidence base, including supervisory findings, form data, behavioural research, and engagement with industry bodies, charities, and consumer groups.
It also ran a September 2025 survey of 38 firms across insurance, retail banking, payments, consumer finance, and Contract for Difference providers.
The review focused on five areas: (1) management information and testing, (2) innovation and communication design, (3) vulnerability and accessibility, (4) financial promotions, and (5) governance and oversight.
What Strong Firms Already Do
- They use multiple evidence sources such as call listening, complaints, chat transcripts, website analytics, drop off data, and surveys to identify where customers struggle
- They test communications before and after launch through short surveys, comprehension checks, A B testing, callbacks, and outcome comparisons
- They improve design through plain language, summaries, visual hierarchy, layered information, calculators, walkthroughs, videos, and prompts that help customers act with clarity
- They design and test for vulnerability, accessibility, lower digital confidence, lower capability, sensory impairments, and language needs
- They treat promotions as part of customer understanding, with balanced presentation of risks, limits, benefits, and eligibility
- They assign senior ownership, review management information regularly, track actions, and connect insight back into product and communication changes
3 practical examples
1. One firm used website analytics to find where customers got stuck during a sales process, tested improvements, reduced the number of clicks needed to complete the task, and cut helpline calls.
See: FCA Review of Deferred Payment Credit Rules (BNPL)
2. Another smaller firm tested a renewal letter with customers including two with sight impairments, then introduced large print, a 100 word summary, and clearer next steps. Follow up calls and a micro survey then showed better understanding of excesses and cancellations, with fewer complaints about unclear letters.
3. In another example, a firm set an internal target of at least 80% correct recall of key points when testing communications with customers in vulnerable circumstances and repeated drafting until it hit that threshold.
What Still Fails at Some Firms
- Claim they test communications but provide weak, one off, or poorly documented evidence
- Collect data such as drop off rates or chat logs but cannot show how that evidence informs decisions
- Rely on sales data or the absence of complaints as proof of understanding, which the FCA says is not reliable assurance
- Make cosmetic changes such as shorter wording, icons, or colour adjustments without fixing sequencing, prominence, or clarity of key points
- Do little or no testing with people who have accessibility needs, lower capability, language needs, or lower digital confidence
- Change communications and never measure whether the change actually worked
- Some governance structures still lack clear accountability, customer segmentation, and strong feedback loops from monitoring into action
The FCA is not just asking for better UX or a cleaner narrative. It is asking for an integrated control system that links insight, design, testing, vulnerability, promotions, and governance.
Why Canadian Firms And Policymakers Should Pay Attention
The FCA says the publication may help policymakers and other stakeholders improve customer understanding across financial services. That makes it relevant in Canada on two levels.
See: CSA and CIRO Set Clear Rules for Finfluencers
For fintechs and financial institutions, it offers a practical operating playbook for testing, accessibility, promotions, and governance. For policymakers and regulators, it shows what a more detailed supervisory model looks like when a market evolves from broad conduct guidance to clearer expectations on proof, monitoring, and accountability.
NCFA has already highlighted the demand side of this issue in its analysis of FCA Financial Lives gaps. This new FCA paper adds the supply side. It shows how firms are expected to respond.
Closing Thought
The takeaways travel well beyond the UK. Firms should approach it as an operating model. Policymakers should study it as a regulatory benchmark. Consumer Duty is pushing the market from disclosure to proof, and that's raising the standard for digital finance. If the market wants better outcomes, stronger trust, and fewer harmful misunderstandings, it will need more than disclosure rules alone. It will need evidence that customers actually understand what they are being shown and asked to do.
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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Airwallex Commits $1.135B To UK And EMEA Expansion
Mar 16, 2026 | NCFA Market Activity | Cross Border Payments Infrastructure
Cross Border Payments Platform Scales Engineering and Infrastructure
On Mar 13 2026, global payments platform Airwallex announced a $1.135B over five years across the United Kingdom and EMEA to expand product development, engineering capacity and regional operations.
The company reported 116% year over year revenue growth and a 226% increase in transaction volume across EMEA (Europe, Middle East, and Africa). The expansion includes plans to hire about 100 senior engineers in London, the first time Airwallex will base engineering teams in the United Kingdom.
Airwallex provides infrastructure for international businesses including multicurrency accounts, cross border payments, foreign exchange, card issuing, and expense management.
In its 2025 year end mission update, the company said its platform processes more than $266B in annual transaction volume. The firm also reported that 95% of transactions run through local payment rails across 127 countries, with about 94% settling the same day.
The investment adds engineering capacity and infrastructure in one of the world’s largest markets for cross border business payments. Global businesses increasingly rely on platforms that provide local accounts, foreign exchange, international payouts and card services through a single financial infrastructure provider.
See: VoPay Unlocks Real-Time Wallet Payouts and Global Reach
Large platforms are responding by building regional engineering teams, expanding local rail coverage and increasing settlement speed. Airwallex’s reported transaction scale and investment size show how quickly infrastructure providers are scaling to serve cross border digital businesses.
Competition global payments platforms combine local payment rail access, multicurrency financial services and software integration in one system capable of handling large international transaction volumes.
Talking Point
Platforms processing hundreds of billions in transaction volume are investing heavily in local payment rail access and engineering capacity as competition intensifies in cross border payments infrastructure.
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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Buy Now Pay Later Moves Into Rent And Housing Payments
Mar 16, 2026 | NCFA Insight | Consumer Fintech And Housing Payments
AI generated image: Rent Now Pay Later (RNPL)
Buy Now Pay Later Expands Into Rent Payments
On Mar 14 2026, CNN rent BNPL trend coverage in the US highlighted a new area of growth for consumer fintech, Rent Now Pay Later. BNPL providers and payment platforms are starting to move into rent payments, the largest recurring expense for many households.
Canada is already heading down this path. Fintech firms have spent several years pulling rent into the credit system through reporting and credit building services. KOHO rent credit programs allow renters to build credit history through rent payments, while rent credit history tools from Borrowell allow renters to add up to two years of past rent payments to their credit profile.
Now the model goes further.
Instead of only reporting rent payments, fintech platforms are beginning to split, finance, or route rent payments through credit rails. Rent is starting to look less like a fixed housing cost and more like a financial transaction that can generate data, fees, rewards, and short term credit exposure.
Renter Affordability Pressure Drives Demand
The underlying driver is housing affordability. rent burden data from Statistics Canada shows 33.0% of Canadian renter households spent 30% or more of income on shelter costs in 2022, a commonly used affordability threshold. Among private market renters who don't receive rent subsidies, the share rises slightly to 34.0%.
When roughly one third of renters already operate near an affordability limit, even small timing mismatches between income and rent payments can create pressure. Many workers receive pay every two weeks while rent is due monthly. Payment flexibility tools are now working to bridge that gap.
Canadian Rent Fintech Models Are Emerging
Several Canadian fintech firms are building products around rent payments. Zenbase offers split rent payments while reporting payment history to credit bureaus. Toronto fintech Chexy allows renters to pay rent by card, turning rent into a transaction that can generate rewards and short term credit float.
Borrowell focuses on rent reporting, allowing rent payment history to appear in an Equifax credit file. Products from KOHO, Borrowell, Zenbase, and Chexy differ in structure but share the same direction. They're moving rent deeper into payments infrastructure and credit data systems.
It's an important problem to focus on because rent is one of the largest financial flows in household budgets. Once fintech platforms innovate the payment stream, the implications extend into credit scoring, underwriting, rewards programs, and consumer debt exposure.
Credit Risk Appears Alongside The Innovation
The benefits are straightforward. Rent reporting can help renters build credit files that traditional lending products often overlook. Payment flexibility can help align rent payments with pay cycles.
The risk emerges when flexibility substitutes for affordability. The reality is splitting rent into installments doesn't reduce the underlying cost of housing. It only spreads the obligation across time. Service fees, credit card interest, and repeated installment use can gradually turn a convenience feature into ongoing credit reliance.
See: BNPL Plans Are Starting to Affect Credit in Canada
This fact will likely determine how the category evolves. Products designed for occasional payment timing behave very differently from models that depend on frequent borrowing by financially stressed households.
Policy Attention Is Already Building
Canadian regulators already monitor buy now pay later products as a consumer finance issue. The BNPL pilot study from the Financial Consumer Agency of Canada surveyed 1,034 Canadians to better understand how these services are used and whether consumers fully understand repayment terms and penalties.
Rent installment services raise similar questions. When the largest household bill starts moving onto credit rails, repayment discipline, fee transparency, and repeat usage patterns become key areas of concern and focus for both fintech providers and regulators.
Takeaway
Products that help renters manage payment timing or build credit history can deliver real value. But if rent flexibility becomes another channel for consumer borrowing, the category will face the same scrutiny that now surrounds buy now pay later services.
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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NCFA Weekly Fintech Intelligence Mar 7-13, 2026
March 13, 2026 | NCFA Fintech Whisperer Weekly Intelligence | Artificial Intelligence And Data, Open Banking Open Finance And Data Sharing, Payments And Market Infrastructure, Regulation And Policy
Image: Freepik
This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, February 21-27, 2026, February 28-March 6, 2026).
Weekly Fintech Market Intelligence Mar 7 - 13, 2026
AI Finance And Data Governance
EU Moves To Clarify How Platform And Data Rules Work Together
Mar 12, 2026, European Union
- The European Commission and the European Data Protection Board publish consultation contributions on draft joint guidelines covering how the Digital Markets Act and GDPR interact.
- The institutions say they received more than 100 submissions from SMEs, gatekeepers, consumer groups, academics, and other stakeholders.
- The stated goal is to improve legal clarity and certainty while preserving the effectiveness of both frameworks.
- Final joint guidelines are expected in the last quarter of 2026.
Regulators are aligning competition rules and data protection in a way that directly affects how AI systems access, process, and govern data. For fintechs and financial institutions building on platform infrastructure, data strategy, consent design, and compliance architecture are becoming tightly coupled decisions.
Big Tech Gatekeepers File Updated DMA Compliance Reports
Mar 9, 2026, European Union
- The European Commission says Alphabet, Amazon, Apple, ByteDance, Meta, and Microsoft submitted updated compliance reports under the Digital Markets Act. The gatekeepers also submitted updated independently audited reports on consumer profiling techniques.
- The Commission says public versions of the updated compliance reports and non confidential summaries of the profiling reports will be made available through its DMA pages.
- The Commission will now carry out a detailed analysis of the reports and assess whether the updated measures meet the goals of the relevant DMA obligations.
Large platforms, AI firms, fintechs, and financial institutions that depend on platform distribution, data access, identity layers, or app infrastructure face a more active compliance environment. Platform terms, profiling practices, interoperability rules, and access conditions can change through ongoing regulatory review. Firms with high dependency on a small number of gatekeepers face increased operating risk, while firms that diversify distribution, strengthen direct customer relationships, and build adaptable data and compliance architectures will be better positioned.
Payments And Market Infrastructure
FSB Chair Says Cross Border Payments Reform Still Falls Short On Execution
Mar 12, 2026, Global
- Bank of England Governor Andrew Bailey says the system remains far from the G20’s 2027 cross border payments targets.
- He points to progress including wider ISO 20022 adoption, longer RTGS operating hours, and around 17 bilateral corridors created through fast payment system interlinking in Asia Pacific.
- He also flags weak spots that still need action, including patchy Legal Entity Identifier adoption, limited reform of data privacy frameworks, and too little improvement for end users.
The next edge will come from firms that can operationalize data standards, identity rails, and compliance workflows across jurisdictions rather than wait for policy intent alone to close the gap.
Ericsson And Mastercard Link Wallet Infrastructure To Mastercard Move
Mar 12, 2026, Global
- The collaboration integrates Ericsson’s fintech platform with Mastercard Move to help telecom service providers, banks, and fintechs expand digital wallet capabilities and launch new payment services.
- Mastercard Move supports money movement across more than 200 countries and territories, connects more than 17 billion endpoints, and supports transactions in 150 currencies.
- Ericsson’s fintech platform operates in 22 countries, serves more than 120 million active users, and processes more than 4 billion transactions each month across wallets, payments, remittances, lending, and loyalty services.
- The rollout begins in the Middle East and Africa, where the release points to demand for mobile money, remittances, and interoperable payment services.
This deal says scale in cross border payments is moving toward platforms that already combine distribution, compliance support, and endpoint reach. For smaller wallet, remittance, and banking partners, the harder question is no longer whether they can connect. It is whether they still control enough of the customer relationship or economics once a larger stack sits in the middle.
Payments And Market Infrastructure
Ripple Moves To Add Australian Payments Licence
Mar 11, 2026, Australia
- Ripple says it plans to secure an Australian Financial Services License through the proposed acquisition of BC Payments Australia Pty Ltd.
- The company says the licence would expand Ripple Payments in Australia and allow it to manage more of the payment flow directly.
- The platform would cover onboarding, compliance, funding, FX, liquidity management, and final payout.
- APAC payments volume nearly doubled year on year in 2025 and Ripple now holds more than 75 regulatory licences globally.
This brings Ripple inside the licensed payments system in Australia. It can handle more of the payment flow itself instead of relying on partners. That includes onboarding, compliance, FX, and payout. For banks and fintechs, this means a digital asset firm can now compete more directly on cross border payments with full regulatory coverage, not just as a crypto overlay.
Cred Gets RBI Payment Aggregator Authorization
Mar 11, 2026, India
- Cred receives authorization from the Reserve Bank of India to operate as a payment aggregator.
- The license permits Cred to onboard merchants and manage settlements and refunds.
- 8.5 trillion rupees in payments and 15 million users in the fiscal year ending March 2025.
This impacts payment processors, merchant platforms, and consumer fintechs that want to own checkout and settlement. A payment aggregator license pulls merchant onboarding, refunds, and settlement into one accountable layer, so competitors and partners should expect tighter expectations on merchant screening and operational controls as volumes grow.
Government Of Canada Fixed Income Market Ecology II Government Of Canada Bond Dealing
Mar 10, 2026, Canada
- Staff Analytical Paper 2026 11 by Petr Kocourek and Adrian Walton.
- The abstract sets out how investment dealers intermediate trading, distribute Government of Canada securities, and provide liquidity across the yield curve.
- The abstract highlights dealer risk management and funding practices, including interest rate hedging and the use of benchmark bonds and related derivatives.
This impacts fixed income platforms, treasury and collateral systems, and anyone building workflows that touch Government of Canada collateral. Dealer funding and hedging capacity affects liquidity and trading costs.
Digital Assets, Blockchain And Tokenization
Nasdaq Teams Up With Payward To Build Tokenization Infrastructure
Mar 9, 2026, United States
- Nasdaq partners with Payward, the parent company of Kraken, to develop tokenization infrastructure.
- The effort targets blockchain based equities and wider tokenization interest across deposits, stocks, bonds, funds, and real estate.
- The partnership positions tokenized assets as a growth lane for trading and market access.
This impacts capital markets fintechs that want distribution through regulated channels. When a top tier exchange brand commits to a tokenization partner, procurement and diligence tighten fast. Builders should prepare for deeper questions on governance, surveillance, custody controls, and how tokenized assets move without breaking compliance reporting and investor protections.
Regulation And Policy
FCA Pushes Firms To Prove Customers Actually Understand Digital Journeys
Mar 13, 2026, United Kingdom
- The FCA publishes good practice and areas for improvement on consumer understanding under the Consumer Duty.
- The review says firms should use evidence such as call listening, complaints, chat transcripts, website analytics, drop off data, and surveys to identify where customers struggle.
- The FCA also points to clearer language, better design, accessibility, and testing communications with real customers before rollout.
- The work spans sectors including retail banking, consumer finance, payments, e money, and insurance.
This raises the execution standard for digital onboarding, disclosures, promotions, and support flows. For fintechs, good UX is no longer enough on its own. Firms need evidence that customers understand what they are seeing and can act on it without avoidable confusion.
Ottawa Locks In Affordability Push Across Taxes Housing And Banking
Mar 12, 2026, Canada
- Bill C-4, the Making Life More Affordable for Canadians Act, receives Royal Assent and brings key affordability measures into law.
- The Department of Finance says the law lowers the first federal personal income tax rate from 15% to 14%, with tax relief for nearly 22 million Canadians and savings of up to $420 per person this year.
- The same law also confirms the first time home buyers rebate, which removes GST on new homes up to $1 million and reduces GST on homes between $1 million and $1.5 million, with savings of up to $50,000.
- On the same day, FCAC says new rules cap NSF fees at $10 (see below), block repeat NSF charges within 2 business days for the same personal deposit account, and ban NSF fees on overdrafts under $10.
- This fits a broader consumer banking reset already under way. Since Dec 1, 2025, 14 federally regulated financial institutions, including Canada’s 6 largest banks, have offered modernized low cost and no cost accounts, with low cost accounts capped at $4 per month.
Ottawa is pushing affordability through multiple channels at once, including taxes, housing, and core banking fees. For banks, that puts more pressure on legacy fee revenue and raises the importance of better alerts, cash flow tools, and low cost account design. For fintechs, it strengthens the case for products that help users avoid failed payments, manage short term liquidity, and lower everyday banking friction.
Canada Caps NSF Fees At $10 As Consumer Banking Revenue Tightens
Mar 12, 2026, Canada
- The Financial Consumer Agency of Canada says new rules now cap non sufficient funds fees at $10 for federally regulated banks.
- The rules also stop banks from charging more than one NSF fee within 2 business days for the same personal deposit account and block NSF fees when the overdraft is under $10.
- FCAC says NSF fees typically ranged from $45 to $48 before the change, which makes this a real cut to a high cost banking fee that often hit people already under pressure.
- The new rule aligns with a broad affordability push, such as the modernized low cost and no cost account commitment, under which 14 federally regulated financial institutions, including Canada’s 6 largest banks, offer low cost accounts at no more than $4 per month starting Dec 1, 2025.
Banks lose part of a high margin penalty fee and face more pressure to compete on better alerts, balance visibility, payment controls, and products that help customers avoid failed payments in the first place. Direct product and revenue implications across consumer banking.
CFTC Opens Rulemaking On Prediction Markets
Mar 12, 2026, United States
- The CFTC publishes an Advanced Notice of Proposed Rulemaking on prediction markets and opens a 45 day comment period.
- The agency says the process will examine whether changes are needed to its event contract rules and how those rules apply to prediction markets.
- The notice follows growing attention on event contracts tied to elections, sports, and other real world outcomes, where the line between hedging, speculation, and gaming remains contested.
This opens a formal rulemaking lane around one of the fastest growing grey areas in digital markets. It matters for exchanges, brokers, market makers, and fintech platforms. How far regulated market structure will let them scale before they run into tighter product boundaries.
CIRO Updates Rules For Order Execution Only Platforms
Mar 12, 2026, Canada
- CIRO issues new guidance on order execution only (OEO) account services and activities, replacing its previous OEO guidance, which reflects significant growth in the number of DIY investors using online brokerage platforms.
- The revised guidance clarifies the boundary between prohibited recommendations and permitted decision support tools. The regulator says a prohibited recommendation now turns on whether the firm endorses a specific investment decision for a client.
- CIRO adopts a principles based framework that allows OEO dealers to offer tools such as sample portfolios, asset allocation support, and filtering tools, provided clients remain responsible for their own investment decisions.
This guidance impacts how Canadian DIY investment platforms can design tools and user experiences. Online brokers and fintech wealth platforms now have clearer room to provide decision support, portfolio models, and guided interfaces, but they must build stronger safeguards to ensure those tools do not cross the line into regulated investment advice (a condition of the OEO regulatory exemption).
Bank Of Canada Research Tests The Price Of Public Payment Competition
Mar 10, 2026, Canada
- Staff Working Paper 2026 10 evaluates competition between a welfare maximizing public payment platform and a profit maximizing private platform in a two sided payments market.
- The model finds a public platform generally improves aggregate welfare and financial inclusion, but private platforms may respond by raising fees, which can leave merchants that stay on private networks worse off.
- The results also show zero fee and cost recovery mandates can weaken those gains, depending on network effects, user switching, and how differentiated the platforms are.
Public payment rails can widen access, but they can also compress private platform economics and add pressure onto merchant pricing. For banks, fintechs, and payment providers, the real issue is not only whether public rails expand. It is how pricing design changes volume, margin, and who absorbs the cost.
Lending Consumer Credit And BNPL
Upstart Plans To Apply For A National Bank Charter
Mar 10, 2026, United States
- Upstart plans to submit applications to establish an insured national bank, Upstart Bank, N.A., and to apply to become a bank holding company, subject to regulatory approvals.
- The plan includes applications to the OCC and FDIC for the bank and to the Federal Reserve for bank holding company status.
- The announcement names a proposed leadership structure for Upstart Bank, N.A.
A charter application signals a potential change in funding and balance sheet strategy for an AI lending platform and it can reshape partner economics for banks and credit unions that currently fund originations.
goeasy Flags Credit Deterioration And Covenant Pressure At LendCare
Mar 10, 2026, Canada
- goeasy expects an incremental Q4 2025 charge off of about $178M tied to LendCare loans, against $5.5B of gross consumer loans receivable.
- Total company net charge offs for the quarter are expected to be about $331M, with an expected $86M net increase in allowance for credit losses.
- The company withdraws its previously issued Q4 2025 outlook and three year forecast and now expects its 2025 full year net charge off rate to be about 12.9%.
- LendCare credit performance is now expected to push the annual net charge off rate into the mid teens in 2026 before declining in 2027 and onward.
- The expected charge offs and provision increase are expected to put the company out of compliance with certain covenants under its syndicated credit facility, securitization facilities, and receivables purchase arrangements, although it says accommodation discussions are underway.
This is more than a weak quarter. It puts credit quality, funding resilience, and covenant headroom back at the center of the non prime lending story, which matters for alt lenders, securitization partners, credit investors, and fintechs selling underwriting, servicing, collections, and portfolio monitoring tools into the consumer lending stack.
Insurance And Insurtech
Aon Completes A Stablecoin Insurance Premium Payment Proof Of Concept
Mar 9, 2026, Ireland
- Aon describes this as the first known stablecoin insurance premium payment among major global brokers, completed as a proof of concept using U.S. dollar backed stablecoins.
- Premium payments settle for insurance programs tied to Coinbase and Paxos.
- The transactions run across multiple blockchain networks, including USDC on Ethereum and PayPal USD on Solana.
This matters for brokers, carriers, and digital asset clients because premium payments are a treasury workflow. Once stablecoins clear premiums across real counterparties, buyers and carriers will ask harder questions about controls, reconciliation, and how funds move from premium collection to coverage without losing traceability.
Capital Markets And Market Infrastructure
Eurosystem Publishes Appia Roadmap For Tokenised Finance
Mar 11, 2026, Europe
- The European Central Bank's Eurosystem published the Appia roadmap to guide a European tokenised financial ecosystem with central bank money at its core.
- Pontes, the Eurosystem’s DLT solution for central bank money settlement, is set to launch in the third quarter of 2026, while Appia is expected to conclude with a blueprint in 2028.
- The roadmap covers tokenised wholesale financial markets, where issuance, trading, settlement, custody, and servicing can be integrated on DLT platforms.
- The ECB says 64 market participants took part in more than 50 trials and experiments during the 2024 exploratory work that feeds into this strategy.
This roadmap puts Europe closer to a tokenised market structure built around central bank money rather than private settlement workarounds. It matters for banks, FMIs, tokenisation platforms, and securities infrastructure teams because the market is now moving from exploratory work toward live design choices on standards, networks, and governance.
Broadridge Connects Crypto.com To NYFIX For Global Crypto Order Routing
Mar 9, 2026, Hong Kong
- Broadridge integrates Crypto.com with the NYFIX order routing network so market participants can route crypto orders through FIX based infrastructure already used across global financial markets.
- The release describes this as NYFIX’s first cryptocurrency integration in Asia and says Crypto.com becomes Broadridge’s first cryptocurrency trading connection in Asia leveraging NYFIX.
- The connectivity extends Crypto.com access to Broadridge’s global network of over 2,200 buy and sell side participants.
This opens a cleaner path for brokers and institutional desks that want crypto execution without rebuilding their stack around proprietary APIs. Once crypto routing uses the same FIX plumbing as other asset classes, firms will put more weight on consistent controls, audit trails, and operational readiness across both traditional and digital venues.
Conclusion
Payment networks are scaling distribution and wallet reach. Tokenized market structure is moving closer to institutional use. Canada’s NSF fee cap also cuts into a legacy bank revenue line and raises the value of tools that help customers avoid failed payments. The strongest fintechs and financial institutions are combining regulatory discipline, strong rails, and practical financial workflows that reduce friction for users.
NCFA offers various curated resources to help founders and investors stay current on developments that impact fintech markets, subscribe to NCFA weekly newsletter updates, view a rundown of current fintech news and insights, or dive into the latest fintech industry research.
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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QuantPower Wins Exchange Approval For Algo Trading
Mar 13, 2026 | NCFA Market Activity | AI In Finance And Trading Infrastructure
Image: Freepik AI
India Platform Clears A Regulatory Step In AI Driven Trading Infrastructure
On March 13 2026, QuantPower said it received official exchange approval under the CTCL framework, a regulatory step that allows its automated execution strategies to connect to the exchange trading system through compliant infrastructure. The company said the approval covers the Algo Application category for F&O segment execution strategies.
QuantPower said the approved setup includes proprietary and client trading, a direct connection using trimmed CTCL, Linux based infrastructure, and in house systems developed by parent company Wisdom Tree Ventures Pvt. Ltd. The company also said the approved strategy list includes Iron Fly and other algorithmic trading strategies.
See: Nasdaq Seeks SEC Approval for Tokenized Stock Trading
The company says the exchange reviewed its automated trading system and decision support infrastructure under the CTCL framework. That gives the story more weight than a standard product update because it confirms the platform has crossed a formal exchange review process for live strategy execution.
QuantPower says it was founded in 2022 in Noida and has since added broker tools, backtesting, and options analytics. It also points to earlier recognition, including a 2023 award for Best Algo Trading Platform in India and a 2024 award for Best Trading Platform in India.
QuantPower says its platform includes a strategy builder, algo bots, historical backtesting, advanced options analytics, real time market scanners, and signal based trading tools. It also says subscription plans start at ₹299 per month, which points to a retail and small trader access model rather than a pure institutional product.
What NCFA Readers Should Watch
As exchanges and regulators tighten rules around algorithmic trading, the firms that win will likely be the ones that combine automation with compliant connectivity, risk controls, and audit trails. That creates room for fintech builders working on execution systems, surveillance, broker connectivity, and trading analytics.
Read: Kalshi Fines MrBeast Editor In Insider Trading Case
While this announcement does not change market structure on its own, it's a clear sign that AI enabled trading platforms are moving deeper into regulated infrastructure (beyond institutional desks) rather than staying at the edge of the market.
Talking Point
As algorithmic tools move toward retail and small trader access, will compliant infrastructure become the real moat in AI driven trading?
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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RBC Buys Pinch To Speed Up Mortgage Qualification
Mar 13, 2026 | NCFA Market Activity | Digital Lending And Mortgage Infrastructure
Major Bank Buys Fintech Verification Platform to Streamline Digital Mortgage Applications
On March 11 2026, Royal Bank of Canada announced it acquired Toronto based Pinch Financial, a fintech company that verifies borrower information digitally and helps Canadians submit applications to lenders. Terms of the deal were not disclosed. The deal isn't a brand extension for RBC, nor is it venture investing. It's investing in workflow tech that removes friction from one of the most document heavy parts of consumer finance.
RBC President and CEO Dave McKay, gave the clearest reason for the deal:
“Pinch’s technology will help us accelerate our digital roadmap to deliver a quicker, more streamlined mortgage experience for Canadians.”
Why Mortgage Workflow Technology Matters
Canada’s mortgage market is too large and too complex for banks to ignore small operational gains. CMHC reported that residential mortgage debt reached $2.3T in August 2025, up 4.8% from a year earlier. In a market of that size, faster verification, cleaner data collection, and fewer manual handoffs can improve turnaround times, reduce processing costs, and make the borrower experience easier to manage.
See: Home Equity Sharing Gains Early GTA Traction
Pinch isn't a new idea in search of a problem. The company was founded in 2016 and has helped tens of thousands of Canadians apply for mortgages and purchase homes since launch. That gives the acquisition more weight than a simple talent buy. RBC is buying a working piece of mortgage infrastructure with real borrower and lender usage and learnings behind it.
Andrew Wells, CEO, Pinch Financial:
"We started Pinch to make mortgages more relevant and familiar for digital-first consumers--making the qualification process faster, simpler, and more transparent for borrowers,"
What This Says About Bank And Fintech Strategy
The deal also says something important about how Canadian banks are approaching fintechs now. When a major bank buys a focused platform instead of building everything internally, it usually means the technology solves a real operational bottleneck. In this case, the bottleneck is qualification and application flow, where delays often come from documents, verification checks, and repeated back and forth with borrowers.
For fintech founders, it's a good sign that banks are still buying specialized technology when it improves speed, reduces manual work, and fits into an existing regulated workflows. That makes mortgage technology, document automation, borrower verification, and lending operations more than nice to have tools. They are becoming strategic assets.
See: Revolut Pushes into Commercial Real Estate Lending
Competition in mortgages is no longer just about rate sheets, comparison sites, and branch reach. It is also about who controls the workflow behind the decision. Platforms that make qualification faster and cleaner can influence conversion, cost per file, and customer retention. Startups do not always need to replace incumbents to create value. In many cases, they create strategic value by building tools that incumbents adopt, partner with, or acquire. Pinch is a clear example of that pattern.
Talking Point
If banks keep buying mortgage workflow technology instead of building it, who will own the most valuable part of home lending in Canada: the balance sheet or helpful tech inside the borrower's journey?
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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RedotPay Expands Compliance Footprint Across Key Markets
Mar 12, 2026 | NCFA Fintech Market Activity | Digital Assets And Payments Compliance
Image: Freepik/rawpixel.com
Stablecoin Payments Firm Builds Regulatory Access Across Canada, US and Argentina
On Mar 11 2026, Hong Kong based stablecoin payments firm RedotPay outlined regulatory progress across Canada, the United States, and Argentina as it builds the registrations required to operate in more regulated markets.
The company holds Money Services Business registration with FinCEN in the United States and registration with FINTRAC in Canada (jurisdiction of incorporation is the province of BC), and is pursuing Virtual Asset Service Provider registration in Argentina. These steps allow the firm to work with regulated partners as it expands its stablecoin payment platform.
RedotPay offers a wallet and card based payment system built around stablecoins, allowing users to send digital assets while recipients receive local currency. The company says its platform now serves more than six million users across over 100 countries and processes roughly $10 billion in annualized payment volume.
Market Access Still Happens Country By Country
Stablecoin payment platforms often present themselves as borderless financial infrastructure. In practice, access still depends on local regulatory registration. Firms must establish compliance credentials before banks, card networks, payment processors, and institutional partners will work with them.
In Canada, FINTRAC registration places RedotPay inside Canada's anti money laundering supervision framework. For digital asset payment companies, that registration is typically the first threshold for operating credibly and building domestic partnerships.
Other rules may also apply depending on the product model, including the Bank of Canada’s Retail Payment Activities Act (RPAA) for payment service providers and provincial securities oversight for certain digital asset activities.
Compliance Infrastructure and Scale
Competition in crypto payments is moving away from unique app features alone and toward regulated distribution. Firms that secure registrations across multiple jurisdictions gain earlier access to payment rails, banking relationships, and local partner networks. Firms that delay those steps often remain limited even if their technology works.
See: Stablecoin Data Shows Payments Reality Gap
It's a dynamic that's becoming more visible as stablecoin payment platforms grow. Compliance infrastructure is no longer just a back office function. It increasingly determines which firms can expand internationally and which ones stall when regulatory scrutiny increases.
Talking Point
As stablecoin payment firms expand globally, will long term advantage come from product features or from who can secure regulated market access first?
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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