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
Canada Renews $189M Black Entrepreneurship Program
Funding | Oct 22, 2025
Image: Freepik
Ottawa Renews $189M Program to Support Black Entrepreneurs
On October 20, 2025, the Government of Canada announced a renewed investment of $189 million in the Black Entrepreneurship Program (BEP), continuing its commitment to helping Black entrepreneurs start, scale, and strengthen businesses nationwide. The announcement was made in Toronto by the Honourable Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), as part of Small Business Week.
Expanding Access to Capital and Opportunity
The BEP was first launched in 2021 to expand access to capital, mentorship, training, and data for Black business owners. Since then, it has supported more than 24,000 Black entrepreneurs across Canada, while the Loan Fund has delivered over $70 million in approved financing through 801 loans.
See: RemitHope Mobilizes Diaspora Giving for Impact
With this new five-year commitment running from 2025 to 2030, the program will continue supporting inclusive economic growth through three core pillars: the Loan Fund, the Knowledge Hub, and the Ecosystem Fund.
Strengthening Research and National Networks
Under the renewed investment:
- $105.4 million will be allocated to regional development agencies to expand the Ecosystem Fund, broadening community coverage and business support.
- $7.5 million to the Knowledge Hub to strengthen research and improve the availability of high-quality data on Black entrepreneurship in Canada.
- $67 million will be directed to the Black Entrepreneurship Loan Fund, managed by the Federation of African Canadian Economics (FACE) in partnership with the Business Development Bank of Canada (BDC), providing loans of up to $250,000 to eligible business owners.
Minister Valdez highlighted that empowering Black entrepreneurs contributes to job creation, innovation, and community development across the country.
“The strength of Canada’s economy comes from the talent and tenacity of our people. When Black entrepreneurs can access capital, mentorship and reliable data, they turn ideas into jobs and community prosperity,”
The renewed program will also continue supporting the federal government’s Black Justice Strategy by addressing systemic barriers and advancing anti-racism efforts through economic participation. By deepening collaboration between government, lenders, and ecosystem partners, the initiative aims to strengthen Canada’s inclusive business landscape and ensure equitable access to opportunity for Black entrepreneurs nationwide.
In Closing
The renewal of the Black Entrepreneurship Program reflects Canada’s commitment to inclusive growth and aligns with NCFA’s work to expand access to capital and opportunity. Through the Canada Africa Fintech Summit, NCFA and its partners promote collaboration between Canadian and African innovators, helping entrepreneurs build sustainable businesses and strengthen economic ties. The program’s focus on capital, research, and networks supports the same goals driving NCFA’s efforts to advance a fair and competitive financial innovation ecosystem.
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 aa 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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Jon Medved Steps Down as OurCrowd CEO After ALS Diagnosis
OurCrowd | Oct 22, 2025
Image: Inaugural Canadian Crowdfinance Summit 2015, NCFA Craig Asano with Jon Medved CEO OurCrowd
CEO Jon Medved Transitions to Chairman of OurCrowd Following ALS Diagnosis
On October 21 2025, as reported by several news outlets, OurCrowd announced on Tuesday that Founding CEO Jon Medved will move into the role of Chairman after being diagnosed with ALS, also known as Lou Gherig’s disease. OurCrowd named Cali Chill as Acting CEO and COO, a long-time executive who has led investment operations. Medved will stay active by focusing on strategy, global partnerships, and support for portfolio companies.
In his conversation with Calcalist, Medved said that after thirteen years leading the company this change was necessary but that he continues to work full days.
“A few months ago, I was hospitalized and diagnosed with ALS, a serious and terrible disease. Everything still works, but it’s very difficult for me to breathe. I’m improving and fighting it, and I still work eight to ten hours a day, which allows me to continue treatment.”
OurCrowd began in 2013 when new rules under the JOBS Act opened doors for online investment. The platform connected smaller accredited investors with venture deals that were once limited to big institutions. Under Medved’s leadership, it grew into one of the world’s largest tech investment networks, backing companies such as Anthropic, Databricks, Groq, and SpaceX.
As reported by Crowdfund Insider, OurCrowd now reports more than 2.6 billion USD in commitments across 500 portfolio companies and 68 funds with 240,000 registered investors from 195 countries.
Cali Chill said he is honoured to lead at this time and credited Medved for building the culture that drives the company. He said that by offering curated access to venture opportunities, OurCrowd bridges the gap between institutional investors and individuals who want professional access to global startups. Medved said he will keep pushing to democratize venture investing and use artificial intelligence to reach a wider community of investors.
See: OurCrowd Double IPO Success Provides Crowdfunding Validation
A Lasting Connection With Canada’s Crowd
Medved has been a returning keynote speaker at NCFA Canada events over the years, such as the 2015 Canadian Crowdfinance Summit and FFCON19: Fearless. He was known for his inspiring energy, storytelling, and ability to connect people. After his talks, crowds would often follow him as he handed out business cards and traded ideas with founders and investors. He was highly sought after and a regular guest in leading media outlets where he spoke about Israel’s technology ecosystem, global venture markets, and innovation trends. His stories about Israel’s startup culture and how necessity sparked resilience left a strong mark on the Canadian innovation community.
One memorable example came during his keynote at CCS 2015, when Medved made a spontaneous commitment on stage to open a Canadian office for OurCrowd. Within months, the firm delivered on that promise, establishing operations in Toronto and announcing a 1 million USD investment in Influitive, a Toronto-based advocate marketing leader. Ontario’s Minister of Economic Development at the time, Brad Duguid, described the move as "a landmark step for Canada’s growing technology and venture capital scene".
Read: Equity Crowdfunding Leader OurCrowd Opens Canadian Office; Targets 1st Investment in Canadian Company Influitive
Medved Continues to Lead Through ALS
Even now as Jon manages ALS, he continues to work and inspire others. He remains a powerful voice for founders, investors, and countries building inclusive capital markets. His determination to keep working through adversity shows the same spirit that made OurCrowd a global success. On behalf of NCFA, we wish all the best for Jon and his team during this 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 aa 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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Fintech Charters and Challenger Banks Driving Competition
Fintech Competition | Oct 21, 2025
Image: Freepik/kues1
New Data Show How Proportionate Licensing and Capital Models Boost SME Credit and Competition
On October 8 2025, QED Investors and Oliver Wyman released Seizing the Bank Charter Moment (37 page PDF), tracking that fintechs filed more than 20 charter applications in 2025 (3x the number in 2023). The analysis found that obtaining a charter reduced funding costs by 150 to 300 basis points and improved net interest margins by 2 to 4%, driven by access to insured deposits and direct payment rails.
Also, on October 16 2025, Innovate Finance published Challenger Banks: A British Success Story (28 page PDF) confirming that UK challengers now hold about 25% of SME business current accounts and provide 60% of SME lending, up from under 5% seven years earlier.
Bank Charters in United States Regaining Momentum
The report found that fintechs with a bank charter earn an average return on equity of 14 to 16%, compared with 9 to 10% for those still operating as non-banks. The analysis outlined three main ways fintechs can hold a charter: (1) Full national bank charter; (2) Industrial loan company model that allows more flexibility for parent investors; and (3) Limited-purpose charter that does not take deposits but still falls under direct supervision.
The report shows that about 20 new applications had been filed by fintechs and new entrants, at the time of publishing. The Financial Technology Association said this renewal of new fintech charter bank activity can help increase competition. FDIC officials noted that the total number of US banks has fallen from roughly 8,500 in 2008 to 4,500 today, strengthening the case to restore market entry options.
For growing fintechs, the economic break-even point for considering the bank charter pathway is around $5 billion in assets and a return on equity above 12%. Meaning beyond that level, the cost savings from having a charter more than offset the added compliance and capital requirements. Even with about $50 to $100 million in new capital requirements and $8 to $12 million in yearly compliance costs, the charter still provides a net advantage.
See: Ripple Seeks US Bank Charter for Stablecoin Expansion
As an aside, the lower cost of capital for chartered banks comes from structure, not size. Non-banks depend on wholesale funding or partner-bank arrangements that add about 1.5 to 3% to their cost of money because these funds are not insured. And chartered banks fund mainly through insured deposits, giving them a built-in advantage even after paying for regulatory oversight.
United Kingdom Competition Via Proportionate Rules
Innovate Finance report shows that challenger and specialist banks increased their small business lending to £110 billion in 2024 (about $140 billion CAD), which is 4.5% higher than the year before. The British Business Bank reports that these banks now provide about 60% of all lending to UK small and medium-sized enterprises (SMEs), a significant achievement.
However, the report warns that upcoming rules under Basel 3.1 and the Small Domestic Deposit Taker (SDDT) regime could make it harder for smaller banks to lend. They estimate that the new rules could reduce small business lending by up to £44 billion, which they describe as a potential tax on growth. Their Think Challenger proposal calls for more balanced regulation so that smaller, well-managed banks can continue to support small firms and customers while staying safe and sound.
See: UK Open Banking Update and Road to Open Finance
This UK's experience offers clear lessons for Canada; that clear and fair (proportionate) rules can encourage innovation and competition while maintaining trust and stability in the system.
For larger banks, the benefits of collaboration are also visible. Institutions that work with challenger banks or fintechs on digital credit and data analytics see 10 to 15% faster deposit growth compared with those that compete alone.
Canada Has A Narrow Window to Modernize
In July 2025, the federal government began consulting on how to update the country’s deposit insurance system. Open banking including accreditation rules are expected to appear in the fall budget. The Retail Payment Activities Act (RPAA) is now fully in effect, bringing both domestic and international payment firms under the supervision of the Bank of Canada. Together these steps strengthen oversight but do not yet create a path for fintechs to operate as full banks.
For policymakers, both reports referenced in this article are evidence that fair and proportionate rules for capital and licensing help increase competition and small business lending without creating extra risk. Canada could adopt a tiered model where smaller fintech lenders meet simpler capital and reporting standards based on their size and activities, while full deposit-taking banks continue to meet the higher bar.
Canada doesn't yet have a charter pathway for fintechs or smaller non-bank lenders. Introducing a proportionate licensing framework with a transparent and time-bound review process would improve predictability, attract investment, and show that Canada is open to fintech banking innovation.
See: How Competition Powers Canada’s Economic Growth
For fintech founders, timing, a level playing field and the ability to innovate and compete without structural barriers now matters. For investors, the valuation gap is becoming clear. In the US, fintech banks with charters trade at about 1.6 times book value, compared with 1.1 times for similar lenders without charters. A well-defined Canadian charter model could close that gap and attract more long-term domestic investment into fintech banking.
Conclusion
The simple truth is when proportionate rules are clear and scaled to risk, competition improves, credit costs go down, and innovation thrives. The UK and US results show that proportionate regulation produces measurable gains in lending and economic resilience. Canada now has a short window in 2025 to enable domestic fintechs a fair chance to grow and succeed at home.
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 aa 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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Bank of Canada’s PSP Registry Goes Live Under RPAA
RPAA | Oct 21, 2025
Image: Freepik
Bank of Canada Registry Highlights Canada-led Retail Payments Fintech Ecosystem Under RPAA Oversight
On October 2025, the Bank of Canada (BoC) launched the first public Registry of Payment Service Providers (PSPs), a key milestone under the Retail Payment Activities Act (RPAA). The registry lists all PSPs formally registered to operate under the new retail payments framework. The database is updated regularly and can be accessed via the Bank’s official site at the PSP Registry.
The BoC also published an active list of PSP applicants currently under review, available at the applicants under review page. These applicants are subject to preliminary oversight requirements but are only required to meet full reporting obligations once registration is finalized.
Early Landscape of Registered Providers
According to the registry’s initial snapshot, a total of 320 PSPs have been registered to date. Of these, 259 (80.9%) are headquartered in Canada, while 43 (13.4%) are based in the United States, and 9 (2.8%) in the United Kingdom. The remainder represent smaller international participation from Singapore, Ireland, Brazil, Latvia, the Philippines, Switzerland, Belgium, and South Korea.
See: CMA Lessons on Competition and Growth for Canada
This mix shows that the RPAA’s first tranche of providers is mostly domestic, reflecting the strength of Canada’s homegrown fintech payments sector while integrating a limited number of major international players. The balance of local and foreign PSPs also highlights the regulatory gateway now established for cross-border payment innovation.
Combined Registry and Applicant Overview
The combined data from the Bank of Canada’s PSP Registry and the applicants under review provides a broader picture of participation under the Retail Payment Activities Act, and deeper insight of the provider demand and distribution.
Canada continues to lead with the majority of registrations followed by the United States and the United Kingdom. This balance reflects both the maturity of domestic fintech operations and growing international engagement with Canada’s payments oversight framework.
See: Canada’s Payments Innovation Push Gains Speed
The table data below summarized by country shows how Canada accounts for roughly 84% of all PSP entities registered or in review, while international applicants from the United States, the United Kingdom, and other jurisdictions signal increasing cross-border participation.
| Head office country | Registered PSPs | Applicants Under Review | Total PSP Entities | Share (%) |
| Canada | 259 | 1095 | 1354 | 84.26 |
| United States of America (the) | 43 | 105 | 148 | 9.21 |
| United Kingdom of Great Britain and Northern Ireland (the) | 9 | 30 | 39 | 2.43 |
| Singapore | 2 | 7 | 9 | 0.56 |
| Hong Kong | 0 | 7 | 7 | 0.44 |
| Latvia | 1 | 3 | 4 | 0.25 |
| United Arab Emirates (the) | 0 | 4 | 4 | 0.25 |
| Estonia | 0 | 3 | 3 | 0.19 |
| Lithuania | 0 | 3 | 3 | 0.19 |
| Spain | 0 | 3 | 3 | 0.19 |
| Nigeria | 0 | 2 | 2 | 0.12 |
| Cyprus | 0 | 2 | 2 | 0.12 |
| Isle of Man | 0 | 2 | 2 | 0.12 |
| Australia | 0 | 2 | 2 | 0.12 |
| Korea (the Republic of) | 1 | 0 | 1 | 0.06 |
| Poland | 0 | 1 | 1 | 0.06 |
| Yemen | 0 | 1 | 1 | 0.06 |
| Sweden | 0 | 1 | 1 | 0.06 |
| San Marino | 0 | 1 | 1 | 0.06 |
| Czechia | 0 | 1 | 1 | 0.06 |
| Netherlands (Kingdom of the) | 0 | 1 | 1 | 0.06 |
| Luxembourg | 0 | 1 | 1 | 0.06 |
| Malta | 0 | 1 | 1 | 0.06 |
| Malaysia | 0 | 1 | 1 | 0.06 |
| Kazakhstan | 0 | 1 | 1 | 0.06 |
| Israel | 0 | 1 | 1 | 0.06 |
| China | 0 | 1 | 1 | 0.06 |
| Belgium | 1 | 0 | 1 | 0.06 |
| India | 0 | 1 | 1 | 0.06 |
| Saint Vincent and the Grenadines | 0 | 1 | 1 | 0.06 |
| Japan | 0 | 1 | 1 | 0.06 |
| Denmark | 0 | 1 | 1 | 0.06 |
| Mauritius | 0 | 1 | 1 | 0.06 |
| Gibraltar | 0 | 1 | 1 | 0.06 |
| Ireland | 1 | 0 | 1 | 0.06 |
| Brazil | 1 | 0 | 1 | 0.06 |
| Philippines (the) | 1 | 0 | 1 | 0.06 |
| Switzerland | 1 | 0 | 1 | 0.06 |
| Cayman Islands (the) | 0 | 1 | 1 | 0.06 |
Regulatory Alignment and Payments Canada Integration
Registered PSPs are now under supervisory assessment by the Bank of Canada and must comply with RPAA requirements on operational risk management, safeguarding of end-user funds, and reporting. Additional guidance and summary documents are available under the Bank’s retail payments supervision.
See: How Competition Powers Canada’s Economic Growth
The registry’s release coincides with the expansion of Payments Canada membership eligibility, effective September 29, 2025. Under this change, registered and supervised PSPs are now eligible to join Payments Canada, alongside credit union locals and clearing system operators overseen by the Bank. The update outlined in the Statement by the Minister of Finance, connects the RPAA framework with Canada’s broader payment system modernization goals.
The live PSP registry is a major step towards a transparent and accountable retail payments system designed to enhance trust and innovation. With a majority of Canadian fintechs now operating under Bank of Canada oversight.
Competitiveness Outlook
As Senior Deputy Governor Carolyn Rogers noted in her recent remarks before the Canadian Club Toronto, competition is a critical force in improving productivity and efficiency across the economy.
While the new registry helps level the playing field by providing a formal pathway for smaller fintechs to operate alongside larger incumbents in a regulated environment, there is limited number of PSPs currently registered under the Retail Payment Activities Act raises questions about Canada’s ability to compete globally in payments innovation. With only 259 Canadian payment providers currently registered, the framework captures a small fraction of the fintech firms operating in the country.
Larger and more established companies are the most likely to meet the Bank of Canada’s supervision requirements, while smaller fintechs face higher barriers to entry. These include detailed operational risk controls, safeguarding of end-user funds, and ongoing reporting costs that can be more challenging to address for early stage businesses.
See: Regulating for Growth by Understanding Innovation
In other markets such as the United Kingdom and the European Union, regulators use tiered systems that allow smaller firms to start with lighter oversight and scale up as they grow. Canada does not yet have this flexibility with the RPAA a single registration and supervision framework for all payment service providers (PSPs). Without an adjustment, the current model could reduce competition and slow the growth of homegrown payment innovators, as global players expand into the Canadian market.
The Bank of Canada’s framework seems stable and transparent but expanding participation over time will be key to ensuring the RPAA supports Canada’s fintech competitiveness.
Outlook
As more PSPs complete the review process, the registry will expand and evolve, providing clearer insight into Canada’s payments ecosystem. For fintech stakeholders, this signals that full RPAA implementation is moving from policy design to operational reality.
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 aa 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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Why Policy Scenarios Now Matter for Fintech Strategy
Fintech Risks | Oct 20, 2025
Image: Freepik/Rawpixel.com
Tiff Macklem Fireside Implies Fintechs Must Plan For Multiple Policy Outcomes as Trade and Inflation Risks Rise
On October 16, 2025, Bank of Canada (BoC) Governor Tiff Macklem joined Adam Posen at the Peterson Institute for International Economics (PIIE) in Washington for a public conversation about Canada’s economic outlook and global trade. Macklem said new tariffs, slower trade, and changing supply chains are impacting the Canadian economy.
As a result, he explained that the BoC is now using several possible economic paths instead of one fixed forecast because global uncertainty has become constant. The new approach was outlined in the Bank’s July 2025 Monetary Policy Report and compares what could happen if tariffs stay the same, ease, or rise, and indicates the impact of each option on inflation, output, and interest rates.
Canada’s Four Challenges in a Divided World
Macklem described four forces that will impact the next 10 years for Canada:
1. Trade now clusters around three main hubs led by the United States, China, and the European Union. The United States still dominates world finance even as investors question its safe haven status, and other countries like Singpore pushing above their weight.
See: Data Shows Tariffs Are Threatening Early Stage Innovation
2. Global trade and money flows are becoming uneven again (a recurring structural issue). Some regions keep running big surpluses while others, including North America, rely more on borrowing. Macklem said this growing imbalance adds risk to the global financial system and limits how much small economies like Canada can control their outcomes.
3. He said higher tariffs and unpredictable policy weaken demand, raise costs, and reduce the efficiency of supply.
4. Canada is feeling these pressures through weaker exports, slower investment, and lower productivity growth, outcomes that no interest rate decision can reverse.
From One Forecast to Several Possible Futures
Traditional forecasts assume one view of the world. Macklem explained that the Bank now works with three possible paths. One assumes current tariffs remain. One assumes tensions ease. One assumes further escalation.
See: Stephen Poloz’s Plan to Fix Canada’s Economy
The aim is to keep inflation expectations stable while helping households and businesses adjust to uncertainty. For fintechs and lenders, strategic business planning must now be built around several credible economic futures too, and not rely on a single base case. Funding, pricing, and credit policies should be tested against each path to stay resilient no matter which reality unfolds.
Trade Uncertainty and Financial Risk
Macklem explained that new tariffs and complex rules are adding cost and delay at the Canada–U.S. border, disrupting supply chains. Firms that once relied on integrated supply chains now need new suppliers, new routes, and stricter compliance to maintain trade eligibility. That adds cost and delays that ripple across sectors. Even service firms are affected through their clients and vendors.
For fintechs offering trade finance, payments, or working capital products, this environment creates opportunity but also exposure to new risks. There is demand for tools that make international transactions faster and more transparent, but also new risks tied to client sectors under pressure.
Competitiveness Through Productivity and Reform
The Governor stressed that raising productivity is now essential. He pointed to faster project approvals, fewer internal trade barriers, and stronger transport links as priorities to open new pathways.
See: Canada’s Public Sector Costs and Productivity Gap
The Bank’s recent reports say that fixing long-term barriers in the economy like slow project approvals or weak competition can improve growth more than changing interest rates (aka, monetary policy).
Fintechs can build solutions that help reduce administrative frictions, such as digital identity and onboarding tools can eliminate duplication between provinces. Compliance automation and regulatory technology can shorten approval times. Procurement platforms can help smaller firms reach national customers. These are examples of direct responses to the barriers that Macklem said must be addressed.
Neutral Rate, Cost of Capital, and Planning
Macklem also spoke about the neutral interest rate which is the level that keeps inflation stable without stimulating or slowing the economy. He said it may not align between Canada and the United States because productivity growth and fiscal policies differ. That divergence affects long term funding costs and the flow of investment capital.
See: How Competition Powers Canada’s Economic Growth
For fintechs that borrow in U.S. dollars or rely on foreign investors, funding costs and access to cash can change even if central banks don’t move rates. The safest approach is to plan for different interest rate outcomes instead of assuming Canada and the U.S. will always move together.
Digital Money and the Priority of Trust
When asked about digital assets, Macklem said the Bank’s work on stablecoins and a possible central bank digital currency focuses on preserving trust and value. The principle of the singleness of money means that one Canadian dollar must hold the same worth everywhere, whether in cash or digital form.
Stablecoin systems must avoid runs and guarantee convertibility. For fintech developers and innovators, it means creating systems that work within the regulated financial system, not outside. The most promising area is making international payments faster, cheaper, and clearer, while ensuring every digital dollar is fully backed and can always be redeemed.
Why Case Planning Matters For Fintech
Uncertainty is no longer an exception but a normal condition for business and policy. Every possible trade path changes inflation, growth, and the cost of capital. Fintech founders, investors, and lenders must build this thinking into their models and operations. That includes ready plans for each scenario, triggers for risk adjustments, and playbooks for client support when tariffs or rates move unexpectedly.
See: The Crisis Canada and Fintech Can’t Afford to Waste
The firms that incorporate this discipline and governance will not only manage volatility better but also build trust with investors and customers who highly value predictability in uncertain times.
Outlook
It's time for Canada to demonstrate adaptability, and treat uncertainty as a given design factor instead of a sudden surprise. Canada’s financial ecosystem, from established lenders to digital innovators, must treat uncertainty as a normal part of planning. Fintechs that adopt scenario planning, streamline processes, and improve real economy efficiency can help Canada compete globally even as the trading system fragments.
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 aa 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 Launches First National Anti-Fraud Strategy
Anti-Fraud | Oct 20, 2025
Image: Freepik
Ahead of Budget 2025, Canada Unveils a National Anti-Fraud Strategy and New Financial Crimes Agency
On October 20 2025, the Department of Finance Canada released plans for a National Anti-Fraud Strategy that will be introduced through Budget 2025. The initiative is designed to combat growing financial fraud, scams, and economic abuse that affects millions of Canadians every year.
According to the Canadian Anti-Fraud Centre, Canadians lost $645 million to fraud in 2024 (almost a 300% increase since 2020), noting only 5-10% of scams are ever reported. The government says the new strategy aims to reverse that trend through prevention, data sharing, and stronger oversight across financial and digital channels.
Honourable Gary Anandasangaree, Minister of Public Safety:
“Today’s financial criminals make use of every modern tool at their disposal to try to defraud Canadians. Our government’s new Strategy is tackling head-on the threat posed by these fraudsters. A stand-alone Agency to fight financial crime is critical to maintaining confidence in our financial system, and keeping people, and their money, safe.”
Planned Rule Changes and New Enforcement Agency
As an early step, Budget 2025 will propose amendments to the Bank Act that would require banks to:
See: When Fraud Controls Freeze Millions of Bank Accounts
- Establish policies to detect and prevent consumer-targeted fraud
- Obtain express consent before enabling account transfer or payment features that could be exploited by scammers
- Allow customers to adjust transaction limits and disable unwanted account capabilities
- Collect and report fraud data to the Financial Consumer Agency of Canada
The changes are expected to strengthen consumer control and protection, especially for seniors, newcomers, and other vulnerable groups.
The government also intends to create a new Financial Crimes Agency by spring 2026. This federal agency would lead investigations into money laundering, organized crime, and online fraud, bringing together financial, legal, and law enforcement expertise to recover illicit funds. Rules to formally establish the agency is expected in 2026 after consultation with the Ministers of Justice and Public Safety.
Addressing Economic Abuse
The government will also work with banks and stakeholders to develop a voluntary Code of Conduct for the Prevention of Economic Abuse. The code will set clear expectations for how financial institutions identify and respond to economic abuse, a type of financial control and coercion that often targets women and seniors. Work will be guided by principles of victim focused support, collaboration, and financial empowerment.
See: Stingray Security Wins ScamShield Challenge
Banks (perhaps with the help of financial technology providers) will play a key role as front-line institutions that can detect early signs of financial control or distress and provide safe guidance for clients to regain independence.
Implications for Canada’s Fintech Ecosystem
For fintech companies, the emerging anti-fraud legislation means there's a strong focus on consumer trust and financial resilience. Stricter fraud controls for banks will also apply to their fintech partners through compliance expectations and data standards.
Fintech firms that build strong fraud detection and digital ID tools will have an advantage, finding it easier to work with banks while everyone benefits from a safer financial system. Companies that are transparent, secure, and possess strong governance will earn public and institutional trust.
See: Anatomy of Rising Deepfake Scams in Crypto and Fintech
The creation of a Financial Crimes Agency also opens new opportunities for collaboration between the public and private sectors on cyber risk, data sharing, and proceeds of crime recovery.
Conclusion
While the full framework, funding, and timeline details will be presented at Budget 2025, protecting Canadians from financial fraud is a national priority, raising the minimum bar for a trusted digital economy.
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 aa 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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UK Open Banking Update and Road to Open Finance
UK Open Banking | Oct 16, 2025
The UK’s Open Banking Update and the Case for Open Finance
On October 6, 2025, the FCA published a research note on open banking and open finance in the UK providing the most comprehensive update since the 2017 Open Banking Implementation Entity framework. The FCA report confirms that open banking has become a core part of the UK financial system, delivering measurable gains in innovation, competition, and consumer outcomes while setting a clear path towards open finance.
Open Banking By the Numbers
The FCA reports 13.3 million active users in March 2025 including individuals and businesses.
During early 2025 there were over 23 million one off open banking payments and about 3.7 million variable recurring payments in March.
There are more than 240 regulated third party providers active in the market.
See: FCA Outlines Governance for Open Banking Standards Body
The numbers show that most people start by using open banking for simple payments, then they move on to apps that help them manage money. These tools make it easier to track spending, combine accounts, and manage business cash flow. What began as a way to share data safely is now part of everyday financial life.
Competition and Consumer Outcomes
The FCA links the regulatory model to outcomes that people and firms feel and understand. API payments lower acceptance costs for many merchants, clear faster in regular use cases, and have lower charge-back risk.
Users of open banking tools report stronger confidence in managing money, better visibility over credit, and simpler product comparisons.
A growing share of regulated payment initiation and data services is now provided by non-bank firms. This is exactly what regulators aimed for, which is fair competition made possible by shared standards and clear oversight.
The Case For Open Finance
In April 2024, KPMG published a report on the roadmap to open finance in the UK. Now the FCA and HM Treasury are preparing an official Open Finance Roadmap for publication in early 2026.
Pilot activity is under way in mortgages, pensions, and small business lending. The technical stack is being upgraded so that systems use the same data format as ISO 20022. This lets APIs from different products connect and share information more easily.
See: Canada’s Payments Innovation Push Gains Speed
Regulators are also testing shared rules for who is responsible if something goes wrong, and new dashboards that help people see and control which companies can use their financial data.
Commercial variable recurring payments are a key part of open banking’s next phase. They let customers authorize businesses to take payments automatically when conditions are met, such as usage or subscription activity, without having to reapprove each transaction. The UK Finance Wave 2 report on commercial variable recurring payments shows that adoption depends on clear business rules, predictable pricing, and consumer trust. It estimates that recurring payments could save merchants around £1.5 billion a year in processing costs while improving user convenience.
The report also points out that success will rely on creating fair commercial frameworks that balance innovation and stability. Clear incentives for both banks and payment providers can help recurring payments scale, lower operating costs, and give consumers more choice over how and when they pay.
International Perspective
The FCA’s benchmarking compares progress across Brazil, Mexico, Australia, Singapore, the United Arab Emirates, and Canada.
Brazil has a nationwide open finance network across multiple product types with mandatory participation.
Mexico continues to develop its framework with a measured, regulator led approach.
Australia extends the Consumer Data Right into energy and telecom.
Singapore and the United Arab Emirates use structured sandboxes and staged licensing to build interoperability.
Canada is recognized for policy design progress and oversight planning as implementation begins.
The common thread is that progress accelerates when governance is clear, standards are usable, incentives are aligned, and protections are visible.
Regulating for Growth
The UK model brings competition policy, innovation policy, and consumer protection into one framework. Access is enforceable. Participants are certified. Interfaces are standard.
See: Regulating for Growth by Understanding Innovation
These choices lower barriers to entry and invite new financial intermediaries. Smaller providers compete on experience, cost, and transparency while trust in security remains high.
As open finance develops, success is measured by consumer value, SME productivity, and long term competitiveness. Effective regulation designed for growth becomes a national asset.
Outlook
Open banking in the UK is about 7 years ahead of Canada's implementation, assuming Canada is still on track to implement phase 1 of open banking in 2026 (some have been told to expect Open Banking updates to be included in the Fall economic statement announced on November 4, but will it include an implementation timeline? Time will tell). The 2025 FCA update shows what can be achieved when regulation, technology, and market incentives pull in the same direction.
See: Global Open Finance Lessons for Canada’s Rulebook
Open banking in the UK didn't reach scale overnight. It was built through coordinated governance, working standards, and consistent oversight. The move to open finance will test each jurisdiction’s balance of innovation and protection.
With the right structure, regulation can accelerate innovation, expand competition, and deliver lasting value across the financial system.
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