Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Marketing, Strategy, Growth, Design
Ondo Launches Tokenized Pre IPO Private Markets
October 6, 2026 | Digital Assets, Capital Markets, Investing, Fintech and Innovation
Private Company Exposure Trades Without Share Ownership
On October 5, 2026, U.S. tokenized securities and real world asset platform Ondo Finance launched Ondo Private Markets, offering eligible non U.S. investors in permitted jurisdictions tokenized exposure to private companies before they go public.
The first asset will reference an unnamed leading AI company and is expected to begin secondary market trading this week. Investors aren't buying the company's shares. They are buying notes tied to the value those shares may realize at a future liquidity event.
Ondo plans to add private companies across robotics, cybersecurity, biotech, infrastructure and other sectors. The tokens can be held in a digital wallet and traded 24/7 on secondary markets. That could make private company exposure easier to enter and exit, but it doesn't turn a private company into a public one or give token holders shareholder rights.
Ondo Tokens Track Value, Not Company Ownership
Each token is a note whose payout is linked to the per share value realized on the reference company's common shares at a qualifying liquidity event. The notes are obligations of their issuer, PM Issuer Co (BVI) Limited. They are not shares in the referenced company and don't give holders voting, ownership or other shareholder rights.
The structure separates access from ownership:
- An investor can gain economic exposure to a sought after private company without joining its shareholder register
- The token can also move between eligible holders before the company reaches an IPO, acquisition or another qualifying liquidity event
Access isn't global without restrictions. Ondo says Private Markets is available to eligible non U.S. investors in permitted jurisdictions. U.S. persons cannot subscribe for, acquire or redeem the tokens, and orders cannot be placed from within the United States. The launch announcement does not provide a simple country by country eligibility list, so local securities rules and Ondo's onboarding requirements still determine who can participate.
The notes haven't been registered under the U.S. Securities Act or securities laws in other jurisdictions. Ondo says eligible clients receive the offering documents, token terms and risk factors before subscribing, so the legal wrapper is as important as the token itself.
Citi took a different route in June when it launched digital depositary receipts on private shares. Citi acts as issuer and custodian for tokenized receipts representing private company equity. Ondo instead gives investors a contractual claim tied to the economic performance of a reference company. Two products can both offer tokenized private market exposure while giving investors very different rights to the company underneath.
Ondo already operates at decent scale. Its tokenized stock platform has more than 450 stocks and ETFs and over US$1 billion in total value locked. The company says its stock and Treasury infrastructure together represent about US$3.7 billion in total value locked and more than 1 million cumulative holders. See Ondo Gains US Approval For Tokenized Shares And Funds.
24/7 Tokens Still Need a Private Market Price
Ondo can make its notes transferable around the clock, even though the private company underneath still doesn't have a continuously quoted public share price.
The timing gap is important when the token trades more often than the asset used to value it. Private company transactions can be infrequent, different share classes may carry different rights, and new financing rounds can reset valuations. A token market may therefore offer more opportunities to trade without automatically providing better information about what the reference company is worth.
Nasdaq Private Market launched Daq in July to address part of the information gap. It brings together pricing, share class, transaction and company data covering more than US$5 trillion in private company valuations. Longer trading hours can make a token easier to trade, but they don't necessarily make the private company underneath easier to value.
Liquidity has a similar limit. Being able to trade 24/7 gives eligible investors more opportunities to find a buyer or seller. It doesn't guarantee a deep market, tight spreads or enough buyers when someone wants to exit. Limitations that will become more important as tokenized private markets expand beyond a small group of highly sought after companies.
On September 30, the U.S. SEC proposed expanding responsible retail access to private markets. The proposals would widen access through regulated fund structures while maintaining investor protections. The SEC is also considering additional ways for individuals to qualify as accredited investors, including an exam and certain professional credentials.
Digital distribution can move faster than the rules that historically defined private market access. It can also move faster than disclosure, price discovery and investor understanding. For another example of how digital markets are reaching earlier stages of the investment cycle, see Bybit Opens Tokenized IPO Access To Retail Investors. More investors want access to companies before they go public, while regulators and financial firms are testing different ways to provide it.
Talking Point
Ondo is making private company exposure easier to hold, move and potentially trade without turning the token into company stock. That could open private markets to more investors, but easier access doesn't change the legal rights investors receive. As private markets move onchain, investors still need to ask the simplest question: what do I actually own?
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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Snaplii Puts AI Agent Spending in a Separate Wallet
October 5, 2026 | Last Updated October 5, 2026 | Artificial Intelligence And Data, Payments Infrastructure And Money Movement, Cybersecurity Fraud And Financial Crime, Fintech And Innovation
How Snaplii, Visa, Stripe and OpenAI Limit AI Agent Spending
On October 5, 2026, Toronto based fintech Snaplii presented Snaplii Cash as a separate wallet for AI agent spending, letting users fund a limited balance instead of giving software access to a bank account or stored card. The payment system itself isn't new today. Snaplii launched its Agent to Merchant payment skill on April 29 and published detailed Muse payment controls on October 1. Today's announcement makes the consumer proposition clearer and adds cashback to the pitch.
Snaplii is making a specific payment choice. The agent gets enough money to complete a purchase without gaining access to the account that funded it. Visa, Stripe and OpenAI are tackling the same problem differently, using restricted credentials or permission tied to a particular transaction.
Snaplii Caps What Muse Can Spend
The current Muse payment setup starts with a Snaplii Cash balance. Canadian users can add money by Interac e Transfer, while U.S. users can use Apple Pay. The user then creates an API key and gives it to Muse. Snaplii says there is no bank login, account link or stored card for the agent to reach.
The user chooses a daily limit of $100, $200, $500 or $1,000. Snaplii enforces that limit outside the agent and says Muse cannot read or raise it. Users can create separate keys for different agents and revoke each one independently. The wallet balance provides another limit because spending stops when the available money runs out.
Spencer Xu, Founder and CEO, Snaplii:
“You wouldn't hand a new assistant your credit card on day one. You'd give them a budget.”
Once access is set up, Muse can shop within the permission the user has already granted. In Snaplii's documented flow, the agent finds the item, prices the order, buys a gift card sized for the purchase and applies it at checkout. The merchant receives an ordinary gift card value, so it doesn't need a separate Snaplii integration for that transaction.
Snaplii reports more than 350,000 users, more than US$100 million in annual app transaction volume and more than 500 partner brands. Its October 5 announcement also cites cashback of 10% at DoorDash, 3% at Uber Eats and up to 15% at selected brands.
The extra separation comes with a bit of friction. Snaplii Cash cannot be withdrawn to a bank account and is used for future gift card purchases. Users therefore have to move money into another balance before an agent can spend it. That limits what the agent can reach, but it also gives the customer another pool of money to manage.
Visa, Stripe and OpenAI Draw the Limit Elsewhere
Other payment companies are giving agents controlled spending access without requiring a separate funded wallet. Other payment companies are giving agents controlled spending access without requiring a separate funded wallet. A Canadian card based example is the AI purchase involving Mastercard, Flybits and Rogers Bank. The approaches below put similar limits in different places.
How AI Agents Get Permission to Spend
Four approaches put the spending control in different places. Select each model to compare.
| Approach | How Spending Is Limited | Main Advantage | Main Tradeoff |
|---|---|---|---|
| Snaplii | Separate funded balance plus a user set daily limit | The documented Muse flow keeps the agent away from the user's bank and stored card credentials | The user has to fund and manage another balance |
| Visa Intelligent Commerce | An agent specific token is linked to an existing Visa card and checked against user instructions | The user keeps the existing card relationship while the agent receives a restricted credential | The card remains the funding source, so token and network rules carry more of the control |
| Stripe Link with Muse | The user approves each purchase and Link can issue a single use virtual card when needed | The agent does not receive the underlying payment details and permission stays close to the purchase | The user still approves the transaction total |
| OpenAI delegated payments | A one time payment request sets a maximum amount and expiry | The amount and duration of the payment permission are both limited | The merchant and its payment provider still complete the payment |
Snaplii limits the pool of money the agent can reach. Visa limits the credential it can use. Stripe keeps permission close to the individual purchase. OpenAI limits the payment request by amount and time.
Visa says its system can check payment credential requests against the customer's authenticated instructions and confirm that the merchant authorization matches the request. Stripe's Muse integration is already live for U.S. consumers. At more than one million businesses that accept Link, Muse can use a saved payment method after the consumer approves the transaction. Elsewhere, Link can issue a single use virtual card for the approved purchase.
Spending Limits Cannot Judge the Purchase
These controls can restrict how much money an agent reaches. They cannot tell whether it chose the right product, ordered the right quantity or understood the request correctly. An agent can also stay inside its spending limit while reacting badly to misleading content or choosing a merchant the customer would not have picked.
Important limits are stronger when the payment or financial system enforces them outside the AI model. The agent can still make a bad decision inside the permission it has been given. For more on this issue, see financial AI agent control failures.
Snaplii offers 120 day purchase protection for problems including inactive gift cards, incorrect balances and delivery of the wrong brand. Its policy excludes buyer's remorse, several redemption problems, lost cards and merchant insolvency. That isn't the same protection model as a conventional credit card dispute.
Talking Point
AI agents don't need access to all of a customer's money to become useful shoppers. Snaplii puts the spending limit around a separate wallet. Visa, Stripe and OpenAI put more of the control around credentials and individual transactions. The stronger model may be the one that gives agents enough room to act without adding more payment work than the automation removes.
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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🔥 TOKEN2049 Singapore — Tech EZ KOL Club
October 5, 2026 | Event, Digital Assets, Blockchain, Web3, Networking, Singapore
One of NCFA's media partners Block Tides is co-hosting a Web3 and digital assets ecosystem networking and industry event, Tech EZ KOL Club by DigiMaaya this October 6 at Gardens by the Bay — bringing together KOLs, creators, founders, exchanges, investors, traders, and ecosystem leaders in one curated room.
📍 Flower Field Hall, Gardens by the Bay
📅 October 6, 2026
⏰ 7:00 PM – 10:00 PM SGT
Expect:
✨ High-value networking
🤝 Founder, investor & exchange introductions
📣 KOL + creator collaborations
🌐 Partnership, media & ecosystem opportunities
🏆 Leader Awards + Book Launch
🥂 Premium hospitality with a waterfront setting
🎟 Partner Pass — Free, subject to approval
💎 VIP Pass — 99 USDC
If you're in Singapore for TOKEN2049 Week, this is one of the rooms you’ll want to be inside.
👉 Register here:
https://luma.com/twvhx8s4
Hosted by DigiMaaya
Co-Hosted by AKARI × Block Tides
See you at the Bay. 🌊⚡
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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Verdx Seeks Canadian Investment Dealer Approval for Event Contracts
October 1, 2026 | NCFA Market Activity | Capital Markets And Market Infrastructure, Wealthtech Investing And Trading, Regulation And Policy
Former Vanguard Canada CEO, Event Contracts And CIRO Review
On September 30, 2026, Verdx submitted its CIRO investment dealer application to build a Canadian business focused on permitted event contracts and prediction markets. The company is led by Atul Tiwari, who helped establish Vanguard Investments Canada and later served as its chief executive. Verdx is not registered, approved or operating as an investment dealer.
Tiwari says Verdx is seeking approval as an order execution only investment dealer under Canada's existing securities framework. It would connect Canadian clients to permitted event contracts traded and cleared on regulated outside venues rather than create or operate the underlying market itself. No launch date or trading venue has been announced.
Verdx Wants To Put A Dedicated Dealer Behind Event Contracts
CIRO has authorized two investment dealers to facilitate trading in permitted contracts, including contracts available through regulated foreign prediction markets. They operate under the existing investment dealer framework with additional conditions, not under a separate prediction market licence.
Wealthsimple offers prediction markets alongside its wider investment platform. Verdx is proposing something narrower. Its business would depend on event contracts attracting enough retail and institutional activity to support a dedicated dealer model.
Tiwari told Advisor.ca that Verdx expects to serve both retail and institutional investors. He described event contracts as potential information and hedging tools and said they can provide “actionable information that investors can use to position portfolios.” No institutional customers or commercial agreements have been announced.
See: Regulated Event Contract Infrastructure
The leadership gives the application an unusual capital markets pedigree. Tiwari helped launch Vanguard Canada in 2011 and led the business until 2018 after previously serving as founding president of BMO Exchange Traded Funds. Verdx also has executives with investment dealer finance, compliance and risk backgrounds. Its advisers include former OSC chair Ed Waitzer, NEO Exchange founder Jos Schmitt and former RBC global chief compliance officer David Lang.
Canada Limits The Contracts Verdx Could Offer
Approval would not give Verdx access to the full range of contracts available on large U.S. prediction platforms. CIRO currently permits authorized dealers to offer contracts based on economic forecasts, environmental forecasts and financial indicators. Contracts must have at least 30 days to maturity, leverage is prohibited and political event contracts cannot be offered.
On August 27, the CSA and CIRO ruled out sports and entertainment contracts through the securities and derivatives route. Dealers seeking to offer event contracts beyond the categories CIRO currently permits must file a material change to their business activities.
Tiwari says Verdx is “definitely building within the CSA and CIRO parameter.” For now, that means a much smaller product universe than U.S. platforms that generate substantial activity from sports, politics and short duration contracts.
In Canada the policy debate is still active. Wealthsimple has proposed wider event contract eligibility, while FAIR Canada argues that regulators need stronger evidence of investor benefit, market purpose and adequate protection before expanding retail access.
Talking Point
Verdx brings mainstream capital markets experience into a still narrow Canadian event contract market. The key question is whether today’s permitted contracts can support enough trading activity to sustain a dedicated dealer, or whether the model ultimately depends on regulators allowing a wider range of event contracts.
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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Entrepreneurship Programs in Canada for Starting and Growing a Business
October 2, 2026 | NCFA Insight | Entrepreneurship And Startups, Education And Talent, Innovation And Economic Development, Venture Funding And Building
Entrepreneurship Courses, Startup Labs And Founder Programs Across Canada
On September 29, 2026, Okanagan College expanded its entrepreneurship programs with a Start Up Lab, short Entrepreneur's Toolkit courses and a Rural Entrepreneur and Artisan microcredential. The new options focus on practical business needs such as developing an idea, reaching customers, managing growth and turning a skill into income.
Okanagan College is one part of a much larger Canadian entrepreneurship ecosystem. Founders can now choose from university certificates, college courses, incubators, research commercialization programs, startup accelerators and shorter programs that don't require enrolment in a school.
See: Bringing Good Ideas To Life
A founder might learn accounting and business planning in a classroom, spend a semester building a company, work with experienced mentors or pitch for seed funding. Someone turning professional skills into a one person business might prefer a six week program. The useful choice depends less on the school name and more on what the founder needs to accomplish next.
Better prepared entrepreneurs can create value well beyond their own companies. Statistics Canada describes entrepreneurial activity as a driver of innovation, job creation and productivity growth. New businesses also give customers more choice and force established companies to compete. The Bank of Canada links stronger competition with greater efficiency, innovation and faster adoption of technology.
For Canada, producing entrepreneurial talent is only part of the job. Turning talent into productive participation also requires customers, capital, infrastructure and enough opportunity for founders to build here. Entrepreneurship education becomes valuable when people use it to commercialize research, create jobs, challenge incumbents and build businesses that can grow.
Canadian Programs Boost Founders From Ideas To Customers
Several large universities now connect education directly with building companies. The University of Waterloo says its entrepreneurship ecosystem includes more than 45 programs covering courses, mentoring, funding, commercialization and its Velocity incubator. The University of Toronto operates 13 accelerators across three campuses for students, alumni and researchers.
At UBC, the 16 week Venture Founder program works with students building startups and researchers commercializing discoveries. Participants work on customer discovery, market size, business models, financial skills and go to market plans. Simon Fraser University's Charles Chang Institute offers classroom programs alongside startup mentoring, paid entrepreneurial work terms and an incubator for early businesses.
See: 12 Market Entry Approaches for Fintech Startups
The University of Calgary separates different types of founders. Its six month Launchpad program is designed around technology ventures, while its eight week Business Playbook helps people develop traditional businesses such as consultancies, services, shops and product companies.
A researcher deciding whether an invention has customers needs different support from someone opening a local service business. A student with an early software idea has different needs again. The range of programs reflects those differences.
Courses, Incubators And Accelerators Across Canada
The programs below show some of the routes available across Canada. This isn't a ranking or a complete directory. Eligibility, fees and application periods change, so applicants should confirm current requirements directly with each program.
| Organization | Program | Useful for |
|---|---|---|
| Okanagan College | Start Up Lab, Entrepreneur's Toolkit and rural entrepreneurship microcredential | New founders, small business owners and rural entrepreneurs |
| University of British Columbia | Venture Founder | Students and researchers validating a venture or commercializing research |
| Simon Fraser University | Chang Institute programs and incubator | Students and early founders moving from an idea toward customers and investment |
| University of Waterloo | Courses, Velocity, mentoring and commercialization programs | Students and researchers from first exposure through company building |
| University of Toronto | 13 accelerator programs | Students, alumni and researchers across technology, science and social ventures |
| Toronto Metropolitan University | Startup School and Zone Learning | Aspiring and early founders looking for practical startup education |
| Queen's University | Queen's Founders and Innovators Initiative | Founders seeking training, mentoring, workspace and seed funding opportunities |
| University of Alberta | eHUB and Certificate in Innovation and Entrepreneurship | Students combining academic study with mentoring and early venture support |
| University of Calgary | Launchpad, Business Playbook and research programs | Technology founders, traditional businesses and researchers |
| University of Saskatchewan | Certificate in Entrepreneurship | Students and adults seeking a formal entrepreneurship credential |
| McGill University | Dobson startup programs and X-1 Accelerator | Founders moving from early validation toward customers, growth and investment |
| HEC Montréal | La base entrepreneuriale | Founders from startup through commercialization and growth |
| Concordia University | District 3 Innovation Hub | Technology, health and research ventures preparing for customers and financing |
| Dalhousie University | Collide and Lab2Market | Students and researchers validating ideas and commercial opportunities |
| Memorial University | Memorial Centre for Entrepreneurship and Navigate | Students, researchers and community founders seeking coaching and startup support |
| NEXT Canada | NEXT 36, NEXT AI and NEXT Founders | Aspiring founders, AI entrepreneurs and founders building growth companies |
| Venture for Canada | Solopreneurship | People turning skills, services or expertise into an independent business |
| Futurpreneur Canada | Core Startup Program | Entrepreneurs aged 18 to 39 seeking financing, mentoring and business support |
Match The Program To The Business Stage
The program that looks most impressive on paper isn't necessarily the one that solves a founder's immediate problem. Someone without an idea may need basic business skills and exposure to entrepreneurship. Someone with an idea needs customer discovery and evidence that people will pay. A company already making sales may get more value from experienced mentors, financing contacts and help entering new markets.
Programs outside universities widen those choices. NEXT Canada divides its offering between students and recent graduates, AI ventures and companies that are further along. Venture for Canada's six week Solopreneurship program costs $499 for its first cohort and focuses on validating an offer, finding customers, setting prices and using AI to help operate a small business. Futurpreneur goes further into execution by combining up to $75,000 in startup loan financing with up to two years of mentoring for eligible entrepreneurs aged 18 to 39.
Training can help a founder reach customers and build a stronger company, but it doesn't remove the financing problem. With Canada's early stage startup funding funnel narrowing, programs that connect founders with customers, investors and operating experience can be more useful than education alone.
See: Subscribe To NCFA's Weekly Newsletter
Some programs make that connection directly. Queen's participants can pitch for seed funding. Calgary's Launchpad provides eligible teams with project funding and ends with a pitch competition. UBC connects founders with mentors, industry contacts and investors. FrontFundr's Back The Next Canadian Startup Challenge offers another route once a company is ready to raise.
Okanagan College's expansion is useful because it recognizes that entrepreneurship doesn't belong to one type of founder. A rural artisan building a small business, a university researcher commercializing intellectual property and a software founder preparing to raise capital are all entrepreneurs, but they shouldn't be pushed through the same program.
Talking Point
Canada doesn't need more entrepreneurship courses for their own sake. It needs more people able to turn ideas, research and skills into viable businesses. When programs help founders reach customers, compete and grow, the value extends beyond the participant through new jobs, new products, stronger competition and, at scale, higher productivity.
The measure isn't how many programs exist. It's what founders build after taking part.
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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Payments Canada Adds 22 Members After Access Reform
October 1, 2026 | NCFA Market Activity | Payments And Money Movement, Competition And Market Structure, Regulation And Policy
Expanded Eligibility, New Entrants And Real-Time Rail Access
On October 1, 2026, Payments Canada added six more new members, bringing new admissions since membership eligibility widened one year ago to 22. Twenty of the 22 became eligible because federal changes opened Payments Canada membership to regulated payment service providers, qualifying local credit unions and designated clearing houses.
The latest members are Bounce Pay, FIS Everlink, Nium, Pesa, Remitly and Vancity. This is the first anniversary of a permanent access reform, not the end of an intake period. Eligible organizations can still apply for Payments Canada membership.
Ottawa Changed Who Can Join Payments Canada
Before September 2025, many regulated payment companies and local credit unions were not legally eligible to become Payments Canada members. Federal amendments took effect on September 29, 2025, adding payment service providers supervised under the Retail Payment Activities Act, local credit unions that belong to a central and designated clearing houses. Payments Canada then updated its bylaws and participation rules for the new member categories. Twenty organizations have now joined through eligibility created by those changes.
Payments Canada operates Lynx and the Automated Clearing Settlement System and is building the Real-Time Rail. It had 111 members at the end of 2025, and its systems cleared and settled approximately $103 trillion that year, or more than $411 billion every business day.
Donna Kinoshita, Chief Payments Officer at Payments Canada:
“Welcoming 22 members in our first year under the expanded eligibility framework demonstrates the industry’s strong desire to modernize payments,”
The 22 additions are split between Canadian companies and international payment groups operating in Canada. Fourteen (64%) are Canadian headquartered organizations. Eight (36%) are Canadian member entities connected to groups headquartered outside Canada. Canadian entrants include fintechs, payment companies and four credit unions, while the international group includes Wise, Currencycloud, Ebury, Shaype, Adyen, FIS Everlink, Nium and Remitly.
| New member | Membership announced | Main business | Group headquarters |
|---|---|---|---|
| Wise Payments Canada | Jan. 27, 2026 | International payments | London, United Kingdom |
| Float Financial Solutions | Jan. 27, 2026 | Business payments and spend management | Toronto, Canada |
| KOHO Financial | Jan. 27, 2026 | Consumer financial services and payments | Toronto, Canada |
| Paramount Commerce | Jan. 27, 2026 | Bank account payments | Toronto, Canada |
| Brim Financial | Jan. 27, 2026 | Card and payment technology | Toronto, Canada |
| Meridian Credit Union | Mar. 19, 2026 | Credit union | Ontario, Canada |
| DoBusiness.com | Apr. 16, 2026 | Business payment software | Vaughan, Canada |
| Neo Financial | May 5, 2026 | Digital financial services | Calgary, Canada |
| Tru Cooperative Bank | May 13, 2026 | Bank | British Columbia, Canada |
| Currencycloud, a Visa company | 2026 | Cross border payment infrastructure | London, United Kingdom |
| Beem Credit Union | Jun. 3, 2026 | Credit union | British Columbia, Canada |
| Ebury Partners Canada | Jun. 3, 2026 | Cross border payments and foreign exchange | London, United Kingdom |
| Shaype Canada Financial | Jun. 3, 2026 | Payment infrastructure | Sydney, Australia |
| Libro Credit Union | Jun. 3, 2026 | Credit union | London, Canada |
| Newton Crypto | Jun. 3, 2026 | Digital asset trading | Toronto, Canada |
| Adyen Canada | Jul. 14, 2026 | Global payment processing | Amsterdam, Netherlands |
| Bounce Pay | Oct. 1, 2026 | Consumer and merchant payments | Canada |
| FIS Everlink | Oct. 1, 2026 | Payment infrastructure | Jacksonville, United States |
| Nium Canada | Oct. 1, 2026 | Global payments | Singapore / San Francisco |
| Pesa | Oct. 1, 2026 | Cross border payments | Canada |
| Remitly Canada | Oct. 1, 2026 | International remittances | Seattle, United States |
| Vancity | Oct. 1, 2026 | Credit union | Vancouver, Canada |
The first five payment service providers entered in January, Meridian followed in March, and DoBusiness.com joined in April. By June, Payments Canada membership had widened further to include more credit unions, foreign exchange providers and digital finance companies.
Membership Opens The Door, Not The Payment Rails
Payments Canada membership doesn't give a company automatic direct access to Lynx, the Automated Clearing Settlement System or the forthcoming Real-Time Rail. Membership allows an organization to apply for participation. Connecting directly still requires the technical, operational, security and settlement arrangements set by each payment system.
The first year shows real uptake. Twenty two organizations have joined Payments Canada since the rules changed, including payment companies and credit unions that previously were not eligible for membership. Having said that, there's not yet enough public evidence to say the reform has lowered payment costs, reduced reliance on intermediaries or produced stronger price competition for businesses and consumers.
The Real-Time Rail participation requirements include system integration, testing, fraud controls and operational readiness, with additional settlement requirements depending on how a participant connects. User acceptance testing is complete and integrated performance testing is underway, while Payments Canada continues to target a late fourth quarter 2026 launch.
Real-Time Rail Turns Membership Into A Market Question
The first RTR phase starts with direct exchange participants, with more participants and Interac e-Transfer clearing and settlement expected to follow in stages. Several of the newest members are already looking beyond membership. Bounce Pay says it intends to participate on the RTR, while Pesa, Nium, Remitly and FIS Everlink connect their membership to deeper participation in Canada's payment infrastructure.
Direct participation could give some payment businesses more control over routing, settlement and product design while reducing some intermediary dependencies. Whether those advantages reach customers will depend on which firms connect, how much payment volume they process and whether they can turn infrastructure access into lower costs, faster services or new products.
Talking Point
Twenty of 22 new members became eligible because Ottawa changed the law, and almost two thirds of the first year cohort is Canadian headquartered. The membership reform has therefore changed who can participate in Payments Canada. The Real-Time Rail will show whether that wider participation changes how payments are built, priced and delivered in Canada.
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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Why Travel Connectivity Is Becoming the Next Fintech Infrastructure Layer
Oct 1, 2026
Travel and financial services are becoming increasingly interconnected. Banks provide travel rewards and foreign-exchange services, fintechs build products for internationally mobile customers, and online travel agencies are expanding beyond flights and hotels into a wider range of services.
Yet one part of the international travel experience remains surprisingly fragmented: connectivity.
For travelers, getting online after landing is essential. For banks, fintechs, OTAs, airlines and other travel businesses, however, connectivity can become more than a utility. It can be an embedded customer benefit, an ancillary revenue stream and a new digital touchpoint.
This is creating demand for infrastructure that allows businesses to integrate connectivity and travel services directly into their existing platforms.
From eSIM to Embedded Travel Infrastructure
Traditional roaming required travelers to purchase telecom services separately from their travel or financial products. The emergence of eSIM technology has simplified access to international connectivity, but the opportunity now extends beyond simply selling an eSIM.
Businesses increasingly want to offer connectivity as part of a broader customer journey.
A fintech could provide an international eSIM alongside a travel card. A bank could offer airport lounge access and connectivity as part of a premium account. An OTA could add airport assistance or fast-track services during the booking journey. An insurance provider could offer travel connectivity and airport services alongside a policy.
For this to work at scale, businesses need more than inventory. They need the technology, network relationships, APIs, security infrastructure and regulatory capabilities required to embed these services into their own customer experiences.
Building the Infrastructure Behind the Experience
Zetexa operates at this intersection of telecom, travel and financial technology.
The company provides connectivity and travel infrastructure across 200+ countries and 1,000+ networks, works with 2,000+ partners, and has reached millions of B2C customers.
Its proposition extends beyond travel eSIMs. Zetexa provides a broader B2B platform covering travel connectivity, local and long-term mobile services, MVNO capabilities and travel ancillaries.
This allows businesses such as fintechs, banks, OTAs, airlines, insurtechs and travel platforms to incorporate multiple services without having to independently build relationships with telecom operators and individual travel suppliers.
Ancillaries Create Another Layer of Embedded Travel
Connectivity is only one part of the opportunity.
Zetexa's ancillary platform gives partners access to airport and travel services including lounge access, meet and greet, fast track, dining vouchers and VIP services.
Its current ancillary coverage includes:
- Lounge Access: 143 countries, 760 airports and 2,168 plans
- Meet & Greet: 38 countries, 110 airports and 619 plans
- Fast Track: 36 countries, 139 airports and 279 plans
- Dining Vouchers: 18 countries, 91 airports and 553 plans
- VIP Services: 19 countries, 28 airports and 72 plans
The importance of these services for financial and travel platforms is not simply the size of the inventory. It is the ability to make these services available through an integrated B2B infrastructure.
A customer could potentially purchase connectivity, access an airport lounge and arrange airport assistance through a journey presented by a bank, fintech or OTA rather than navigating multiple unrelated providers.
APIs Turn Connectivity Into a Product Feature
For fintech and enterprise customers, integration is critical.
Zetexa provides API infrastructure for connectivity and travel services, allowing partners to integrate product search, plan selection, transactions, provisioning and service management into their own platforms.
The company also provides SDKs, widgets, branded microsites, reseller capabilities and WhatsApp-based journeys, giving partners different ways to deploy the services depending on their technical requirements.
API integrations typically take approximately 2–4 weeks, while SDK, app-redirection and widget implementations can be completed within approximately 3–4 weeks, depending on the integration.
The architecture is designed around a relatively simple transaction journey: search for a destination or service, display available products, confirm payment and provision the service.
For an enterprise, this can significantly reduce the development effort involved in adding telecom and travel services to an existing digital product.
Security and Regulatory Readiness Matter
For fintechs and financial institutions, embedding telecom or travel services is not simply a product decision. Security, privacy and regulatory considerations are fundamental.
Zetexa's infrastructure is built around enterprise security and compliance requirements, including SOC 2, GDPR and VAPT, alongside its telecom regulatory and licensing footprint.
Its operating and regulatory presence includes CRTC-related authorization in Canada, FCC-related licensing in the United States, Indian Department of Telecommunications requirements and TDRA licensing in Dubai.
This is particularly relevant for financial institutions and fintechs that need technology partners capable of operating within regulated environments.
As embedded finance expands into adjacent customer experiences, the infrastructure provider increasingly becomes part of the enterprise technology stack. Security and compliance therefore become as important as product availability.
Moving Beyond Short-Term Travel Connectivity
Another important development is the shift from short-term travel connectivity to longer-term local mobile services.
Through its MVNO and local connectivity capabilities, including Unlimit Mobile, Zetexa extends its proposition into markets such as the United States, Canada and the United Kingdom.
These services can support students, immigrants, work travellers and other internationally mobile customers who need local voice, SMS and data rather than a short-term travel package.
This creates a broader customer lifecycle.
A financial institution or travel platform could potentially engage a customer before departure with travel connectivity, support the customer during the trip with data and airport services, and continue serving them through longer-term local connectivity after relocation.
The telecom relationship therefore becomes part of a wider digital customer journey.
Why This Matters to Canada's Fintech Ecosystem
Canada's fintech ecosystem operates at the intersection of financial services, technology, digital identity, payments, data and increasingly connected customer experiences.
Travel is a natural extension of this ecosystem.
International customers do not think about their journey in isolated categories. They need payments, connectivity, transportation, accommodation, insurance and airport services as parts of the same experience.
See: 12 Market Entry Approaches for Fintech Startups
For fintechs, banks and travel businesses, this creates an opportunity to embed complementary services into existing digital relationships.
The infrastructure required to do this, however, can be complex. It involves telecom networks, travel suppliers, APIs, payment flows, provisioning, regulatory requirements and customer support.
Platforms such as Zetexa are positioned to provide that underlying infrastructure.
The Emerging B2B Travel Stack
The future of embedded travel may therefore look less like a collection of individual products and more like an interconnected technology stack.
At one layer is connectivity across hundreds of networks and destinations. Another layer provides local and MVNO services. Above that sits an ancillary ecosystem covering airport and travel services.
APIs, SDKs, widgets, microsites and conversational channels such as WhatsApp can then connect these capabilities to banks, fintechs, OTAs, airlines and other customer-facing businesses.
For the enterprise, the value lies in being able to access this infrastructure through a single technology relationship.
The broader shift is significant: connectivity is moving from being something a traveler purchases separately to something that can become part of the digital products and services they already use.
As fintech and travel continue to converge, the companies building the infrastructure behind that experience will play an increasingly important role in determining how seamless international travel becomes.
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