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
NCFA Canada and TheBlock Partner to Build a Global Bridge for Tokenization
NCFA Canada | Oct 27, 2025
Toronto, Canada and Dubai, UAE – October 27, 2025 – The National Crowdfunding & Fintech Association of Canada (NCFA), a non-profit fintech network, and TheBlock, a Dubai-based virtual asset hub, today announced a strategic partnership to expand cross-border collaboration, education, and adoption of tokenized real-world assets (RWA).
Expanding Global Access to Tokenization
This partnership creates a bridge between Canada’s fintech and investor community and Dubai’s growing hub for tokenized assets. By combining NCFA’s network of entrepreneurs, investors, regulators, and industry leaders with TheBlock’s expertise in tokenization and capital markets, the collaboration will help firms explore opportunities in RWA, broaden investor participation, and better understand global adoption trends.
Craig Asano, NCFA’s founder and CEO:
“Education and collaboration are central to this initiative. By working with TheBlock, we can help firms explore tokenization use cases, engage more effectively with international investors, and build confidence in this fast-evolving market.”
Farbod Sadeghian, CEO of TheBlock, added:
“Our mission is to open global pathways for firms and innovators to participate in tokenization. By Canada’s fintech ecosystem to international markets where adoption is advancing quickly, we’re creating practical opportunities for companies to explore, experiment, and grow.”
A Shared Purpose
As tokenization and real-world assets power digital finance, education and global collaboration are critical to ensure firms, investors, and policymakers are equipped for the transition. NCFA and TheBlock will co-develop initiatives such as joint knowledge programs, workshops, and ecosystem-building events to support this evolution.
About NCFA Canada
The National Crowdfunding & Fintech Association of Canada (NCFA) is a non-profit fintech ecosystem that supports and amplifies fintech, alternative, digital, and AI-driven finance globally. NCFA provides education, market intelligence, advocacy, networking, and funding opportunities to entrepreneurs, investors, regulators, and innovators.
About TheBlock
TheBlock is a Dubai-based virtual asset hub focused on tokenization, capital readiness, advisory, and ecosystem building. With a mission to connect global markets and foster adoption of real-world assets through tokenization, TheBlock provides education, programs, and services to companies, investors, and innovators shaping the future of finance.
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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Trump Issues Binance Founder CZ Full Unconditional Pardon
Crypto | Oct 24, 2025
Image courtesy of AI
Full Pardon of Binance Founder, Restoring CZ’s Legal Standing
On October 23, 2025, as reported by AP News U.S. President Donald Trump issued a full and unconditional pardon to Changpeng Zhao, a Canadian citizen and founder of Binance, the world’s largest crypto exchange. The decision cleared Zhao’s 2023 conviction under U.S. anti–money laundering and sanctions laws.
According to the White House, Trump “exercised his constitutional authority” to issue the pardon, describing Zhao’s prosecution as part of “the Biden Administration’s war on cryptocurrency.” The news arrived amid a record Bitcoin record high above $120,000 earlier in July, showing renewed investor optimism in the digital asset market.
Regulatory Clarity and Competition
The pardon comes as global regulators assess how to balance enforcement with innovation. For Canadian fintechs, it raises questions about regulatory predictability and competitiveness. Under the current U.S. administration, regulatory enforcement appears more forgiving toward large crypto platforms, which could influence global investment decisions.
See: Crypto Finance Finding Scale and Clarity in 2025
In Canada, regulators fined Binance $6 million CAD for anti–money laundering violations and Binance compliance failures in Canada.
The pardon reintroduces uncertainty over how enforcement consistency (or inconsistency) impacts capital allocation and market trust. Transparent, consistent oversight is still vital to sustaining trust and access to global markets.
CZ's Reaction and Canadian Connection
Zhao’s Canadian citizenship links Canada directly to one of the most influential figures in crypto. After serving nearly four months in prison and paying a $50 million fine, Zhao retained his stake in Binance while appointing Richard Teng as CEO.
In a statement, Zhao said he was “deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice,” adding that he would “do everything we can to help make America the Capital of Crypto.”
As the perceived regulatory risk lowers in the U.S. due to regulatory clarity, there's renewed optimism among institutional investors. For Canadian investors, a more predictable U.S. outlook could improve confidence in cross-border partnerships if compliance frameworks remain strong.
See: Canadian Investors Lead Class Action Against Binance Canada
With the pardon now in place, Binance may renew expansion in the U.S. under current CEO Richard Teng who has emphasized compliance, transparency, and rebuilding trust with regulators worldwide. Analysts note that the pardon “could pave the way for the firm’s return and reintegration into the American market.”
Outlook
The Trump pardon of Changpeng Zhao is another key moment in the global crypto narrative. For Canada, it highlights the importance of credible, consistent oversight as markets respond to pro-crypto U.S. policy signals. Renewed institutional attention to digital assets could open doors for compliant fintechs, but long-term success will depend on maintaining transparency, sound governance, and global coordination.
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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Wealthsimple Drops Options Fees and Launches Real Gold
Fintech Event | Oct 23, 2025
Image; Wealthsimple For Nerds 2025, Michael Katchen
Wealthsimple’s 2025 Event Introduces Zero Fee Options, Real Gold, and Private Market Investing
On October 22, 2025, Wealthsimple held its For Nerds Only showcase in Toronto, launching a bevy of new products and milestones that highlight the major changes happening in Canada's retail investing market.
Over 220,000 Canadians registered for the livestream which is double the audience size at WS's event held last June. The company splashed some big news in that it officially surpassed $100 billion in assets under administration, reaching the milestone 3 years ahead of its original 2028 target!
See: Fintechs Urge Ottawa to Modernize Account Transfers
Alongside the product updates, Wealthsimple shared results from a June 2025 survey of clients aged 25 to 45 with more than $50,000 in assets that confirm there's demand for digital control when paired with trusted guidance:
- 92% reported confidence managing their own investments
- 69% identified as above-average risk takers
- 67% preferred to manage their own portfolios
- 79% viewed traditional financial institutions as slow to innovate
What Was Announced?
1. Zero fee options and lower trading costs
Wealthsimple introduced what it calls Canada’s first zero commission options platform with no per-contract fees. By eliminating traditional contract costs that major bank brokerages still charge, the firm aims to make options more accessible to retail investors with zero fee options rolling out to all clients in phases in 2026. Users should monitor fee transparency and execution quality as adoption scales.
See: Quebec Decision Challenges Canada’s Crypto Rules
WS’s zero fee options will disrupt the pricing structures of Canada’s largest bank brokerages, such as RBC Direct Investing, TD Direct Investing, BMO InvestorLine, and Scotia iTRADE who all still charge between $1.25 and $2.50 per contract, a model that has long supported their retail trading revenue. By removing per contract costs entirely, WS sets a new benchmark that will pressure banks to justify higher fees or cut them to stay competitive.
As more and more investors move to lower cost platforms, traditional banks risk losing up/cross selling opportunities in savings, credit, and advisory products. For younger retail investors and clients who value cost transparency and mobile-first design, zero fee options trading is the way to go.
2. Real gold trading with physical redemption
Wealthsimple also launched real gold trading (See: support guide) directly in client accounts, making it available around the clock and backed by the Royal Canadian Mint. Investors can buy fractional amounts starting at one dollar and will be able to redeem for physical one ounce and tenth ounce coins beginning in November 2025.
The new feature combines online convenience with real ownership of gold, appealing to people who want something tangible instead of investing in gold ETFs. If trading costs stay low, it could change how Canadians buy and hold gold in their accounts.
3. Managed portfolios and Summit expansion
Wealthsimple introduced a Mutual Fund Exchange to help investors transition from high-fee mutual funds to lower-cost managed portfolios, covering transfer fees and offering personalized guidance.
The firm also previewed its flagship Summit portfolio, a new managed offering that blends public equities with private equity, private credit, infrastructure, and gold exposure.
See: Wealthsimple Aims at Banks With New Credit and Loan Tools
According to the newsroom release:
Investors switching from high-fee mutual funds to the Summit portfolio could retire up to 47% richer due to fee savings alone.
4. Direct indexing and tax automation
Wealthsimple confirmed that direct indexing portfolios are now available, offering the same tax saving tools used by large institutions. The service automates daily tax loss harvesting across individual stocks and charges a 0.15% management fee, as shown on the direct indexing page.
It lets investors mirror an index while owning each company directly, which can improve after-tax results and give more control over what they hold. The system automatically sells losing stocks to offset gains and reinvests the money to keep market exposure.
5. New AI tools and upcoming features
Wealthsimple previewed upcoming AI powered research and trading tools that will generate market summaries, identify trends, and deliver event alerts. Also scheduled for release are secured puts, multi-leg option strategies, and a built-in Norbert’s Gambit function for more efficient currency conversion.
See: BoC’s Carolyn Rogers Calls Banks an Oligopoly
These new tools showcase how automation and personalized data analysis are converging on the platform.
6. Expanding advice and scale
Wealthsimple introduced a new full service wealth management tier that combines digital access with human advice via text and proactive tax and contribution planning. Management fees start at 0.5% for higher balances.
In Closing
The 2025 event reinforced Wealthsimple’s ambition to democratize sophisticated investing while lowering costs for Canadians. From zero fee options and physical gold to direct indexing and hybrid advice, the company’s strategy blends accessibility with innovation. As its AI tools and private market portfolios scale through 2026, the balance between automation, transparency, and client empowerment will remain key measures of success.
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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AI’s Hidden Costs in Replacing Junior Workers
AI | Oct 22, 2025
Image: Freepik/rawpixel.com
Data Reveals Hidden Cost of Early Automation Savings
On October 13 2025, the Economist ran a story 'Can AI replace junior workers?' that analyzed a total of 300,000 companies and found that firms adopting AI hired 7.7% fewer junior employees over six quarters compared with non adopters. These research findings came from a Harvard SSRN study by Seyed Hosseini and Guy Lichtinger, who tracked the introduction of AI integrator roles across a subset of 10,600 of these firms. They found that while senior hiring remained flat, most declines came from reduced job postings rather than layoffs.
In a different study by the Yale Budget Lab review, 'Evaluating the impact of AI on the labour market', found that since 2022 the overall mix of jobs hasn’t changed much yet. Their data also revealed that AI’s effects are starting to appear inside companies now but they haven't yet shown up in national reports.
Where AI Hiring Slowdowns Are Emerging
In Canada, the same early signs are visible. The Future Skills Centre found in 2025 that about half of Canadian workers hold jobs with high AI exposure, and that postings for automatable roles have fallen since 2022. (see: Right Brain Left Brain AI Brain). Statistics Canada’s September 2025 update showed youth unemployment at 14.7%, the highest rate since 2010 excluding pandemic years.
Demand for AI capability is climbing fast though. PwC’s 2025 AI Jobs Barometer found that job postings requiring AI skills made up 1.8% of all listings in Canada in 2024, the highest level recorded. Globally, PwC reported that workers with AI skills now earn a 56% wage premium. Lightcast data confirmed that postings asking for generative AI skills grew from 55 in January 2021 to nearly 10,000 by May 2025.
Early AI Savings Are Creating Hidden Costs
In 2023, IBM announced a hiring pause for administrative positions likely to be automated, estimating that about 7,800 jobs could eventually be replaced. Two years later by 2025, IBM’s chief executive said that hundreds of jobs had already been automated but new programming and sales roles were added to manage and improve AI systems (read: costs). These new positions required higher pay and technical skill, meaning that overall labour costs rose even as headcount stayed about the same.
PwC’s 2025 report described 4x increase in productivity but increased sending on advanced human oversight due to the specialized staff required to operate and oversee (rather than removing human involvement completely).
Mid Tier Graduates Face the First AI Hiring Crunch
The first jobs being cut are entry level analytical roles that once helped graduates learn on the job and grow into future innovators. Without those opportunities, companies risk gaps in the talent pipeline that sustains innovation and good governance.
Among those entry level roles, mid-tier graduates are being hit hardest. They aren't highly specialized enough to keep, and not low enough cost to retain. Data from Harvard and Yale show the same pattern now appearing in Canada’s banking and software sectors, where AI can handle document review and code debugging but not creative or complex work.
See: OpenAI Launches AI Jobs Platform to Rival LinkedIn
Canada’s rate of AI adoption is still lower than in the United States, but the same pressures are starting to appear. Companies that don’t build structured training and mentoring around AI now will likely face skill shortages and higher rehiring costs later.
Takeaways
1. Automation saves first but costs later
Harvard data show a 7.7% drop in junior hiring at companies that adopt AI. IBM’s experience confirms that after automating 7,800 jobs, it had to rehire more expensive employees for oversight and compliance work.
2. Canada’s entry talent pipeline is shrinking
Youth unemployment has reached 14.7%, the highest since 2010 outside the pandemic. The first jobs being reduced are early analytical roles that once gave graduates the training and judgment to move into leadership positions.
3. Mid-tier graduates face the toughest impact
Among the junior jobs being lost, graduates from mid-tier universities are at the most risk. Their work is often routine enough to automate but not low-cost enough to retain, leaving a growing gap in Canada’s talent base.
See: Which Fintech Processes Are Most Ready for Agentic AI
4. AI skills bring the biggest rewards
PwC found that employees with AI skills earn 56% more on average, but only 1.8% of job postings in Canada mention these skills. Fintechs that start training programs now can close that gap and strengthen their competitive edge.
Summary
AI is changing how companies build their workforce, not just how they cut costs. The data show that when junior jobs disappear, the long-term cost is a weaker talent pipeline and higher spending to rebuild skills later. Investing in AI training, early-career development, and responsible oversight will pay off later in productivity and help drive competitiveness.
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 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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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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