Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Payments, Transfers, Rewards
DPI Digital Finance Works. Why Is Canada Still Waiting?
Digital Finance Public Infrastructure Report | July 9, 2025
Image: Freepik/Rawpixel.com
Most Countries Have Adopted Digital Public Infrastructure. Where Does Canada Stand?
The Cambridge Centre for Alternative Finance (CCAF) just published a new report, "Digital Public Infrastructure (DPI) and Digital Financial Services" (69 page PDF) showing that 113 countries have adopted at least one DPI building block. Over half have adopted all three: digital identity, real-time payments, and consent-based data sharing. DPI is not just a policy trend. Countries with strong DPI systems result in much better financial inclusion outcomes. Canada, however, is still working on its foundational pieces.
What Is DPI and Why It Matters
According to the World Bank Group, DPI refers to digital systems like ID, payments, and data exchange platforms that support public and private services. These systems work best when they are (1) Interoperable, (2) Open for innovation, and (3) Designed for public benefit.
See: Will Competition Reforms Boost Fintech? Inside the Fight
According to the CCAF report, there are three core components of Digital Public Infrastructure:
- Digital Identity to prove who you are online and access services
- Real-Time Payments to send and receive money instantly
- Consent-Based Data Sharing to give users control over their financial data (aka, open banking/finance)
These systems help reduce fraud, speed up services, and lower costs for businesses and consumers. Most importantly, they help more people access the financial system.
DPI Adoption
The CCAF report shows clear adoption patterns with 113 jurisdictions having implemented at least one core DPI component, and 56 jurisdictions having adopted all three components. That includes countries with advanced economies and strong financial sectors, so they are relevant comparators for Canada such as:
- Australia
- Singapore
- Estonia
- Switzerland
See: Canada’s Productivity Depends on Intangible Tech Adoption
Other high-income countries, such as the United Kingdom and United States, are making progress but fall short of full DPI readiness due to gaps in national digital identity or regulated data sharing.
DPI Readiness - Canada vs Peer Jurisdictions
| Country | Digital Identity | Real-Time Payments | Consent-Based Data Sharing | Full DPI (All 3)? |
| Canada | ❌ No national ID | ❌ No live system | ❌ Proposed Consumer Driven Banking Act | ❌ |
| Australia | ✅ MyGov/MyID | ✅ NPP live | ✅ Consumer Data Right (CDR) | ✅ |
| Singapore | ✅ Singpass | ✅ PayNow | ✅ MAS APEX + open finance | ✅ |
| Estonia | ✅ e-ID/X-Road | ✅ SEPA Instant | ✅ Full integration | ✅ |
| Switzerland | ✅ e-ID live | ✅ SIC | ✅ I14Y platform | ✅ |
| UK | ❌ No national ID | ✅ FPS | ✅ Open Banking | ❌ |
| US | ❌ No national ID | ✅ FedNow | ❌ Market-driven only | ❌ |
How DPI Impacts Financial Inclusion
CCAF cross referenced data from the World Bank’s Global Findex to compare outcomes across countries. It grouped countries by how many DPI components they had in place.
See: Global Open Finance Lessons for Canada’s Rulebook
| Indicator | Countries with 1 DPI component | Countries with 3 components |
| Own a debit or credit card | 25% | 77% |
| Use digital payments | 45% | 83% |
| Borrow from formal institutions | 15% | 38% |
| Receive government transfers | 14% | 28% |
| Say lack of ID prevents account access | 19% | 7% |
| Find it very difficult to raise emergency funds | 34% | 19% |
The data-driven and outcome message is clear. More DPI means better access to financial tools and stronger financial resilience.
Where Canada Stands on DPI
According to the CCAF’s global DPI landscape, Canada is in the exploratory or early development stage across all three DPI pillars. Each area has seen policy activity, but none are fully operational, which NCFA agrees.
- Real-Time Payments - led by Payments Canada, Canada’s Real-Time Rail (RTR) initiative has faced repeated delays. As of July 2025, there is no real-time payment system available to the public.
- Digital Identity - While Canada has launched federal digital credentials pilots, Canada does not yet have a nationwide, interoperable digital identity framework. Adoption is fragmented.
See: The Crisis Canada and Fintech Can’t Afford to Waste
- Consent-Based Data Sharing - The proposed Consumer-Driven Banking Act, announced in 2023, outlines a path toward open banking. However, no implementation timeline has been met, and no system is in place. The Financial Consumer Agency of Canada has been named as the lead regulator.
“Planning status indicates that foundational DPI systems are under discussion or development but are not yet implemented at scale in a way that enables key financial use cases.”
Benefits of DPIs for Canadians
DPI is more than just government infrastructure. The report highlights that public-private partnerships are key to scaling systems that reduce onboarding costs, improve access to credit, and allow fintechs to innovate securely. Countries with strong DPI frameworks offer:
See: How Fintechs Are Tackling Financial Inclusion in Canada
- Faster user verification through eKYC
- Lower costs for payments and data services
- Stronger consumer protections tied to consent
Call to Action
It’s time for Canada to take action and build. No more delays. We cannot expect to maintain our quality of life or Canada’s global economic position without bold steps forward. Digital public infrastructure is no longer optional. It's foundational and without DPI, Canada’s fintech sector remains limited in how it can compete, scale, or serve excluded groups.
Moving from strategy to execution is the only way to close the gap. Without it, the country risks falling further behind. It is a public good that lifts access, speeds services, and builds trust. Countries that move fast, collaborate across regulators, industry, and communities are seeing real results. Canada has the policy tools, the tech capacity, and the industry support to do the same. But time is running out to catch up.
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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Ripple Seeks US Bank Charter for Stablecoin Expansion
Crypto Banking | July 7, 2025
Ripple Moves to Become a Federally Regulated Bank to Expand its Payments and Custody Business
Ripple has officially applied for a national bank charter from the US Office of the Comptroller of the Currency (OCC). The company is also seeking a Federal Reserve master account to support direct access to US payment rails.
See: Grayscale ETF Wins SEC Approval for 5 Crypto Assets
CEO Brad Garlinghouse confirmed the news on X:
True to our long-standing compliance roots, @Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market.
Earlier in the week via… https://t.co/IdiR7x3eWZ
— Brad Garlinghouse (@bgarlinghouse) July 2, 2025
Ripple Wants to Settle Payments Directly With the Fed
If approved, Ripple would bypass correspondent banks by settling payments directly with the Fed and holding dollar reserves without intermediaries. This is designed to support Ripple’s push to offer a compliant, enterprise-grade stablecoin and accelerate global payments. These objectives align with new federal rules proposed under the GENIUS Act, which sets clear reserve and disclosure standards for stablecoin issuers.
Ripple’s approach mirrors that of Anchorage Digital and Circle, which operate under national trust bank charters regulated by the OCC. Ripple may use its regulated subsidiary, Standard Custody & Trust, to separate digital asset exposure from its core balance sheet. This structure could help the firm meet Basel III capital requirements by keeping volatile assets like XRP off its banking books.
Following the announcement, XRP surged above $2.28 as trading volume spiked. Analysts said the rally was driven by rising confidence that Ripple’s regulatory strategy will boost its long-term institutional credibility.
Why This Matters for Fintech and Regulation
If Ripple is granted the charter and Fed account, it will become one of the few crypto-native firms operating fully within the traditional banking system. It's a significant and growing trend among major fintechs like Circle, Wise, and others seeking deeper integration with regulated payment rails. For Canadian fintechs and regulators, Ripple’s move could accelerate the need to clarify stablecoin policy, custody standards, and access to domestic settlement infrastructure. Regulatory certainty is a competitive advantage today and quickly becoming the norm.
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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OSFI Drafting New Framework to Regulate Stablecoin Issuers
Crypto Regulation | June 30, 2025
Image: Freepik/rawpixel.com
Federal Regulators Creating Rules for Stablecoins in Canada
On June 26, The Logic and Morningstar reported that Canada’s federal government is drafting a new legislative framework for stablecoin issuers. The Department of Finance is leading the effort, with support from the Office of the Superintendent of Financial Institutions (OSFI) and the Bank of Canada.
See: Key Findings from 2025 Advanced Payments and Fintech Survey
The framework is expected to define which companies can issue stablecoins, what assets they must hold in reserve, and how redemption and consumer protections will work. While OSFI already issued guidelines in early 2025 for how banks and insurers must treat crypto assets like stablecoins on their balance sheets, the new law will apply directly to stablecoin creators for the first time.
Key Takeaways
1. Stablecoin legislation is in active development
On June 26, 2025, OSFI Superintendent Peter Routledge confirmed that the Department of Finance is drafting stablecoin legislation.
Peter Routledge, Superintendent of Financial Institutions via The Logic article:
“We are preparing for the day that there is a legislative framework that gives us the authority to regulate and supervise that particular innovation in a constructive way.”
2. New law will likely include licensing and redemption rules
Although the draft bill hasn't yet been released, Finance Canada has signalled that the framework may include:
- Registration or licensing for Canadian dollar stablecoin issuers
- Reserve asset standards, such as cash or high-quality securities
- Clear redemption terms for holders
- Disclosure and audit requirements
See: U.S. Passes First Stablecoin Law with GENIUS Act
This would align Canada with international approaches, such as the EU’s MiCA regulation and the global Financial Stability Board’s recommendations.
3. QCAD offers an early Canadian example of proactive alignment
QCAD is a Canadian dollar stablecoin backed by reserves held in Canadian financial institutions, issued by Stablecorp. It's governed by a legal trust structure and verified through third-party attestations. On June 16, 2025, Stablecorp filed a preliminary prospectus with the Ontario Securities Commission under the CSA’s interim framework for fiat-referenced crypto assets and per the release, "[QCAD] will bring the first regulated Canadian stablecoin to market", and is a good example of Canadian issuers proactively taking steps to comply with rules the upcoming law may apply.
4. OSFI guidance for banks and insurers is separate but aligned
In February 2025, OSFI released the Capital and Liquidity Treatment of Crypto-asset Exposures for Banks guideline (after holding consultations), which applies only to federally regulated financial institutions. It defines how banks and insurers must treat stablecoins and other crypto assets in terms of capital and liquidity requirements.
See: BIS Stablecoin Warning Meets US Policy Momentum
- OSFI’s guideline classifies stablecoins that meet strict requirements as Group 1b assets
- USDC is currently the only stablecoin OSFI formally recognizes as meeting those criteria
- Other stablecoins like QCAD may qualify later once formally reviewed
5. The new law will fill a regulatory gap for non-bank issuers
While OSFI can guide how stablecoins are handled by banks and insurers, it does not currently have legal authority to supervise stablecoin issuers directly. The new legislative framework is expected to close that gap. This will ensure that any company issuing a Canadian dollar stablecoin is subject to consistent national rules, regardless of whether they are a financial institution or a fintech startup.
Outlook
Stablecoins are gaining traction in Canada and globally, but the companies that issue them operate in a legal grey area. The new federal legislative framework will give regulators the tools to oversee how stablecoins are issued, backed, and redeemed. This will help protect consumers, reduce financial risk, and give fintechs a clear path towards compliance. For stablecoin projects like QCAD, the upcoming rules will provide an opportunity to become fully recognized under Canadian law.
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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U.S. Passes First Stablecoin Law with GENIUS Act
Crypto | March 18, 2025
U.S. Senate Passes Landmark Stablecoin Law (68-30 vote)
On June 17, 2025, a watershed moment for digital finance and crypto with the U.S. Senate passing the GENIUS Act, bipartisan 68-30 vote, establishing the country’s first federal regulatory framework for stablecoins. This legislation is the most significant digital asset policy breakthrough to date in the United States.
The GENIUS Act stands for 'Guiding and Establishing National Innovation for U.S. Stablecoins'and lays out clear rules for the issuance, required reserves, transparency, and oversight of U.S. dollar backed stablecoins. It's expected to boost financial innovation in America by providing a coherent national policy to streamline the governance patchwork created by state-to-state rules. The stablecoin market has now surpassed $260 billion in total value (up about 22% in 2025 alone), and is growing rapidly with rising institutional demand.
See: Amazon and Walmart Exploring Merchant-Led Stablecoins
As reported by WSJ, Senator Cynthia Lummis (R-WY, one of the bill's key sponsors) said:
“This is the first step in establishing trust, protecting consumers, and ensuring the dollar remains the global standard for digital finance,”
Key Provisions of the GENIUS Act
The bill outlines strict guardrails for stablecoin issuers to prevent another collapse like TerraUSD while ensuring stability, liquidity, and auditability:
- 1:1 Reserve Backing - All issued stablecoins must be backed by high-quality liquid assets such as U.S. dollars or short-term Treasury bills
- Mandatory Monthly Audits - Issuers are required to publish monthly attestations of reserves and maintain real-time disclosure dashboards
- Licensed Issuers Only - Issuance is limited to insured banks, qualified trust companies, and fintechs that meet specific federal criteria
- Conflict of Interest Limits - Members of Congress and senior executive officials (but notably not the President) are barred from directly profiting from stablecoin issuance
- Foreign Issuer Restrictions - Oversight mechanisms are in place to manage foreign-controlled issuers and systemic risk exposure
Implications
The GENIUS Act delivers some legal clarity to a sector long operating under ambiguous guidance from regulators.
Notably, the issuer of USDC, Circle saw its pre-IPO share price boost nearly 10% on the news, rising from $31 to over $160 as investor confidence rebounded. The company’s CEO Jeremy Allaire explained the bill as “the foundation of dollar dominance in the digital era.”
See: Stablecoin Payments Have Wings – Are You Ready?
The bill is still not without some controversy as critics flagged the exclusion of President Trump from the conflict of interest restrictions - seen as politically motivated and related to the Trump family's interests and ties to private stablecoin ventures.
The bill now moves to the House of Representatives to be reconciled with the STABLE Act, and then once approved in both chambers the bill would be sent to President Trump for signing the first major federal stablecoin bill into law.
Outlook for Canada and Fintechs
Will Canadian regulators follow with similar national standards for fiat-backed digital assets? As OSFI and FINTRAC review their guidance, Canadian fintechs operating in cross-border payments, custody, and token issuance will begin to face rising pressure to align with U.S. rules or risk falling behind in market access and credibility. The global sector is consolidating quickly and Canadian innovators must determine whether or not to build on this momentum with their own regulatory clarity.
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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Amazon and Walmart Exploring Merchant-Led Stablecoins
Stablecoins | June 17, 2025
Image: Freepik/rawpixel.com
Retail Giants Could Cut Card Networks by Issuing Their Own Crypto
Retail giants Amazon and Walmart are exploring the idea of launching their own stablecoins to reduce payment processing costs and gain more control over transactions, according to a report by the Wall Street Journal. This could tip the balance toward merchant-controlled financial systems and impact how value is transferred in the digital economy.
See: Shopify, Coinbase, Stripe to Take USDC Payments Mainstream
Currently card networks like Visa and Mastercard charge merchants high fees for purchase transactions. By using stablecoins pegged to the U.S. dollar, retail companies like Amazon and Walmart could build their own payment systems, bypassing legacy rails and retain more transactional value on their platforms. However any stablecoin plans depend on whether or not the proposed Genius Act becomes law in the United States.
Merchant-Led Stablecoin Payment Rails
As reported by Reuters, stablecoins are gaining interest among corporations that want to issue or use private forms of digital cash. The goal isn't to create a new form of money, but to develop closed financial ecosystem for transactions that are faster, cheaper, and programmable than legacy payment systems used today.
Retailers aren't the only ones interested. PayPal has already launched its own stablecoin, PYUSD, which is issued through a partnership with Paxos, a licensed trust company. Amazon and Walmart could follow a similar route or choose to build in-house capabilities.
According to Crowdfund Insider, the Genius Act is currently in front of the Senate and is expected to have a floor vote on June 18 which if passed would become the first American law to set national standards for fiat-backed digital currency. Stablecoins would require 1:1 reserve backing, clear audit rules, and strong consumer protections.
Policy Considerations
The Genius Act is designed to add clarity and prevent abuse while encouraging legitimate innovation. Only regulated entities can issue stablecoins and limits will be in place for the type or size of non-financial companies that can use them. Analysts at Bernstein have warned that the Genius Act could make it “prohibitive” for retailers to issue stablecoins directly without working with financial partners.
See: Stablecoin Payments Have Wings – Are You Ready?
As Business Insider explains, the bill would give federal regulators oversight of reserves, mandate asset freezes under court orders, and block big tech companies from embedding coins too deeply into their platforms. The law also prevents stablecoin issuers from tying coins to commercial loyalty programs or e-commerce activity without approval.
Implications for Fintech
If Amazon and Walmart did in fact launch their own stablecoins, merchant-led payment systems could reduce friction for consumers and suppliers while creating competitive pressure on Canadian banks, fintechs, and card networks.
Global payment flows could also be affected if retailer stablecoins are used for remittances or global vendor payments. Walmart already has a fintech joint venture with Ribbit Capital in the United States to create a fintech startup Hazel (also called 'One'), and experience with blockchain patents. Amazon has explored using external stablecoins such as USDC for settlement.
Whether they issue directly or partner with licensed issuers, the genie is almost out of the bottle and moving beyond theoretical. Consider it a live business option just waiting for regulatory clarity.
Why It Matters for Canada
Canada’s fintech ecosystem should monitor these developments closely. U.S. regulatory clarity could prompt other jurisdictions to act, and consumer expectations will grow as giant retailers redefine what payments in the near future look like.
See: SEC Clears Crypto Staking. What It Means for Canada
It may create opportunities for Canadian fintechs to partner with global brands or expand the merchant-focused rails to compete with card-based infrastructure, ultimately pushing to modernize domestic payments. Stablecoins come with some real risks around consumer protection, monetary policy, and financial stability, so it's essential to get the balance right.
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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Shopify, Coinbase, Stripe to Take USDC Payments Mainstream
Stablecoins | June 13, 2025
Shopify Rolls Out USDC Payments with Coinbase and Stripe for Borderless, Lower Cost, Digital Commerce
On June 12, 2025, Shopify announced that USDC stablecoin payments will be made available to its global merchant base via a new partnership with Coinbase and Stripe. So merchants can now accept USD Coin via Coinbase' Base Blockchain. This new payment feature is available in early access and will expand over time to offer fast, borderless payments without foreign exchange fees and integrated support for crypto wallets through Stripe.
How Shopify’s USDC integration works
Merchants using Shopify Payments can now accept USDC from supported crypto wallets through guest checkout and Shop Pay. By default, they receive payouts in their local currency, with no foreign exchange fees. Alternatively, they can choose to retain USDC in their own wallets. Transactions are processed using a bespoke smart contract system on the Base network, jointly developed by Shopify and Coinbase. This new payment layer is purposely built to offer similar functions as traditional card networks, allowing features such as delayed capture, tax finalization, and inventory reservation to work natively with stablecoin payments. So stablecoin checkout process will act just like normal e-comm payments but with the benefits of being faster and global.
See: Fintech Grows 3x Faster, 97% of Market Still Untapped
Shopify recently acquired Privy which gives Shopify access to a wallet layer that integrates smoothly with both new and existing platforms. Stripe acquired Bridge, which provides the stablecoin rails needed to connect wallet payments to practical merchant settlements. So thanks to Stripe's backend capabilities, merchants won't have to manage blackchain infrastructure but payments will appear on their dashboard as any other transaction would.
Shopify Explains Why Stablecoins Now
Stablecoins offer three major benefits which allow small businesses to access global markets, receive payments quickly, and reduce reliance on expensive or delayed banking infrastructure:
- Stability without volatility – USDC is backed 1:1 by U.S. dollar reserves, so merchant payments will be predictable
- Fast, borderless transactions – Base enables instant, low-fee transactions globally and acts like a digital version of card networks
- Effortless checkouts – Customers have the flexibility to use either Shopify's Shop Pay integration or the guest checkout process, so they have choice
Implications
Stablecoins have been all the rage recently, but there should be no doubt now that they've moved beyond hype and being adopted in real world scenarios at scale. The confluence of proven technology, incentives, and aligning regulations make stablecoin payments ready for prime time, and everyday merchants.
Shopify has widespread reach, serving millions of businesses globally every day from startups to large brands. It's somewhat clever to mimick existing card payment flows because it reduces learning curves and some friction points for retails.
See: SEC Considers DeFi With Innovation Safe Harbour
Stripe's wallet to fiat infrastructure removes the complexity of crypto for every day merchants.
Stablecoin policies in the U.S. are moving forward, creating a legal pathway for this type of integration to work. The landscape was vastly different only a year ago. The GENIUS Act aims to provide clear rules for dollar-backed stablecoins like USDC.
This move will add significant competitive pressure to competing payment processors, and e-commerce merchant ecosystems. Expect Meta, Apple Pay, PayPal, Walmart, and Amazon to follow soon. Oh look, they already have started to move.
Outlook
This is no longer a pilot. I repeat, this is no longer a pilot. Stablecoin infrastructure is being released into production at scale.
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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KOHO Launches Low Cost Global Money Transfer Service
Product Launch | May 29, 2025
Image from KOHO International Money Transfer (Youtube video)
KOHO Takes On Remittance Fees With Transparent and Fast Global Transfers
Daniel Eberhard, CEO of Canadian fintech KOHO announced the launch of a new International Money Transfer service that aims to transform how Canadians send money abroad. The product allows users to send funds to over 190 countries with no hidden FX markups or surprise fees. During beta testing, nearly all transfers arrived in less than 30 minutes, and the product is now publicly available.
Why KOHO Built a New Remittance Service
Remittances are a financial lifeline for many Canadians. According to CEO Daniel Eberhard, 1 in 5 Canadians send money abroad, and among those aged 18 to 34, the number rises to 1 in 2. Traditional services often charge 3% to 5% in fees and hidden FX costs, costing families thousands of dollars over time.
KOHO’s new service aims to be the lowest cost remittance option in Canada. It’s fully integrated into the KOHO platform, so users can access the service right away without having to download a new app or reconfirm their identity.
KOHO's Push for Financial Inclusion
This product launch builds on KOHO’s broad efforts to reduce financial barriers. For example, the company partnered with Canada Post to create the MyMoney Account, bringing modern banking access to underserved communities. KOHO is also in hot pursuit of a banking license and offering credit tools for renters.
This strategic focus of making finance more inclusive aligns with KOHO’s goal of helping users build stability and reduce costs, especially for immigrant and low income households who rely on remittance services.
Outlook
Koho and other Canadian fintechs continue to work on solving Canada's systemic cost and access issues in financial services. By addressing the needs of immigrant and global communities with a faster, cheaper, and more transparent services, KOHO is making a strong play to redefine consumer expectations in cross border finance, while strengthening it's position as a challenger bank focused on financial inclusion.
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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