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
Bank of Canada Releases New Guidance for PSPs
Retail Payments | March 6, 2025
Image: Freepik/prostooleh
PSPs Must Protect End-User Funds, Here's What the New Rules Require
The Bank of Canada has shared two new guides (see below) to help payment service providers (PSPs) prepare for supervision under the Retail Payment Activities Act (RPAA). The new materials explain the key rules PSPs must follow and offer practical tips to make compliance easier.
See: New Bank of Canada Case Scenarios for Retail Payments
By September 8, 2025, PSPs must follow new rules for managing risks and protecting customer funds. They should be fully prepared by this date, or at least show that they have identified any gaps and are actively working to fix them. PSPs will also need to start meeting reporting requirements on the same date.
Registration Reminder for PSPs
PSPs subject to the RPAA had until November 15, 2024 to apply for registration with the Bank of Canada. Those who have not yet registered must do so immediately—at least 60 days before beginning retail payment activities. Failure to register may lead to enforcement actions.
Two New Supplementary Materials for PSPs
The two documents on Operational Risk and Incident Response (7 page PDF) and Safeguarding End-User Funds (8 page PDF) provide additional clarity on official guidelines (it doesn't replace them). The two new pieces of guidance should be reviewed by PSPs along with the following regulatory documents:
- Operational Risk and Incident Response Guideline
- Safeguarding End-User Funds Guideline
- Retail Payment Activities Act (RPAA)
- Retail Payment Activities Regulations (RPAR)
1. Operational Risk and Incident Response
This document helps PSPs understand how to handle risks and deal with unexpected issues in their payment services. PSPs need a solid plan to keep their operations secure and running smoothly. This means identifying possible risks, taking steps to prevent problems, and having a clear process for fixing issues when they happen. If a major problem affects their business, PSPs must notify the Bank of Canada within 48 hours. They also need to regularly check and update their risk management plans to make sure they remain effective. If PSPs use third-party providers, they must also ensure those providers follow proper risk management practices to stay compliant.
2. Safeguarding End-User Funds
This document explains what PSPs need to do to keep customer funds safe. PSPs must make sure that customer money is kept separate from their own by storing it in a dedicated account only for safeguarding. They can protect these funds by using a trust account, purchasing insurance, or securing a financial guarantee, as required by the RPAA.
See: BoC Publishes Final Guideline on Safeguarding End-User Funds
PSPs also need to have a clear, written plan outlining how they meet these safeguarding requirements. Regular checks should be done to confirm funds are properly protected, and an independent review must take place at least once every three years. These steps help ensure that customer funds stay secure and available, even if the PSP faces financial challenges.
Next Steps for PSPs
The Bank of Canada has also updated the Supervisory Framework: Supervision page with the two new documents. To avoid enforcement actions and ensure a smooth transition, PSPs should take proactive steps now to meet their obligations before September 8, 2025.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. 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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Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
The Crisis Canada and Fintech Can’t Afford to Waste
Innovation | March 5, 2025
Image: Freepik
Canada’s Fintech Paralysis is A Crisis of Political Will and Competition
The impetus for this article is a recent interview by the Toronto Star with EQ Bank's CEO Andrew Moor. While everyone is busy dealing with the impact and new realities of North American's tariff and trade war, the primary messages in interviews like these cannot be lost, especially during times of economic crisis where Canada needs to be resilient and more competitive.
So what's the problem? Well to restate what's been stated hundreds, if not thousands, of times before, Canada’s financial system always seems to move slower than others, not because Canadians aren't innovative, but because there’s no political will to support real competition.
See: UK Banking Competition Remedies, Lessons for Fintech Growth
After being involved with fintech for over a decade, the above message always seems to reappear, either from a new fintech or investor group or as a result of another crisis or need. The harsh reality is that NCFA and fintech leaders across the country have consistently been pushing for clear, modern innovations and rules that encourage growth and competition in Canada's financial services sector but there are always delays, weak reforms, and policies that protect the big banks at the expense of progress and innovation. Open banking and payments modernization are examples of the day of the real problem. Canada drags its feet on implementing fintech innovations that would benefit consumers and businesses alike. The result is fewer opportunities, slower economic growth, and a financial system that remains behind its peers.
Canada Acts When It Wants to But Delays On Fintech
The argument that Canada is just slow to act on policy decisions isn’t entirely true. When the U.S. proposed and then implemented economically punishing tariffs on most Canadian imports into America, the Canadian government at all levels acted swiftly, implementing its own retaliatory countermeasures in a matter of weeks. Another example is when the Covid-19 pandemic hit, the government launched support programs at an unprecedented pace (even relative to most of its peers).
See: Accelerating Financial Innovation and Access in Canada
So why does fintech reform keep getting delayed? We can only surmise after so many years that the slow pace of fintech reform is about whose interests are being protected, not about government inefficiency (which is also often cited).
Andrew Moor, CEO EQ Bank:
"Prudence in banking is always good, but since 2007 we’ve only cemented the position of the largest banks further. We’ve been talking about open banking in Canada for six or seven years and we seem to be no closer to launching it."
Moor's quote stresses that while stability is important, Canada has gone too far in protecting incumbents instead of encouraging competition. The Big Five banks control over 90% of the market, which leaves consumers with little reason or ability to switch. Other countries have moved forward with regulatory changes but Canada remains paralyzed in research or consultation mode.
Three Examples Showing the Cost of Hesitation
1. Open Banking File
Open banking has been discussed in Canada for over six years and the implementation date keeps getting pushed out longer. At the time of publishing, the federal government announced that open banking will be implemented in 2026, yet there's still no commitment to a firm implementation date.
To be clear, many peer countries like the UK and Australia have adopted open banking frameworks years ago (and are moving towards open finance), allowing consumers to share their financial data with fintech companies. The result is lower fees, better banking products (choice) and real competition.
Andrew Moor CEO EQ Bank:
"We built a railway across the country in four years, and this is just a collection of computer codes and regulations, yet I’m still making the same speeches about open banking that I delivered in 2018. It’s ridiculous, and it’s embarrassing."
Moor’s frustration highlights that Canada’s delay is not due to complexity but the government's failure to prioritize fintech reform. The Canadian government should not wait for customers to demand open banking because they don’t know what they’re missing. That’s part of the problem.
See: BoE Report: Open Banking Boosts Productivity, Competition
- Canadians rarely switch banks because they believe all banks offer the same thing
- All banks offer the same thing because real competition isn’t encouraged
- Real competition doesn’t exist because Canada has yet to implement open banking
This chicken-and-egg problem has locked Canadians into a system where they pay some of the highest banking fees in the world. And who benefits from these delays? The same major banks that dominate Ottawa’s lobbying circles.
2. Payments Modernization - Who Gains from Slow Progress?
It’s not just open banking. Canada’s payments infrastructure has been slow to modernize, leaving businesses and consumers dealing with high costs, delays, and inefficiencies. Even as regulators move forward with aspects of payments modernization, the slow pace of adoption means Canada still lags behind global peers who have been using real-time payment systems for years.
Andrew Moor CEO EQ Bank:
"It’s easier for us to send an EFT to a bank account in India using one of our fintech partners than it is to move money between provinces. Why is that?"
Canada’s Retail Payments Modernization initiative has started allowing companies to sign up for access, but real-time payments which are the foundation of a truly modern financial system are still not fully implemented. The Real-Time Rail (RTR) system was originally scheduled to launch in 2019 but faced multiple delays with Payments Canada most recently announcing that the system's launch would not occur before 2026, with technical builds and testing phases extending through 2025 and into 2026.
Michael Katchen, CEO of Wealthsimple:
"If Canada is serious about innovation, it needs to stop protecting the status quo and start enabling real competition."
Until the government takes control of the agenda and ensures full implementation of real-time payments, innovation in digital transactions and financial infrastructure remains stuck in molasses.
3. Equity Crowdfunding: A Lesson in the Cost of Regulatory Patchwork
Equity crowdfunding had the potential to revolutionize early-stage investing in Canada, allowing startups to raise money from angel and retail investors instead of relying solely on banks or venture capital. But instead of introducing a single national framework, Canada created a fragmented framework with 3 sets of different rules depending on the province, making compliance costly and impractical. By the time regulators finally harmonized the rules, the damage had been done. The industry never had a real chance to succeed at the same level as its peer countries.
See: The Transformative Impact of Instant Payments on Financial Crime Mitigation
This problem (i.e., lack of national strategy, coordination) also appears as Canada looks for solutions to the U.S. imposed tariffs by seeking to increase trade among provinces but hits roadblocks of unnecessary costs and inefficiencies across multiple industries from finance to agriculture to energy (see: Canada's interprovincial trade barriers).
Andrew Moor CEO EQ Bank:
"Hooking up a bit of innovation would be a good thing, and it wouldn’t endanger the nation. There are so many safeguards in our banking system already."
Moor's quote reflects that competition and innovation won’t destroy Canada’s banking system but rather it will strengthen it. This conservative issue seems to go beyond fintech and is a Canadian problem.
Don’t Waste This Crisis
Canada’s economy is under pressure and the tariff and trade war crisis should be used to help Canada push forward on innovation and fintech reforms. Policymakers need to stop consulting and start acting. The financial system should encourage real competition and consumer choice to make markets more resilient, not protect incumbents. Fintech entrepreneurs and investors need transparent progress and cost effective regulations, not shifting policies or a slow no.
Canada needs clear deadlines for open banking, real-time payments, and regulatory harmonization now, not in another three years. If the federal and provincial governments can’t or won’t act, then the private sector must lead. If Canada’s fintech community forms a collaborative working group to build the roadmap, consult where necessary, and take action, progress can happen without waiting for political will to catch up. If the government won’t lead, the private sector must step up or risk wasting yet another economic moment.
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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FinTech: The Secret Weapon Of Online Gambling Giants
March 5, 2025
Image: Pexels/Brett Jordan
iGaming is growing rapidly, driven by the increasing popularity of mobile gaming, the ease of online payments, and the introduction of cryptocurrency and blockchain technology. Two of the most important segments are driving this growth – online casinos and sports betting. Historically, sports betting accounted for the majority of money gambled at web-based establishments, but over the past decade, there's been a notable shift in how punters are betting. Poker has a dedicated following and contributes significantly to the overall revenue. Online casinos have cemented their dominance with the attraction of live dealer games and increased mobile integration.
See: The Diverging Paths of CBDCs, Privacy, and Global Payments
There are many positive aspects to online gambling. It can provide a fun distraction, help you learn about technology, connect with others, and make friends at your current ability level. At present, there are many efforts to put guard rails and safety mechanisms in place. The reason for the success of iGaming industry giants is straightforward: they're irrevocably committed to keeping customer data safe from internal negligence, cybercriminals, and other breaches. FinTech solutions are redefining the game. Put simply, two dynamic sectors are converging, bringing about a new era of possibilities.
What Is FinTech In Simple Words? A Brief Introduction To Financial Technology
FinTech, or financial technology, designates the interaction of financial services with emerging technology, which offers consumers and businesses alike effective ways of doing things differently to achieve better results. To put it another way, it involves introducing new ideas and approaches, such as cryptocurrencies. FinTech companies have emerged on account of deficiencies in traditional banking, providing competitive value propositions and streamlining access to financial services like payments, investments, remittances, and so forth. While FinTech may appear like a term that has appeared relatively recently, its origins go back to the 1960s.
Behind The Scenes: How FinTech Safeguards Players At Online Casinos
iGaming companies must be licensed to provide gambling to Canadian consumers. To know whether a site is licensed, look for a public register where you can see the type of activities the platform is allowed to offer. As a rule, player safety is one of online casinos' core values, as they understand that a sustainable business requires a long-term relationship with customers built on fairness and trust. FinTech paves the way for gambling operators to refine the customer experience and transactions. The best practices for enhancing security include but aren't limited to:
Advanced Encryption To Secure Data In Transit And At Rest
Many players who gamble hold accounts with more than one iGaming operator. Several stakeholders have expressed concerns about the data protection and privacy implications of sharing player data, illustrating the need to guarantee that information is effectively protected. By harnessing advanced encryption algorithms, FinTech companies ensure robust defenses, which are no longer optional but critical. When a bettor makes a deposit, encryption ensures their banking details aren't intercepted or misused. Online transactions, including payment details, personal identifiers, and transaction histories, increase the chances of threat actors attempting to gain unauthorized access.
Making Payments Happen The Way They Should
Online gambling involves new types of products and bets that can be placed around the clock via a mobile phone. FinTech helps casino players move money between them and iGaming sites and manage special systems for doing so, meaning the right amount of money goes to the right place at the right time. For easy reference, we've examined the top payment gateways in iGaming:
- Digital wallets, e-wallets, and mobile wallets: They use various cryptographic algorithms to encrypt data and keep hackers from accessing the information. Also, these wallets can store various personal details, such as subscriptions or loyalty program details. Open wallets like PayPal enable transactions across multiple platforms. There are always new casinos that accept PayPal entering the market, you can visit Onlinecasino.ca to view the latest option.
- Mobile banking apps: Users can manage their finances on the go with a mobile banking app. They can check their balance, transfer funds, deposit money, etc. Apps like Google Pay and Apple Pay provide a balanced mix of options to meet players' needs while accommodating local preferences. Deposit limits vary with both the casino and the technology, but mobile payments are useful for small deposits. They're not suited for high rollers.
- P2P payment systems: Cryptocurrency offers anonymity, so it doesn't require personal or banking information. Payments are processed with minimal fees through blockchain technology, yet volatility and varying acceptance can be a drawback. Players can view an iGaming site's transaction history on the blockchain, so bets and winnings are precisely recorded.
- Neobanks: Digital-only banks operate via mobile apps and websites and offer services like checking accounts and debit cards. Good examples are Revolut and TransferWise, which offer instant spending notifications and foreign currency exchange trading at the real rate. The apps also give users access to cryptocurrencies.
For iGaming operators, the importance of choosing the right payment solution shouldn't be taken lightly.
Anti-Fraud Prevention Technologies That Rely On AI And Machine Learning
Fraud is a significant problem that poses severe challenges to online casinos as iGaming regulations require operators to adhere to stricter anti-fraud measures. Though, for the most part, fraud remains the same, the criminal approach is forever changing, rendering this threat even more severe. Implementing sophisticated FinTech fraud detection software that harnesses AI and machine learning ensures the iGaming industry continues to scale and remains a reputable source of entertainment. All financial transactions can be examined for potential risk. Repercussions of a data breach include but aren't limited to severe financial losses, legal consequences, and damages to reputation.
Concluding Remarks
The merging of FinTech and iGaming is transforming the way players spend money on games, providing more convenience and efficiency. Selecting a core banking system is a strategic decision that can determine an online casino's long-term success, and with customer expectations shifting hurriedly and regulatory environments becoming more complex, it's vital to identify a solution that is scalable, flexible, and capable of integrating with other technologies. The decision is pivotal in the ever-changing landscape of online gambling.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. 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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Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
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November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
Does GambleOntario showcase the widest range of different casino’s payment options?
March 3, 2025
Image: Freepik/master1305
The types of payment methods at an online casino can either make or break a player's experience - given that the use of real money is involved. So, having secure and fast deposits and withdrawals is essential and a lack of options or inefficient processes can lead to a lot of frustration for players. Honest platforms like GambleOntario are doing a great job in highlighting casinos that perform well in this area. If you're looking for a site with a great reputation that prioritizes seamless transactions - read on to find out more on how GambleOntario recommends gambling sites with the best range of payment options for Canadian players. Let’s get started.
What is GambleOntario all about?
GambleOntario is a review platform dedicated to helping players find the best online casinos and sports betting sites in Ontario. The site makes the process of choosing trustworthy gambling sites easier by offering detailed and expert reviews. They help to ensure you don’t have to go through the trial-and-error of finding a suitable place to play your favorite games and bet on sports. The site attracts an impressive number of visitors, making it a top choice among bettors looking for safe and reliable casinos.
GambleOntario focuses on finding casinos that accept the most popular payment methods
GambleOntario aims to offer true value to its users, so the platform looks for casinos supporting the most common payment methods in the province. Here’s a quick rundown of the payment options discussed by GambleOntario:
- Credit/debit cards: GambleOntario prioritizes platforms that accept credit and debit cards as they’re one of the most widely accepted and reliable payment methods at online casinos, which often makes them the go-to option for many players as they offer the convenience of quick deposits and even fast withdrawals in some cases. Credit cards, in particular, offer a number of perks like fraud protection and dispute resolution services. Debit cards also have similar benefits with the added advantage of using your own funds, which can help to control your spending.
- Digital and e-wallets: GambleOntario focuses on wallet options such as Skrill, Neteller, and Apple Pay as they’ve become increasingly popular with online gamblers due to their speed, security, and convenience. One of the top advantages of using e-wallets is the ability to process deposits and withdrawals almost instantly - which gives players quick access to their funds and they tend to offer lower fees compared to traditional payment methods. Another benefit is the added layer of privacy since e-wallet transactions don't require sharing sensitive banking details with casinos. However - while these are useful, there are some potential drawbacks as a lot of casinos still don’t accept every type of e-wallet, which can limit the players that prefer this method of payment.
- Pay by phone bill: This banking method is a more recent addition, which means not all online casinos offer this option, but this has not stopped GambleOntario from considering it. We believe it’s a great option for anyone who prefers a more private means of depositing funds while gambling. One advantage of this method is that it allows players to make deposits without sharing sensitive financial details, as the payment is processed directly through their phone service provider. This adds a layer of security and anonymity for those who value their privacy. The process is fast and convenient - as you only need a phone number to complete the transaction. One disadvantage though, is that this method can normally only be used on low deposit limits.
- Wire transfer: This traditional and secure method of depositing and withdrawing funds at online casinos gives players a high level of security, as they are processed through trusted financial institutions - making them a great choice for players who prioritize safety and more secure transactions. Although they can take longer to process compared to other methods, with deposits often taking several business days to appear in your account, which can be frustrating for players who want instant access to their funds. They also have higher fees - particularly with international transfers. Despite this, GambleOntario will highlight the casinos that offer wire transfer options to cover all bases to ensure that players who prefer this method have access to trustworthy platforms.
Our thoughts on the payment options that GambleOntario covers
While examining GambleOntario’s list of casino payment categories, we loved the fact that they tried their best to be inclusive. We also noticed some other details about the website, which we’d like to share. In addition to a wide range of payment categories, the team behind this popular review platform gives players a clear breakdown of important features like transaction speeds, fees, and limits. This approach helps players make more informed decisions. However, we do feel that they could enhance their offer by providing information on platforms that accept cryptocurrencies, as they are becoming another favoured payment method due to their fast transaction speeds, low fees, and enhanced security. So this feels like a missed opportunity for GambleOntario.
But this is where it gets tricky - while The AGCO and iGO don’t explicitly ban cryptocurrencies, they don’t list them as an approved payment method for licensed operators either. So, in practice, regulated Ontario operators stick to fiat options like Interac, Visa, or bank transfers—crypto isn’t on the menu for these sites. For this reason, it’s extremely difficult to find a legit iGO-approved site accepting any of the cryptocurrencies yet. This must be the main reason why GambleOntario lacks information about crypto casinos for the time being, as it recommends licensed and legitimate casinos only.
Why trust the platform’s casino payment rundown?
GambleOntario has built a strong reputation for providing well-researched and reliable content that’s backed by a team of experts with deep knowledge of the online gambling industry. Their professionalism and attention to detail ensure that users can trust the platform’s reviews of both online casinos and payment methods. Here are some key reasons why we believe GambleOntario is a trustworthy source of information:
Reputation for recommending trustworthy and legit casinos
GambleOntario is known and praised for listing trusted gambling sites, and for its clear and detailed breakdown of casino brands that accept popular methods like Interac, PayPal, and credit cards. This level of trust is a result of their accuracy and dependability in providing reliable recommendations.
Careful evaluation of certain criteria
GambleOntario carefully evaluates online casinos based on several key factors, including the payment options they offer - which ensures that Canadian players can easily find whatever they’re looking for. Their reviews cover the different ways you can deposit and withdraw your funds securely, such as those listed above.
We also noticed that they don’t just mention payment methods in passing as they dive into the specifics, including:
- Full list of deposit and payout methods.
- Transaction limits — minimum and maximum.
- Applicable transaction fees.
- Payment methods available to mobile users.
See: AI’s Double-Edged Sword of Retail Investing
This level of detail makes it easier for players to make informed decisions, especially for those with specific needs or preferences. And they also touch on important features like mobile compatibility and ease of use. So by focusing on these details it helps players make better decisions.
Prioritization of player safety and security
When it comes to online payments - security is what matters the most to players. So GambleOntario prioritizes their recommendations based on the casinos that have the latest security measures in place. This ensures that sensitive payment information is safe and that players are protected. The platform highlights the casino sites that use SSL encryption technology and multi-factor authentication. By focusing on these key security features, GambleOntario helps players find casinos they can trust to handle their financial details securely.
Expert team of authors
GambleOntario’s team of experts have the essential knowledge and experience in the iGaming space as well as sports betting and payment methods - which ensures that their reviews and recommendations are both informative as well as reliable. Here’s a closer look at some of the experts behind the platform's content:
Jake Skudder, a decade plus of experience
Over a decade of experience as a writer and editor-in-chief means Jake has had enough time to specialize in MMA, boxing and pro wrestling. During his years, he has covered combat sports and contributed to various publications. For anyone craving authentic, well-researched combat sports content, Jake delivers his expertise every time.
Rowan Fisher-Shotton, sports betting
Meet Rowan, a talented sports betting journalist with a solid six years of experience in sports media. If it’s about iGaming, sports betting or major leagues like the NHL, NBA or NFL, Rowan’s your guy. Due to his expertise in iGaming, he knows how to break down complex betting trends into easy-to-understand content.
Eamon Doggett, horse racing
When it comes to horse racing betting, you need an author as proficient as Eamon. While he’s only had a little over six years in sports journalism, Eamon seems to have successfully carved out a niche by focusing on Canadian horse races. His writing is all about helping readers make smarter horse racing bets and maximizing their winnings.
Anthony Odiase, casino guru
Anthony is the team’s casino expert, bringing over six years of experience in the online gambling and iGaming world. His specialty is writing detailed reviews and articles that cater to both new and experienced players in Ontario. So far, Anthony has written more than 104 top-notch articles, shedding light on the rapid growth of online gaming services.
Matt Callcott-Stevens, golf betting
Matt has more than 11 years of professional writing experience and almost three decades of analyzing sports odds and golfers. He knows golf like the back of his hand. From betting strategies and equipment reviews to tips for improving your game, he covers it all.
They value player feedback themselves
GambleOntario values player feedback as their input ensures that all of the content that they provide is accurate and trustworthy. And with a dedicated customer support team, GambleOntario quickly responds to any queries and concerns. This responsiveness is key in providing an exceptional user experience. Users can reach out via email at contact@gambleontario.ca or through the "Contact Us" page, with responses typically coming back within 24-48 hours.
Some popular online casinos and their payment methods on GambleOntario
GambleOntario lists a variety of online casinos that offer a range of payment methods to suit different preferences. Here are some popular casinos featured on the platform:
FireVegas Casino
Known for its wide selection of payment methods, including Visa, Mastercard, Neosurf, and Paysafecard, Beyond the payment convenience, FireVegas also stands out for its variety of games, including immersive live dealer tables. Its lightning-fast payouts and sleek, no-fuss design make it a go-to for players who hate waiting around.
Betano Casino
With options like Visa, Mastercard, Interac, and Apple Pay, Betano is popular for sports nuts and live dealer games fans, blending a killer sportsbook with electrifying live dealer action. Quick withdrawals seal the deal for those itching to cash out after a big win.
888 Casino
This site is favored by e-wallet users, accepting Skrill, Neteller, and bank transfers, keeping things smooth for digital-first players. A veteran since ’97, it’s got a storied rep for exclusive slots and poker rooms that draw pros and casuals alike. Transactions zip through fast, matching its polished, old-school charm.
SpinAway Casino
Although SpinAway keeps it simple with Visa, Mastercard, Skrill, and bank transfers, it doesn't sleep on its cosmic edge. This site’s all about next-level graphics—think sci-fi-inspired slots and blackjack tables that pop. Efficient withdrawals and a quirky, spacey vibe make it a standout for players chasing something fresh.
Titanplay Casino
Titanplay flexes Skrill, Interac, and Mastercard as payment options, but its real muscle is in the bonus game—think hefty welcome packs and loyalty perks that hit hard. It’s a playground for variety seekers, with everything from jackpot chasers to roulette purists covered. Reliable payouts keep the momentum going strong.
These casinos provide not only flexible payment methods but also high-quality gaming experiences, making them great choices for Canadian players.
Our Final Verdict: Does GambleOntario deliver?
in our opinion - yes! GambleOntario serves as a comprehensive and trustworthy resource for Canadian players, as the brand publishes detailed reviews of online casinos along with a detailed breakdown of the payment methods that they offer. And by focusing on several factors like popular and secure payment options, transaction speed, as well as expert insights - the platform makes sure that players can make informed decisions. So whether you're new to gambling or not, GambleOntario simplifies the process of choosing the right casino. This makes it a great go-to source for those looking for a wide range of payment options as well as a seamless gambling experience.
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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The Top Trends from Forbes’ 2025 Fintech 50 List
Fintech Ranking | Feb 20, 2025
Image: 2025 Forbes Fintech 50 (Illustration by Óscar Raña for Forbes)
What We Can Learn from the Forbes Fintech 50 in 2025
Every year, Forbes publishes their annual ranking of the top Fintech companies. Checkout the Forbes Fintech 50 in 2025, showing fintech companies that continue to grow despite pressure on company valuations and a slowdown in investment in the sector. According to the judges who select and rank the top 50 at Forbes, this year there's been a rise of business-t0-business fintechs, as well as the increasing importance of fraud prevention and financial security companies.
| Category | Total Funding ($M) | # Companies |
| Payments | 4482 | 11 |
| Personal Finance | 3812 | 8 |
| Business to Business Banking | 3794 | 11 |
| Wall Street and Enterprise | 1892 | 9 |
| Insurance | 1742 | 4 |
| Blockchain and Cryptocurrencies | 1670 | 3 |
| Real Estate | 508 | 2 |
| Investing | 265 | 2 |
1. B2B Fintechs Strong Showing
More than half of the companies on the list provide fintech services to other businesses rather than consumers. Categories like Payments and B2B Banking are seeing strong growth as businesses turn to fintechs to automate and improve their operations, reduce costs and streamline regulatory challenges. Fintech goes well beyond innovative consumer digital banking, it's morphing into improving financial systems at scale. Wall Street & Enterprise fintechs are also playing an outsized role in modernizing financial infrastructure at the institutional level.
See: 10 Fintech and Crypto IPOs 2025 – Boom or Bubble?
The chart below illustrates the number of fintech companies in each category, emphasizing the dominance of business-focused fintechs:
Image: Total # of Fintech Companies by Category (Forbes Fintech 50, 2025)
The chart below shows the total funding received by fintech category, showing which categories are bucking the trend despite the downturn.
Total Funding by Fintech Category Forbes Fintech 50, 2025
Payments fintechs still lead the pack with over $4.4 billion in total funding. This aligns with their critical role in powering e-commerce and digital transactions worldwide.
2. Focus on Profitability Amidst a Funding Slump
In the early 2020s, fintech companies focused on rapid growth but times have changed and they are now after profitability and sustained growth. This year, 13 companies on the list reported official profits (up from just eight last year). Investors and businesses alike are prioritizing financial health over unchecked expansion.
See: CIX 2025 Fintech and AI Startup Award Winners
Even though global fintech funding fell from $144 billion in 2021 to $34 billion in 2024, most companies on this year’s Forbes Fintech 50 have shown resilience. Major players like Stripe and Ramp have adapted by pivoting, reducing costs while focusing on efficiency.
3. Fraud Prevention and Security Are More Important Than Ever
As digital transactions increase so do fraud risks. Security based fintechs are gaining traction as businesses need stronger protections against cyber threats and fraud. DataVisor, a company that uses advanced machine learning to detect fraudulent transactions experienced a 67% increase in revenue in 2024, reaching $50 million.
4. Lending Fintechs Comeback
Companies like Arc, Aven, and Imprint have made their way onto this year’s list, showing that the lending market is regaining investor confidence. Nova Credit, for example, previously fell off the list but re-emerged this year with a renewed focus on cash flow underwriting and a fresh approach to risk assessment.
5. One Canadian Contender, Relay
While much can be argued about the methodology of actually being selected for the Forbes Fintech 50 list. To be honest there are several significant Canadian fintechs that should be on the list but aren't for whatever reason, such as Wealthsimple. But Relay made it so something to cheer about.
See: Key Findings from 2025 Advanced Payments and Fintech Survey
They are a Toronto-based digital banking platform for small businesses and provide financial management tools that integrate with accounting software, making it easier for businesses to manage their money. In 2024, they raised $32.2 million in a Series B funding round, strengthening their market position and offerings.
Top Fintech Companies by Category
Here’s a closer look at a couple of standout fintech firms within each category:
Payments
- Stripe – A global online payments leader providing seamless transaction infrastructure for businesses
- DailyPay – Helps employees access earned wages before payday, improving financial flexibility for millions
Business-to-Business (B2B) Banking
- Relay – Canada’s only fintech on the list offering digital banking for small businesses
- Parafin – Uses marketplace data to underwrite loans, achieved 100% revenue growth in 2024
Wall Street & Enterprise
- DataVisor – Specializes in AI powered fraud detection, growing revenues by 67% in the past year
- Alloy – Provides identity verification solutions for financial institutions, automating compliance and security processes
Personal Finance
- True Link – Offers financial services for vulnerable populations including the elderly and those with disabilities
- Chime – A digital bank providing fee-free accounts and early direct deposits
Insurance
- Ethos – Makes life insurance more accessible with a fast, tech-driven application process
- At-Bay – A cyber insurance company that proactively monitors digital risks for clients
Blockchain & Cryptocurrencies
- Figure – Uses blockchain to offer home equity lines of credit and mortgage refinancing
- Fireblocks – Provides secure infrastructure for handling digital assets
Real Estate
- Aven – Introduces innovative financing solutions to make real estate investments more accessible
- Valon – A mortgage service provider making home loan management simpler and more transparent
Why This Matters
The 2025 Forbes Fintech 50 shows the race for scale is now about profitability with payments, security, infrastructure, and B2B services leading the way. For Canada, Relay’s presence on the list is promising but begs the question, why aren’t more Canadian fintechs on the list?
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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10 Fintech and Crypto IPOs 2025 – Boom or Bubble?
Public Market | Feb 13, 2025
Image: Freepik
A Raft of Fintech and Crypto IPOs in 2025
According to many reports online, several prominent fintech and crypto firms are espousing Initial Public Offering (IPO) ambitions to publicly list in 2025 due to recent economic conditions in public markets. Is this growth sustainable or indicative of an overheated market? Lets explore these IPO ambitions, the companies and some of the risks and considerations for issuers and investors.
See: How Fintechs Are Unlocking Value in Private Markets 2024
In 2024, the number of companies that went public in the U.S. grew significantly. According to EY, IPO proceeds jumped 45%, and the number of listings increased 40% compared to the previous year. Despite this improvement, IPO activity was still below pre-pandemic levels. U.S. News reports that Renaissance Capital is expecting 2025 to be a significant year for IPOs, estimating between 155 to 195 IPO deals that will raise $40-50 billion.
Why More IPO Ambitions in 2025?
The surge in potential IPOs this year comes down to several key factors. Economic conditions have stabilized although we've yet to see the full impact of the Trump administration's tariff and trade war. Inflation has cooled and central banks are looking to keep interest rates lower which will make it easier for businesses to raise money. The stock market has been on fire, boosting company valuations, making going public an attractive option for high growth firms looking to expand. Important to understand that many companies that initially announce IPO ambitions may not ultimately follow through on their plans, and may delay or cancel the listing. There are also concerns that high stock valuations and investor speculation could further fuel a market bubble, which many analysts have written about. So, are these IPOs a sign of longer term recovery or a more temporary reaction to positive market conditions awash in capital?
10 Fintech and Crypto IPOs in 2025
Here's a list of ten highly anticipated fintech and crypto IPOs slated for 2025 with each offering a unique opportunity and set of risks.
1. BitGo (USA 2013)
BitGo is a leading crypto custody firm providing multi-sig wallets and custodial services for institutional clients and exchanges.BitGo is reportedly exploring an IPO in the second half of 2025. Institutional adoption of crypto is here now and there's growing demand for regulated crypto and digital asset storage solutions.
2. Gemini (USA 2013)
Founded by the Winklevoss twins, Gemini is a regulated cryptocurrency exchange and custodian with robust compliance and security. Bloomberg also reports Gemini is considering an IPO this year, looking to expand its offerings to global markets.
3. Bullish Global (USA 2013)
Peter Thiel backed Bullish Global, a crypto trading platform focused on offering deep liquidity and algorithmic trading services for institutional investors. Like other crypto exchanges, they are currently evaluating an IPO, looking to scale amidst growing interest and institutional adoption of regulated digital asset trading.
4. Circle (USA 2013)
Circle is the issuer of USDC, one of the most widely used stablecoins in the crypto industry. The company has filed for an IPO with the U.S. Securities and Exchange Commission and plans to move its headquarters to New York ahead of the listing. A date has not yet been announced.
5. Kraken (USA 2013)
Kraken is a major cryptocurrency exchange known for its wide range of trading pairs and regulatory compliance. They've long hinted at an IPO and could move forward with plans in 2025, depending on market conditions and how things line up.
6. Klarna (Sweden 2005)
Klarna is a leading "buy now, pay later" (BNPL) fintech that is a game-changer in the retail payments sector. The Swedish firm is targeting a U.S. IPO in 2025, at an expected valuation of $15-20 billion.
7. Chime (USA 2013)
Chime is a digital banking platform offering fee-free banking and early paycheck access. The company is reportedly working with Morgan Stanley on a 2025 IPO, aiming for a $25 billion valuation.
8. Revolut (UK 2015)
Revolut is a UK-based digital banking app that offers a range of financial services such as currency exchange, stock and cryptocurrency trading. Rumours have it Revolut is preparing for an IPO in 2025, and its one to watch.
9. eToro (Israel 2007)
eToro, a social trading and investment platform, allowing users to trade different financial assets, including stocks and cryptocurrencies. The Israel-based company filed confidentially for an IPO in January 2025, seeking a valuation of around $5 billion.
10. Stripe (USA 2013)
Stripe is a leading global payments processing company that has been a highly anticipated IPO candidate for several years. They've made some strategic moves including hiring a seasoned CFO who issued tender offers for employees to sell shares, indicating preparations for an IPO.
Risks and Investor Considerations
Not every company announcing an IPO will go through with it. Some may delay or cancel if market conditions change or they secure better private funding. Overvaluation is key risk. Some IPOs launch at inflated prices that don’t match a company’s actual financial strength, which can lead to potential losses if stock prices drop after the initial excitement of the IPO fades.
There’s also concern about a market bubble. If too many companies go public at high valuations, investor speculation could outpace business fundamentals, triggering a downturn.
See: M&A Opportunity as Fintech Valuations Drop
In fintech and crypto, regulatory changes are another factor. While the Trump administration is quite pro-crypto they are still developing a digital asset regulatory framework. Many other governments are still developing rules for both crypto and modernized payments, so in the case of tighter/stricter regulations, it may impact company operations and thus stock performance.
Outlook
Due diligence is key for investors. Understanding each company’s financials, growth potential, and competitive outlook, while avoiding hype and speculation, helps avoid costly mistakes. While 2025 looks to present several pent-up large IPO opportunities, smart investing means balancing excitement with caution.
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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BNY Mellon Sets U.S. Record with $10M Instant Payment
Payments | Feb 11, 2025
Image: Freepik
BNY Mellon’s $10M Instant Payment Sets a New Standard for Real Time Transactions
On February 10, 2025, BNY Mellon announced that they just processed the largest instant payment in U.S. history. That's right. $10 million on the RTP® network following a recent increase in transaction limits. This is a big milestone for the payments industry and shows growing adoption of real time payments which are changing the way companies manage liquidity, streamline operations, and financial efficiency.
Key Takeaways
- Game-changing $10 million payment on The Clearing House RTP® network. The previous network limit was $11 million but on February 9, 2025 the cap increased to $10 million, allowing businesses to move larger amounts instantly. The first 8 figure instant payment was between Computershare to an account at another financial institution.
See: 2024 Global Payments Growth, Trends, and Fintech’s Edge
- Real time payments are on the rise. Currently, over 285,000 businesses use the RTP® network monthly for real time transactions. The network now has the ability to send large payments 24/7, eliminating delays caused by traditional banking hours or batch processing.
- Traditional wire transfers are becoming less attractive than real time solutions. Instant payments can provide a competitive advantage for your financial requirements including needs like payroll, or paying suppliers, and broker settlements. For businesses this means no more payment delays, faster payroll processing, and immediate supplier settlements. For individuals, it means getting paid on time without the waiting game.
Ann Bowering, CEO of Computershare Issuer Services, North America:
“In our industry, the ability to move large payments instantly, securely, and reliably is crucial. With real-time payments, we can settle higher-value transactions immediately, reducing counterparty risk and improving overall working capital efficiency. This level of speed and certainty was not possible before, and this is an exciting step forward for how we can potentially deliver solutions to our corporate clients.”
Why It Matters for Fintech
The world is moving towards instant everything and payments are no exception. Fintech companies have a big opportunity to build new services that tap into the empowerment of real time transactions. Some examples and ideas below:
See: The Transformative Impact of Instant Payments on Financial Crime Mitigation
1. Instant Payroll and Gig Worker Payments
- Workers can get paid immediately after finishing a job
- Employers can improve cash flow and keep their employees happy by offering real time salary payouts
2. Fast B2B Payments
- Businesses can pay/settle invoices instantly, improving cash flow and supplier relationships
- Refunds and customer payments can be processed faster (i.e., think e-commerce or SaaS)
3. Real Time Loans and Repayments
- Lenders can distribute loan funds instantly
- Borrowers can make instant repayments (helping to avoid late fees, resulting in better credit management)
Payments Canada Real-Time Rail Update
On January 29, 2025, Payments Canada who is managing Canada's Real-Time Rail (RTR) system provided their most recent quarterly update here. Similar to The Clearing House's RTP® network or the government's competing FedNow's instant payment service (both in the U.S.), Canada's RTR system once live means that businesses and consumers will no longer have to deal with delays, batch processing or operating hour restrictions when sending money. Here's the latest updates:
- The RTR technical build is now more than halfway complete with ongoing infrastructure development
- Testing preparations have started including finalizing test strategies, selecting tools, and onboarding industry participants
- A centralized fraud mitigation system is being developed with consensus reached on high level design requirements
- Canadian Payments Act amendments are progressing, expanding membership eligibility to PSPs and other financial institutions
- No official launch date has been announced but Payments Canada continues towards full deployment (NB: the project launched in 2019)
See: RPAA Registration Deadline Passed See Who Applied
When Canada's RTR officially launches, we can all expect faster and more efficient payments across Canada. We'll finally catch up with the U.S., U.K, and Europe, where real time payments are already now well established.
Closing Thought
Now that real time payment services are here, how long will it be before it becomes the business standard? For now, companies especially fintechs should adapt and adopt quickly to gain a competitive edge and/or not be left behind. Without a doubt, there's increasing demand for instant, secure, high value transactions.
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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