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
Canada’s Big Six Collaborate on CAD Tokenized Deposits
September 23, 2026 | NCFA Market Activity | Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Banking And Credit, Competition And Market Structure
Big Six Partnership For Tokenized Canadian Dollars
On September 22, 2026, BMO, CIBC, National Bank of Canada, RBC, Scotiabank and TD announced that they are jointly exploring CAD tokenized deposits. The first phase aims to transfer tokenized deposits across Canadian financial institutions. Longer term, the banks want to connect the project with other emerging digital asset infrastructure.
It's a partnership at an early stage, but banks have been here before. The banks haven't disclosed a project name, investment amount, technology provider, structure or governance model. They also haven't explained whether each bank would issue its own tokenized liability or exactly what happens when a deposit transfers from one institution to another.
Canada's largest banks compete hard for deposits, payments and corporate clients. They also have a long history of building together when six versions of the same underlying system would cost more and work less effectively.
Four Dates Put The Partnership In Context
March 5, 2026 The Bank of Canada completed Project Samara with Export Development Canada, RBC and TD. EDC issued a C$100 million tokenized bond to a closed investor group and settled the payments in wholesale central bank money. The experiment achieved real time settlement and improved data integrity, but system complexity, liquidity costs and new governance requirements offset some of the efficiency gains.
May 27, 2026 The Bank of Canada joined BIS Project Agorá. Its prototype combines tokenized commercial bank deposits with wholesale central bank money on a programmable platform for wholesale cross border payments.
September 10, 2026 OSFI clarified how Canadian bank regulation treats tokenized deposits. OSFI said the technology used to represent a product doesn't determine its legal nature and that tokenized deposits are not legally distinct from traditional deposits simply because they are represented digitally.
September 22, 2026 All six major Canadian banks announced that they were exploring a Canadian dollar tokenized deposit solution together. That brought the Canadian story from capital markets testing and international experimentation into a domestic partnership between the banks that hold much of the country's commercial deposits.
These projects weren't announced as one coordinated program. Seen together, they show the regulatory, settlement and commercial pieces of tokenized Canadian dollar finance being worked on at roughly the same time.
OSFI's position gives the partnership a clearer legal starting point. Tokenization doesn't automatically turn a bank deposit into a different financial product. Existing legal, technology, cyber and third party risk requirements still apply, and banks are expected to engage their supervisors before launching novel products.
Deposit insurance will depend on the final design, however the Canada Deposit Insurance Corporation says innovative products, including tokenized deposits, may qualify for protection when they meet the legal requirements for an eligible deposit. CDIC assesses them case by case, so the Big Six project can't yet be described as insured.
It is also different from Canada's developing stablecoin market. Canada's federal stablecoin framework applies its new issuer regime to non-financial institutions. Banks and credit unions already operate under prudential regulation.
A qualifying tokenized deposit can preserve a customer's deposit claim on a bank while adding new ways to transfer or settle value digitally. Canada's stablecoin framework, by comparison, requires non-financial issuers to back fiat stablecoins with reserves and provide redemption at par.
See Canada Stablecoin Regulations Guide
It becomes important if tokenized securities, stablecoins and bank deposits eventually need to exchange value on the same financial networks. Canada's banks aren't simply exploring another digital asset. They are exploring what regulated commercial bank money could look like inside those networks.
Canada's Banks Have Shared The Plumbing Before
The idea of competitors cooperating behind the customer layer isn't new in Canadian banking. Payments, identity, cheque processing and compliance have all produced examples where financial institutions shared systems or standards, then kept competing on the services built around them.
| Collaboration | What The Banks Shared | What Happened |
| Interac | Canada's major financial institutions came together in 1984 to create a national shared cash dispensing network. | That network expanded into debit and electronic transfers. In 2025, Interac processed 7 billion debit transactions and 1.6 billion e-Transfers. |
| SecureKey | BMO, CIBC, RBC, Scotiabank, TD and Desjardins backed common digital identity infrastructure. | The institutions invested C$27 million in SecureKey in 2016. Its Canadian verification capabilities later became part of Interac. Interac Verified handled 544 million transactions in 2025. |
| Symcor | BMO, RBC and TD combined cheque processing that had previously been handled separately. | The collaboration consolidated 21 processing sites to seven and put the banks on one technology platform. |
| CanDeal Third Party Risk | All six major banks are working with CanDeal on common third party due diligence and compliance processes. | The banks and CanDeal announced their investment in February 2026. The amount wasn't disclosed and the project is still publicly described as a pilot, so there isn't a verified outcome yet. |
Interac began in 1984 because customers needed access to cash beyond their own bank's machines. Four decades later, the same network supports everyday payments and money transfers at national scale. The banks didn't need six incompatible cash networks to compete for customers.
The identity example required actual shared capital. BMO, CIBC, RBC, Scotiabank, TD and Desjardins put C$27 million into SecureKey in 2016 to commercialize a common digital identity network. Interac later acquired the Canadian rights to SecureKey's digital ID services, including Verified.Me. Interac Vrified processed 544 million transactions in 2025.
Symcor example highlights the cost argument more directly. When BMO, RBC and TD combined cheque processing in 1996, the operation cut 21 processing sites to seven while moving the banks onto one technology platform. Customers still chose among competing banks. The repetitive work behind cheque processing no longer had to be reproduced three times.
The Big Six returned to that model this year. In February, they invested with CanDeal in a common third party risk solution intended to reduce repeated supplier checks and standardize due diligence. CanDeal hasn't disclosed how much the banks invested or published enough results to judge the pilot yet.
Banks can share the plumbing where duplication adds cost, then compete on products, pricing, service and customers.
Tokenized deposits make the shared infrastructure question more practical. One bank can digitize its own deposits, but interbank use requires agreement on how the claim is preserved, how compliance controls apply and how settlement is completed. That is where common rules become necessary.
Interac's history also shows how access can impact a shared network. The Competition Bureau previously challenged Interac's restrictions that limited competitors' access to the network. The resulting agreement widened participation and required access to the technical information needed to connect. Later changes gave Interac an independent board and a for profit structure while keeping access open and non-discriminatory.
That history makes the new partnership's promise to include other deposit taking institutions worth watching. Access rules haven't been published yet. The eventual treatment of smaller banks, credit unions and other eligible institutions could determine whether the project becomes widely useful Canadian infrastructure or mainly a shared capability for its six founding banks.
See How Canada Started Opening Its Financial Infrastructure
That question is more relevant now than it would have been a few years ago. Payments Canada has widened membership, regulated payment service providers have entered federal supervision, consumer driven banking is being implemented and Canada has enacted a stablecoin framework. A new tokenized deposit system would be entering a financial market where more firms are gaining roles in payments, data and digital money.
How Other Markets Are Testing Tokenized Bank Money
Banks and payment networks elsewhere are already testing different ways to keep commercial bank money useful as financial activity becomes more programmable.
| Initiative | Current Scale Or Stage | What It Adds To The Comparison |
| Kinexys by J.P. Morgan | More than US$4 trillion processed since inception and about US$7 billion daily. | A single global bank has already taken blockchain based payments, settlement and tokenization into production at substantial volume. |
| Citi Token Services | Live 24 hours a day across participating Citi markets. | Citi uses tokenized bank money for near real time cross border payments and liquidity transfers inside its own network. |
| Great British Tokenised Deposits | Seven banks and building societies participating in a live industry pilot. | The UK is testing shared tokenized deposits against marketplace payments, remortgaging and digital asset settlement rather than leaving the use cases theoretical. |
| The Clearing House | Owned by 25 large U.S. financial institutions and developing interbank clearing and settlement for tokenized commercial bank money. | The model connects tokenized deposits with existing RTP and CHIPS payment infrastructure and says banks of all sizes will be able to participate. |
| BankChain Alliance | Thirty nine U.S. state banking associations are developing bank owned blockchain infrastructure targeted for 2027. | The proposed ownership model is designed to give community and regional banks a role in common digital money infrastructure. |
The UK project is interesting because it's testing specific jobs that tokenized deposits could do. Those include marketplace payments, remortgaging and digital asset settlement. UK Finance and EY identified more than 40 potential business benefits and estimated that tokenized deposits could generate more than £3 billion in economic benefit.
The U.S. examples take different approaches. J.P. Morgan and Citi have built their own bank networks for institutional clients. The Clearing House is taking a shared industry approach so tokenized commercial bank money can clear between institutions and connect with payment systems that already exist.
Canada hasn't yet said which structure it plans to use. The Big Six partnership could become a common platform, a set of interoperable bank issued tokens or something else. Canada's earlier bank partnerships show that sharing core infrastructure can reduce duplication. The international examples also show that the real test will be whether the system supports useful transactions at scale.
The Big Six partnership will be judged by whether it can support useful transactions at lower cost and with less duplication than existing systems.
Talking Point
Canada's largest banks have successfully shared payment, identity, processing and risk infrastructure before. Can they do the same with tokenized deposits while giving enough institutions access for the partnership to become useful national infrastructure?
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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Finland’s 39% Digital Finance Result Has Lessons For Canada
September 22, 2026 | NCFA Insight | Financial Literacy And Consumer Capability, Artificial Intelligence And Data, Cybersecurity And Fraud, Lending Consumer Credit And BNPL, Digital Assets Blockchain And Tokenization
Finland's Data Exposes Six Gaps Canada Should Measure
On September 16, 2026, the OECD published Finland's digital financial literacy strategy, backed by a survey of 2,061 adults and an comprehensive review of how people bank, borrow, invest, use artificial intelligence, encounter fraud and judge financial information online.
The headline result is uncomfortable for any country with a highly digital financial system. Only 39% of Finnish adults reached the OECD's minimum digital financial literacy benchmark. Finland is hardly a digital laggard. Internet use is nearly universal, most financial products are managed online and Finland performs above the OECD average on comparable digital financial literacy measures. Canada also has extensive financial literacy research and generally performs strongly on international measures, but no directly comparable national digital financial literacy benchmark appears to be published.
Canada starts from a similar position on access. Statistics Canada found that 94% of Canadians used the internet for personal purposes in 2022 and 82% of internet users banked online. The real gap begins after access. Can consumers judge the products, risks and advice they encounter once they are online?
10 Numbers Behind The Digital Finance Gap
| 97% / 95% | of Finnish adults used the internet daily, while 95% of current or payment account holders managed those accounts online. |
| 70/100 vs. 63/100 | was the average general digital literacy score versus the average digital financial literacy score. Only 39% reached the minimum digital financial literacy benchmark. |
| 54/100 | was the digital financial literacy score for adults aged 18 to 29, the lowest of any age group. |
| 46% / 56% | of adults aged 18 to 29 used AI for financial advice at least monthly, while 56% said they needed help using digital financial services. |
| 70% / 43% / 52% | of young adults cited friends or family, influencers and online advertising respectively as sources influencing financial product choices. |
| 32% / 35% vs. 45% | used short term online credit. Among users, 35% reached the digital financial literacy benchmark compared with 45% of non-users. |
| 16% | owned crypto-assets, about four times the OECD comparison rate used in the report. Among owners, 68% cited fun, 51% fear of missing out and 43% making money quickly, while owners performed worse than non-owners on two of three basic crypto knowledge questions. |
| 31% / 38% vs. 21% | of adults encountered at least one online financial scam or fraud in the previous two years. Exposure was 38% among people below the digital financial literacy benchmark versus 21% among those above it, rising to 56% versus 33% among young adults. |
| 41% | rarely or never checked whether an online financial provider was regulated. |
| 68% / 75% / 23% | rejected the view that online financial providers are generally trustworthy, 75% would not let their bank share financial data with other companies for personalized advice, and only 23% recognized that financial providers may use non-financial personal data in credit or insurance decisions. |
Responder percentages are interesting but the cross-section of those responses are more revealing. They show where digital adoption, financial judgment, trust and consumer protection stop moving together.
1. High Digital Use Can Hide Financial Capability Gaps
Finland has already cleared many of the hurdles normally associated with digital inclusion. Internet use is nearly universal, 95% of current or payment account holders manage those accounts online and Finnish adults scored an average 70 out of 100 on the OECD's general digital literacy measure. Yet their average digital financial literacy score fell to 63, and most adults didn't reach the minimum benchmark.
See: Open Banking’s Next Battle Is Decision Intelligence
That difference is important.
Digital literacy measures whether someone can function effectively and safely online. Digital financial literacy adds another layer by requiring consumers to understand financial products, compare alternatives, check providers, protect financial information and make informed decisions about risk. Being good at the first doesn't establish competence in the second.
Canada already recognizes this. The National Financial Literacy Strategy treats digital access and digital literacy as related but separate issues and calls for consumers to develop the skills needed to navigate an increasingly digital financial marketplace.
The Canadian numbers show why access alone isn't enough. Among internet users in 2022, only 54% of people without a high school diploma banked online, compared with 70% of adults aged 65 and older and 73% of people in the lowest income group. Access is high overall, but participation is uneven. Measuring internet or online banking use alone won't show whether Canadians understand the financial decisions they make once they are online.
2. Young Adults Use More AI And Need More Financial Help
The age results overturn an easy assumption about digital finance. Finland's youngest adults are among its most active users of newer technology, yet they recorded the weakest digital financial literacy score. Almost half of 18 to 29 year olds used AI for financial advice at least monthly, while more than half said they needed help with digital financial services.
The information environment is different for this group too. Seventy per cent said recommendations from friends, family or acquaintances influenced financial product choices. Forty three per cent cited influencers and 52% cited online advertising. The issue isn't whether young adults can find financial information. They have more sources competing for their attention than previous generations did.
The OSC's Canadian finfluencer research found that 82% of investors aged 18 to 24 use social media for investment information. In a separate experiment, 38% of participants exposed to promotional investment content bought the promoted asset versus 8% in the control group.
AI now adds a personalized, conversational source that exists beside social media, advertising, financial institutions and licensed advisers. Financial capability for younger Canadians therefore has to include source verification, recognizing promotional content, understanding when regulated advice is required and checking an AI answer before acting on it. Teaching someone how to operate a financial app addresses a different problem.
3. Faster Borrowing And Investing Demand Better Decisions
Digital finance can improve access and lower costs, but it can also shorten the time available to understand a financial commitment.
Finland's short term credit data highlights the problem. Users of online credit products had lower digital financial literacy than non-users and were more likely to report impulsive online purchasing. Only 35% of users reached the minimum literacy benchmark, compared with 45% of non-users.
Crypto shows the same tension from the investment side. Finland's crypto ownership rate was four times the OECD comparison rate used in the report. Participation was particularly high among younger adults, yet owners performed worse than non-owners on two of three basic crypto knowledge questions. The reasons for owning also mixed investing with experimentation, entertainment, fear of missing out and the desire to make money quickly.
Canada has already reached substantial crypto participation. The OSC's 2025 Canadian crypto survey found that 25% of Canadian adults currently owned crypto-assets. Meanwhile, Canada's BNPL market continues to make small amounts of credit available directly inside checkout flows, while credit reporting remains inconsistent across providers and bureaus.
See: Buy Now, Pay Later And Your Credit File In Canada
Canada already requires financial knowledge to be delivered when it's relevant and before a consumer commits. Digital products can do this far more precisely than a classroom or generic information page. Total borrowing cost can appear before a BNPL commitment. An investing app can explain concentration or volatility while an order is being prepared. A crypto platform can surface custody, loss and regulatory information before funds leave the account.
Less friction in the transaction makes that moment more important, not less.
4. Fraud Shows What Capability Gaps Can Cost
Finland's strongest link between literacy and a real financial outcome appears in its fraud data. Adults below the digital financial literacy benchmark were exposed to scams and fraud at almost twice the rate of those above it. Among young adults, exposure reached 56% for people with lower literacy versus 33% among their higher literacy peers.
One behaviour jumps out. Four in ten Finnish adults rarely or never checked whether an online financial provider was regulated before buying a financial product. That's a serious weakness when consumers can discover an investment, lender, crypto platform or purported adviser through a social post, advertisement, search result or AI conversation and transact minutes later.
Canada doesn't need Finnish data to establish that fraud is a major domestic problem. Canadians reported more than $704 million in fraud losses in 2025, according to the federal government's National Anti-Fraud Strategy consultation, and only an estimated 5% to 10% of incidents are reported. Fraudsters are also using AI and operating across financial services, telecom, social media and other channels.
Financial education can improve the odds that someone recognizes a warning sign, but Finland doesn't assign the problem to consumers alone. Its strategy pairs literacy with security controls, clear institutional warnings, consumer protection, reporting processes and coordination among financial firms and public agencies.
See: How Fraud Broke The Old Rules Of Trust And Verification
Canada can apply the same logic by making provider verification much easier. Before sending money, consumers should be able to answer four basic questions quickly: Who operates this service? Is it regulated? What protections apply? Where do I report a problem? Teaching consumers to verify a provider works better when the verification itself isn't difficult.
5. Digital Use Can Rise While Trust Stays Low
Finland also shows why transaction volume doesn't tell us how consumers feel about the financial system underneath it. Digital financial services are deeply embedded in everyday life, yet 68% of adults rejected the statement that online financial providers are generally trustworthy. Three quarters wouldn't allow their bank to share financial information with other companies for personalized financial advice.
At the same time, only 23% correctly recognized that financial providers may use non-financial personal data, including social media information, when making credit or insurance decisions. Consumers can therefore be cautious about data use without fully understanding how data-driven finance works.
That has direct relevance for Canadian consumer-driven banking, AI-powered financial services and future forms of financial data portability. Consent can't do all the work. A customer also needs to understand who receives the information, what can be inferred from it, what decision it may influence and what rights apply afterward.
See: Canada's Open Banking Strategy Starts With Trust
This is where data literacy becomes financial literacy. A useful Canadian strategy should measure whether consumers understand the consequences of sharing financial and non-financial data, rather than treating acceptance of a disclosure screen as evidence of informed participation.
6. Canada Needs A Better Measure Of Digital Financial Capability
FCAC's strategy already calls for digital literacy, trustworthy financial help, behavioural design, stronger consumer protection and just in time information. Its 2026 to 2029 strategic plan is now operating in a market where AI, fraud and new financial products continue to increase the demands placed on consumers.
Finland receives kudos for applying the OECD digital financial literacy framework to a nationally representative survey and using the results to identify where digital financial capability is weakest. The framework combines financial knowledge, behaviour and attitudes into one digital financial literacy score. It also tests whether people understand digital contracts and crypto risk, compare alternatives, check whether providers are regulated, protect their credentials and recognize unsafe online behaviour. That gives policymakers a way to compare groups and connect capability with outcomes such as fraud exposure.
Canada has useful national measures of internet use, online banking, financial resilience, fraud, investment behaviour and digital access, but no current nationally representative benchmark appears to combine these digital financial capabilities and report the share of adults who meet a common minimum standard.
Canada could measure whether a young adult using AI for investing has the same capability as someone using a bank adviser, whether people taking digital credit understand total obligations, whether crypto owners understand loss and custody risk, whether consumers can verify online providers and whether people know what happens to data after they consent to sharing it.
The measures should also follow outcomes. Finland proposes evaluating whether programmes change knowledge and behaviour instead of relying on page views, campaign reach or course participation. Canada could go further by connecting digital financial capability with fraud losses and reporting, debt stress, complaints, switching behaviour and other observable outcomes.
That would also help separate problems that education can address from problems that require better product design, supervision or consumer protection. A consumer shouldn't need expert knowledge to compensate for a confusing interface, hidden cost, weak fraud control or misleading recommendation.
What Canada Should Take From Finland's Results
1. Measure what people can do after they get online. Internet access and online banking tell us who can participate. They don't tell us whether someone can compare products, understand the risk, check a provider or recognize when something looks wrong.
2. Don't mistake digital confidence for financial capability. Younger adults may be highly comfortable with apps, AI, crypto and social media while still needing help judging financial information and risk. Canada's approach to younger consumers should reflect that difference.
3. Give people the right information before they commit. Borrowing costs, investment risk, provider status, data use and complaint rights are most useful while someone is deciding whether to borrow, invest, share data or send money.
See: AI In Canadian Financial Advice And The Governance Standards That Must Be Followed
4. Make it easy to check who you're dealing with. Consumers shouldn't have to search through several regulatory websites to find out whether a lender, investment platform or adviser is legitimate, who regulates it and what protections apply.
5. Tie financial literacy to Canada's fraud response. Knowing that scams exist isn't enough. Canada should measure whether people can recognize a suspicious approach, verify it, stop a payment, report the incident and understand what to do next.
6. Judge financial education by what people understand and do differently. Page views, downloads and campaign reach show whether information was seen. The more useful measures are whether people make better decisions, avoid preventable losses and know where to turn when something goes wrong.
Finland's 39% result isn't evidence that Canada's number would be the same. It is evidence that high digital adoption can conceal weaknesses that adoption data won't reveal. Canada already knows how many people get online and how many bank there, but do they know whether people can make sound financial decisions once they arrive.
Talking Point
Canada can measure how quickly consumers adopt digital finance. Should its next financial literacy strategy also establish how many Canadians have the minimum capability to use it safely?
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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Mastercard, Flybits Complete AI Purchase With Rogers Bank
September 21, 2026 | NCFA Market Activity | Artificial Intelligence And Data, Payments Infrastructure And Money Movement, Banking And Credit Infrastructure, Risk Compliance And Regtech
Flybits AI Agent Buys With Rogers Card Using Agent Pay
On September 21, 2026, Mastercard Canada, Toronto based Flybits and Rogers Bank announced a Mastercard Agent Pay purchase completed by an AI shopping assistant using a Rogers Red Mastercard. Mastercard describes it as Canada's first successful deployment connecting an AI commerce platform, card issuer and payment network.
The customer gave the Flybits powered assistant instructions and a spending limit. The agent found an eligible product within those conditions and completed the purchase using Mastercard Agent Pay. Flybits supplied the AI shopping experience and explainability around the selection, Rogers Bank supplied the card relationship, and Mastercard handled the payment through its network.
The AI went beyond recommending a product. It entered the payment process after the customer had already set the buying instructions and budget. Mastercard says the purchase was completed, although they didn't mention the merchant, transaction amount, exact payment credential or settlement details.
It's a Rogers Bank service that is still being tested and is not yet available to customers. Having said that, the companies describe a successful deployment and say further phases are planned. One completed transaction shows the workflow can function with a real issuer and payment network, but not yet if it can handle thousands of customers and merchants at scale including handling disputes.
Mastercard Agent Pay Limits What the AI Can Spend
Card networks already know how to authorize card payments. Agentic commerce adds a new control problem because the issuer and merchant need to know that the software had permission to make the purchase and stayed within the customer's instructions. Mastercard says the consumer's instructions were validated in this transaction and the agent operated within a predefined spending limit.
The agent wasn't given an open right to spend against the card. Mastercard hasn't disclosed whether the customer approved the exact product again before checkout, how long the authority remained active, whether permission could be revoked after the instruction was issued or how much detail the customer could inspect before payment. Those details become important once consumers allow software to make more of the buying decision for them.
Mastercard Agent Pay is built to keep the consumer, software agent and payment credential identifiable inside the transaction. That can give issuers and merchants a record of which customer granted authority, which agent acted and whether the payment stayed within the customer's conditions. Once software starts buying instead of only recommending, those records become part of the payment control.
See: AI Agents Gain Identity and Wallet Access WCGW
Flybits handled the AI shopping experience. Its software interpreted the customer's request, selected a product and provided an explanation for that choice. If the purchase is disputed later, the bank may need to see what the customer asked for, why the agent chose that item and whether it stayed within the approved budget.
Mastercard also offers Agent Connect to link AI agents with merchants and payment providers. The Rogers Bank and Flybits transaction goes a step further by showing an AI agent using a Canadian issued card to complete a purchase.
Flybits also plans to use Mastercard Insight Tokens in later phases. These are designed to let an AI agent use approved customer information without giving it unrestricted access to raw data. They were not part of the September 21 transaction.
Rogers Purchase Prioritizes AI Payment Liability
Existing card protections still apply to the payment underneath the AI experience. Rogers Bank and Mastercard continue to operate within fraud, dispute and network rules.
What happens when a customer genuinely authorizes software to spend but later argues that the agent misunderstood the request, chose the wrong product or bought something outside what the customer intended.
A customer might tell an agent to buy an eligible product for less than C$100 and receive a C$95 item that fits the budget but misses an important preference. The card credential may have been used legitimately and the amount may stay inside the approved ceiling, yet the customer can still dispute what the software decided to buy. That is very different from resolving a stolen card number or account takeover.
Today's announcement doesn't establish new liability rules for that situation. It also doesn't explain how responsibility would be divided among the consumer, Flybits, Rogers Bank, Mastercard and the merchant if valid payment credentials were used but the agent acted outside the customer's intended instructions. Earlier NCFA analysis of AI payment consent reached the same operating issue from the regulatory side: delegated software needs clear limits around what the user has actually authorized.
That makes transaction records commercially important. An issuer may need evidence showing who authenticated the request, which agent acted, what instructions were active, what spending ceiling applied and what the software ultimately purchased. Merchants need similar visibility to separate legitimate shopping agents from fraud bots and automated abuse. Mastercard Canada's Craig Reiff summarized the commercial constraint directly when he said “trust will determine how quickly these experiences scale.”
See: Nuvei and Visa Complete Agent Payment
Mastercard isn't working on this problem alone. Visa is developing agent payment controls, while Stripe and Google are building infrastructure that lets software agents transact within defined permissions. Canada already has another live reference point. In July, Nuvei completed a Visa agentic commerce proof of concept using a tokenized Visa credential and live payment rails, with planned controls including Know Your Agent checks and agent risk scoring. That transaction involved a merchant AI agent, so it isn't the same consumer shopping use case as today's Rogers Bank purchase.
For Canadian banks and fintechs, the Rogers transaction brings agent authority into an operating card flow. A regulated issuer has now participated in a purchase where software interpreted customer instructions, selected a product and proceeded to payment within a spending ceiling. That gives banks something concrete to assess across fraud controls, audit records, customer consent and dispute handling.
Mastercard's August survey found that 41% of 2,000 Canadian adults were open to using AI assistants for online shopping. Among respondents who already felt positively about AI shopping assistants, 53% were open to AI assisted purchasing within preset preferences and budgets. That second figure applies to the favourable subgroup rather than all Canadians, and the research was commissioned by Mastercard.
Talking Point
The Rogers Bank transaction shows that an AI agent can select a product and complete a card purchase inside a customer defined spending limit. However, when an agent buys something the customer didn't expect, can the payment record prove what the customer actually authorized and who is responsible for the decision?
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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NCFA Weekly Fintech Intelligence Sep 12-18, 2026
Sep 12, 2026 | Last Updated Sep 22, 2026 | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Regulation And Policy, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Cross Border Payments And FX, Lending Consumer Credit And BNPL, Cybersecurity Fraud And Financial Crime
] Image: Freepik
This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, February 21-27, 2026, February 28-March 6, 2026, March 7-13, 2026, March 14-20, 2026, March 21-27, 2026, March 28-April 3, 2026, April 4-10, 2026, April 11-17, 2026, April 18-24, 2026, April 25-May 1, 2026, May 2-8, 2026, May 9-15, 2026, May 16-22, 2026, May 23-29, 2026, May 30-June 5, 2026, June 6-12, 2026, June 13-19, 2026, June 20-26, 2026, June 27-July 3, 2026, July 4-July 10, 2026, July 11-July 17, 2026, July 18-24, 2026, July 25-July 31 2026, August 1-August 7, 2026, August 8-August 14, 2026, August 15-August 21, 2026, August 22-August 28, 2026, August 29-September 4, 2026, September 5-September 11, 2026).
Weekly Fintech Market Intelligence Sep 12 - Sep 18, 2026
Capital Markets Infrastructure And Funding
CFTC Broadens Registration Relief for Passive Trading Software
September 17, 2026, United States
- The CFTC Market Participants Division issued a no action position for providers of passive software that facilitates trading with registered futures commission merchants, introducing brokers and designated contract markets.
- Subject to specified conditions, staff will not recommend enforcement for failure by qualifying providers or relevant personnel to register as introducing brokers or associated persons.
- The position is similar to relief granted earlier in Staff Letter 26-09 but is now broadly available to passive software providers that meet the conditions.
The relief gives trading apps, software developers and wallet interfaces a clearer way to connect users with regulated derivatives markets without automatically entering the introducing broker registration perimeter. Firms still need to test their activities against the letter's conditions, especially where software takes a more active role in solicitation or execution.
SEC Opens Five Year Pathway for Tokenized U.S. Stock Trading
September 17, 2026, United States
- The SEC granted temporary conditional relief allowing Tokenized Securities Venues to trade tokenized National Market System stocks through permissioned automated market makers and liquidity pools.
- Eligible venues receive conditional relief from the Exchange Act definition of an exchange, while qualifying liquidity providers can receive temporary relief from the dealer definition.
- Conditions include equivalent shareholder rights, issuer notification for certain third party tokenization, public and auditable smart contracts, synchronized trading halts and limits on trading activity. The exemptions expire five years after publication.
Tokenized U.S. equities now have a defined regulatory route for limited onchain secondary trading. Venues, liquidity providers and infrastructure firms can assess whether their technology, custody, smart contracts and market controls meet the conditions rather than waiting for a complete rewrite of securities market rules.
Portage Closes US$600M Fintech Ventures IV
September 16, 2026, Canada / Global
- Portage closed Ventures IV at US$600 million, adding another large dedicated pool of capital for fintech and financial services companies.
- The fund includes commitments from existing institutional investors and new strategic limited partners including Broadridge and Fifth Third Bank.
- Portage invests across financial services categories including banking, insurance, consumer and SME finance, wealth management and fintech infrastructure.
A US$600 million final close gives one of Canada's largest fintech investors substantial capital to deploy while venture markets remain selective. The size of the fund also keeps Canadian based investment capacity relevant in financing fintech companies that may need several rounds of private capital before reaching an acquisition or public market.
Canada Investment Summit Mobilizes Nearly C$500B
September 15, 2026, Canada
- The federal government says the first Canada Investment Summit resulted in nearly C$500 billion in new investment commitments, including almost C$325 billion of financing from major Canadian banks and nearly C$100 billion from pension funds, insurers and institutional investors.
- CPP Investments and Brookfield launched the C$50 billion Maple Fund, while TD committed C$150 billion, Scotiabank more than C$100 billion and BMO C$70 billion for Canadian businesses, infrastructure and strategic sectors.
- The government also announced a Productivity Mega Deduction that expands immediate deductions for business assets and says Canada's marginal effective tax rate on new investment will fall from roughly 13% to 6.4%.
Canada is putting much larger pools of private financing beside more aggressive investment tax treatment. The question for fintech and technology companies is how much of that capital reaches growth businesses, AI, cybersecurity and commercialization. NCFA's RBCx scaleup analysis shows why Canadian companies still need more late stage domestic capital to scale at home.
Regulation And Policy
FCA Finalizes Crypto Perimeter Guidance Ahead of 2027 Regime
September 16, 2026, United Kingdom
- The FCA published final perimeter guidance explaining which cryptoasset activities may require authorization under the UK's new regulatory regime, including stablecoin issuance, trading platforms, dealing, arranging, safeguarding and staking.
- The expanded regulatory perimeter takes effect October 25, 2027. Existing FSMA authorizations, MLR registrations and payment or e-money permissions will not automatically cover newly regulated cryptoasset activities.
- The authorization application window opens September 30, 2026 and closes February 28, 2027 for firms seeking access to the savings provisions.
UK crypto firms now have a defined test for which activities require permission and a live timetable for entering the new regime. Firms need to map each product, custody arrangement, trading function and technical role to the perimeter before the application window closes, rather than relying on existing registrations to carry forward.
U.S. Senate Fails to Advance CLARITY Act
September 15, 2026, United States
- The U.S. Senate voted 50-49 on the procedural motion to advance the CLARITY Act, short of the 60 votes required to end debate and proceed.
- The legislation would establish a federal market structure for digital assets and divide regulatory responsibilities between the Securities and Exchange Commission and Commodity Futures Trading Commission.
- The failed procedural vote leaves the bill stalled unless Senate leaders bring it back for reconsideration or pursue another legislative approach.
The Senate vote leaves U.S. digital asset firms without the federal market structure framework the bill was intended to establish. Exchanges, issuers and other market participants remain exposed to existing SEC and CFTC rules while Congress decides whether the legislation can be revived.
Canada Fast Tracks Tax Rulings For C$1B Investments
September 14, 2026, Canada
- The Canada Revenue Agency is prioritizing Advance Income Tax Ruling requests tied to investments of C$1 billion or more, effective September 14.
- Advance rulings give taxpayers a binding CRA determination on how Canadian tax law applies to proposed transactions before capital is committed.
- The measure implements the Spring Economic Update commitment to prioritize rulings for large projects, productivity enhancing investment and projects in critical sectors.
Tax certainty is becoming part of Canada's large investment toolkit. Faster binding rulings can affect financing structures, project economics and investment approvals when tax treatment needs to be settled before significant capital is committed.
FCA Seeks Views On Tokenized Gold
September 14, 2026, United Kingdom
- The Financial Conduct Authority is seeking views on whether tokenized gold could improve how gold is traded, transferred, pledged and held in UK markets.
- The FCA is examining whether regulatory treatment could support efficiency and competitiveness while maintaining market integrity and consumer protection, with feedback due October 23.
- The work follows the FCA and Bank of England's wholesale tokenization review, where market participants raised gold as a potential tokenized asset and collateral use case.
The FCA has taken tokenized gold beyond the exploratory stage covered in NCFA's earlier wholesale collateral analysis. Market participants now have a defined regulatory input window on ownership, transfer, pledging and potential market treatment before authorities decide whether more specific rules are warranted.
Digital Assets Blockchain And Tokenization
OCC Conditionally Approves Bastion National Trust Bank Conversion
September 18, 2026, United States
- The OCC conditionally approved Bastion Platforms Trust Company's conversion from a New York state trust company into Bastion Platforms National Trust Company, an uninsured national trust bank.
- The approved business plan includes white label stablecoin issuance, fiduciary custodial wallets, conversion services for custody customers and issuer services for other regulated stablecoin issuers.
- The bank will not take deposits or carry FDIC insurance. Bastion must complete the OCC's conversion requirements before operating under the national charter.
Bastion now has a federal route for bringing stablecoin issuance, custody and conversion infrastructure under one OCC supervised trust bank structure. Enterprise clients evaluating white label stablecoin programs gain another federally supervised infrastructure provider, while Bastion still needs to complete the conversion requirements before operating under the national charter.
OCC Gives Agora Preliminary National Trust Bank Approval
September 18, 2026, United States
- The OCC granted preliminary conditional approval for Agora National Trust Bank, a proposed uninsured national trust bank owned by Agora Atlas Corp.
- The proposed bank would support dollar backed stablecoin issuance and reserve maintenance, digital asset custody, payment and settlement services, cross border transactions and fiduciary investment advisory services for institutional customers.
- Agora plans to transition AUSD issuance from Agora Bermuda to the bank after establishment. Final approval and authorization to commence business remain subject to OCC preopening requirements.
Agora now has a federal charter route for moving AUSD issuance, custody and transaction services into an OCC supervised trust bank. The approval gives institutional stablecoin infrastructure a clearer federal operating structure, but Agora cannot begin business through the proposed bank until it satisfies the OCC's preopening conditions.
Hong Kong Sets Digital Asset and Tokenization Priorities for 2026
September 16, 2026, Hong Kong
- Hong Kong's 2026 Policy Address calls for enhanced virtual asset licensing regimes and more specific regulatory guidance for virtual asset service providers.
- The government plans to improve the regulatory framework for tokenized investment products, including gold and other suitable real world assets on licensed platforms, and promote regulated stablecoin trading and their use in settling tokenized money market funds.
- The Hong Kong Monetary Authority plans to implement central bank digital currency settlement and 24/7 operations under EnsembleTX around the end of 2026 while continuing work on additional tokenized deposit use cases.
Hong Kong is coordinating licensing, tokenized securities, stablecoins and settlement infrastructure within one policy program rather than treating them as separate initiatives. Financial institutions and digital asset firms can plan against a clearer sequence of regulated distribution, tokenized cash settlement and round the clock infrastructure as the individual measures are implemented.
Standard Chartered Adds LMAX Digital Asset Custody
September 16, 2026, Luxembourg / United Arab Emirates
- Standard Chartered has been appointed digital asset custodian for LMAX Group through Standard Chartered Luxembourg and its DFSA regulated DIFC branch.
- LMAX is the first client onboarded to Standard Chartered Luxembourg's digital asset custody platform following the bank's MiCA authorization.
- The custody relationship expands a partnership that already includes live institutional digital asset prime brokerage trades completed by Standard Chartered and LMAX in July.
LMAX is now using Standard Chartered for regulated institutional custody in both Europe and the Middle East. The arrangement gives the bank a live client for its Luxembourg custody platform and extends the pair's relationship from trading and credit intermediation into asset safekeeping.
Lending Consumer Credit And BNPL
Credit Acceptance Settlement Imposes New Subprime Auto Lending Controls
September 17, 2026, United States
- A coalition of 41 states secured a settlement with Credit Acceptance Corporation providing US$694 million in cash and debt relief connected with consumer auto loans.
- The agreement includes US$60 million in cash restitution, US$388 million in debt relief for certain borrowers whose vehicles were repossessed and US$246 million for qualifying borrowers whose vehicles were not repossessed.
- Operating requirements include loan risk disclosures, protections for certain loans that fail quickly, vehicle price limits for specified borrowers, dealer monitoring and controls around vehicle service contract and GAP product sales.
The settlement reaches directly into loan design, pricing, disclosure and dealer oversight rather than ending with a financial penalty. Auto lenders and lending platforms serving higher risk borrowers should review affordability controls, dealer incentives, add on products and post origination relief processes against the practices targeted by the agreement.
Artificial Intelligence And Data
OCC Gives Catena Preliminary National Trust Bank Approval
September 18, 2026, United States
- The OCC granted preliminary conditional approval for Catena Trust Bank, N.A., a proposed national trust bank owned by Catena Labs.
- The proposed bank would provide custody, investment management, trust, conversion, clearing and execution services across fiat currency, investment securities and digital assets, including payment stablecoins.
- Catena is building the institution around financial activity by AI agents, with controls for credentials, authority and policy enforcement. Final approval and authorization to open remain subject to OCC preopening requirements.
Catena puts an AI agent focused financial model inside the federal trust bank charter process. If it completes the OCC requirements, businesses could combine agent permissions with custody, investment management and transaction services under one supervised institution, creating a regulated test case for how autonomous software can be given financial authority without removing business control.
Digital Banking And BaaS
Revolut Secures Colombia Banking Licence
September 15, 2026, Colombia
- Revolut received its licence to operate from Colombia's Superintendencia Financiera, completing the final regulatory requirement before it can launch banking services in the country.
- The approval brings Revolut's banking licences to six markets worldwide, alongside the United Kingdom, France, Australia, Lithuania and Mexico.
- Revolut says around 200,000 Colombians have already joined its waitlist ahead of launch.
Colombia gives Revolut another market where it can operate through its own regulated bank rather than relying only on partner institutions. The approval follows its recent conditional U.S. bank approval, showing how the company is assembling local banking permissions market by market while retaining one global product and technology platform.
Open Banking Open Finance And Data Sharing
AIB Enforces Open Banking API v4.0.1
September 14, 2026, Ireland / United Kingdom
- AIB ROI and AIB UK updated their Open Banking APIs to Open Banking Limited specification v4.0.1 on September 14.
- Requests submitted from September 14 must align with v4.0.1, and AIB warns that requests that don't comply with the latest specification may be rejected.
- The API endpoints remain unchanged, while the update includes changes to the Referred Document Amount schema and regex requirements.
Open Banking API versioning is now a production dependency for firms connected to AIB. Third party providers need current payloads and validation rules in production because specification mismatches can translate directly into rejected requests and disrupted customer flows.
Payments Infrastructure And Money Movement
Saudi And Qatar National Cards Begin Cross Border Acceptance
September 15, 2026, Saudi Arabia / Qatar
- The Saudi Central Bank and Qatar Central Bank began a gradual rollout allowing Saudi mada cards to be accepted in Qatar and Qatar's HIMYAN cards to be accepted in Saudi Arabia.
- The rollout follows completion of technical and operational integration between the two national payment systems.
- The connection builds on GCC-NET, which supports ATM withdrawals and point of sale payments using national debit cards across Gulf Cooperation Council markets.
Two national card systems are becoming directly usable across each other's markets without requiring a separate international card product. For banks, payment providers and merchants in the Gulf, deeper national network interoperability can lower reliance on additional payment layers while giving customers more ways to use domestic cards when travelling across the region.
Pidgin Opens FedNow and RTP Access to Nearly 300 Credit Unions
September 15, 2026, United States
- Millennium Corporate Credit Union is giving nearly 300 member credit unions access to FedNow, The Clearing House RTP network and stablecoin capabilities through Pidgin's unified payments platform.
- Pidgin connects core processing, digital banking applications and multiple payment networks while keeping funds at the financial institution rather than in a fintech controlled holding account.
- More than 1,000 community financial institutions now have access to Pidgin's instant payment capabilities through its clients, including more than 100 institutions using the platform directly.
Instant payment access is reaching smaller financial institutions through shared infrastructure rather than individual rail integrations. Credit unions can add FedNow, RTP and future digital payment capabilities while retaining their core systems and control of member funds, reducing one of the technical barriers that can separate community institutions from larger banks.
ECB Opens Digital Euro Pilot to Online and Mobile Merchants
September 15, 2026, Euro Area
- The Eurosystem opened applications for ecommerce and mobile commerce merchants operating in the euro area to participate in the digital euro pilot.
- The merchant call follows the selection of participating payment service providers and will use a beta version of the digital euro.
- The pilot will test technical functionality, operational processes and user experience through payments involving a limited group of individual and business users.
The digital euro program is entering practical merchant and payment provider testing rather than remaining a design exercise. Participating firms can now test integration, checkout, payment acceptance and operational workflows, giving the Eurosystem direct evidence on how a potential digital euro would function inside everyday commerce.
HKDAP Runs Through Live Enterprise Settlement Workflows
September 14, 2026, Hong Kong
- Payment Asia, OSL and Anchorpoint implemented B2B settlement using HKDAP, a regulated Hong Kong dollar backed stablecoin, across real logistics and hospitality transactions.
- The workflow covered fiat funding, token minting, business payment, same day reconciliation, redemption and burn, linking each settlement to verified commercial records.
- Payment Asia used HKDAP to settle completed logistics services with ShipAny and eligible hotel, day stay and workspace services booked through Flow.
Regulated stablecoin infrastructure is entering ordinary business settlement rather than stopping at issuance and transfer tests. The workflow adds operating evidence to NCFA's question of whether stablecoins are becoming payment infrastructure, with treasury value now depending on reconciliation, redemption and commercial recordkeeping as much as token transfer.
Cross Border Payments And FX
Banking Circle Expands OSL Settlement to Six Major Currencies
September 15, 2026, Europe / Asia Pacific / Global
- Banking Circle expanded its OSL relationship beyond EUR by adding AUD, GBP, HKD, SGD and USD settlement coverage.
- OSL institutional clients can receive, convert and settle funds through BC-Now, Banking Circle's 24/7 instant payment network, across the expanded currency set.
- The arrangement gives OSL one regulated banking infrastructure connection for multi-currency settlement rather than requiring separate banking relationships in each market.
OSL can now handle funding and settlement across six major currencies through one banking relationship instead of assembling separate connections market by market. For institutional digital asset clients, that can simplify fiat access, treasury operations and liquidity management while keeping settlement connected to regulated banking infrastructure.
Thunes Adds Payout Access Across Six Middle East Markets
September 14, 2026, Middle East / Global
- Thunes expanded its Direct Global Network into Bahrain, Lebanon, Oman, South Yemen, Syria and the United Arab Emirates.
- Network members can now process local currency payouts to bank accounts, mobile wallets and cash pickup locations depending on the destination market.
- Members can access the new payout coverage through direct API integration or existing Swift connectivity, extending a network that Thunes says reaches more than 140 countries and 90 currencies.
The expansion gives Thunes customers more ways to reach recipients across six additional markets through one network connection. That reduces the number of local payout relationships a cross border provider needs to manage while extending access across bank accounts, wallets and cash pickup channels.
Risk Compliance And Regtech
EBA Finalizes Third Party Risk Guidelines for Non ICT Services
September 18, 2026, European Union
- The European Banking Authority published final guidelines for managing third party risk involving non ICT services, with particular focus on arrangements supporting critical or important functions.
- The guidelines cover the full lifecycle of third party relationships, including risk assessment, due diligence, contracting, subcontracting, monitoring, documentation and exit strategies.
- A two year transitional period will support implementation. Once applicable, the guidelines will replace the EBA's existing Guidelines on outsourcing arrangements.
European financial institutions will need to extend structured third party risk controls beyond ICT services into other critical outsourced functions. Banks, payment firms, investment firms and cryptoasset businesses should review how they identify material providers, document due diligence, monitor subcontracting and plan exits as the new framework replaces the existing outsourcing regime.
Cybersecurity Fraud And Financial Crime
S&P Global Agrees to Acquire OpenZeppelin
September 17, 2026, United States / Global
- S&P Global agreed to acquire OpenZeppelin, whose smart contract security services and open source contract libraries support infrastructure used across stablecoins, tokenized funds, DeFi protocols and institutional digital asset markets.
- OpenZeppelin Contracts underpin more than US$37 trillion in value transferred, and the company has completed more than 900 security engagements for protocols and institutions.
- S&P Global plans to combine OpenZeppelin's onchain security expertise with its risk assessment, benchmarks and institutional distribution capabilities. OpenZeppelin will continue operating as a separate business unit after closing.
The acquisition places widely used smart contract security infrastructure inside a major institutional ratings and market intelligence group. Banks, asset managers and tokenization firms could gain broader access to onchain security assessment and benchmarking, while control of a key security provider shifts closer to the institutions building regulated digital asset products.
Weekly Close
Capital is available, but access is being defined more tightly through licences, exemptions, APIs, settlement rails and operating controls. For Canadian fintechs, the way forward is to stay abreast of these changes early and building around the permissions, infrastructure and compliance requirements before they become standard market expectations.
Get the weekly Whisperer and related market intelligence through NCFA's newsletter, view the latest fintech insights, industry research, or launch into emerging financial innovation opportunities.
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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QCAD Goes Live on Arc With 24/7 Onchain Settlement
September 17, 2026 | NCFA Market Activity | Digital Assets Blockchain And Tokenization, Payments Infrastructure And Money Movement, Cross Border Payments And FX, Regulation And Policy
Canadian Dollar Stablecoin Adds Live QCAD and USDC Settlement
On September 16, 2026, Stablecorp announced that QCAD is live on Arc, moving a Canadian dollar stablecoin that Stablecorp previously tested with Circle's StableFX infrastructure into production. Arc is Circle's blockchain for financial markets, while StableFX provides an institutional foreign exchange layer where supported stablecoins can trade and settle onchain.
For Canadian fintechs, payment companies and treasury teams, QCAD now provides a Canadian dollar route into that infrastructure. Once Canadian dollars are represented as QCAD, eligible institutions can transfer the value on Arc and exchange QCAD against USDC through StableFX without waiting for a conventional foreign exchange desk to open. Circle lists QCAD among the local stablecoins supported by StableFX, with USDC providing access to a much larger pool of digital U.S. dollar liquidity.
QCAD Digital Trust issues the token, while Stablecorp Digital Currencies acts as administrator and servicer. Stablecorp says each QCAD is backed one for one by Canadian dollar reserves held at regulated financial institutions, with daily reserve reporting and independent monthly attestations. The product currently targets institutional users rather than direct retail distribution.
What Actually Runs Around the Clock
StableFX combines a request for quote process with payment versus payment settlement on Arc. An institution requests an exchange rate, accepts a quote and funds its side of the trade. The counterparty funds the other side, and the smart contract completes settlement when both obligations are ready. Either both sides settle or neither does, reducing the risk that one party delivers funds while the other does not.
Circle says this onchain settlement layer operates 24 hours a day, seven days a week, including weekends and holidays. Settlement can occur near instantly once both sides are funded, although timing still depends on network conditions and counterparties being ready to complete the trade.
Circle provides the StableFX infrastructure and access to USDC liquidity, while Stablecorp controls QCAD minting and redemption through its own banking and authorized participant arrangements. Getting Canadian dollars into QCAD or redeeming QCAD back into a bank account can therefore depend on those institutions even when QCAD and USDC can continue settling onchain.
A business shouldn't read 24/7 settlement as 24/7 access to every Canadian bank account. The continuous part begins once value is already represented as QCAD or another supported stablecoin. A payment company holding USDC could exchange into QCAD when it needs Canadian dollar liquidity, while a treasury team holding QCAD could settle into USDC outside normal foreign exchange hours without requiring a conventional correspondent bank for that onchain exchange.
See: Are Stablecoins Becoming Payment Infrastructure?
Those capabilities can reduce some settlement delays and the need to maintain separate foreign exchange relationships for every currency pair. They don't remove banking, custody, compliance or redemption requirements. The commercial benefit depends on how much of a company's payment or treasury workflow can remain in tokenized form before money needs to return to a conventional bank account.
QCAD Enters a More Regulated Canadian Market
QCAD operates today under Canada's existing regulatory structure rather than the new federal stablecoin rules that are still being implemented. QCAD Digital Trust has an approved prospectus under the Canadian Securities Administrators' interim framework for value referenced crypto assets. Stablecorp Digital Currencies is also registered with the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, as a money services business.
Canada has enacted the Stablecoin Act, but its main operating requirements aren't yet in force. The federal government expects the framework to take effect in 2027 after supporting regulations are completed. Under the new system, nonbank issuers of fiat backed stablecoins will register with and be supervised by the Bank of Canada, maintain reserves equal to at least the value of stablecoins issued, provide redemption at par and meet governance, risk, data security and disclosure requirements.
The Canadian stablecoin framework also operates alongside payments rules, anti money laundering requirements and securities regulation. QCAD's presence on Arc therefore changes where Canadian dollar digital value can settle, but it doesn't remove the issuer, custody, payments and financial crime obligations around the product.
Canada is also developing digital money inside banks. On September 10, the Office of the Superintendent of Financial Institutions clarified that tokenized bank deposits remain deposits in law even when technology changes how the deposit is represented or transferred. QCAD connects Canadian dollar value to public blockchain settlement through a separately backed token, while a tokenized deposit remains a liability of the bank. Both can support digital settlement through different legal and operational structures.
TD is already involved across several of these models. Stablecorp selected TD in July to become a primary custodian of QCAD reserve assets, while TD is also involved with tokenized deposits and has joined the 21 institution stablecoin venture with Scotiabank that targets a U.S. dollar product in 2027. The products aren't direct competitors today, but their development shows that Canadian financial institutions are testing several ways to connect deposits, stablecoins and blockchain settlement.
Liquidity and Usage Will Decide Whether QCAD Scales
USDC gives QCAD a useful liquidity route because institutions can exchange between the two without needing a separate market for every currency pair.
For example, an eligible Canadian payment company that already holds USDC could exchange some of it for QCAD through StableFX when it needs Canadian dollar digital value for local settlement. If it later needs Canadian dollars in a bank account, it would still use Stablecorp's redemption and banking arrangements.
For QCAD to become widely used, businesses need reliable ways to buy it, redeem it at par, hold it securely and connect it to the payment and treasury systems they already use. QCAD now has the technical route into Arc and StableFX.
Talking Point
QCAD now connects Canadian dollar digital value to global stablecoin liquidity while banks develop tokenized deposits and new stablecoin structures of their own. If several forms of digital Canadian dollar value can coexist, which model will make liquidity, redemption and distribution easiest enough for businesses to use every day?
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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Stablecoin Companies Are Buying Their Way Into Local Banking, Here Is What It Means for High Risk Merchants
Sep 16, 2026
Stablecoins are moving deeper into commercial payment infrastructure. Circle’s agreement to acquire Tazapay provides a useful measure of that progress.
Announced on September 8, the transaction would bring more than 60 banking and fintech partners and local payout coverage across over 100 markets into Circle’s network. Tazapay processes more than US$25 billion in annualized payment volume, with stablecoins already involved in approximately 60% of that activity.
The proposed acquisition remains subject to regulatory approval and is expected to close in 2027. Its structure still says something important about the direction of the market. Stablecoin companies are investing in local banking connections, foreign exchange, compliance and payout capacity. Those are the operational components required to turn digital dollars into a usable settlement network.
The development has particular relevance for higher-risk merchants. These businesses frequently encounter restrictions that have little to do with their immediate ability to make a sale. Cross-border settlement, limited acquiring coverage, currency conversion and abrupt changes in bank risk appetite can all affect whether revenue reaches the merchant reliably.
Stablecoin settlement offers another route for moving funds through that environment. Its value depends on understanding which part of the payment process it actually changes.
Acceptance and settlement solve different problems
A payment begins with the customer and ends when the merchant can use the proceeds. Several companies may participate between those two points.
The customer may pay through a card, bank transfer or local payment method. An acquiring institution authorizes and processes the transaction. A processor or gateway sends the relevant information between the merchant and the financial institutions. Settlement then delivers the merchant’s funds, subject to fees, reserves, refunds and other contractual terms.
A stablecoin can be introduced near the end of this sequence. The customer may continue paying in conventional currency while the merchant receives USDC or another digital asset. In other arrangements, stablecoins are used between financial institutions and converted into local currency before the final payout.
This distinction is essential for high-risk merchants. Stablecoin settlement can improve the movement of funds after a transaction has been approved. Card acceptance still requires an acquiring relationship capable of supporting the merchant’s industry, geography and transaction profile.
Chargebacks also remain part of card-funded transactions. Converting settlement proceeds into a stablecoin does not remove the consumer’s dispute rights or the merchant’s obligations to the acquiring bank. Reserves and delayed funding may still apply when the underlying transaction carries elevated exposure.
Merchants should therefore identify the exact role played by each provider. The most important questions concern who acquires the card transaction, who holds the merchant agreement, who manages disputes and which institution controls settlement.
Why high-risk merchants are interested
Settlement friction is expensive. A merchant operating across several countries may receive funds in multiple currencies, wait through local banking hours and pay for several conversions before the money reaches its operating account.
Stablecoin rails can shorten parts of that process. Digital assets can move outside conventional banking hours, and a merchant may hold settlement proceeds in a dollar-denominated instrument before deciding when and where to convert them.
That flexibility can be useful for businesses paying international suppliers, contractors or service providers. It may also simplify treasury operations when sales and expenses occur in different jurisdictions.
See: Canada Stablecoin Regulations Guide
Tazapay illustrates the infrastructure required to make the model practical. The company combines collections, virtual accounts, foreign exchange, stablecoin conversion and local payouts. Its network connects stablecoin liquidity with domestic payment rails, allowing recipients to receive the currency and payment method used in their local market.
The Canadian connection is direct. Tazapay states that its stablecoin services are provided through Tazapay Canada Corp., a money services business registered with FINTRAC. The entity facilitates stablecoin payments and conversions within the relevant regulatory framework.
This type of structure gives merchants access to digital settlement while preserving connections to regulated fiat entry and exit points. The quality of those connections determines whether stablecoin settlement can support routine commerce at scale.
The commercial terms require close review
Speed attracts attention, but the economics deserve equal scrutiny.
A merchant may pay a processing fee for the customer transaction, a conversion spread when funds move between fiat and stablecoins, network fees for on-chain transfers and another conversion charge when the stablecoin is exchanged into local currency. Some providers combine these costs into one rate; others price each stage separately.
The settlement promise also needs definition. “Instant settlement” may describe the movement of a stablecoin into a wallet after the provider releases the funds. It may exclude the underwriting period, reserve requirements or time needed to convert the asset into a bank deposit.
Custody creates another decision. Merchants receiving stablecoins into a self-controlled wallet assume responsibility for wallet security, access credentials and transaction approvals. Custodial providers manage some of those functions but introduce counterparty and access risk.
Accounting and reconciliation should be designed before launch. Finance teams need to connect the original customer payment with processing fees, conversion rates, blockchain transactions, refunds and the final value received. A faster rail provides limited operational benefit when the company cannot reconcile it accurately.
Merchants should also consider the stablecoin itself. Reserve quality, redemption arrangements, issuer regulation and available liquidity affect the reliability of the settlement asset. A token designed to maintain a one-dollar value still carries issuer, operational and market risks that should appear in treasury policy.
Underwriting remains central
Higher-risk merchants sometimes approach alternative settlement after losing a conventional processor. That sequence can encourage the assumption that a different rail will resolve the underlying account problem.
Acquirers and payment providers continue to examine the product, customer base, marketing, fulfilment, ownership and regulatory position of the business. Stablecoin providers also conduct customer due diligence, transaction monitoring and sanctions screening.
Merchant-account specialists such as CERF Payment Solutions work across this boundary, helping regulated and specialty businesses identify acquiring and settlement arrangements suited to their operating profile. Approval and commercial terms remain subject to the financial institutions providing the service.
For merchants, transparency is therefore commercially useful. The application should accurately describe the product, expected volume, transaction geography, refund exposure and intended settlement flow. Wallet ownership and conversion arrangements should also be documented.
A business using card acceptance with stablecoin settlement needs a coordinated procedure for refunds and chargebacks. Treasury teams must retain enough accessible liquidity to meet those obligations even when settlement proceeds have moved to another wallet, currency or jurisdiction.
Stablecoin settlement can strengthen a payment structure when these responsibilities are clear. It can reduce payout delays, extend operating hours and improve control over cross-border liquidity. The benefits arise from better infrastructure and sound implementation.
Circle’s planned Tazapay acquisition shows how quickly that infrastructure is developing. Stablecoin networks are acquiring the banking relationships, licences, integrations and local payout capacity required for commercial use.
High-risk merchants will remain subject to careful underwriting. They will also have a wider range of settlement options. The companies that understand both sides of the transaction will be best placed to use those options effectively.
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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Zown Offers Up to 8% Rent Rewards in Canada
September 15, 2026 | NCFA Market Activity | Lending Consumer Credit And BNPL, Embedded Finance, Artificial Intelligence And Data
Zown Connects Rent Rewards, AI Search and Home Finance
On September 15, 2026, Toronto-based Canadian proptech Zown updated its homebuying app with Rent Rewards alongside AI property search, affordability estimates, mortgage pre-approval and transaction services. Zown advertises up to 8% back on rent, giving it a reason to start working with consumers years before many will be ready to buy a home.
The 8% combines two potential rewards. Zown Money says Zown currently provides up to 4% cashback directly on rent, while an eligible credit card can add up to another 4% depending on the card's terms. At C$2,500 in monthly rent, Zown's 4% portion would equal C$100 a month or C$1,200 a year. If a renter also earned the full additional 4% through their card, the total could reach C$200 a month or C$2,400 a year before any card or payment-related costs.
The Canadian iPhone app, developed by Zown Realty Inc., also lets users upload a lease and proof of rent, search properties through an AI assistant called Zoro, view estimated affordability, request showings with licensed agents, seek mortgage pre-approval, submit offers and coordinate parts of closing. Zown Realty is an Ontario-registered real-estate brokerage. Mortgage rates, terms and qualification are provided through Vine Mortgage Group, and Zown says it isn't a direct mortgage lender.
Rent Becomes Part of the Homebuying Economics
Zown's model starts with a difficult Canadian problem. CMHC's 2026 Mortgage Consumer Survey found that recent buyers needed an average 4.4 years to save a down payment, while first-time buyers needed 4.7 years. Savings supplied the largest share of the down payment for 51% of first-time buyers. Another 23% of homebuyers received a financial gift, with a median gift of C$30,000. Rent Rewards give Zown a recurring reason to stay connected during those years.
Zown already has a more established incentive for buyers. Its Down Payment Boost returns up to 1.25% of a home's purchase price, capped at C$25,000, using part of the brokerage economics generated when a customer buys through Zown. On a C$1 million home, 1.25% equals C$12,500. Despite the product name, Zown's current guidance says the money arrives at closing and isn't counted as part of the mortgage down payment itself. Buyers can use it for closing and post-closing expenses.
Zown isn't alone in treating rent as financially useful activity. KOHO introduced rent cashback and credit reporting in Canada, while FrontLobby reports verified rent history to credit bureaus. Zown takes a different approach by connecting rent rewards with a later property purchase and the services surrounding it.
Three Trends Converging Around the Renter
1. Rent is becoming a financial product. Canadian fintechs are attaching payments, rewards and credit reporting to one of the largest monthly household expenses. Toronto-based Chexy shows how quickly the category can scale. In March, the company raised C$14 million after starting with rent payments and said it had reached more than C$1 billion in annual payment volume and C$20 million in rewards value. Zown is pursuing a different end market, but rent serves the same commercial purpose of establishing a recurring financial interaction before other higher-value services are needed.
2. Housing costs are attracting more fintech models. Rent reporting, payment routing, rewards and short-term financing are competing for the same household expense. NCFA has tracked how fintech is entering rent and housing payments through companies including KOHO, Borrowell, Zenbase and Chexy. Zown adds another model by using rent rewards to encourage future homeownership and then connecting the renter to brokerage and mortgage services.
3. AI is getting closer to the financial decision. CMHC found that 16% of mortgage consumers who searched online used AI for mortgage information in 2026. HouseSigma says its Canadian platform has more than two million registered users and over five million monthly web visits, with AI used for valuation and market analysis. Zown's Zoro is competing in the same environment, focused on helping someone make a better property or financing decision. NCFA has identified the same commercial issue in decision intelligence across financial services.
It's a competitive field already. Wahi competes on digital brokerage and buyer cashback, Perch on digital mortgage readiness, FrontLobby on rent reporting, and HouseSigma on property search, valuation and market data. Zown's difference is the attempt to connect those stages much earlier, while the customer is still renting.
Can Zown Keep Renters Until They Buy?
The economics improve if Rent Rewards keep customers engaged rather than simply subsidizing renters who eventually buy elsewhere. A traditional brokerage usually starts competing once someone begins seriously looking for a home. Zown can enter much earlier, stay connected through monthly rent, introduce affordability and mortgage tools, and eventually earn brokerage revenue if that renter buys through the platform.
See: KOHO Gives Renters a Boost With Cash Back and Credit Help
That could lower the cost of finding future buyers and generate more revenue from each customer relationship. It can also become expensive if Zown funds rewards for several years without converting enough renters into completed transactions. The operating number worth watching should therefore be how many Rent Rewards users eventually become profitable Zown homebuyers?
Talking Point
Canadian mortgage companies, brokerages and property apps usually compete once someone is already thinking seriously about buying. If Zown can give renters enough financial value to earn their attention four or five years earlier, how much of the future homebuyer relationship can it own before the mortgage application even begins?
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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