Paying at an online casino used to mean carrying cards, entering PINs, and waiting for transaction confirmations. Mobile technology changed that entirely. Contactless payments have become the standard for fast, secure deposits and withdrawals across gambling platforms. The shift is not cosmetic; it reflects a genuine change in how players manage money on the go. Sites like https://spinboss.com/ca/ have moved with this trend, integrating mobile-first payment options that match how modern players actually behave.
Understanding what contactless technology means in practice, how it works, what it protects, and where it falls short puts you in a better position to manage your funds confidently.
How Contactless Payment Technology Works at Mobile Casinos
Contactless payments rely on Near Field Communication (NFC) and tokenization. When you tap your phone to pay, NFC transmits an encrypted, single-use token, not your actual card number. The merchant or platform receives a temporary identifier that is useless if intercepted. Mobile casinos benefit from this directly because deposits initiated through Apple Pay, Google Pay, or similar wallets follow the same process.
Tokenization is what separates contactless from traditional card payments. Your banking details never travel across the casino platform's network. The payment processor handles authentication independently, meaning a data breach on the casino's end does not expose your actual financial information. For players who deposit frequently, this reduces cumulative risk considerably.
Speed is another factor. Contactless deposits at online casino sites typically process instantly. There is no waiting period between tapping your wallet and having funds available in your account, which matters when you want to act quickly on a game or promotion.
What Security Measures Back These Payments
Beyond NFC and tokenization, biometric authentication adds a second layer. Face ID or fingerprint verification is required before any contactless transaction goes through on most mobile devices. This means even if your phone is unlocked, a payment cannot complete without your biometric confirmation. Online casino platforms that accept mobile wallets inherit this protection automatically.
SSL encryption on the casino's side works alongside the tokenization from your wallet. Data in transit between your device and the platform remains encrypted end-to-end.
Two-factor authentication on your mobile wallet account adds further control. If someone attempts to add a new payment method or change settings on your device, a separate verification step blocks unauthorized access. Players who combine strong device security with licensed casino platforms are operating with multiple independent safeguards in place.
Limits, Fees, and Practical Considerations
Contactless payments are not entirely without friction. Most mobile wallets impose daily transaction limits, which can affect high-volume depositing. Some casino platforms also set minimum and maximum deposit thresholds that differ from standard card transactions. Checking both sides, your wallet's limits and the platform's deposit rules, before you fund an account prevents unexpected blocks.
Withdrawal timelines vary. While deposits through contactless methods are immediate, withdrawals often route back through a linked bank account rather than directly to a mobile wallet. Processing times can range from a few hours to several business days depending on the platform's internal review process and your bank's handling time.
Fees are generally low but worth confirming. Most mobile wallet providers do not charge for transactions, but currency conversion fees may apply for international casino platforms. Reading the payment terms before selecting a method takes seconds and prevents small costs from accumulating over time.
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
July 29, 2026 | NCFA Insight | Digital Assets Blockchain And Tokenization, Wealth Investing And Trading, Risk Compliance And Regtech
Canadian Crypto Ownership, Advice And Product Demand
On July 28, 2026, the Ontario Securities Commission released its Crypto Assets 2025 survey, providing an updated national baseline for crypto ownership, investor behaviour, platform use, financial advice, stablecoins and tokenized assets.
Ipsos surveyed 2,360 Canadian adults online between December 18, 2025, and January 22, 2026. Crypto owners were oversampled to provide a large enough subgroup for analysis, then weighted to reflect the Canadian population. Results for the total sample have a credibility interval of approximately 2.5 percentage points, with wider intervals for smaller groups.
The survey results show a market that has recovered from its 2023 decline and is becoming more connected to financial advisors, registered platforms and established institutions. The data also underscores why ownership alone can't measure market maturity. Customer knowledge, custody decisions, promotional pressure and financial losses remain part of the same picture.
Ownership and Outlook
59% correctly identified crypto assets, up from 54% in 2023 and 51% in 2022
25% currently owned crypto assets or crypto funds, up from 10% in 2023 and 13% in 2022
39% of investors owned some form of crypto product. Ownership reached 44% among self directed investors and 30% among investors working with an advisor
35% of Canadians aware of crypto reported high familiarity, compared with 27% in 2023
38% said they were likely to buy crypto within 12 months, up from 20% in 2023
43% believed crypto already plays a key financial role, while 52% expected it to play a key role in the future
38% of direct crypto owners reported holdings above $20,000. Among crypto fund owners, 45% reported more than $20,000
Buying, Advice and Platform Use
59% acquired crypto through a centralized trading platform, compared with 18% through a decentralized exchange
48% of centralized platform users had used Coinbase, followed by Wealthsimple Crypto at 37%, Crypto.com at 29% and Binance at 20%. Respondents could identify more than one platform
22% consulted a financial advisor before buying, up from 13% in 2023
39% of advised investors said an advisor recommended crypto, nearly double the 19% reported in 2023. Most recommendations involved 10% or less of the portfolio
50% checked whether their platform was registered, up from 38% in 2023
67% recalled receiving a crypto risk disclosure before purchasing through a centralized platform
74% of centralized platform users paid transaction fees, compared with 57% in 2023
Promotion, Custody and Customer Experience
53% recalled seeing crypto advertising, up from 45% in 2023. Social media was the leading source
31% recalled receiving a platform purchase bonus, 28% had seen a referral offer and 29% had seen a personality promoting a particular platform
49% stored crypto on the platform where it was purchased, while 35% used an online wallet and 8% used a hardware wallet
15% of centralized platform users reported a financial loss involving fraud, scams or hacking
10% had been unable to withdraw money, 9% had been unable to withdraw crypto and 10% said they didn't understand the fees they paid
33% of people who had owned crypto reported significant regret, while 51% reported little or no regret
Stablecoins and Tokenized Assets
34% had heard of stablecoins, while 11% said they had held or used one during the previous 12 months
89% of stablecoin owners had used them. Uses included exchanging them for other crypto at 38%, converting them to cash at 36%, earning yield at 30%, paying for goods or services at 24% and making international transfers at 20%
24% had heard of tokenized real world assets
74% of those familiar with tokenized assets would consider investing if their bank or investment firm offered tokenized government bonds, money market funds or similar products
Ownership Rebounded Across The Market
The increase from 10% to 25% is the survey's largest headline, but it needs to be read carefully. The OSC definition includes direct crypto assets and crypto investment funds. It also captures a later market period than the Bank of Canada's most recent detailed ownership study.
The Bank of Canada estimated that approximately 10% of Canadians owned Bitcoin in late 2023. That research covered Bitcoin specifically, used a different survey and was conducted more than two years before the OSC's latest survey work.
Within the OSC's own series, however, the direction is clear. Ownership, familiarity, purchase intentions and confidence all recovered from their 2023 lows. The latest ownership rate is also well above the 13% recorded in 2022.
The reasons people bought crypto provides more context. Portfolio diversification was cited by 28%, long term confidence in crypto or its technology by 27% and speculation by 26%. Investors aren't necessarily entering the market for one common reason. Some see an alternative asset class, some want exposure to the technology and others are trading for shorter term returns.
The barriers are just as varied. Among people who hadn't purchased crypto, 43% said they didn't understand it well enough, 43% worried about fraud or scams, 41% considered it too much like gambling and 41% cited price volatility. Those concerns have softened in some areas since 2023, but they haven't disappeared.
Ownership also says little about customer value on its own. A person holding $200 on one platform and an investor holding $100,000 through several products both count as owners. The OSC found that 60% of direct owners held no more than $20,000, while 38% reported more. Platforms and investors still need transaction volume, account retention, asset concentration and revenue data to understand the commercial depth behind the national ownership rate.
Advisors And Platforms Take A Larger Role
The change in financial advice may prove more consequential than the ownership headline. Among investors working with an advisor, 39% said their advisor had recommended crypto assets. That compares with 19% in 2023 and 21% in 2022.
Most recommendations remained limited but still --> twenty-five percent said their advisor recommended an allocation of 10% or less, while 14% reported a recommendation above 10%. Sixty percent said crypto wasn't recommended. Even so, they show crypto entering more client conversations. The percentage consulting an advisor before buying rose to 22%, while financial press reached 19% and provincial securities regulator websites reached 11%.
Informal information still carries considerable influence. Friends, family and colleagues were consulted by 34% of buyers. Social media influencers reached 21%, while another 19% used advice from people on social media or online forums.
Advertising grew at the same time. More than half recalled seeing crypto promotion, and roughly three in ten remembered platform bonuses, referral rewards or personalities promoting a particular trading venue. Registered firms, advisors and regulators are therefore competing for investor attention inside a market where promotional messages can arrive faster than formal guidance.
Centralized platforms are still the main commercial on-ramp. Their advantage comes from familiar onboarding, Canadian payment connections, custody and a simpler buying experience. Registration can add confidence, especially as more customers learn to check whether a platform is authorized.
The Canadian registrations obtained by global platforms operating in Canada such as Coinbase and Kraken are driving competition and vying for trust and distribution. Registration subjects a platform to Canadian requirements, but it doesn't remove investment, custody, fraud or company risk.
49% of owners keep assets on the platform where they bought them. For many customers, the trading venue is also their custodian, account interface, source of product information and first point of contact when a withdrawal fails.
Fifteen percent of centralized platform users reported losing money through a scam, fraud or hacking incident. Among the smaller group reporting hacking losses, 31% said at least $60,000 was lost. That subgroup is limited, but the reported amounts show how quickly a retail platform problem can become a serious household loss.
New Products Raise The Operating Stakes
Stablecoin payment infrastructure and tokenized RWA infrastructure show where Canadian demand may coalesce next. The OSC results confirm national investor numbers behind two channels that are already advancing through regulated products, settlement systems and new forms of asset ownership.
The operating layer is also becoming easier to see. VersaBank and QCAD connect a Canadian dollar stablecoin to regulated banking infrastructure, while tokenized fund operations are expanding into subscriptions, redemptions, investor records, pricing and settlement. The survey helps show whether Canadian investors are becoming ready for the products that this infrastructure could support.
Stablecoin awareness reached 34%, and 11% of Canadians said they had held or used one during the previous year. Owners weren't simply leaving them untouched. Eighty-nine percent had used them for at least one activity.
Trading and cash conversion remained the leading uses, but stablecoins were also used for yield, purchases and international transfers. The 20% international transfer rate gives payment providers and fintechs a practical customer problem to pursue, particularly where traditional cross border transfers remain expensive or slow.
All good and well, but there's an understanding gap that hasn't kept pace with product use. Earlier FCAC research found low knowledge of stablecoin backing, regulation and consumer protection. The OSC survey adds a more current picture of how owners are actually using them.
Tokenized real world assets start from a smaller awareness base. Only 24% had heard of the category. Yet 74% of that group said they would consider investing if the product were available through their bank or investment firm. So, investors may be more receptive to tokenized government bonds, money market funds and similar products when the account, institution and reporting relationship are already familiar.
For fintech builders, issuing the token is only one part of the market. Banks, dealers and asset managers also need custody, identity checks, ownership records, compliance tools and settlement. Those systems must work across conventional accounts and blockchain networks.
For financial institutions, existing distribution could be more valuable than the underlying token technology. A bank or investment firm already has customers, funded accounts, advisory relationships and compliance systems. If tokenized products gain traction, those assets may enter through familiar financial channels rather than separate crypto accounts.
Talking Point
As crypto ownership rises, will Canadians turn first to an advisor, a registered crypto platform or their bank?
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
July 28, 2026 | NCFA Question | Digital Assets Blockchain And Tokenization, Banking And Credit, Payments And Money Movement
Last Updated: July 28, 2026
Status: Emerging
Organizations: Credit Union Digital Asset Task Force, St. Cloud Financial Credit Union, Amanda Wick, World Council of Credit Unions, National Digital Banking Working Group, Central 1, Large Credit Union Coalition, Payments Canada, Stablecore, Curql, TruStage, CrossState Credit Union Association, Metallicus, Q2, Jack Henry, Coinbax, NCUA
Shared Diligence Before Shared Digital Asset Products
The U.S. initiative is led by Chase Larson, Executive Vice President and Chief Lending Officer at St. Cloud Financial Credit Union. It is designed to help credit union boards and executives understand stablecoins, tokenization, crypto assets, regulation, infrastructure and risk.
Starting with education and coordination makes sense. Credit union leaders need a practical way to compare the member value, operating costs and regulatory responsibilities before deciding whether a digital asset service belongs in their strategy.
Other developments show how quickly the discussion is advancing. Credit unions are joining early access programs, testing infrastructure through association cohorts, assessing platform integrations and considering stablecoin and tokenized deposit services.
The World Council of Credit Unions has also placed digital money on the cooperative finance agenda. Its July 2026 stablecoin paper examines potential effects on deposits, payments, member relationships and the future role of credit unions.
Canada already has groups that coordinate technology procurement, common architecture, digital identity and payments modernization. The practical question is whether those collaborative models should now be used to study digital assets together.
Strategic Takeaway
Canadian credit unions already have collaboration models that could support shared digital asset research, vendor assessment and controlled testing. What they still need is an agreed member or operating problem to solve and a regulatory route that works across federal and provincial responsibilities. Shared diligence is the most practical place to begin.
Canadian credit unions already collaborate on major technology purchases, common architecture and payments infrastructure (confirmed foundation)
Credit unions account for approximately $764 billion of the $771.3 billion captured in Canada’s community finance market baseline (economic scale)
Shared research, procurement and governance could reduce repeated legal, security and technology work (transferable capability)
Credit union initiatives now cover education, early access, sandbox testing, stablecoins, tokenized deposits, custody and platform integration (international progress)
Existing credit union groups could evaluate the market without creating another organization (Canadian opportunity)
Key Questions: Deposit protection, reserves, custody, liquidity, redemptions, governance and member protection require clear treatment
How Canadian Credit Unions Already Work Together
Canada’s strongest foundation isn’t a blockchain pilot. It is the way credit unions already collaborate on expensive technology, procurement, architecture and national infrastructure.
Some of those capabilities could transfer directly to digital asset work. Others are closely related. Together, they show that institutions can share complex diligence while retaining control over contracts, governance and implementation.
The National Digital Banking Working Group coordinated vendor review, procurement, migration planning and implementation after Central 1 announced its digital banking transition. Its public membership page listed 59 institutions, while 37 selected Intellect Design Arena’s eMACH.ai platform.
This was more than a discussion forum. Participating institutions pooled expertise and bargaining power, then made their own implementation decisions. A digital asset initiative could follow the same model without requiring every credit union to adopt the same product.
The Large Credit Union Coalition offers another example. Its work has included artificial intelligence, digital identity, common architecture, collective purchasing and payments modernization.
Digital identity, architecture and collective purchasing could support the evaluation of wallet providers, custodians, transaction monitoring systems and settlement networks. The same structure could help institutions compare risks, costs and member use cases.
Payments coordination is already familiar. Central 1 and the other Group Clearer centrals created the Payments Modernization Advisory Group with 12 credit unions to represent sector requirements during national infrastructure development.
That experience is relevant because stablecoins and tokenized deposits would need to interact with clearing, settlement, liquidity, fraud controls and account infrastructure. Many of those questions also also relevant to Canada’s Real Time Rail development.
The opening of Payments Canada membership creates another connection. Credit unions, payment service providers, fintechs, foreign exchange firms and digital asset companies are gaining a wider role in national payment infrastructure. NCFA’s analysis of Canada’s financial infrastructure shows how access, licensing and participation are evolving.
Consumer data access is important too. Canada’s open banking framework is creating new expectations around consent, identity, liability and financial service integration. Digital asset products offered through regulated institutions would need to fit within that same trust environment.
The size of the sector makes this more than a technology discussion. The Canadian community finance market baseline identified 306 credit unions holding approximately $764 billion of the $771.3 billion in total assets included in the dataset.
The SVX report doesn’t examine stablecoins or digital assets. Its relevance is the amount of member and community capital already managed through cooperative institutions. Changes to deposits, payments and settlement infrastructure could therefore have material consequences for credit unions.
Canada isn’t starting with an empty page. Credit unions already know how to organize expertise, negotiate together, coordinate architecture and represent shared interests.
The next step is deciding whether digital assets deserve a place within that existing collaborative work.
How Other Credit Unions Are Approaching Digital Assets
No common single operating model has emerged. Credit unions and their service organizations are taking different approaches based on regulation, member needs, internal capability and available partners.
Some initiatives begin with education and advocacy. Others involve early access, sandbox testing, planned products, core integrations or regulatory development. These examples offer reference points for Canada rather than a ready made plan.
Market Evidence
Click each to expand
1. A U.S. Task Force Starts With Executive Education United States
Emerging Coordination
Amanda Wick announced a Credit Union Digital Asset Task Force led by Chase Larson, Executive Vice President and Chief Lending Officer at St. Cloud Financial Credit Union.
Its scope includes stablecoins, crypto assets, tokenization, regulation, infrastructure and risk.
The intended audience includes credit union boards and executives.
The initial focus is practical education and shared understanding.
The model gives leaders a way to compare developments before making product decisions.
The initiative brings digital assets into a sector level credit union discussion. It also provides a useful model for Canada, where an existing group could coordinate education, research and early use case assessment.
2. WOCCU Treats Stablecoins As A Cooperative Strategy Question Global
Global Strategic Framework
The World Council of Credit Unions released the first paper in a planned series examining how new forms of digital money could affect the global credit union system.
The first paper focuses on stablecoins and their potential effects on deposits, payments and member relationships.
WOCCU identifies deposit displacement, reduced payment activity and exclusion from new payment infrastructure as possible risks.
It calls for proportionate regulation that recognizes cooperative ownership and structure.
Boards and senior leaders are encouraged to treat stablecoins as a governance and planning issue.
Education, partnerships, shared investment and collective action are identified as possible responses.
Future papers are expected to examine tokenized deposits, central bank digital currencies and regulatory design.
WOCCU isn’t calling on every credit union to issue a stablecoin. It is asking whether cooperative institutions have the authority, flexibility and readiness to participate as payment and deposit infrastructure changes.
3. Named Credit Unions Enter Early Access United States
Early Access
Stablecore, Circuit and Curql launched an early access program involving RBFCU, Stanford Federal Credit Union, La Capitol Federal Credit Union and other institutions representing about US$25 billion in combined assets.
The program covers stablecoin payments and tokenized deposits.
It also includes digital asset accounts, Bitcoin access, staking, compliance and member education.
Participating institutions can examine business, technology and compliance requirements together.
The structure allows credit unions to learn from a shared program while making their own decisions.
This initiative has progressed beyond general education. Named credit unions are evaluating defined services through an organized early access program.
4. TruStage Plans A Credit Union Stablecoin United States
Planned Product
TruStage announced plans for TruStage Stablecoin, or TSDA, as a fully reserved U.S. dollar stablecoin for community based financial institutions.
TruStage says it works with more than 93% of over 4,300 U.S. credit unions.
Those institutions collectively hold more than US$2 trillion in assets.
Proposed uses include continuous money movement and faster settlement.
The distribution model would use an established credit union service provider.
TSDA combines a named product, a large credit union network and a defined payment use case. It represents one of the more developed cooperative stablecoin strategies.
5. CrossState Brings 50 Credit Unions Into One Program United States
Sandbox And Pilot Preparation
CrossState Credit Union Association and Metallicus launched Innovation Program 2.0 with an initial cohort of 50 credit unions in Pennsylvania and New Jersey.
The program covers stablecoins, digital identity, blockchain infrastructure and faster payments.
It combines executive education with sandbox testing.
Participants can compare use cases, controls and vendors through an association structure.
Credit unions can explore the technology without each institution building its own testing environment.
This may be one of the most relevant models for Canada. Institutions can learn and test together without requiring every participant to become an issuer or infrastructure operator.
6. Q2 Connects Digital Asset Tools To Banking Platforms United States
Available Infrastructure
Q2 partnered with Stablecore to connect stablecoins, tokenized deposits and digital asset accounts with infrastructure already used by banks and credit unions.
Institutions can access the capabilities through Q2 Innovation Studio.
The model reduces the need to assemble a separate technology stack.
Amarillo National Bank and Bank of Utah were named as initial customers.
The partnership gives other financial institutions a route to assess similar services.
This approach brings digital asset capabilities into existing banking technology rather than asking institutions to build a separate platform.
7. Coinbax Opens A Route Into Jack Henry Systems United States
Integration Access
Coinbax joined the Jack Henry Fintech Integration Network to connect stablecoin payment infrastructure with Jack Henry core and digital banking platforms.
Jack Henry technology serves more than 7,400 banks and credit unions.
Coinbax lists programmable escrow, stablecoin payments, cross border transfers, payouts and core reconciliation as use cases.
The network provides integration resources and a route to institutional deployment.
Finex Credit Union has participated as a design partner.
The model shows how a credit union could access digital asset infrastructure through technology relationships it already understands.
8. NCUA Is Developing A Credit Union Stablecoin Rulebook United States
Proposed Regulatory Framework
The National Credit Union Administration has proposed rules for payment stablecoin issuers affiliated with federally insured credit unions.
The framework covers applications, licensing and regulatory review.
It would govern how federally insured credit unions may invest in issuer subsidiaries.
Proposed standards address reserves, redemption, operations, governance and risk management.
Related proposals cover customer identification and Bank Secrecy Act duties.
NCUA would supervise qualifying credit union subsidiaries.
The proposals give U.S. credit unions a clearer view of how ownership, issuance and supervision could work.
Canada doesn’t yet have a comparable credit union framework connecting federal stablecoin requirements with provincial regulation, deposit protection and cooperative ownership. NCFA’s stablecoin regulatory guide tracks the federal framework and the decisions still ahead.
The evidence identifies several ways credit union associations, centrals and collaborative groups could investigate digital assets while controlling cost and risk.
Each option addresses a different problem. Research and testing can be shared, while boards retain responsibility for product approval, compliance, member communication and operations.
Shared research and regulatory analysis could reduce repeated legal, policy and vendor work. A group could map federal and provincial requirements, compare stablecoins with tokenized deposits and examine deposit protection, custody, reserves and redemptions. That work would remain useful even if no product followed.
Coordinated policy engagement could help regulators understand how cooperative ownership, provincial supervision and deposit protection differ from commercial bank and nonbank issuer models. Credit unions may need to take part in regulatory design before deciding whether to offer a service.
Controlled testing could let institutions examine technology, controls and use cases before making production commitments. Shared sandbox work could cover wallet verification, settlement, transaction monitoring, reconciliation, vendor performance and incident recovery.
Cross border business payments may offer one of the clearest commercial tests. Credit unions could retain the member relationship and Canadian dollar account while using regulated digital settlement infrastructure behind the scenes. Foreign exchange, sanctions, wallet ownership, liquidity and redemption would still require strong controls.
Tokenized deposits may fit the credit union model better than a separate stablecoin. A tokenized deposit could remain a claim on a regulated institution rather than becoming a separate private currency. Canada would still need clarity on ownership, settlement finality, interoperability and provincial deposit insurance.
Shared custody and wallet infrastructure could give smaller institutions access to security and compliance capabilities they couldn’t justify independently. The trade off is concentration risk. One vendor failure could affect several institutions, making asset segregation, recovery and liability allocation critical.
Identity and compliance tools may offer a lower risk starting point. Common wallet verification, member authentication, sanctions screening and transaction monitoring could support future payment or custody services without creating immediate issuance or balance sheet exposure.
Business settlement and treasury pilots could test supplier payments, commercial settlement, liquidity management or transfers between institutions. These controlled business uses may have clearer operating value than retail crypto trading.
Shared stablecoin infrastructure would require the greatest level of coordination. Participants would need to agree on reserves, redemption, governance, technology, liquidity, fees, branding and loss allocation. The international examples show how the model could work, but Canada doesn’t need to begin there.
Waiting is also a valid decision. A joint review may find that member demand is weak, costs are too high, regulations remain incomplete or existing payment systems solve the same problem with less risk.
A Practical Starting Point
An existing credit union group could map the rules, rank the use cases, compare vendors and identify one or two controlled tests. Its job would be to determine whether a shared service is justified, not to begin with a stablecoin or blockchain product already selected.
Each option should pass five tests:
What member or operating problem would it solve?
What work can participating institutions share?
What responsibility must remain with each credit union?
Deposit protection remains one of the largest questions. Members need to know whether a tokenized deposit would receive the same provincial protection as funds in an ordinary account. Institutions also need clarity on reserve ownership, liquidity and redemptions during stress.
Custody raises a different set of issues. Who controls the keys? Are assets legally separated if a vendor fails? Who carries the loss when funds go to the wrong wallet? How does a member recover access after fraud, death or lost credentials?
AML controls wouldn’t end at onboarding. Institutions would need to verify wallet ownership, monitor transactions, screen counterparties and decide how to handle transfers involving self hosted wallets.
Shared governance may prove harder than the technology. Participants would need rules for choosing vendors and networks, changing operating standards, setting fees and allocating losses when an institution or service provider fails.
The Bottom Line
Current evidence doesn’t support rushing into a shared Canadian credit union digital asset product. It does support sharing the work required to understand whether one could solve a real problem.
Canadian credit unions already collaborate on technology, architecture, procurement and payments infrastructure. They also manage approximately $764 billion within the country’s community finance baseline. That gives the sector both the capability and the economic reason to pay attention.
Internationally, cooperative institutions are progressing through education, advocacy, early access, sandbox testing, platform integration, planned stablecoins and regulatory development. None offers a complete Canadian template.
The conversation has already begun internationally. Canada’s next decision is whether credit unions build on the collaboration they already have, identify the use cases that could create real member value and help define the market before others define it for them.
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Frequently Asked Questions
Are Canadian credit unions currently issuing stablecoins?
No shared Canadian credit union stablecoin has been publicly announced. The more immediate opportunity is coordinated research into member demand, regulation, infrastructure and risk.
What is a tokenized deposit?
A tokenized deposit is a digital representation of a deposit held with a regulated financial institution. Unlike a separate stablecoin, it may remain a direct claim on the institution, although legal treatment, settlement and deposit protection must be clearly defined.
Why would credit unions work together on digital assets?
Shared work could lower the cost of legal analysis, vendor assessment, cybersecurity review, compliance design and controlled testing. Each credit union could still decide independently whether to offer a product.
Could stablecoins reduce credit union deposits?
They could affect deposit and payment relationships if members begin holding or transferring more value through external digital money platforms. The outcome would depend on adoption, regulation, product design and whether credit unions participate directly.
What is the most practical first step for Canada?
An existing credit union association, central or working group could coordinate education, regulatory analysis, use case ranking and limited testing before institutions commit to a shared product or infrastructure provider.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem providing education, market intelligence, industry stewardship, networking and funding opportunities to thousands of members. NCFA works with industry, government, partners and affiliates to support a competitive and innovative fintech and funding sector in Canada. Join Canada’s Fintech and Funding Community or learn more at NCFA Canada.
July 18, 2026 | NCFA Fintech Whisperer | Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading, Payments Infrastructure And Money Movement, Artificial Intelligence And Data, Banking And Credit, Insurance And Insurtech, Policy Regulation And Governance, Open Banking Open Finance And Data Sharing, Digital Assets Blockchain And Tokenization, Cybersecurity And Fraud, Cross Border Payments And FX, Sustainable Finance And ESG, Competition And Market Structure, Risk Compliance And Regtech, Identity Privacy And Data Governance
Aon increased its Data Center Lifecycle Insurance Program from US$3.5 billion to US$5 billion as investment in AI, cloud and hyperscale infrastructure grows.
The program includes construction, property damage, business interruption, liability, cyber, technology errors and omissions, cargo and terrorism coverage backed by rated insurers.
Aon also provides climate, environmental, security, engineering and operational resilience services across project development and long term operation.
Insurance is becoming part of the financing structure for AI infrastructure. Larger coordinated capacity can make complex data centre projects more bankable, but underwriting models must keep pace with construction, energy, cyber, climate and technology dependencies that can affect the same project simultaneously.
Federally regulated property and casualty insurers can use approved natural catastrophe bonds as unregistered reinsurance to reduce capital required for insurance risk.
Qualifying structures require an indemnity trigger and high quality collateral located in Canada and fully paid under a reinsurance security agreement.
Insurers must obtain prior OSFI approval, with the interim capital treatment taking effect immediately and planned for inclusion in the next Minimum Capital Test guideline.
The notice gives Canadian insurers a clearer route for transferring flood, wildfire, earthquake and severe storm risk into capital markets. It could expand catastrophe risk capacity beyond conventional reinsurance while creating opportunities for structuring, modelling, collateral management and institutional investment.
Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy and Strategy formed the Bitcoin Security Consortium and pledged an aggregate US$15 million over three years.
Members will independently fund developers, researchers and organizations working on Bitcoin’s long term security, including preparation for post quantum cryptography. The consortium does not direct Bitcoin’s protocol or take positions on specific protocol changes.
Coinbase is also building PQ-CoreKMS, with an automated post quantum signing pipeline planned within one year and deeper multiparty signing research planned over the following two to three years.
The consortium converts long term cryptographic concern into funded development and a custody implementation timetable. It extends the operating case in Why Fintech Can’t Wait For Quantum Computing. The key measures are how much funding reaches developers, which cryptographic approaches advance and whether exchanges, custodians and wallet providers can coordinate upgrades without disrupting access to assets.
Accomplish AI says it demonstrated an end-to-end attack against a local Claude Cowork session running on its own macOS computer. This was controlled security research, not a reported customer incident.
Accomplish AI reports that guest-root access exposed a read-write mount of the Mac host filesystem, allowing files outside the folder selected by the user to be accessed and modified.
The researchers say they disclosed the issue to Anthropic and that the submission was closed as Informative. Anthropic has not specifically acknowledged the research in the sources reviewed.
Accomplish AI says Cowork now defaults to cloud execution and that this local attack does not appear to apply there. Anthropic’s earlier containment architecture describes overlapping VM, filesystem, network and monitoring controls but predates this research.
The demonstration tests whether a virtual-machine boundary survives guest-root compromise. Financial institutions should require independent vendor testing, scoped and preferably read-only file mounts, deny-by-default network access, monitoring inside the sandbox and rapid credential revocation. Exposure across current Cowork deployments remains unconfirmed until Anthropic responds or an independent team reproduces the chain.
OpenAI tested GPT-5.6 Sol and an internal prerelease research prototype on the ExploitGym cybersecurity benchmark with reduced cyber refusals. OpenAI says no model planned for release was involved.
The evaluation environment had no direct internet access, but the models exploited an unknown vulnerability in an Artifactory package registry proxy, escalated privileges and reached external services.
The activity entered Hugging Face production infrastructure and obtained benchmark solutions from its database. Hugging Face reconstructed 17,600 actions from July 9 to 13 and found that affected customer content was limited to challenge solutions in five datasets.
Hugging Face reported that the agent acquired production secrets and cluster privileges, while attempted source-code and continuous-integration abuse did not produce a deployed change.
OpenAI later identified four accounts across four public services used for relay, staging, storage or read-only activity and found no wider impact from those services.
This was a real containment failure during an evaluation; it does not establish malicious intent. For financial institutions, OSFI’s frontier-AI guidance makes the control response concrete: separate evaluation and production systems, scope agent identities and credentials, restrict network egress, monitor technical boundaries and preserve rapid revocation and shutdown. NCFA’s coverage of governed AI workflows provides the operating context.
Poland’s Data Management Act entered into force on July 23, completing the national framework supporting the European Union’s Data Governance Act.
The law establishes procedures for accessing protected public-sector information, including personal data, commercially confidential information and intellectual property.
Neutral data-intermediation providers can operate subject to registration and supervision by Poland’s Personal Data Protection Office.
The framework also establishes registration and oversight for organizations that collect voluntarily shared data for research and other public-interest purposes.
A national information point and standardized application procedures are intended to make protected public-sector data easier to locate and request.
Poland now has an operating framework for protected public-sector data access and supervised data intermediation. It provides Canada with a comparator for trusted data intermediaries extending beyond banking and complements NCFA’s coverage of open-banking governance. Registration quality, access times, pricing and the first approved services will determine whether the framework produces usable data capacity for fintech, research and public-interest applications.
SVX published what it describes as Canada's first comprehensive national assessment of community finance, identifying 768 institutions with $771.3 billion in reported total assets.
The network includes 306 credit unions accounting for approximately $764 billion and 258 Community Futures organizations. Excluding credit unions, community finance institutions manage $7.3 billion.
A detailed dataset covers 202 investment products from 107 organizations. Private bonds and debentures represent 44.3% of products but only 0.2% of reported product assets under management.
Among 91 products disclosing return expectations, 59.3% target below market returns. Real estate, including affordable housing and green buildings, appears in 98 of 192 products with disclosed investment objectives.
The $771.3 billion headline represents institutional assets rather than capital invested directly into community projects, with credit unions accounting for nearly all of the total. The $7.3 billion excluding credit unions provides a clearer baseline for the specialized community finance market, although SVX notes that institution level asset data remain incomplete for some organization types. Private debt dominates by product count while housing and real estate dominate investment objectives, adding national context to Canadian examples such as CSI's community bond campaign.
The European Commission fined AliExpress €550 million for breaches of its Digital Services Act risk assessment and mitigation obligations.
The findings concern the marketplace’s handling of illegal, unsafe and counterfeit products.
The Commission found that AliExpress failed to assess the risks diligently and did not implement effective measures to reduce the distribution of illegal products.
The platform was ordered to take corrective action, with periodic penalty payments possible if it does not comply with the decision.
The fine converts platform-risk governance into a material operating and financial consequence. Fintech marketplaces and embedded finance providers should examine whether merchant onboarding, monitoring, staffing and remediation controls can withstand similar scrutiny. Payment, credit and insurance partners also face exposure when their products are distributed through platforms with weak merchant and product controls.
Galaxy Digital subsidiary Galaxy Helios Data Centers II priced a US$3.507 billion private offering of 9.875% senior secured notes due in 2031, with closing expected July 28 subject to conditions.
Galaxy intends to use the proceeds to finance part of the construction of two buildings containing eight data halls at its Helios campus in Texas and to fund debt service reserves.
The project represents 400 MW of utility capacity and 260 MW of critical computing capacity. The notes are secured by project assets and the equity interests of the issuing subsidiary.
The financing puts a measurable cost on Galaxy’s expansion from digital assets into AI data centres. It also adds company level evidence to the concentration of capital in AI computing capacity. Investors need to watch the construction timetable, 9.875% borrowing cost, tenant concentration and the point at which contracted capacity produces recurring revenue.
The Canadian Securities Administrators proposed permanent amendments that would allow qualifying listed issuers to raise the greater of $25 million or 20% of market value, capped at $50 million over 12 months, without a prospectus.
The temporary 2025 blanket order facilitated $3.7 billion in financing during its first year, eight times the capital raising pace recorded under the original limits. Of the 349 issuers that used the relief, 40 raised more than $25 million.
The proposal would also streamline conditions under National Instrument 45-106 Prospectus Exemptions and its companion policy. The comment period closes October 21, 2026.
The temporary 2025 financing relief produced a measurable increase in how Canadian listed issuers raise capital, and the CSA is now considering whether to embed that access in the national rule. Issuers, investors and financing platforms should examine the proposed liquidity test, dilution limit, successor issuer access, convertible securities and disclosure requirements before the comment deadline.
Ondo reported that Oasis Pro Markets received FINRA authorizations covering tokenized corporate equities, fund interests, underwritten primary offerings, private placements, and secondary trading.
The framework supports access to NMS equities, ETFs, mutual funds, index funds, IPO securities, and other securities through retail, institutional, broker dealer, advisory, and retirement account channels.
Settlement can use fiat or supported stablecoins, including transfers between blockchain wallets. Ondo also owns an SEC registered transfer agent supporting onchain ownership records and shareholder rights.
This regulated tokenized securities platform connects issuance, transfer agency, distribution, trading and settlement inside one corporate group. Issuers and financial firms now need to compare the model with tracker certificates, custodial entitlements and traditional brokerage structures. The key tests will be asset availability, investor rights, liquidity, custody and interoperability with existing accounts.
AGTech subsidiary TGX Technology and the Hong Kong Gold Exchange have formed a joint venture to develop an electronic bullion trading, clearing, settlement, and related services platform.
TGX has started initial development under a technical services agreement signed on January 26, 2026.
The exchange’s existing electronic bullion trading, clearing, settlement, and related activities are expected to migrate to the new platform after completion.
The exchange is giving its technology partner ownership in the infrastructure expected to carry existing market activity. Members, liquidity providers, bullion dealers, and settlement firms need the implementation timetable, migration requirements, operating rules, risk controls, and links to Hong Kong’s separate gold clearing initiatives before they can assess how access and execution will change.
Select institutional clients can access Kalshi event contracts and U.S. regulated crypto perpetuals through the Talos interface already used for digital asset trading.
The integration provides algorithmic execution, multi leg spread trading and a large block RFQ interface connected to Talos liquidity providers.
Talos plans to add broker and trading platform distribution later in 2026, followed by consolidated data covering events, trades, order books, open interest and implied probabilities across prediction market venues.
Prediction markets are acquiring the execution, block trading, data and downstream distribution infrastructure used by professional markets. That makes prediction market integrity more important as these products reach institutions and brokerage platforms. The next test is whether liquidity, surveillance, contract governance and disclosure can mature quickly enough to support that distribution.
July 22, 2026, United Arab Emirates / Jersey / Global
GTN and Payward will expand xStocks beyond U.S. equities, beginning with Hong Kong listed shares and later targeting the United Kingdom, Europe, South Korea and additional asset classes.
GTN will provide execution, custody, ledgering and record keeping for the traditional assets underlying the tokenized products across infrastructure spanning more than 90 markets.
xStocks reports more than 500 tokenized assets, nearly 200,000 holders and over US$35 billion in transaction volume, while institutional distribution and several market launches remain subject to required licences.
The xStocks expansion takes tokenized equities from U.S. stock replicas into international market access supported by traditional custody and record keeping. Existing scale provides operating evidence, but licensing, disclosure and investor protection will still need to be addressed market by market.
Broadridge is integrating proxy voting, investor communications, regulatory disclosures and voting entitlement reconciliation into Alpaca’s Instant Tokenization Network.
Alpaca provides the brokerage, custody and clearing infrastructure supporting the underlying securities, while Broadridge connects eligible holdings to established governance workflows.
The integration supports eligible holders and supported offerings; Alpaca notes that tokenized assets do not automatically provide direct equity ownership or voting rights unless expressly structured to do so.
Tokenized equities are being forced to confront the gap between economic exposure and legal ownership. Bringing proxy and disclosure workflows into the distribution layer does not resolve every rights question, but it makes governance a core part of tokenized market infrastructure rather than an afterthought.
The Palestinian Monetary Authority warned that ending correspondent relationships between Israeli and Palestinian banks could disrupt payments for food, fuel, medicine, electricity and other essential trade.
Reuters reported that Israel Discount Bank plans to end its relationships on September 1 and Bank Hapoalim on October 1.
The two banks process approximately NIS 51 billion, or US$16.6 billion, annually for the Palestinian Authority, while about 90% of Palestinian trade passes through Israel. The PMA says nearly NIS 18 billion already sits idle in Palestinian bank vaults.
This is a severe example of the concentration risk created when an economy depends on a small number of foreign correspondent banks. The planned cutoffs extend the long running decline in correspondent banking relationships into essential national payment access. If the relationships end, more activity could enter cash based and unregulated channels while banks lose the electronic balances required to settle trade.
Questrade introduced an MCP connection that lets clients connect their brokerage accounts to Claude and Claude Code. Support for ChatGPT and Cursor is planned.
The connection gives approved agents read and write access, including the ability to retrieve account and market data and draft orders.
Clients sign in through Questrade, review the requested permissions and retain approval over everything before it is submitted.
Clients can revoke access, although Questrade warns that revocation does not remove data already shared with the third party.
Questrade has placed agentic finance inside a live Canadian brokerage workflow. The control questions now concern permission scope, retained data, order review, erroneous instructions, recordkeeping and responsibility when an external agent influences an investment decision. NCFA’s analysis of AI agents entering governed financial workflows explains why access, approvals and audit evidence become essential once agents can act on financial accounts.
Toronto based d1g1t launched a Model Context Protocol server connecting its enterprise wealth management platform to Claude, ChatGPT, Microsoft Copilot and other compatible AI tools.
Authorised agents can retrieve live household, portfolio, performance, exposure and compliance data to prepare briefings, client meetings and reports or identify mandate breaches.
The governed connection also supports onboarding, portfolio analysis, rebalancing and compliance monitoring without requiring firms to copy client information into general purpose AI tools.
This gives AI assistants controlled access to current portfolio and compliance data inside established advisor workflows. The d1g1t company profile shows how MCP extends a wealth platform serving more than 90 firms and representing over C$200 billion in assets. Wealth firms still need traceable actions, review gates and clear limits on what an agent can retrieve, recommend or execute.
Chime introduced self-directed stock and ETF investing and automated managed portfolios inside its financial app, with access rolling out to eligible members.
Self-directed accounts support commission-free trading, while both investing options have no minimum account balance and allow members to begin with US$1.
Automated portfolio fees are 0% annually for Chime Prime members, 0.10% for Chime Plus members and 0.25% for other eligible members.
Atomic Invest provides investment management, while Atomic Brokerage provides brokerage services. Chime is not the investment adviser and doesn’t make portfolio decisions.
Chime says its average member opens the app up to five times daily and completes more than 50 monthly transactions, giving the investing product an established distribution channel.
Chime is extending from payments, savings and credit into retail investment distribution without becoming the adviser or broker. The next measures are funded-account adoption, average balances, managed-versus-self-directed use and whether frequent financial-app engagement translates into sustained investing.
Shakepay has joined the Interac e-Transfer service as a Participant after qualifying as both a FINTRAC registered money services business and a CIRO regulated investment dealer.
Participation gives the Montreal fintech greater control over how payment experiences are built and delivered to more than 1.5 million Canadian users.
Interac e-Transfer processed more than 1.6 billion transactions last year.
This direct network participation gives a crypto platform greater control over one of Canada’s most widely used payment services. Shakepay can rely less on intermediary arrangements and build payment functions closer to the network. Other regulated fintechs will need to compare the operating control, settlement requirements, technical obligations and customer economics of becoming participants rather than remaining downstream users.
Bir and UnionPay completed the first phase of an acceptance partnership covering more than 1,000 online merchants and nearly 1,300 Birbank ATMs.
Later phases will add UnionPay acceptance across physical and mobile POS networks and allow Birbank customers to transfer funds to UnionPay cards.
The completed infrastructure will connect UnionPay with Birbank, Birmarket, Milliön payment terminals and the m10 wallet across Azerbaijan’s major acquiring channels.
The scale turns a card acceptance partnership into connected national payment infrastructure. Bir is combining banking, ecommerce, terminals and a wallet with an international network, giving merchants one operating ecosystem for domestic commerce, tourism and cross border customer access.
The second phase of Project Hangang is preparing to begin real deposit token transactions as early as September with nine participating commercial banks.
The Bank of Korea will provide the institutional CBDC infrastructure while participating banks issue deposit tokens and develop their own payment services.
The new phase adds person to person transfers, biometric authentication, automatic deposits and withdrawals, additional merchants and programmable public disbursement use cases.
South Korea is testing a two tier model in which the central bank supplies the settlement base and commercial banks own distribution. The test could provide a practical comparator for how tokenized deposits, public money and regulated bank services can operate inside one payment system.
Tokyo listed logistics company AZ-COM Maruwa reportedly plans to use the regulated yen stablecoin JPYC for payments to approximately 2,300 business partners.
The intended recipients include subcontractors, independent truck drivers and small carriers operating across the company’s logistics network.
JPYC maintains a one to one yen peg backed by bank deposits and Japanese government bonds, with the company seeking faster cash flow and low cost conversion into conventional yen.
If implemented at the reported scale, this would provide one of the clearest tests of stablecoins as operating payment infrastructure rather than a crypto trading product. The real measure will be whether suppliers adopt it, convert it easily and receive a meaningful cash flow benefit.
Shanghai Commercial Bank and Planto launched an Inter-bank Financial Insights solution through the Shacom Business app using Hong Kong’s Interbank Account Data Sharing framework.
Authorized SME customers can consolidate information from Shacom and eleven other banks, including real-time balances, up to 18 months of cash flow data, foreign currency activity and overseas revenue distribution.
The platform also helps the bank identify anomalies and opportunities while giving relationship teams a more complete view of each participating business.
The deployment turns open finance from account aggregation into operating intelligence for SMEs and their banks. It provides a practical comparator for Canada’s open banking development, where permissioned financial data could improve cash visibility, risk monitoring, credit decisions and relationship banking.
Cognitive Credit launched a connector that makes its machine extracted credit data and source disclosures available inside Claude and enterprise AI workflows.
The connector covers high yield bonds, investment grade bonds, leveraged loans, and emerging market bonds across approximately 3,100 issuers.
Cognitive Credit reports that all 10 of the largest global investment banks and a majority of the 25 largest global asset managers use its services, although connector specific adoption figures were not disclosed.
Institutional data providers are bringing governed financial information into the AI interfaces analysts already use. Credit teams need to test permissions, source traceability, update timing, confidential data boundaries, model outputs, and review requirements before connector generated work enters investment decisions. Adoption data will determine whether this becomes core research infrastructure or remains an optional interface.
Manulife signed a five-year agreement with Microsoft and adopted Microsoft’s Frontier Suite to support AI deployment across its global operations.
The insurer will deploy Microsoft Agent 365 as a central registry and control layer for governing, monitoring and securing AI agents, while expanding Microsoft 365 Copilot to more than 30,000 employees.
Manulife says it already has AI agents in production and expects its AI initiatives to generate more than US$1 billion in enterprise value by 2027, with US$300 million achieved by the end of 2025.
Manulife is putting AI governance into the operating architecture of a major Canadian financial institution. Together with Canada’s shared AI control infrastructure, the deployment provides a direct test of whether central agent registries, monitoring and security controls can support enterprise AI without fragmenting accountability across business units and jurisdictions.
RavenPack launched a Bigdata.com marketplace where AI agents retrieve, license and pay for premium content according to the number of content tokens consumed.
Each provider sets a price per token, while retrieved excerpts are counted, attributed and settled by source with a per use content licence attached.
More than 170 market data, research, news and expert content providers are available through one MCP or API connection; RavenPack claims its targeted retrieval can reduce model context consumption by up to 100 times.
AI agents do not fit conventional per seat data licences. Bigdata.com is testing whether attribution, licensing and payment can be embedded directly into retrieval, creating a potential commercial layer for financial research and other data intensive AI workflows.
The US Office of the Comptroller of the Currency denied Wise’s application for a national trust bank charter, although the decision does not affect its existing operations under money transmitter licences covering 48 states and four territories.
Wise sought direct access to US payment settlement through a Federal Reserve account, but says the Federal Reserve’s pause on account access for uninsured trust banks made the original structure unworkable.
The OCC also referred to Wise’s July 2025 multistate consent order. Wise says it has strengthened investigations, reporting, customer data controls and compliance staffing and plans to submit a new application under the GENIUS Act framework.
The rejection shows that federal payment access depends on both settlement policy and compliance readiness. Wise’s planned GENIUS Act application adds a major global payments company to the US trust charter debate. The next test is whether Wise can design a viable application without changing how its existing customers hold and transfer money.
The Office of the Comptroller of the Currency granted Upstart conditional approval to establish Upstart Bank, N.A., following an application submitted in March 2026.
The proposed Delaware based digital bank would originate consumer loans nationwide and accept deposits insured by the Federal Deposit Insurance Corporation without operating physical branches.
Applications for FDIC deposit insurance and Federal Reserve approval for Upstart to become a bank holding company remain pending. Operations cannot begin until all approvals are received and OCC conditions covering capitalization, governance and operational readiness are satisfied.
Upstart expects banks, credit unions and institutional credit funds to continue purchasing the vast majority of loans originated through its platform, with Upstart Bank complementing those funding relationships.
A national bank charter would give Upstart direct access to deposit funding and place its lending activities within a federal prudential framework. It could reduce funding and regulatory complexity while adding bank level capital, liquidity, governance, compliance and supervisory obligations. Partner institutions and investors should watch the remaining approvals, preopening requirements and how Upstart allocates originations between its own bank and external funding partners.
Revolut Payments Australia received a full authorised deposit taking institution licence from APRA, while its Australian holding company received separate approval.
Revolut Bank Australia began onboarding new customers and transferring more than one million existing Australian customers into the licensed bank.
Eligible deposits receive protection of up to A$250,000, while Revolut plans to add savings and credit products and invest nearly A$400 million over five years.
A global fintech can now combine deposits, payments and credit under one Australian prudential licence. Canada has a clear comparator for foreign fintech bank entry, deposit protection and the competitive impact of giving a large digital platform its own regulated balance sheet.
Augustus raised a US$180 million Series B at a US$1 billion valuation, bringing its total financing to US$210 million.
Its platform supports operating and FBO accounts, named virtual accounts and transactions through Swift, ACH, SEPA and stablecoins.
Augustus received preliminary conditional OCC approval in May, but its proposed national bank remains in organization and cannot begin US banking operations until required approvals and preopening conditions are completed.
Augustus is targeting the correspondent banking layer with programmable dollar accounts, payment rails and an owned core. If its charter becomes operational, international fintechs could gain direct dollar infrastructure without relying on several sponsor and intermediary relationships. That is highly relevant to Canadian firms requiring dependable US accounts, liquidity and payment access.
Bank of Maldives, the country’s largest bank by assets and branch presence, selected Finastra Essence to modernize its core banking operations.
The bank serves more than 390,000 customers and will use the platform across conventional and Islamic banking products.
The implementation is intended to automate processing, support straight through operations and reduce the time required to introduce new products and services.
The implementation will test whether one configurable core can support conventional and Shariah compliant products across a national banking network. Canadian banks and credit unions face the same challenge of replacing legacy infrastructure while preserving existing products, controls and customer access.
The Australian Government plans to legislate a Digital Duty of Care requiring AI companies to build in safety and proactively address potential harm.
Further priorities include a second tranche of privacy reform and a framework governing automated decision making within federal agencies.
Australia will examine consumer law responses to retail surveillance pricing and agentic commerce while developing workplace AI safety measures.
The priorities establish policy direction ahead of binding rules and connect AI development with consumer protection, personal data, automated public decisions and employment. Canadian institutions should watch how Australia assigns responsibility when AI agents influence prices, purchases and regulated decisions.
The European Commission fined Google a combined €890 million in two Digital Markets Act enforcement decisions.
A €460 million penalty concerns preferential placement of Google services, including shopping, hotels, transport and sports results, over competing services in Google Search.
A separate €430 million penalty concerns restrictions preventing Google Play developers from freely directing customers to alternative purchasing channels.
The Commission found that Google’s steering-related fees and charging periods exceeded what the DMA permits.
Google was ordered to end both forms of non-compliance.
The decisions directly affect how fintech applications are discovered and how developers direct customers to alternative payment channels. Fairer search treatment could reduce dependence on a gatekeeper’s commerce products, while fewer steering restrictions could give fintechs greater control over pricing, billing and customer relationships. Canadian firms serving European users may need distinct distribution and payment strategies for DMA-compliant channels.
Ripple made an undisclosed strategic investment in Notabene and plans to integrate Ripple USD into the Notabene Flow business payment network.
The companies will also examine how Notabene’s pretransaction authorization controls could complement Ripple Payments.
Notabene reports more than 2,300 connected institutions, over 280 customers, coverage across more than 100 jurisdictions, and more than US$2 trillion in annualized transaction volume.
Stablecoin payment providers are beginning to place counterparty verification and authorization before settlement rather than treating compliance as a review after funds arrive. Banks, payment firms, exchanges, and custodians need to decide where approval occurs, which party controls it, what information travels with the payment, and how rejected or restricted transactions are handled across wallets and jurisdictions.
HDR Global Trading decided to close the BitMEX exchange on September 23 following a strategic review of the business and crypto industry.
New account registrations stopped immediately. BitMEX urged customers to close positions and withdraw their assets before the closure.
Beginning August 26, customers will only be able to reduce positions. BitMEX may force close positions and settle contracts with limited liquidity early.
Customers who leave assets on the platform after the closure will face an account fee of US$50 or 1% annually, whichever is greater, charged monthly.
Customers will retain access to balances, transaction records and withdrawals after the exchange closes. BitMEX states that its assets exceed its liabilities.
BitMEX helped establish perpetual swaps as a core crypto trading product, yet creating a market did not preserve its liquidity position. Kaiko data cited by Reuters placed daily trading volume near US$400,000 and market share below 0.01% when the closure was announced. The exit raises a market-structure question about whether smaller centralized venues can retain enough traders, market makers and revenue as activity concentrates among major exchanges and onchain platforms.
The updated Digital Asset Market Clarity Act combines Senate Banking and Agriculture Committee provisions into a proposed federal system for digital commodity issuers, exchanges, brokers, dealers and custodians.
The draft divides oversight between the SEC and CFTC, creates registration and certification processes for digital commodity intermediaries, and addresses custody, customer property, decentralized finance, token disclosures and self custody.
A new ethics division would prohibit covered public officials, federal employees and their spouses from issuing or sponsoring digital assets for consideration while the official is serving, with enforcement reserved for the U.S. attorney general.
The Senate draft now connects market structure, intermediary registration, asset classification and political ethics in one legislative package. Digital asset firms should examine which activities would fall under SEC or CFTC supervision, how certification and custody requirements would work, and whether negotiations materially change the ethics, enforcement or implementation provisions before the bill advances.
Coinbase Canada CEO Eric Richmond said Coinbase Financial Markets had received an international exemption allowing it to offer crypto derivatives to Canadian permitted clients.
Richmond expects the derivatives product to become available within weeks, although the initial offer won’t be open to every retail customer.
Coinbase is also working to bring its Everything Exchange strategy to Canada, combining crypto, stocks, ETFs and prediction markets through one platform. No Canadian launch date has been announced for the wider offer.
Richmond said Coinbase is targeting investment dealer registration and CIRO membership in early 2027.
Coinbase is preparing to compete for more than Canadian crypto trades. Derivatives provide the immediate entry point, while stocks, ETFs and prediction markets could eventually place it against Canadian brokerages and multi product investment platforms. Permitted client limits, dealer registration, product approvals, custody, disclosures and market surveillance will determine how much of the strategy reaches Canadian customers.
NCFA Perspective
The strongest thread this week is control. Fintechs are gaining more direct access to payment networks, regulated markets, financial data and AI infrastructure. That access creates commercial opportunity, but it also places greater responsibility on firms to protect customer rights, govern automated decisions and keep critical systems resilient. For Canadian founders and investors, your advantage will come from owning a useful part of this infrastructure before access rules, operating economics and market positions harden. Follow the next developments through NCFA’s newsletter, explore connected opportunities in the Financial Innovation Map, or review the latest fintech insights.
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
Direct participation gives Shakepay more control over how transfers are connected, operated and improved. It can work closer to Interac instead of relying as heavily on another financial institution to provide a service that sits at the centre of its Canadian dollar experience.
Interac says Shakepay serves more than 1.5 million Canadians. Interac e Transfer processed more than 1.6 billion transactions last year.
That makes this less about adding another payment button and more about owning a larger part of the customer relationship.
Shakepay began as a simple way to buy bitcoin. It now offers Canadian dollar balances, e Transfers, card spending, bitcoin rewards and business accounts. Joining Interac directly gives those products a stronger operating base.
Shakepay Is Building Around The Canadian Dollar
Bitcoin remains the hook, but most customers still enter Shakepay through Canadian dollars.
They fund an account, buy an asset, spend from a cash balance or withdraw money to a bank. The better Shakepay handles those steps, the more useful the account becomes before and after a crypto trade.
Its bitcoin rewards strategy follows the same logic. Customers pay merchants in Canadian dollars through established card infrastructure and earn bitcoin afterwards. Merchants don’t have to accept crypto, and customers don’t have to change how they pay.
Interac participation strengthens the other side of that model. Shakepay can connect familiar money movement with bitcoin ownership inside one account.
This is where the company’s strategy becomes more interesting.
A crypto exchange earns activity when customers trade. An everyday financial account can earn attention when they get paid, send money, shop, save or manage a business. Shakepay doesn’t need bitcoin to replace Canadian payment rails. It needs bitcoin to become more useful because those rails are built into the product.
Direct participation doesn’t guarantee faster transfers, higher limits or lower fees. Interac and Shakepay haven’t announced those changes. The value will show up in what Shakepay builds next and whether customers notice a better experience.
From Payments Canada Member To Network Participant
Shakepay became the first crypto focused company to join Payments Canada in May 2025.
Interac participation is a more practical step. Shakepay is now closer to an operating service its customers already use.
Payments Canada membership gives Shakepay a place within the organization that owns and operates Canada’s core clearing and settlement systems
Interac participation gives Shakepay a direct relationship with the network behind a major customer payment service
One opens institutional access. The other can change the product.
Shakepay qualified as a FINTRAC registered money services business and a CIRO regulated investment dealer. Its dealer membership took effect in January 2025, adding national oversight of its investment operations, capital, custody and compliance.
Regulation is becoming part of the competitive stack. It takes time and money, but it also gives fintechs access to infrastructure that was once largely reserved for banks and credit unions.
Canada’s crypto market is splitting along two strategies.
Robinhood bought WonderFi and its Bitbuy and Coinsquare platforms to enter Canada with regulated trading scale. Shakepay remains independent and is extending outward from bitcoin into payments.
One strategy consolidates trading platforms under a global owner. The other tries to turn a Canadian crypto relationship into a broader financial account.
Interac participation gives Shakepay more control, but it also leaves less room to blame an intermediary when payments fail. Fraud controls, outages, customer support and account reliability now carry more strategic weight.
NCFA Perspective
Shakepay has assembled much of an everyday financial account without becoming a bank. Customers can hold Canadian dollars, move money through Interac, spend through a prepaid card and earn bitcoin rewards. Businesses can manage cash and digital assets through the same platform.
The products fit together. Now customers need to use them. More than 1.5 million registered users gives Shakepay reach, but it doesn’t show how many customers maintain balances, route recurring income or use the account every week. Those behavioural actions are beyond account registrations because they determine deposit stability, payment volume and customer lifetime value.
Direct Interac participation improves operating control and reduces reliance on intermediaries. It also gives Shakepay more freedom to design the account around payments, cash and bitcoin. The larger opportunity is to convert a crypto relationship into a primary financial relationship. That depends on whether customers trust Shakepay enough to leave money there and useful enough to return when they aren’t buying bitcoin.
Talking Point
Can Shakepay turn direct Interac access into a primary financial relationship, or will it remain the account Canadians use mainly when they want bitcoin?
NCFA Company Intelligence Snapshot
Shakepay
Canadian bitcoin platform extending into payments, cards and business financial services
Last updated Jul 23, 2026
Company At A Glance
Founded2015
Head OfficeMontreal, Quebec
FoundersJean Amiouny and Roy Breidi
Reported UsersMore than 1.5 million Canadians
OwnershipPrivately held and Canadian owned
Core ProductsBitcoin, ether, cash balances, transfers, cards and rewards
Business OfferCanadian dollar and crypto treasury accounts and transfers
RegulationCIRO investment dealer and FINTRAC registered MSB
Payments CanadaMember since May 2025
Interace Transfer participant since Jul 2026
Milestones
Select a milestone to follow Shakepay’s development from bitcoin trading into everyday finance
1Bitcoin Platform2015
2Series AJan 2022
3CIRO DealerJan 2025
4Payments CanadaMay 2025
5Everyday Account2025–2026
6Direct Interac AccessJul 2026
Milestone 1
Shakepay Starts With A Simple Bitcoin Product (2015)
Jean Amiouny and Roy Breidi founded Shakepay in Montreal. The early product gave Canadians a simpler way to buy and sell bitcoin using Canadian dollars.
Company
ShakepayPrivately held Canadian bitcoin company
Stage
LaunchA focused product enters the Canadian market
CanadaCanadian dollar access supports local adoption
Customers
First Time BuyersEase of use lowers the entry barrier
Competition
Local SimplicityThe product is built around Canadian funding needs
Additional Company Data
Shakepay was founded in Montreal in 2015
Jean Amiouny serves as chief executive officer
The initial offer focused on bitcoin access for Canadians
The company later added ether and Canadian dollar account features
Why This Milestone Matters
Shakepay began with one clear job: make buying bitcoin easier in Canada. That focus built the customer base it is now trying to extend into payments.
Milestone 2
Shakepay Raises C$44 Million For Growth (Jan 2022)
Shakepay raised a C$44 million Series A led by QED Investors. The financing supported hiring, product development and growth as Canadian crypto adoption accelerated.
Company
ShakepayThe company adds institutional investors
Stage
Early ScaleCapital supports a larger team and product
Capital
C$44 MillionSeries A led by QED Investors
Markets
Canadian GrowthThe domestic customer base expands
Customers
Retail UsersMainstream adoption becomes the target
Competition
Funded ChallengerShakepay can invest through a volatile market cycle
Additional Company Data
QED Investors led the Series A
The round valued Shakepay at approximately C$313 million
Previous investors included Boost VC and BoxOne Ventures
The company remained independent after the financing
Why This Milestone Matters
The round gave Shakepay time to build beyond transaction volume. Its larger opportunity became the customer account, not only the trade.
Milestone 3
Shakepay Becomes A CIRO Investment Dealer (Jan 2025)
Shakepay became a CIRO investment dealer member effective January 8, 2025. National dealer oversight strengthened its regulatory position and created a base for deeper payment access.
Company
Shakepay Inc.The regulated dealer operates the investment business
Stage
Regulated ScaleThe company enters national dealer oversight
Capital
Custody ControlsClient assets remain subject to dealer conditions
Markets
CanadaThe approval supports national operations
Customers
Canadian InvestorsInvestment services operate through a regulated dealer
Competition
Access CredentialRegulation supports trust and network eligibility
Additional Company Data
CIRO membership took effect January 8, 2025
Shakepay is also registered with FINTRAC as a money services business
The dealer is registered with Quebec’s Autorité des marchés financiers
Dealer status doesn’t make Shakepay a bank
Why This Milestone Matters
Regulation became an operating asset. It gave Shakepay the standing to pursue infrastructure relationships that aren’t available to an unregulated crypto app.
Milestone 4
Shakepay Joins Payments Canada (May 2025)
Shakepay became the first crypto focused company admitted as a Payments Canada member. Membership brought it into national payment governance and opened the door to deeper system access.
Company
Shakepay Inc.The regulated dealer becomes a member
Stage
Infrastructure EntryShakepay enters payment system governance
Capital
Payment AccessNational infrastructure becomes part of the strategy
Markets
Canadian PaymentsThe company joins banks and regulated fintechs
Customers
Consumers And BusinessesFuture access can improve money movement
Competition
Formal MembershipA crypto company gains a seat at the table
Additional Company Data
Payments Canada announced the membership in May 2025
Shakepay was the first crypto focused member
Membership supports participation discussions but doesn’t grant automatic rail access
Shakepay identified the Real Time Rail as a future opportunity
Why This Milestone Matters
Membership gave Shakepay institutional standing. The commercial value would depend on whether it could turn that standing into actual network access.
Milestone 5
Shakepay Builds More Uses Around The Account (2025–2026)
Shakepay added more ways to hold, transfer and spend money while keeping bitcoin central to the customer experience. Cards, rewards and business services extended the relationship beyond trading.
Company
ShakepayThe product expands around one account
Stage
Product ExpansionTrading connects with spending and transfers
Capital
Customer BalancesCanadian dollars and crypto remain in one platform
Markets
Everyday FinanceShakepay competes for more regular account use
Customers
Consumers And BusinessesThe offer extends beyond retail traders
Competition
Account UtilityPayments create more customer touchpoints
Additional Company Data
Customers can hold Canadian dollars, bitcoin and ether
The prepaid card connects Canadian dollar spending with bitcoin rewards
Shakepay for Business supports treasury balances and transfers
The company reported more than 1.5 million Canadian users
Why This Milestone Matters
A customer may trade only occasionally. Payments and balances give Shakepay more chances to become part of the customer’s regular financial routine.
Milestone 6
Shakepay Joins Interac e Transfer Directly (Jul 2026)
Shakepay joined Interac e Transfer as a participant. It already offered the service, but the direct relationship gives the company more control over payment delivery and future development.
Company
Shakepay And InteracThe platform connects directly with the network
Stage
Direct ParticipationMembership leads to operating access
Capital
Payment ControlShakepay can rely less on intermediaries
Markets
Interac e TransferA service used at national scale
Customers
1.5 Million PlusUsers gain a stronger payment foundation
Competition
Primary AccountThe company competes for more daily activity
Additional Company Data
The announcement was dated July 16, 2026
Interac reported more than 1.6 billion e Transfer transactions last year
Direct participation doesn’t make Shakepay a bank
No immediate fee, limit or processing changes were announced
Why This Milestone Matters
Shakepay now controls more of the connection between Canadian dollars and bitcoin. The next proof point is whether that produces a better and more frequently used account.
Frequently Asked Questions About Shakepay And Interac e Transfer
What changed for Shakepay?
Shakepay became a direct participant in Interac e Transfer. Customers already had access to e Transfers, but Shakepay now has more control over how the service is connected and operated.
Is Shakepay owned by WonderFi or Robinhood?
No. WonderFi owned Bitbuy and Coinsquare and was acquired by Robinhood. Shakepay is a separate privately held Canadian company.
How is this different from joining Payments Canada?
Payments Canada membership brought Shakepay into national payment governance and created eligibility for deeper access. Interac participation connects it directly with a specific operating network.
Does Interac e Transfer send bitcoin?
No. Interac e Transfer moves Canadian dollars. Shakepay customers can then hold, spend, withdraw or convert those funds into supported digital assets.
Does direct participation make Shakepay a bank?
No. Shakepay remains a CIRO regulated investment dealer and FINTRAC registered money services business.
Related NCFA Intelligence
Continue into the payment access, regulation and infrastructure developments affecting Canada’s fintech account market.
The transaction volumes and customer behaviour making direct payment infrastructure more commercially valuable.
Information notice: Company and network figures are identified and attributed where applicable. Product availability, operating features and regulatory treatment may change after the stated update date. This content is provided for informational purposes only and does not constitute investment, financial or legal advice.
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](http://www.ncfacanada.org)
Paying employees across borders sounds simple enough, until you're staring at a stack of tax codes, currency conversion tables, and compliance deadlines that change country by country. For US-based companies going international, global payroll is one of the fastest ways to rack up serious legal and financial exposure if you aren't ready for it.
Here's the thing: most payroll pitfalls follow predictable patterns. Below are five global payroll challenges companies run into in 2026, along with what you can actually do to sidestep each one.
1. Tax Compliance Across Multiple Jurisdictions
Tax rules differ dramatically from one country to the next. They shift constantly. A company paying workers in Germany, Brazil, and the Philippines simultaneously is wrangling three completely different income tax structures, social contribution rates, and filing calendars, all at once, all with real consequences. Get it wrong, and fines pile up fast. One practical move is to plug into payroll infrastructure built specifically for cross-border compliance, rather than patching together manual processes that inevitably crack under pressure. For instance, global payroll from Borderless AI automates tax withholding calculations and filing deadlines across 170-plus countries, cutting down the manual work that causes errors in the first place.
But software alone won't save you. Build a compliance calendar tailored to each country where you pay people, and assign clear ownership for each market's filings; don't let it float around as a general finance team responsibility. Tax authorities in most countries won't cut you slack just because you're unfamiliar with local law; proactive documentation and regular audits of your withholding rates aren't optional if you want clean books across every jurisdiction.
2. Currency Fluctuations and Exchange Rate Risk
Paying employees in local currencies sounds straightforward, until exchange rates shift hard and your payroll costs jump 15% overnight. In 2026, with the US dollar showing volatility against the euro, the Japanese yen, and several emerging market currencies, this is a genuine budget headache for any company running international payroll.
The fix has two parts. First, keep your payroll budget separate from your general operating budget so exchange rate swings don't quietly eat into margins. Second, use forward contracts or hedging tools that lock in rates for 30 to 90-day payroll cycles. Many companies skip this because it feels overly complex, but the cost of not hedging can far exceed the cost of the instrument itself; that's a trade-off worth sweating. You should also review your payroll calendar to make sure payments go out on consistent, predictable dates; inconsistent timing creates exchange-rate surprises because conversions land at different points in the rate cycle. Predictable scheduling makes budgeting far more accurate across your international workforce.
3. Worker Misclassification in International Markets
This one catches more companies off guard than any other. Misclassifying employees as independent contractors is among the most expensive global payroll mistakes you can make in 2026, and the exposure is far larger than most finance teams realize until it's too late. Worker classification rules are stricter in most countries than they are in the US. Courts in places like Spain, France, and the UK have handed down significant penalties to companies that paid workers on contractor terms while directing their work like employees.
The risk isn't only financial. In several countries, misclassification triggers mandatory back payment of benefits, termination protections, and employer-side social contributions applied retroactively, sometimes covering years of prior engagement. Don't assume US standards translate. Before you bring on an international worker, map out the classification criteria for that specific country, asking whether the worker controls their own hours, uses their own tools, and serves multiple clients. If those answers point toward an employment relationship, treat it as one. A legal review before the first payment goes out is far cheaper than a reclassification audit down the road. Document your reasoning clearly and revisit classifications whenever the working arrangement changes.
4. Data Privacy and Cross-Border Payroll Data Transfers
Payroll data is sensitive. Moving it across borders puts you squarely under data privacy laws that carry real teeth; the EU's GDPR remains one of the strictest frameworks globally, but countries like Brazil, Canada, and India have built their own versions with equally serious enforcement. For US companies, the catch is that your data practices get judged by the destination country's rules, not your home state's.
A standard payroll export to a European employee record system may require a data transfer agreement, explicit consent mechanisms, and defined retention schedules. Start there. Map where your payroll data actually flows, from collection through storage to processing, and you'll likely find transfer points you didn't know existed, especially if third-party payroll vendors subcontract their data processing. Audit those vendor agreements for data residency clauses. Build a cross-border data transfer policy and train your HR and finance teams on what triggers a reporting obligation, because small procedural gaps here tend to surface only when regulators come looking. By then, the cost to fix things is steep.
5. Payroll Processing Delays and Banking Infrastructure Gaps
Even when your compliance is spotless, slow payroll processing chips away at employee trust and creates real operational problems, particularly in markets where local banking infrastructure is less developed than in the US. Across Southeast Asia, West Africa, and parts of Latin America, standard wire transfers can take five to seven business days and sometimes arrive with unexpected intermediary fees already deducted. Employees in those markets might tolerate it once. They won't keep tolerating it.
Start by evaluating whether your payroll provider actually supports local payment rails rather than just SWIFT transfers. Real-time payment networks now exist in over 50 countries. Providers connected to them can clear payments in hours rather than days, which matters enormously when workers in new markets are depending on punctual wages to meet local obligations. Set an internal payroll processing deadline that's earlier than the official pay date, building in a buffer for banking delays, public holidays, and currency conversion queues. When you onboard employees in a new market, ask specifically about local banking norms, how people receive wages there, whether digital wallets are common, and what documentation they need for large incoming transfers. That upfront conversation prevents avoidable friction down the line.
Conclusion
Global payroll gets complicated quickly. But the 5 global payroll challenges covered here share one common thread: they're all predictable and preventable with the right groundwork. Tax compliance, currency risk, worker classification, data privacy, and payment infrastructure are all manageable when you treat them as structural concerns rather than last-minute checks, embedding accountability into your processes before problems surface rather than after. The companies that handle international payroll well don't improvise. They build systems, assign ownership, and audit regularly. Start with the markets you're in today, fix the gaps you find, and carry that discipline forward as you grow.
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
July 11, 2026 | NCFA Fintech Whisperer | Risk Compliance And Regtech, Digital Assets Blockchain And Tokenization, Payments And Money Movement, Wealth Investing And Trading, Capital Markets Infrastructure And Funding, Competition And Market Structure, Digital Banking And BaaS, Lending Consumer Credit And BNPL, Regulation And Policy, Identity Privacy And Data Governance Cybersecurity Fraud And Financial Crime
July 15, 2026, United Kingdom / Singapore / Global
Standard Chartered standardized its global infrastructure on a software defined private cloud using VMware Cloud Foundation to support critical banking services across 54 markets.
Approximately 70% of the bank’s global infrastructure footprint already operates on the new architecture.
The platform embeds zero trust security into the infrastructure layer and reduces infrastructure deployment time from weeks to one day.
Private cloud remains a production architecture for regulated banks that need consistent control across countries and critical workloads. The 70% deployment gives other banks a concrete benchmark for weighing resilience, security, workload portability and regulatory oversight when deciding which systems belong in private environments and which can run with hyperscalers.
July 17, 2026, Marshall Islands / United States / Global
BitGo Bank & Trust will provide qualified custody and off exchange settlement for USDM1, a dollar denominated sovereign bond issued natively onchain by the Republic of the Marshall Islands.
USDM1 is structured under New York law, backed 1:1 by U.S. Treasuries and available to institutions on Stellar, Ethereum and Solana.
Eligible clients can deploy USDM1 to connected venues around the clock with T+0 settlement without transferring the asset onto an exchange.
The structure places sovereign issuance, Treasury backing, regulated custody and continuous settlement inside one institutional collateral workflow. It gives banks, dealers and custodians a concrete test of how tokenized sovereign instruments could support secured finance while reducing intraday exposure and prefunding requirements.
CSA Consultation Paper 51-406 opens a 120 day review of how Canadian public companies are regulated, with comments accepted until November 13, 2026.
The consultation asks whether venture and non-venture issuer status should be determined differently to support more proportionate requirements.
The CSA is considering whether some venture issuers should receive relief from parts of International Financial Reporting Standards.
The paper also examines private placement hold periods, material change reporting and how U.S. reforms to reporting, disclosure and capital raising should influence Canada.
More than 10% of eligible companies have adopted the CSA’s voluntary semi-annual reporting framework, while recent Listed Issuer Financing Exemption changes have generated significant financing activity.
The review extends beyond one exemption or reporting rule. It connects the semi-annual reporting pilot and higher LIFE financing limits to the cost of staying public, the information investors receive and Canada’s ability to compete for issuers and capital.
Ontario committed to join Canada’s national securities regulatory passport system following discussions among federal, provincial and territorial finance ministers.
Under the passport system, a market participant obtains a decision from its principal regulator that applies across participating jurisdictions under harmonized laws.
Ontario has been the only jurisdiction outside the system and currently uses an interface that can require a separate Ontario Securities Commission decision; implementation timing has not been announced.
Ontario’s commitment could remove a longstanding layer of duplicated review for issuers and registrants operating nationally. The operational test is whether full participation reduces filing cost and approval time without weakening investor protection. It also delivers the coordinated model sought in earlier calls for Ontario to adopt passport.
Grove committed a US$500 million warehouse facility to finance institutional loans originated and serviced by Galaxy Digital.
The senior secured loans may use BTC and ETH as collateral, including staked ETH, with assets held by Anchorage Digital and BitGo.
The facility uses USDS capital, defined eligibility requirements, concentration limits and continuous loan to value monitoring through independent price feeds.
The facility brings a familiar credit structure into institutional digital asset lending at substantial scale. It places onchain liquidity closer to loan origination and gives the market a clearer test of how stablecoin capital, qualified custody and crypto collateral can support structured credit.
Reuters reported that Stripe and Advent International submitted a joint offer of US$60.50 per share for PayPal, valuing the company at more than US$53 billion.
The proposal is backed by approximately US$50 billion in committed bank financing and would give Stripe and Advent equal ownership of PayPal.
PayPal, Stripe and Advent declined to comment, PayPal had not responded to the proposal when it was reported, and there is no certainty that an agreement will result.
A combined Stripe and PayPal would connect merchant processing, consumer checkout, Venmo and stablecoin distribution under one ownership structure. Even without a transaction, the bid tests whether control of merchant acceptance and consumer distribution will become a defining advantage across wallets, agentic commerce and digital payments.
ConnectOne Bank is building multiple commercial lending agents on nCino’s Agentic Operating System.
The deployment targets frontline efficiency across commercial lending workflows rather than one isolated task.
nCino positions the system as an operating layer for agents working across lending data, processes and institutional controls.
Commercial lending agents are entering regulated bank workflows at the operating system level. Their value will depend on whether banks can reduce manual work while keeping credit judgment, accountability and exception handling under institutional control.
Blockchain.com partnered with Polymarket to add prediction market access inside its app for users in eligible markets.
Users will be able to use assets already held in their Blockchain.com accounts to open and manage event positions without a separate wallet connection or deposit process.
Blockchain.com said it serves more than 43 million verified users across more than 70 jurisdictions, giving Polymarket a large new distribution channel.
Prediction markets are becoming a standard feature inside crypto trading apps. Wider distribution could increase participation and liquidity, while raising sharper questions about eligibility, market integrity and the trust controls surrounding prediction markets.
Alipay+ integrated with Argentina’s Transferencias 3.0 national QR payment network through Latin American payment technology provider PVS.
International travellers using participating Alipay+ wallets will be able to scan the QR codes already displayed by millions of Argentine merchants.
Alipay+ connects more than 50 wallets and banking apps representing 2 billion user accounts with 150 million merchants globally, with the Argentine service launching in phases.
Argentina is turning a domestic interoperable QR standard into an international acceptance layer without requiring merchants to replace their checkout technology. It gives Canadian operators a useful comparator as Canada opens payment infrastructure to more PSPs and credit unions while developing instant payment access, shared acceptance and stronger operating controls.
Thredd joined Visa’s Agentic Ready programme to help issuers support payments initiated by AI agents.
The processor said its platform provides tokenisation, authentication and fraud capabilities needed for agent initiated transactions.
Zilch is among the first issuers using the platform to support agent initiated payments in Europe.
Agentic commerce is reaching the issuer processing layer. Delegated authority, transaction controls, authentication and dispute handling are becoming core payment functions rather than responsibilities left only to agents and merchants.
Stable launched StablePay, a mobile app for instant USDT transfers using phone numbers, email addresses or QR codes.
The self custody service removes the need for users to manage blockchain accounts, gas fees or separate wallet connections.
Stable said the app is already supporting peer payments, cross border remittances and international payroll, with a built in feature for earning yield on USDT.
StablePay packages payment, custody and yield inside one consumer experience. Its traction will show whether simplified stablecoin products can win users beyond crypto markets while meeting the compliance expectations attached to global payments and yield.
Emirates NBD went live on Partior’s multicurrency blockchain clearing and settlement network.
The bank completed a live USD transaction with J.P. Morgan acting as settlement bank and beneficiary bank.
Corporate and institutional clients can now send real time USD payments to beneficiary accounts held at J.P. Morgan, with additional currencies and bank connections planned.
This is live bank settlement rather than another proof of concept. Partior now has a regional deployment that can test whether continuous liquidity, faster finality and programmable treasury services improve cross border banking at production scale.
The European Central Bank selected 36 payment service providers from more than 50 applicants to participate in the digital euro pilot.
The 12 month pilot is scheduled to begin during the second half of 2027 using a beta version of the digital euro across the ECB and 19 national central banks.
The programme will test online and offline person to person payments, merchant acceptance, software point of sale and ecommerce transactions with banks, payment firms and selected merchants.
The digital euro has entered a new implementation stage. Attention now turns from policy design toward operational readiness, participant integration and whether the pilot demonstrates that public digital money can work alongside existing payment networks.
JCB and Circle signed a memorandum of understanding to explore USDC payments across JCB's merchant network.
The collaboration will examine cross border payments, merchant acceptance and settlement using stablecoin infrastructure.
The initiative builds on JCB's existing digital payment work with Japanese banking and technology partners.
Stablecoin adoption is expanding beyond crypto native platforms into established payment networks. The next phase will depend on merchant acceptance, operational integration and regulatory treatment across major consumer payment markets.
Siam Commercial Bank became the first financial institution client to go live with Citi's integrated 24/7 USD Clearing and Citi Token Services solution.
The service enables near real time cross border USD payments at any time of day using tokenized deposits within Citi's regulated banking network.
The first live transaction transferred U.S. dollars between Citi in London and Siam Commercial Bank in Thailand during the U.S. holiday weekend, demonstrating continuous cross border payment capability.
The industry is beginning to demonstrate how tokenized deposits can support continuous cross border payments inside regulated banking networks. Alongside Swift’s bank ledger work with RBC and TD, the next measure is how quickly live services spread across institutions and payment corridors.
FIS joined Anthropic’s Project Glasswing and is actively testing the Mythos 5 frontier model against its own systems.
FIS operates software that clears payments, transfers money and runs core banking for thousands of financial institutions worldwide.
The controlled security initiative is separate from FIS’s commercial AI agent partnership with Anthropic and focuses on identifying vulnerabilities in critical software infrastructure.
Frontier AI is entering the security testing layer of widely shared banking and payment infrastructure. The initiative extends AI security across mixed banking systems into controlled testing of critical financial software. Banks and infrastructure providers will need clear controls for model access, finding validation, remediation ownership and disclosure as advanced models identify vulnerabilities faster than conventional security teams can process them.
CSA Staff Notice 33-322 reports findings from a focused compliance examination of 73 registered firms.
The review examined policies, employee training, risk assessments, controls, third party oversight and incident response planning.
CSA staff identified gaps across the firms reviewed and issued practical guidance intended to scale across small, medium and large registrants.
Cybersecurity expectations are becoming more concrete through examination findings rather than high level principles alone. Registered firms now have a clearer basis for testing governance, third party controls and incident readiness before the next compliance review.
INETCO added agentic AI investigation capabilities to BullzAI for banks, payment processors and other financial institutions.
The agents collate transaction data, triage alerts, prioritize high risk cases and provide explainable scores and recommendations for fraud teams.
The capability uses a proprietary model deployed within the customer environment and improves through supervised human feedback.
Fraud operations are beginning to automate the investigation layer, not only transaction detection. The practical value will come from cutting case backlogs while preserving analyst control, explainability and sensitive payment data inside the institution.
ENISA released a maturity model and downloadable assessment tool for SMEs that manufacture or supply products with digital elements covered by the Cyber Resilience Act.
The model evaluates governance, security by design, risk management, vulnerability management, product lifecycle practices and cybersecurity skills.
An accompanying survey of 194 organizations across 31 countries found that 66% knew about the Act, while practical understanding, incident response and product lifecycle readiness remained limited.
Canadian fintech and software vendors selling covered products into Europe need operational evidence behind their compliance claims. The model gives customers and partners a common way to examine product security maturity as the Act’s vulnerability reporting requirements begin in September 2026 and its main obligations approach.
FATF found that 83% of surveyed jurisdictions, 91 of 109, had passed legislation implementing the Travel Rule, up from 73% in 2025.
However, 55 of those 91 jurisdictions had not issued findings or directives or taken Travel Rule related supervisory or enforcement action.
FATF reported that a Cambodia based financial services conglomerate laundered at least US$4 billion between August 2021 and January 2025, including at least US$37 million linked to North Korean cyber thefts.
Travel Rule adoption is advancing faster than supervision and enforcement. Crypto firms, banks and compliance providers need stronger counterparty screening, interoperable originator and beneficiary data, offshore VASP controls, and escalation procedures for stablecoins and unhosted wallet exposure.
FINTRAC updated its advisory for Canadian reporting entities following the Financial Action Task Force’s June plenary.
Bosnia and Herzegovina and Iraq were added to the FATF list of jurisdictions under increased monitoring, while Algeria and Namibia were removed after completing their action plans.
Canadian reporting entities must account for connections to monitored jurisdictions when assessing geographic risk, applying controls and determining whether suspicious transaction reports are required.
Transactions connected to the Democratic People’s Republic of Korea and Iran remain subject to specific Canadian directives covering high risk treatment, identity verification, source of funds or virtual currency, beneficial ownership, recordkeeping and sanctions evasion controls.
The advisory also preserves enhanced requirements and reporting considerations for Myanmar, Russia, Afghanistan, Islamic State controlled areas and transactions connected to the Middle East.
The update requires banks, fintechs, payment companies, money services businesses and virtual asset firms to review country risk classifications, transaction monitoring rules and correspondent banking controls. Grey list status should inform a risk based assessment rather than automatic rejection of every transaction, while Canadian ministerial directives create specific mandatory treatment for designated jurisdictions.
The Bank of England, PRA and FCA began joint oversight of the first Critical Third Parties designated by HM Treasury.
The regime covers Amazon Web Services, Google Cloud, Microsoft and Oracle services that support the UK financial system.
Designated providers must manage risks to critical services, communicate with regulators during major incidents and support system level resilience.
Direct supervision of major technology providers changes where operational resilience responsibility sits. Financial firms still own their outsourcing risk, but the largest shared dependencies now face regulatory scrutiny at source.
FINMA regulated AMINA Bank integrated Mesh’s verified deposit technology directly into its online banking platform.
Clients will be able to select a wallet provider, verify ownership and deposit stablecoins or other digital assets through connections spanning more than 300 wallets and providers.
The deposit capability will soon become available to AMINA clients, with withdrawals, payouts and simplified wallet verification during onboarding planned as later additions.
Regulated crypto banking still breaks at the point where customers must prove ownership of external wallets. Embedding verification into deposit authorization can reduce manual address checks while preserving compliance controls. Banks considering similar connections will need clear responsibility for wallet screening, transaction monitoring, sanctions controls and failed transfers.
Interest free Buy Now Pay Later products are now regulated by the Financial Conduct Authority, covering providers including Klarna, PayPal and Clearpay.
Providers must conduct affordability checks before extending credit and give consumers clearer information during checkout.
Consumers gain enforceable refund protections for faulty goods, access to the Financial Ombudsman Service and support before debt collection when experiencing financial difficulty.
BNPL now operates as supervised consumer credit across the customer journey. Providers serving the UK need affordability, disclosure, complaints, refunds and collections controls that work inside merchant checkout flows. Canadian policymakers and lenders have a live comparator for testing whether product specific safeguards can protect consumers while preserving short term payment flexibility.
HM Treasury opened a 12 week consultation containing 42 questions on payment services and electronic money regulation, with responses due October 6, 2026.
The proposals create common regulated activities for traditional and tokenised payments, bring certain stablecoins into the payments perimeter and require firms to obtain permission for tokenised payment services.
The consultation addresses agentic payment consent, authentication and liability alongside variable recurring payment access, commercial Open Banking pricing and expanded FCA supervision.
One consultation connects digital money, AI agents and Open Banking to the same operating rulebook. Payment firms need to test which permissions, safeguarding models, access rights and liability controls their products would require. Canadian regulators can compare this integrated approach with separate domestic work on stablecoins, consumer driven banking and Real Time Rail implementation.
Austria’s Administrative Court confirmed that statistically calculated political affinities are special categories of personal data protected under Article 9 of the GDPR.
The profiles covered approximately 2.2 million people and were stored and partly sold to third parties without consent or another applicable exception.
The court set the administrative fine at €13 million and confirmed that group wide annual revenue could be considered when determining the penalty.
The decision extends sensitive data protection beyond information people expressly provide to conclusions generated about them. Fintechs using behavioural analytics, customer segmentation, alternative data or AI models must consider whether inferred attributes can create heightened privacy obligations even when the underlying inputs appear ordinary.
The Dutch Data Protection Authority published GDPR guidance for organizations developing generative AI models or taking responsibility for putting them into use.
The guidance addresses lawful grounds, indirect collection, training data and how personal information is managed, cleaned, enriched, retained and protected.
A separate implementation checklist asks organizations purchasing or using generative AI to first determine whether they can achieve their purpose without processing personal information.
The guidance brings privacy decisions into AI procurement and development before deployment. Financial institutions and fintechs using customer information with generative AI will need to justify why personal data is necessary, identify their legal role and preserve evidence across training, vendor selection, implementation and ongoing use.
Faster Finance Needs Faster Control
This week’s developments share one operating pattern. BitGo and Galaxy place tokenized assets inside collateral and lending. Alipay+, Partior and Citi connect domestic payment access with international distribution. FIS, the CSA and FATF reinforce the control layer required to run these systems safely at speed. For Canadian operators, the strategic question is which layer they truly control. Distribution without settlement access creates dependency. Automation without governance creates liability. Tokenization without custody, liquidity and legal certainty stays experimental. Durable businesses will own a useful layer, meet its control burden and connect cleanly to the rest.
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
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. 
