Concerns over competing interests between FinTech startups and financial incumbents have existed since the start of the process. Governance is the latest battlefront
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Personal Finance
Coincub: Top 5 Countries with the Best Crypto Tax for Residents
Coincub | Jon Lea | Sep 8, 2022
Overall, tax havens traditionally offer highly attractive tax concessions to attract businesses and overseas investors. This list takes those countries which aren’t purely out to attract overseas investors but have decided to adopt a policy of low or generous tax rates on crypto investment for its domestic population.
1. Germany: Having a very generous no tax on gains if your crypto is kept for over a year, seems to be perfectly in keeping with a country whose population has a long tradition of saving as opposed to spending. This, and the fact that Bitcoin can be held in traditional savings accounts in Germany, is what keeps it on our list of low crypto taxation economies.
2. Italy: Gains sourced in Italy are taxable as income, with an exemption from tax on crypto asset gains that do not exceed a whopping €51,000, whilst foreign income and gains can be sheltered from Italian tax.
See: Before receiving your salary in crypto you should consider these things
3. Switzerland: Overall capital gains for individuals investing in crypto are tax exempt and the country also has a generous income allowance which can be up to around 18,000 US dollars before tax kicks in. Much depends on exactly where you live.
4. Singapore: Purely on tax terms, it is a highly desirable place to trade and invest in cryptocurrency with low taxes on high earners - as little as 22% and no capital gains tax on crypto earnings.
5. Slovenia: Slovenia levies no capital gains tax on individuals when they sell bitcoin. Also, crypto gains are not considered to be income. Enterprises have a tougher time, however, and are required to pay tax on crypto at the corporate rate. Things may change as the country seeks to reappraise its tax law.
Crypto tax haven or crypto low tax economy?
Traditional tax havens aren’t full-blown economies as such, they are not competing with mainstream economies in terms of economic power – although they draw their investors from such locations.
See: Canada: Release Of Draft Tax Legislation For Consultation including GST/HST for Crypto Mining
Tax havens tend to be small in physical size but with inordinately generous and incentivizing tax advantages overall for investors and businesses which locate in them but generate income from overseas. Broadly speaking, where traditional taxed-based mainstream economies encompass low crypto tax advantages, they are offered to residents and citizens rather than purely outsiders.
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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, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Canada’s Open Banking Working Committees Flag ‘Governance’ as the Latest Gap
Betakit | | Sep 6, 2022
Concerns over competing interests between FinTech startups and financial incumbents have existed since the start of the process. Governance is the latest battlefront
- Working group participants from the FinTech community and those familiar with the talks expressed concern that delaying governance decisions could hamstring the system, leaving Canadians without recourse if their data or accounts are compromised. FinTech participants are also concerned they would be left without recourse in disputes with other financial institutions.
- Canada’s future open banking system will need some form of governance entity to handle dispute resolution between participants, ensure compliance with accreditation requirements, respond to security incidents and assign responsibility for remunerating consumers who’ve been harmed by possible data breaches or stolen funds, according to the advisory committee’s final report, released in August 2021.
NCFA Canada's Open Banking Journey Series:
- In response, Two FinTech industry associations (FDATA and PayTechs) have moved to address those concerns by developing or submitting their own reports on future governance options, BetaKit has learned.
- Another working group participant from the FinTech space said the fact that the technical standards for APIs and governance options have been missing from the discussions so far “candidly was concerning.” They noted that there are several options Tachjian and the finance ministry are considering regarding API standards, but “we don’t have a clear indication of what that answer is going to be.”
- Concerns over competing interests and competitive advantages regarding access and authority between FinTech startups and financial incumbents have existed prior to the release of the open banking report. The most recent flare-up came over frustrations with an early draft version of the CIO Strategy Council’s (CIOSC) minimum viable framework for consumer-directed finance, which some feared would give banks a competitive advantage over startups regarding authentication, consent and data transfer methods. Governance seems to be the latest battlefront.
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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, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Fintech Lenders Polarized: Some Plan for a Difficult Year as Others See Opportunity
AltFi | Daniel Lanyon | Aug 22, 2022
Lenders are preparing for a difficult year ahead as pandemic tailwinds cease at the same as high inflation and a host of related economic headwinds start to gather. But some also see opportunity
Sentiment and perspectives
- Lending could soon become much more polarised market with low-risk businesses and low-risk consumers still having plentiful access to credit but higher risk borrowers cut out. The former will therefore be courted more heavily by a larger group of lenders. The latter, the opposite. Lenders meanwhile will require a suite of new data sources to price both groups accurately. Fintech-enabled firms may well be best suited to these conditions.
See: UK Alternative Lenders Funding Delivery Performance to Small Businesses During COVID
- While this scenario makes risks harder to calculate prompting some lenders to pull back, Wilder says fintech lenders may have the advantage to take new market share from incumbents.
- Chris Keane at GDS Link: There's a whole cohort of consumers who are really feeling the pinch through the rising cost of living and businesses that have had their balance sheets flattered through Covid support schemes
- Katrin Herrling, Funding Xchange’s CEO: we're starting to see failure rates for a cohort of SMEs going up after the ‘normal’ signs that you would see to understand risk profiles of businesses become less muted. The next twelve months as a result will become harder for lenders to assess SME borrowers.
- The removal of support from Government-backed Covid loan schemes’ to businesses and the unwinding of consumer savings buffers stockpiled during the pandemic means we are in a new era for lending.
- A key question for lenders is whether to pull back from lending in such uncertain times. Lenders need to know which customers are ‘good’ risks and which customers are now most vulnerable when a complete pullback is not an option.
See: What You Need to Know About Employee Loans in Down Round Times
“At the same time if you are fast, if you have a testing mentality and if you're very analytical, and also embrace the power of additional data... then it's also still a time to win market share and support those consumers in a responsible way with capital and at the same time, do good business,” said Wilder.
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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, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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6 Tips To Ensuring Your Credit Repair Agency is Legitimate
Sep 5, 2022
Image/Pexels
Credit repair agencies have become a popular way for people to improve their credit scores. However, with so many scam agencies out there, it can be difficult to find one that is legitimate. In this blog post, we will give you 6 tips to ensure that the credit repair agency you choose is reputable and trustworthy. Follow these tips and you can be sure that your credit score will improve!
A credit repair agency is a service that can help improve your credit score by correcting errors on your credit report and helping you to manage your debt. With so many agencies to choose from, finding the one that suits you the most can be hard. Moreover, according to Dallasnews.com, many of these agencies are actually scams. Obviously, no one wants to fall victim to a scam, so it is important to do your research before choosing a credit repair agency. Here are six tips to help you choose a reputable and trustworthy credit repair agency:
1. Check the agency’s accreditation
Logically, you want to hire an agency that has its accreditations in order. The two main accreditations for credit repair agencies are the National Association of Credit Services Organizations (NACSO) and the Better Business Bureau (BBB).
See: How do you finance a home that needs repairs
You can check if an agency is accredited by either of these organizations by doing a quick Google search. If an agency is not accredited by either of these organizations, that should be a red flag. The Federal Trade Commission (FTC) is another organization that you can check to see if an agency is legitimate.
2. Ask for references
A reputable agency should have no problem providing you with a list of references from satisfied clients. Once you have the list of references, take the time to contact each one and ask about their experience with the agency. If an agency is unwilling or unable to provide you with references, that is a major red flag. Furthermore, references can also be found on the agency’s website and social media pages.
3. Read reviews online
In addition to references, you should also read reviews of the agency online. You can find reviews on the agency’s website, social media pages, and third-party sites such as Google and Yelp. As with references, if an agency has mostly negative reviews, that is a red flag. When it comes to your finances, you should only trust the best, so make sure to do your research before choosing a credit repair agency. Additionally, social media can be a great way to research an agency. Many people are not shy about sharing their experiences, good or bad, on social media.
4. Contact the Better Business Bureau
If you want to be absolutely sure that an agency is legitimate, you can contact the Better Business Bureau (BBB). The BBB is a nonprofit organization that exists to help consumers find trustworthy businesses and hire reliable services. You can search for an agency on the BBB website and see if there have been any complaints filed against them. If there have been multiple complaints, that is a red flag and you should avoid that agency.
5. Get a contract in writing
Once you have chosen an agency, be sure to get the contract in writing before you agree to anything. The contract should outline the services that the agency will provide, as well as the fees that they will charge. If an agency is unwilling to put the contract in writing, that is a red flag and you should avoid doing business with them. Getting things in writing protects you as a consumer, so always make sure to get a contract before agreeing to anything. In addition, it also protects the company you are hiring, but fraudulent companies want to avoid this type of responsibility.
Image/Pexels
6. Make sure the agency is licensed and insured
Before you sign any contract with a credit repair agency, make sure that the terms are in writing. This way, you will have a record of what the agency has agreed to do for you. In addition, make sure that the agency is licensed and insured. Both the license and insurance will help protect your interests in case anything wrong occurs. Insurance policies vary, so make sure to ask about this before you sign any contract. More importantly, a reputable and legitimate agency will have no problem providing you with this information.
If you follow these tips, you should be able to find a reputable and trustworthy credit repair agency. However, if you have any doubts about an agency, it is always best to err on the side of caution and avoid doing business with them. Your finances are important, so make sure to do your research before choosing a credit repair agency.
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, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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The Main Benefits Of Working As A Physician
Aug 29, 2022
Image: Pexels/Negative Space
Making a decision on your future profession is important. You must conduct an extensive study before deciding what to do. However, when it comes to medicine, people choose to become physicians for a variety of reasons, most of which are personal and motivated by their own desires. In any case, in the list below, we will discuss the main benefits of working as a physician!
High salary
Physicians often rank among the top paid professions in most nations. Your doctoral income will vary depending on your years of experience, the nation in which you work, your area of expertise, your degree of schooling, and your credentials. However, before they can get their job positions in hospitals, physicians must complete intensive training. Nevertheless, because of their extensive training, physicians enjoy some of the highest salaries in the profession. In fact, this job is one of the top 30 highest-paying jobs!
Social benefits
On top of that, you will not only make a good livelihood as a physician, but you will also gain the respect and confidence of your patients, and generally people in society. People will always respect your opinions and appreciate your viewpoint since you are a physician in a position of power, especially when it concerns their health. Due to their vital function in society, physicians are held in high regard and are essential to it. For example, physician banks are pleased to provide loans to physicians because they understand the benefits of working with them. They are likely to lend you money for a property because of the commitment you demonstrated in your academic endeavors and the prospect of you earning a high salary in the future!
Remarkable experiences
One of the most amazing experiences a physician can have is saving a patient from certain death. Another time when you gain precious experience is when you gain the appreciation of the patient's family, friends, and others for improving the health of their loved one. Not all jobs can give you these incredible sensations.
Job contentment
When physicians use their medical expertise and training to enhance the lives of their patients, they feel tremendous satisfaction. By becoming a doctor, you will have the chance to specialize in any field of medicine you find most alluring and personally satisfying. For instance, general practitioners are well regarded in their communities and handle a wide range of illnesses. Finding your medical specialty might help you land a career that is a perfect fit for your interests and abilities!
In addition, it is reported that nearly 50% of doctors globally are very happy with their career choice because they can potentially save lives, aid in health improvement, and restore health.
Image: Pexels/Karolina Grabowska
You can be helpful
Doctors play a vital role in society and have the power to significantly improve the lives of those with whom they come into contact. They can enhance people's quality of life and the quality of life of their patients' families. This is frequently a significant duty that may provide physicians with a feeling of purpose and happiness in their profession.
See: How Data Analytics is Used in Healthcare Insurance?
In fact, the main duties of a physician are to protect lives and enhance their patients' general health. They frequently have the chance to assist their patients to recover and increase their well-being by intervening during extremely trying times in their lives. One of the main reasons people pursue a profession in medicine is frequently because of this part of a physician’s job, which can be quite fulfilling.
Job security
When working as a physician, there is a high level of job security. In this industry, there are many career prospects. Compared to other professions, finding work after graduation shouldn't be an issue for physicians because they are in great demand across society. While automation and artificial intelligence are starting to displace jobs in a number of industries, this problem has not yet affected physicians. This job is almost always necessary, particularly in wealthy countries when there are few candidates for this post.
Less physical effort
For example, there are certain specialties in medicine where doctors are not required to perform any physical labor, so this profession requires less physical effort. This benefit may not apply to everyone, especially orthopedists, radiologists, and cardiologists, who may experience back problems later in their careers. Nevertheless, for most people, this is not physically demanding labor. It is because working in construction or becoming a professional athlete is much more strenuous.
By taking care of people's health and teaching them how to always stay healthy, medical professionals may have a beneficial influence on the lives of the people they serve. So, why don’t you become one?
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, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Interview with Inter CEO: Insights into the Super App’s Success
PYMTS | Aug 26, 2022
João Vitor Menin, CEO of Inter & Co., told PYMNTS’ Karen Webster:
“We’re building something here — and we’re building something big.”
- Building something big, and gaining scale, requires looking beyond the confines of quarterly earnings reports and share price gyrations. (short-term concerns can dominate a publicly-listed firm’s thinking).
- The super app should be an agnostic platform that offers something for everyone, young and old, regardless of income or age. As for the growth, Inter’s second quarter results showed that clients grew by 73% year over year to 20.7 million. Revenues surged by 130%, and monthly average revenues per customer were up 16%. Investors were cheered by the quarterly showing, where growth was accompanied by an expansion of net interest margins, sending the share price up by more than 30% on the Nasdaq in the 10 days since the Aug. 15th announcement.
See: Rise of the super app
- The money is there to fund growth, as is a diversification of revenue streams, as Inter right now gets half of its top line from the “spread” on lending products, while the other half comes from fee income. “Unlike the other banks in Brazil, we have everything in one single app, one that is convenient, and that has a good value proposition,” said Menin, “and a good UX.”
Toward the U.S.
- The go-to-market strategy in the States starts with the bank, via deposits and money mobility, and bill payments, while credit will come later as Inter begins to lend off of a strong balance sheet and recurring maintenance revenues.
- He noted a different approach than had been seen in Brazil, where the company started with a credit portfolio that in turn led to fashioning a digital retail banking franchise.
See: Canada’s Open Banking Journey: Interview with BBVA’s Carmela Gómez Castelao, Head of Global Open Banking Program & José Luis Navarro Llorens, Global Open Banking Strategy
- “We want to be the bridge for all Brazilians who want to do business in the U.S.,” he said. Immigrant populations, he noted, tend to use these services often and prove to be loyal customers on the platform. Over time, the deposit account can help the underserved migrant populations build credit histories (and help position Inter strategically against neobanks and FinTechs in the space).
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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, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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An Easy Guide To Understanding How Dividends Work
Aug 28, 2022
Image: Pexels/Gustavo Fring
Dividends are a type of payment that companies can make to their shareholders. They represent a portion of the company's profits and are typically paid out quarterly.
While dividends are not required by law, they are often seen as a way for companies to share their success with their shareholders. For many investors, dividends provide a valuable source of income.
In this guide, we'll explain how dividends work and how they can be used to generate income. We'll also discuss some risks associated with investing in dividend-paying stocks.
What are dividends?
Dividends are payments made by a corporation to its shareholders. Dividends represent a portion of the company's profits and are usually paid quarterly. Shareholders must own the stock before the ex-dividend date to receive the dividend.
There are two types of dividends: cash dividends and stock dividends. Cash dividends are paid out in cash, while stock dividends are paid out in shares of stock. Most companies pay cash dividends, but some companies may elect to pay stock dividends instead.
Dividends are an important source of income for investors and can help increase your investment portfolio's value. While there is no guarantee that a company will continue to pay dividends in the future, many companies have a long history of dividend payments.
When considering an investment, it is vital to consider the dividend yield. The dividend yield is the percentage of the current stock price paid out in dividends. For example, if a company has a dividend yield of 3%, this means that for every $100 you invest in the company, you will receive $3 in dividends each year.
Dividends are an essential part of many investment strategies and can provide a steady source of income. If you are looking for income-producing investments, consider companies that pay dividends.
Avoid cumulative preferred shares of stock fraud
Cumulative preferred shares of stock are a type of investment that can be very attractive to investors. They offer a high dividend rate and have the potential to provide stability and income in retirement. However, there is a downside to cumulative preferred shares of stock that investors need to be aware of. Unfortunately, these types of investments can be subject to fraud.
In order to avoid becoming a victim of fraud, it is important for investors to understand how dividends work. Hiring a cumulative preferred shares of stock fraud lawyer can also be helpful if you believe that you have been a victim of fraud. A lawyer can help you understand the risks associated with different types of investments and can also help you spot red flags that may indicate fraud. If you believe you have been the victim of fraud, your lawyer can help you recover your losses and hold the perpetrators accountable.
Dividends are taxed as ordinary income
Dividends are taxed as ordinary income for a reason. The government taxes dividends to prevent businesses from using them to avoid paying taxes. Dividends are also taxed to raise revenue for the government.
The government taxes dividends because they are a source of income for businesses. Businesses use dividends to pay for expenses, such as rent, salaries, and other operating costs. When a business pays dividends, it is essentially taking money out of its profits and distributing it to shareholders.
The government taxes dividends to raise revenue. The tax on dividends is used to help fund the government's operations. The government uses the tax on dividends to pay for things like roads, schools, and national defense.
See: Understand These 7 Things Before You Start Investing in Stocks
For shareholders, dividends taxed as ordinary income means that they are subject to the same income tax rates as your wages or salary.
If you hold your shares in a taxable account, you must pay taxes on any dividends you receive. However, if you hold your shares in an IRA or other tax-advantaged account, you will not be required to pay taxes on your dividends until you withdraw the money from the account.
Risks Associated With Dividend-Paying Stocks
There are a few risks to keep in mind before investing in dividend-paying stocks. First, dividend payments can be reduced or eliminated at any time. While this is not common, it does happen from time to time.
Second, dividend stocks are often more volatile than the overall market. This means that they may lose value more quickly during a market downturn.
Finally, dividend payments can be taxed at a higher rate than other types of investment income. If you invest in a taxable account, this is something to keep in mind.
Despite these risks, dividends can be a valuable source of income for investors. When considering whether or not to invest in dividend-paying stocks, carefully weigh the risks and potential rewards.
Image: Pexels/Fauxels
In this guide, we've explained how dividends work and how they can be used to generate income. We've also discussed some risks associated with investing in dividend-paying stocks.
If you're considering investing in dividend-paying stocks, carefully weigh the risks and potential rewards before making any decisions.
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, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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