Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Press Releases
Synctera Officially Launches in Canada With Live Platform
Embedded Finance | Dec 18, 2023
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Synctera's Canadian Platform is Now Officially Live
Last week on Synctera's blog, they announced that its Canadian platform was officially live. Back in March 2023, Synctera announced its expansion into Canada to help build and launch fintech apps and embedded banking products, along with a $15 million investment round led by NAventures, the corporate venture arm of the National Bank of Canada. This investment also saw participation from The Banc Funds, a noted private equity investor, along with sponsor bank partners Veritex Community Bank, Midland States Bank, and Emigrant Bank. This diverse group of investors represents a strong vote of confidence in Synctera's business model and its applicability to the Canadian market.
Synctera's journey began in the United States, a market known for its vast size and dynamic economic environment. The U.S. served as an ideal launchpad for Synctera, providing a robust ecosystem for financial innovation, access to capital, and a mature Fintech infrastructure. This initial phase in the U.S. allowed Synctera to refine its offerings, align with regulatory standards, and establish a strong foothold in the Fintech domain.
See: Embedded Finance: Banking Meets the Customer
The expansion into Canada represents a calculated move into a market that, while smaller than the U.S., is rapidly gaining recognition for its commitment to technological innovation and a progressive regulatory environment. Canada's unique financial landscape, characterized by a growing appetite for digital banking solutions and a supportive environment for startups, presents an ideal setting for Synctera's next growth phase.
What Synctera Brings to the Canadian Market
Synctera's end-to-end platform is set to revolutionize how Canadian Fintechs, banks, and developers approach financial innovation. Offering services such as bank accounts, card issuance, money movement, and lending solutions, Synctera aims to simplify the complexities of financial services, enabling businesses to focus on innovation and growth. Their compliance with FINTRAC regulations as a registered Money Service Business in Canada highlights its commitment to operating within the country's regulatory framework, ensuring trust and security for its partners and customers.
FFCON23 Panel: Beyond Digital Banking and Embedded Finance
Synctera's entry into Canada confirms a growing interest from global players in the Canadian market and is likely to spur further innovation, competition, and collaboration within the sector.
Comparing the US vs. Canadian Fintech Markets in 2023
| Factor | United States | Canada |
|---|---|---|
| Market Size | Larger market with a diverse and extensive customer base. | Smaller market size compared to the U.S., but still significant with a focus on innovation. |
| Financial Ecosystem | Mature financial infrastructure with a well-established FinTech ecosystem. | Growing FinTech ecosystem, with increasing opportunities for innovation. |
| Innovation Hub | Known globally as a center for technological and financial innovation. | Increasingly recognized for innovation, particularly in technology sectors. |
| Regulatory Environment | Complex but familiar regulatory landscape for U.S.-based companies. | Different regulatory environment, with unique challenges and opportunities. FINTRAC registration is a key aspect for financial services. |
| Access to Capital | Robust venture capital and investment scene, providing ample funding opportunities for startups. | Growing investment scene, though smaller in scale compared to the U.S., with increasing interest in tech and FinTech sectors. |
Outlook
This expansion, coupled with the substantial financial backing, positions Synctera to play a pivotal role in shaping the future of financial technology in Canada, signaling a new era of innovation and collaboration in the Canadian financial sector.
For Canadian startups and entrepreneurs, Synctera's platform offers a new avenue to bring their financial products to market faster and more efficiently.
See: VoPay Launches VoPay360 – Embedded Financial Technology
For banks, the partnership opportunities with Synctera could lead to enhanced digital offerings and improved customer experiences.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) welcomes Synctera's expansion as a positive development for the Canadian Fintech community. As we continue to monitor and support the growth of financial technology in Canada, Synctera's journey will undoubtedly be one to watch.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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BoC Speech: Essence of the New Retail Payment Activities Act
Canadian Payments Regulation | Nov 30, 2023
Image: Freepik/macrovector
New Retail Payments Regulatory Framework
On November 28, 2023, Ron Morrow, the Executive Director – Supervision at the Bank of Canada delivered a speech about the new Retail Payments Activities Act in Canada at the Central 1 Momentum Summit in Vancouver, BC.
See: Canada’s New Retail Payment Regulations: Registration and Compliance
- Passed in the summer of 2021, the new Retail Payment Activities Act in Canada is a major shift in the supervision of retail payments, expanding the oversight of the Bank of Canada to include a broader range of Payment Service Providers (PSPs), many of which were previously not subject to supervision beyond anti-money laundering regulations. The Bank of Canada is focused on managing risks associated with payment activities. The robustness of national payment systems and rigorous supervisory roles of central banks have increased, especially after events like the Herstatt Bank failure in 1974 and the 2008-09 financial crisis.
Registration and Compliance
Under the new regime, PSPs are required to register with the Bank of Canada and comply with minimum standards for managing operational risks and safeguarding end-user funds. This includes separating end-user funds from operating funds and ensuring their protection through trust, insurance, or guarantees.
Scope and Impact
The Act covers approximately 2,500 providers, both in Canada and internationally, including payment processors, digital wallets, and other payment technology companies. The focus is on the functions performed by these entities rather than their business identity.
Global Alignment
In developing this framework, the Bank of Canada aligned its approach with international standards, drawing insights from similar regulatory regimes in the UK, EU, and Singapore. This global perspective ensures that Canada's approach is in harmony with the best practices worldwide.
Enforcement and Flexibility
The Bank will use various tools for enforcement, including warning letters, public notices of violation, and monetary penalties, with a graduated approach depending on the circumstances. The regime acknowledges the diversity of business models among PSPs and aims for a common standard with enough flexibility to apply across all types of providers.
See: BoC Update on The Digital Canadian Dollar Initiative
For the complete details, you can visit the Bank of Canada's website. The information provided here is based on the first part of the speech, and the remaining part of the speech might contain additional details.
Read the full speech ==> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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MAS Launches ESG Data Platform To Simplify Sustainability Reporting (Project Greenprint)
ESG | Nov 28, 2023
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The Monetary Authority of Singapore (MAS) has recently launched 'Project Greenprint' (Gprnt), an innovative digital platform to streamline the collection and access of Environmental, Social, and Governance (ESG) data View release
This initiative, part of Project Greenprint, aims to simplify sustainability reporting and decision-making processes for both large corporations and small and medium enterprises (SMEs). Gprnt integrates four key utilities: a disclosure portal, a data registry, a solutions marketplace, and data orchestration capabilities, offering a comprehensive solution for ESG data management.
See: ‘Lazy’ ESG Fund Managers Are Caught Swimming Naked as SVB Exposes
Scheduled for a progressive rollout starting from Q1 2024, Gprnt promises to automate ESG reporting, providing timely insights and enhanced data access for the ESG community.
- Gprnt enables businesses to automatically convert economic data into sustainability-related information. This includes integrations with various digital systems like utilities, payroll solutions, and AIoT sensors.
- The platform will collect data through APIs and compute ESG-related outputs. It will also use AI tools for data extraction from documents and a GPT4-powered chatbot for crafting sustainability disclosures.
- Gprnt's data registry and marketplace functions, launching next year, will facilitate access to aggregated data and connect solution providers with investors and corporates. This includes capabilities for calculating Scope 3 emissions and generating ESG scores.
- A new entity, Greenprint Technologies Pte Ltd, will be established with partners like HSBC and Microsoft to expand Gprnt’s capabilities internationally.
- Initially targeting SMEs, Gprnt will address their challenges in sustainability reporting and eventually cater to the advanced needs of MNCs and financial institutions.
Importance of Gprnt
Gprnt is a significant step towards simplifying and standardizing ESG reporting. By automating and integrating the reporting process, it reduces the complexity and cost for businesses, especially SMEs, in aligning with global sustainability standards. The platform's ability to provide accurate and timely ESG data is crucial for informed decision-making in sustainable finance and corporate strategies. Furthermore, its cross-border capabilities and partnerships with major financial and tech entities underscore its potential impact on the global ESG landscape.
See: While Sustainability Software Booms, Investors Demand Climate Data Proof
By leveraging technology to automate and streamline the ESG data process, Gprnt not only aids businesses in their sustainability journey but also plays a crucial role in shaping a more sustainable and transparent global economy. Its impact on SMEs and the broader financial sector will help establish a new standard in ESG data management and utilization.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Peloton Technologies Secures $2M in Seed Funding to Simplify SME Payments in Canada
Funding | Nov 27, 2023
Victoria-based Payments fintech, Peloton Technologies, successfully closes a $2 million late seed funding round to simplify payment processes for Small and Medium-Sized Enterprises (SMEs) in Canada.
Highlights
- The $2 million investment round, led by a group of undisclosed investors with expertise in payments, banking, and risk management, reflects strong confidence in Peloton's business model and growth potential. Peloton's platform is distinguished by its ability to integrate multiple payment methods across various financial institutions, offering a comprehensive and unified payments platform that is scalable and adaptable, growing alongside businesses.
- ISOs (Independent Sales Organizations): They provide a customizable and white-labeled solution for ISOs, ensuring a unified approach to payment processing.
- Merchants: The platform offers all the necessary tools for merchants to support their business growth.
- CEO/CFO Solution: This solution is tailored to maximize the benefits of corporate rewards cards for high-level executives.
See: CB Insights Global Fintech Q3 2023 & Canada Spotlight
- The Pacific Economic Development Agency of Canada declared a substantial investment in July 2023. This initiative, part of the Business Scale-Up and Productivity Program, led to Peloton Technologies receiving a notable $1.5 million funding, marking it as the highest-funded FinTech by PacifiCan. Building on this momentum, Peloton Technologies further expanded its capabilities by acquiring KIS Payments, a prominent Canadian payment processing firm, last month in October.
- Signaling robust expansion plans, the company is preparing for a larger capital raise in the first half of 2024.
Conclusion
Peloton Technologies' seed funding milestone signals the growing vigor of the Canadian fintech payments sector. Peloton Technologies positions itself as a versatile and growth-oriented payment platform, offering tailored solutions for a range of clients from ISOs to corporate executives, underlining their commitment to innovation in the payments industry.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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MAS Update: Asset Tokenization in Project Guardian
Regulatory Innovation | Nov 16, 2023
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Singapore's MAS Advances Asset Tokenization Initiatives Under Project Guardian.
Key Developments
- MAS is collaborating with 17 financial institutions to launch five new industry pilots. These pilots are exploring a range of tokenization use cases, potentially revolutionizing the capital markets value chain, including listing, distribution, trading, settlement, and asset servicing.
See: Singapore Announces Project Guardian to the Value Created in Leveraging Asset Tokenization
- Innovative Pilots and Partnerships:
- Citi, T. Rowe Price Associates, Inc., and Fidelity International are working on institutional-grade mechanisms for efficient digital asset trades.
- BNY Mellon and OCBC are trialing a cross-border FX payment solution.
- Ant International is developing a treasury management solution for real-time multi-currency clearing and settlement.
- Franklin Templeton is exploring tokenized money market funds through a Variable Capital Company (VCC) structure.
- J.P. Morgan and Apollo are focusing on digital assets for investment and management of discretionary portfolios.
- New Funds Workstream: Responding to the funds industry's interest, MAS is launching a workstream focused on the native issuance of VCC funds on digital asset networks. This initiative will address various considerations, including tax, policy, and legal aspects, and aims to broaden distribution channels for asset managers.
Scaling Tokenized Markets
- Global Layer One (GL1) Initiative: MAS is working with international policymakers and financial institutions to design an open, digital infrastructure for hosting tokenized financial assets and applications. GL1 aims to facilitate cross-border transactions and ensure compliance with regulatory standards.
- Interlinked Network Model (INM): This model will provide a framework for exchanging digital assets across independent networks, allowing financial institutions to transact without being on the same network. A whitepaper detailing INM's application and design considerations has been published.
See: Bank of Canada Publishes Analytical Notes on DeFi
- International Collaboration: The inclusion of the International Monetary Fund (IMF) in Project Guardian's policymaker group adds an international perspective to the project, focusing on policies and legal issues for cross-border platforms.
View the original release --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Cavelo Inc. Raises CAD$5M to Advance Cybersecurity Solutions
Funding | Nov 10, 2023
Cavelo Inc., a leader in attack surface management technology, has successfully secured CAD$5M in venture capital financing, led by Inovia Capital with contributions from Graphite Ventures.
A Comprehensive Cybersecurity Solution
Cavelo's platform aligns with stringent data privacy and security regulations like GDPR and HIPAA, simplifying compliance and risk management. The platform's effectiveness is echoed by customers like William Ercolano, Vice President of Client Technology at ECI, who praised its ability to intelligently present data leakage risks. Despite market challenges, Cavelo has achieved a notable 272% year-over-year revenue growth.
Taha Mubashir, Principal at Inovia Capital:
"Cavelo represents the future of cybersecurity investments. Their customer-first approach and commitment to innovation in attack surface management are driving significant growth."
See: Blakes: Cybersecurity Trends in Canada: A 2023 Perspective
James Mignacca, Founder and CEO of Cavelo, highlights the platform's design, focusing on customer needs in an era of increasing digitalization and cloud service adoption.
"Our success is a direct result of our customers' trust. The Cavelo platform is a turnkey product that mitigates risk and exposure by identifying sensitive data, its location, access, and prioritizing software vulnerability remediation."
This investment marks a significant milestone for Cavelo, enabling it to enhance its support for customers and channel partners in navigating the evolving cybersecurity landscape. View the original press release here.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Balance Applies for A Special Purpose Trust
Release | Nov 3, 2023
Balance, a trailblazer in digital asset custody, has officially lodged an application to incorporate a special purpose trust company with Alberta's Treasury Board and Finance.
This strategic step, taken on August 21st, is poised to position Balance as a qualified Canadian custodian, a development that is set to resonate positively within the digital asset and cryptocurrency ecosystem in Canada.
The digital asset domain in Canada has been characterized by a reliance on American custodians such as Coinbase and BitGo, with over $5 billion in digital assets under their management. This has been a source of consternation for Canada’s 10 restricted dealers and 22 listed public funds, which have longed for a local custodial solution. Balance's CEO, George Bordianu, underscores the significance of this initiative, stating, "Our trust application is one of the last pieces of the puzzle for us to bring a built-in-Canada, end-to-end solution to the regulated market.”
See: Bitcoin Ordinals: Exploring the Convergence of Fungible and Non-Fungible Digital Assets
Balance's storied history in the Canadian market as the oldest and largest digital asset custodian has seen it provide exemplary service to a diverse clientele. Over six years, it has catered to digital asset exchanges, over-the-counter (OTC) and proprietary trading desks, neobanks, ATM networks, private funds, market makers, liquidity providers, and corporate entities not only in Canada but also in select global locations. With over $1 billion in digital assets under custody in its SOC 2 certified proprietary platform, Balance has demonstrated a robust and secure infrastructure that has won the trust of its clients.
The incorporation of a trust under the Loan and Trust Corporations Act (Alberta) is more than a regulatory formality; it is a commitment to enhancing the security and integrity of digital asset management within Canada. This move is expected to provide a much-needed local option for Canadian firms, mitigating the frustration associated with the lack of domestic custodial services and potentially catalyzing a shift in where Canadian digital assets are custodied.
For more information on this groundbreaking development and to understand how Balance is shaping the future of digital asset custody in Canada, interested parties are encouraged to visit www.balance.ca.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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