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
Swift and Wise Announce Strategic Collaboration at Sibos 2023 in Toronto
Payments | Sep 20, 2023
Image: Unsplash/Museums Victoria
At the 2023 Sibos conference held in Toronto, Swift and Wise announced a strategic partnership aiming to enhance the global cross-border payment options available to financial institutions and their end customers.
Enhanced Cross-Border Payments
The partnership will allow financial institutions to route Swift payment messages directly to the Wise platform via Wise's Correspondent Services Solution. This integration ensures that Swift customers can leverage the benefits of Wise without undergoing major system overhauls.
Wise will utilize Swift's advanced features, including cloud and API connectivity and Payment Pre-validation.
The hallmark features of Swift GPI, such as the payment status tracker, will be updated by the Wise Platform to ensure a comprehensive end-to-end view across both networks.
See: Swift’s Blockchain Breakthrough Boosts Global Tokenization
Steve Naudé, Managing Director of Wise Platform:
We know that banks face a number of challenges when it comes to enhancing their international payments, including that this often requires them to embed technology which is incompatible with legacy infrastructure. By simultaneously leveraging existing payments architecture and optimising payouts using Wise's global network, we are empowering banks to innovate effortlessly. Our network, combined with Swift’s extensive reach and trackability, will make international payments more convenient, faster and lower cost for banks, without necessitating a major tech build.
Thierry Chilosi, Chief Strategy Officer at Swift, highlighted Swift's role as a trusted global connector. He believes that collaborations like the one with Wise are pivotal in innovating cross-border payments and expanding the options available to customers worldwide. Such cooperative efforts align with the G20 targets for cross-border payments and aim to ensure the seamless, efficient, and secure movement of value in a fragmented global landscape.
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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Swift’s Blockchain Breakthrough Boosts Global Tokenization
Tokenization | Sep 8, 2023
Image: Unsplash/Mathew Schwartz
Swift announces successful experiments illuminating the potential of a globally connected tokenized ecosystem. With blockchain technology at its heart, the organization offers insights that could redefine asset management's future.
What Does Swift's Recent Experiment Reveal?
Swift's groundbreaking experiments unveil the capability to effortlessly transfer tokenized value across multiple public and private blockchains. This innovation could be the antidote to the challenges stifling the growth of the tokenized asset market.
Why is Tokenization Gaining Momentum?
Tokenization, though in its infancy, is capturing the imagination of the financial world. A massive 97% of institutional investors view it as the next big thing in asset management. Its allure lies in its potential to streamline efficiency, minimize costs, and democratize investments.
Read: For Digital Assets, Private Markets Offer the Greatest Opportunities
How is Swift Addressing Blockchain Fragmentation?
The diverse landscape of tokenized assets spread across different blockchains presents a significant challenge. Swift's solution provides a unified gateway to these multiple networks, cutting down operational hindrances and the capital required for tokenized asset development.
Who Partnered with Swift in this Venture?
Swift's experiments weren't a solo endeavor. Major financial powerhouses like ANZ, BNP Paribas, and BNY Mellon were collaborators. Chainlink emerged as a pivotal player, bridging the Swift network with the Ethereum Sepolia network.
What Implications Do These Experiments Hold for the Future?
Beyond merely showcasing Swift's prowess in blockchain connectivity, the experiments delved into the intricate requirements for engaging with both business and public blockchains. The emphasis on blockchain interoperability protocols underscores the importance of secure data transfers, which has profound implications for future financial systems.
Where is Swift Headed Next?
Swift's commitment remains unwavering. Their focus is on identifying and nurturing the most impactful tokenized asset use cases. The immediate future, as predicted, will likely see a spike in the secondary trading of non-listed assets and private markets.
See: Societe Generale: Lists First Security Tokens Utilizing Blockchain on Luxembourg Stock Exchange
Close
Tom Zschach, Chief Innovation Officer at Swift, perfectly captures the organization's vision, "Interoperability isn't just a concept; it's the very core of Swift's mission." As the world stands on the precipice of a tokenized revolution, Swift's innovations could very well be the catalyst propelling us into a new era.
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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Yahoo Acquiring Commonstock to Revolutionize Its Financial Community
M&A | Aug 25, 2023
Yahoo, a global tech giant, has recently announced its acquisition of Commonstock. This move is aimed at enhancing the community experience and providing deeper insights to its Yahoo Finance users.
Takeaways
- With the acquisition of Commonstock, Yahoo aims to foster a more engaged and informed community on its Yahoo Finance platform. Commonstock's unique community-driven insights will now be integrated, offering users a richer experience. One that is more collaborative and an interactive financial ecosystem. From beginners to seasoned investors, everyone stands to gain from the deep insights and diverse perspectives that will now be available at their fingertips.
See: Retail investors are becoming more than shareholders
- Commonstock is known for its deep financial insights and knowledge-sharing capabilities. By integrating these features, Yahoo Finance users will have access to more comprehensive data and expert opinions, enhancing their financial decision-making process.
- This acquisition is not just an addition of features but a strategic move for Yahoo. It signifies Yahoo's commitment to staying at the forefront of financial news and insights, ensuring that its users always have the best tools and information at their disposal.
Future Growth Opportunities for Yahoo
- Leveraging AI and machine learning, Yahoo might introduce personalized dashboards that curate content based on user preferences, investment portfolios, and browsing history.
- Building on Commonstock's community-driven model, we can anticipate the launch of tools that allow users to collaborate on investment strategies, share portfolios, and even co-invest in opportunities.
- Recognizing the need for financial literacy, Yahoo might venture into offering courses, webinars, and workshops, tapping into experts from the Commonstock community.
See: Visa’s Solutions for the Creator Economy and Fintech Opportunities for Tomorrow’s Digital SMBs
- With the aim to capture a broader audience, Yahoo might focus on building regional financial communities, offering localized content and insights.
- Yahoo might collaborate with fintech startups, integrating solutions like robo-advisors, digital wallets, web3 and blockchain technologies.
Tapan Bhat, President of Yahoo Finance:
Our vision for Yahoo Finance is to be the premier singular destination for all our customer’s financial needs. Our platform caters to every stage of the investment process - from providing pre-trade market news and analysis, facilitating engaging pre- and post- trade conversations within our community of like-minded investors, to offering effective self-directed portfolio management tools and insights. Acquiring Commonstock reinforces this vision. The Commonstock team has built a trusted community, sharing high-quality insights and knowledge that help everyday investors create wealth. Together, Yahoo and Commonstock will further empower investors of all skills and levels through a one-stop shop for smart financial decisions.
Conclusion
- Yahoo's acquisition of Commonstock is not just a business move; it's a vision for the future of finance. By placing community engagement and user empowerment at its core, Yahoo is setting the stage for a financial revolution. And as it continues to innovate and grow, the world will be keenly watching its strategic moves, anticipating the next big leap in the realm of finance.
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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House Committee Introduces Digital Asset Legislation: The Financial Innovation and Technology for the 21st Century Act
Release | Jul 27, 2023
The House Committees on Financial Services and Agriculture have introduced a groundbreaking piece of legislation, the Financial Innovation and Technology for the 21st Century Act.
The legislation, introduced by French Hill, Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, Glenn "GT" Thompson, Chairman of the House Committee on Agriculture, and Dusty Johnson, Chairman of the Subcommittee on Commodity Markets, Digital Assets, and Rural Development, is a significant milestone in the efforts to establish a regulatory framework that protects consumers and investors and fosters American leadership in the digital asset space.
See: Court Rules XRP Sales Not Investment Contracts: How the SEC Case Could Reshape Crypto Landscape
This act aims to establish a comprehensive regulatory framework for digital assets, fostering innovation while ensuring robust consumer protection.
Key features of the bill include:
- Increased oversight from the Commodities Future Trading Commission (CFTC).
- Exemption from registration for digital assets that meet specific requirements, including sales limits and ownership restrictions.
- Mandatory registration of intermediaries with the SEC or CFTC.
- Disclosure requirements similar to securities.
- Recognition that stablecoins and digital commodities are not securities.
- Provision for alternative trading systems (ATS) to trade digital assets and disintermediated trading.
- Establishment of a Joint Advisory Committee on Digital Assets involving both the SEC and CFTC.
- Mandated further study on Decentralized Finance (DeFi).
The bill is a response to the need for regulatory clarity in the digital asset space, which has been muddled with regulatory uncertainty and a lack of authority. It aims to provide clear rules of the road for market participants, ensuring financial security and certainty as digital asset developers continue to innovate.
Also read: Crypto Bill 2.0: Lummis-Gillibrand’s Vision for a Regulated Crypto Future
The legislation is expected to be considered in both the House Committees on Financial Services and Agriculture in the coming week. This introduction marks a pivotal moment for America's standing as the global leader in innovation and technology adoption, with digital assets and their underlying blockchain technology seen as the building blocks for the next generation of the internet.
The introduction of this legislation comes at a time when the European Union has approved comprehensive legislation, the Markets in Crypto Assets (MiCA), to create an updated regulatory ecosystem to support digital assets. Meanwhile, the SEC's regulation-by-enforcement approach has left many frustrated, highlighting the need for clear, supportive legislation like the Financial Innovation and Technology for the 21st Century Act.
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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Duuo by Co-operators: A New Era of Embedded Insurance for Canadian Businesses
Press Release | July 20, 2023
Image: Freepik/Storyset
In a significant move for the insurance industry, Duuo by Co-operators has launched its first embedded insurance API for partners, designed to enhance the customer experience by integrating the insurance purchase journey directly into their website, app, or platform. The first product to be launched in this new format is Duuo Event Insurance, offering event hosts a seamless experience of booking a venue and securing event coverage.
See: Here is why InsurTech is heating up as an investment category
The implications of this launch are far-reaching. By embedding insurance directly into platforms, Duuo by Co-operators is simplifying the insurance process, making it more accessible and convenient for customers. This could potentially revolutionize the way insurance is purchased and consumed, setting a new standard for the industry.
Following the event insurance, Duuo by Co-operators plans to launch their tenant insurance API, further expanding their embedded insurance offerings. This move signifies the company's commitment to innovation and customer-centric solutions, positioning them as a leader in the insurance industry.
Steve Phillips, Executive Vice-President of Emerging Business Models at Co-operators:
"This new journey we’re embarking on rapidly expands our ability to allow our partners to grow and differentiate themselves in their own market, on their own terms."
This statement highlights the company's commitment to providing flexible, adaptable solutions that benefit both their partners and customers.
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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WonderFi’s Much Anticipated Crypto Merger with Coinsquare and Coinsmart Officially Closes
WonderFi Release | July 11, 2023
Image: Unsplash/fabio
WonderFi, Coinsquare, and Coinsmart merger officially closes
- In a landmark deal, WonderFi Technologies Inc., Coinsquare Ltd., and CoinSmart Financial Inc. have merged, creating one of Canada's largest regulated crypto investing ecosystems with over 1.6 million registered users.
- The company also holds a 43% stake in Tetra Trust Company, the first and only trust company in Canada licensed to custody digital assets.
- The largest shareholder of the combined entity is fintech company Mogo Inc., owning approximately 14% of WonderFi's common shares.
- With combined assets under custody exceeding $600 million, WonderFi now stands as a major player in the Canadian crypto market.
- This transaction positions WonderFi and its subsidiaries to offer a comprehensive range of services, including retail and institutional crypto trading, staking products, B2B crypto payment processing, and soon, sports betting and gaming.
- Regulatory advantage:
- The consolidation comes amidst a regulatory crackdown on crypto players in Canada, leading to the exit of foreign players like Binance and FTX. Investor Kevin O’Leary views this regulatory environment as an advantage for the new entity.
- Strategic Focus on Retail Trading and Digital Payments:
- The newly formed entity will concentrate on consolidating two flagship retail trading platforms, Bitbuy and Coinsquare. Additionally, it plans to invest heavily in the SmartPay payment platform for digital currencies, initially launched by CoinSmart in 2020.
See:
FFCON23: Strategies for Canadian Fintech Companies Amidst Regulatory Crackdowns
Competition Bureau Reacts to Wonderfi’s Crypto Consolidation
Dean Skurka, WonderFi President and Interim-Chief Executive Officer:
WonderFi is emerging from this transformational transaction with a strong balance sheet that will enable us to execute on our core strategy. In the evolving digital asset industry, WonderFi is exceptionally positioned as the owner of some of the most respected and regulated crypto trading platforms globally. With our firmly established position, WonderFi is excited for its next chapter as we integrate our 1.6 million registered users, cross-sell services across our diversified suite of products and add to our portfolio of innovative products.
View the original announcement --> 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, 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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Canadian Regulators Set Expectations for Crypto Asset Investment Funds: A Comprehensive Overview
CSA Release | Jul 6, 2023
Image: CSA
The Canadian Securities Administrators (CSA) has issued a comprehensive guidance for fund managers of public investment funds dealing in crypto assets.
- This step is aimed at ensuring compliance with securities law requirements, thereby enhancing the transparency and security of Canada's burgeoning crypto market. The guidance provides a detailed overview of the operation of public crypto asset funds in Canada, and is a significant step towards regulating the crypto asset market in Canada, providing clarity for fund managers and safeguarding investor interests.
- The CSA also issued a cautionary note for retail investors, highlighting the speculative nature and high volatility of crypto assets. While regulatory oversight is crucial for investor protection, it cannot eliminate all risks associated with investing in crypto assets.
- Key aspects covered in the notice include:
- Market characteristics of crypto assets that could influence their viability as investment options for public crypto asset funds.
- Expectations regarding the custody of crypto assets held on behalf of a fund.
- Issues related to yield-generating activities, such as staking, by public crypto asset funds.
- Know-your-client, know-your-product, and suitability obligations concerning public crypto asset funds.
Stan Magidson, CSA Chair and CEO of the Alberta Securities Commission, emphasized the importance of understanding the regulatory obligations for public crypto asset funds, particularly in light of recent events in the crypto market.
See: Canadian Securities Regulators Publish Enhanced Investor Protection Expectations of Crypto Trading Platforms
The CSA's Staff Notice 81-336, which provides this guidance, is accessible on the websites of CSA members. The CSA, a council comprising securities regulators from Canada's provinces and territories, plays a pivotal role in coordinating and harmonizing regulation for the Canadian capital markets.
For more information or inquiries, investors are advised to contact their local securities regulator. The CSA's guidance is applicable across all provinces and territories of Canada, including Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, and Yukon.
View the original release --> here
Download the 15 page guidance --> 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, 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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