September 14, 2026 | NCFA Insight | Competition And Market Structure, Regulation And Policy, Capital Markets Infrastructure And Funding
Routledge Speech Puts Growth and Competition Higher on OSFI Agenda
On September 11, 2026, Superintendent Peter Routledge delivered a speech at the Economic Club of Canada, explaining how the Office of the Superintendent of Financial Institutions (OSFI) is refining its risk appetite. Financial resilience remains central, but OSFI is giving more weight to economic growth and competition when it decides whether a regulatory requirement is proportionate to the risk.
For financial technology firms, smaller banks, federal credit unions and prospective entrants, the commercial question is whether those decisions make Canada's regulated financial market easier to enter and compete in. Some fintechs may eventually seek a federal bank, trust or loan company structure. Others need regulated partners that can support new lending, payments or financial products without the economics forcing every partnership toward Canada's largest institutions.
OSFI is already changing parts of that equation. New entrants have a more structured approval process, selected capital requirements are being recalibrated and unnecessary supervisory material is being removed. The value to the market will depend on what happens to entry costs, operating economics and the number of credible competitors that reach customers.
Entry Economics Matter More Than Access
OSFI's Streamlined Approvals Framework for Targeted New Entrants is one of the clearest examples of the new competition objective. Eligible provincial credit unions and firms with innovative or emerging banking models now enter a more defined process that begins with a readiness assessment before formal approval and operational preparation.
A clearer process can materially affect a startup's economics. Legal and advisory costs continue while an application is underway, and management time spent on regulatory work is time not spent building the business. Investors can also have capital tied up well before regulated revenue begins.
Peter Routledge, Superintendent, OSFI
"We aim to create a smoother, more accessible pathway for credible new entrants navigating the federal process, without lowering our standards."
Faster decisions would reduce uncertainty, but approval itself is a poor measure of competition. Approval only matters if those firms can operate, grow and compete once they enter the market. New institutions need enough customers and revenue to absorb regulatory costs while continuing to meet OSFI's prudential requirements.
This is especially relevant to fintechs that never become federally regulated institutions themselves. More smaller banks, trust companies and credit unions can create additional counterparties for new financial products. A fintech gains little from an open market on paper if only a handful of institutions can support the partnership economically.
Proportionate Rules Can Change Who Competes
Regulation weighs differently on a large bank and a smaller financial institution. A large bank can spread reporting and compliance expense across a vast customer base. A smaller competitor has fewer accounts and loans over which to recover the same fixed costs.
Capital rules affect the equation as well. OSFI's 2027 rules reduce the risk weight on unrated corporate small and medium sized enterprise exposures to 75% from 85%. The maximum exposure that can qualify as a small business entity for lower regulatory retail treatment also rises to $2.5 million from $1.5 million.
OSFI's 2027 package also changes the treatment of some corporate exposures, covered bonds, securitization and market risk. Category I and II small and medium sized banks can use simplified capital treatment for qualifying exposures, subject to limits. The rules also introduce a streamlined application process for smaller banks seeking approval to use internal credit models.
OSFI has made selected changes elsewhere, including residential development and covered bonds. The changes are targeted rather than a general reduction in capital standards. Their commercial significance comes from matching regulatory cost more closely to the risk an institution actually takes.
Peter Routledge, Superintendent, OSFI
"We seek to avoid the 'stability of the graveyard' in which a docile, risk-averse financial system impedes prosperous growth."
The effects aren't limited to banks. Fintechs also depend on smaller regulated institutions for partnerships, distribution and access to financial products. Smaller regulated institutions finance businesses, compete for deposits and provide services that fintechs build on top of. If prudential requirements consume more capital or operating expense than the underlying risk warrants, fewer institutions can compete effectively and fintechs have fewer potential partners.
OSFI is also removing material it considers redundant, obsolete or trivial. By April 2026, it said 52 documents and more than 600 pages had been eliminated. The result is lower recurring cost or less management time spent satisfying requirements that don't materially improve supervision.
Competition Mandates Need Outcome Data
Canada already has experience with regulators being asked to consider competition more explicitly. Ontario expanded the Ontario Securities Commission's mandate in 2021 to include fostering competitive capital markets and capital formation. NCFA reviewed that expanded growth duty in a comparison of pro innovation regulation in Canada and the UK. The OSC subsequently built out its Office of Economic Growth and Innovation and continued experimenting with regulatory relief and testing programs.
NCFA had been asking regulators to go further years earlier. Its 2018 OSC priorities submission called for better data and performance measures tied to market outcomes. Capital formation and compliance costs were among the measures that could show whether regulation was actually improving the market.
An innovation office can improve communication with a regulator, and an exemption can remove a specific obstacle. Neither proves that competition increased. If a business still cannot earn enough to support the cost of being regulated, the market doesn't gain a sustainable competitor.
Investment crowdfunding provides a useful example. A competitive framework should encourage new equity crowdfunding dealers and portals to enter the market in the first place. That requires economics that can support the people, technology and regulatory work needed to operate. If the cost and complexity of registration discourage new entrants before they launch, or make it difficult for existing firms to reach sustainable scale, competition will remain limited.
NCFA raised similar concerns in its 2018 submission to Finance Canada, where regulatory fragmentation and compliance costs were identified as barriers to fintech growth. The association looked at the same issue in a a more recent analysis of financial market access and productive growth. Access has economic value when firms can turn it into customers, capital and competitive products.
Provincial regulators can make their competition mandates easier to evaluate by publishing more market outcomes. Approval times can be compared before and after reforms. Regulators can show how many entrants begin operating and whether they remain active. They can also disclose enough data to assess whether smaller firms are raising more capital or taking a larger role in the market.
Those metrics would distinguish regulatory activity from competitive results. Supporting fifty firms through an innovation office is useful information. Knowing how many of those firms reached the market, survived and won customers tells stakeholders much more about whether the mandate is working.
OSFI Can Make Competition Measurable
Routledge addressed the issue directly at the Scotiabank Financials Summit on September 10.
Peter Routledge, Superintendent, OSFI:
"Our role is to ensure the prudential framework does not create unnecessary barriers to responsible competition."
OSFI already has a decent starting point because its new approvals process includes a public dashboard. Processing times can show whether regulatory entry becomes faster and more predictable. OSFI could also report how many applicants become operating institutions and how long they remain active.
OSFI should also show whether smaller institutions are actually seeing lower regulatory costs, better funding access and more room to compete. If proportional supervision is working (or not), those changes should be visible in recurring compliance costs, capital use and funding outcomes.
Market performance should complete the picture. A new entrant that reaches customers and grows while maintaining strong capital is evidence that entry and resilience can coexist. A faster application process followed by few successful competitors would point to remaining barriers elsewhere.
Canada's largest banks will retain substantial advantages in distribution and customer scale. OSFI cannot remove those commercial strengths, nor should it try. Its role is to ensure that prudential requirements don't add an unnecessary regulatory advantage on top of them.
Talking Point
OSFI's revised risk appetite only matters if it changes who can compete and at what cost. More credible entrants, lower unnecessary regulatory burden and better funding economics would be stronger evidence of success than faster approvals alone (provided financial resilience remains intact).
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
Industrial machinery is essential in the manufacturing, construction, processing, agriculture, energy production, and other industries.
Unexpected machine failures can have more than repair costs. Production can be halted, deadlines can be missed, workers can face safety hazards, and businesses can suffer financial losses.
By knowing the common causes of machinery failure, operators and maintenance staff can identify problems early and take preventive action. Industrial machinery failure can have many causes.
Why Industrial Machinery Fails
By determining the root cause, businesses can avoid the same issue, minimize downtime, and extend the useful life of valuable industrial equipment. Here are 10 of the most common reasons for industrial machinery failure.
Poor maintenance
One of the biggest causes of equipment failure is poor maintenance. A machine has many moving parts and interdependent components that must be inspected, cleaned, adjusted, and serviced regularly. Small issues can turn into big ones if they aren't addressed during routine maintenance.
A preventive maintenance schedule can help to detect worn components and other issues before they lead to unexpected failures.
Inadequate lubrication
Moving parts need proper lubrication to minimize friction and heat. Insufficient lubrication, improper lubricants, or not lubricating parts as recommended can cause faster wear.
Too much lubrication can also cause issues due to contamination or harm to some parts. Therefore, operators should adhere to the manufacturer's lubrication guidelines.
Overuse and wear and tear
Industrial machines work under harsh conditions, and parts inevitably wear out. Bearings, gears, belts, seals, shafts, and other components can become less effective over time.
Failing to address visible wear may cause component failure and damage adjacent parts. Routine checks enable maintenance personnel to replace worn parts before they cause a bigger failure.
Overloading
All machines have operating restrictions. Operating equipment beyond its intended use can cause excessive stress on motors, bearings, gears, hydraulic systems, and structural components.
Overloading will lead to overheating, deformation, early wear, and failure. Operators must always operate within the machine's operating specifications.
Overheating
Overheating can damage electrical, mechanical, and hydraulic parts. A lack of lubrication, blocked ventilation, overloading, cooling system issues, or extended use can cause overheating. Temperature monitoring can give an early warning of a machine operating outside normal limits. Interestingly, our repair technicians can help you in this regard.
Misalignment
Shafts, couplings, gears, and other parts should be properly aligned. Misalignment can cause excessive vibration and loads, leading to increased wear on bearings and other components. Frequent alignment checks can minimize unnecessary stress and prolong equipment life.
Contamination
Dust and dirt, moisture, chemicals, and other contaminants can enter machinery and cause damage to sensitive components. Lubrication systems, bearings, hydraulic equipment, and electrical components are especially susceptible to contamination.
Maintain clean machines and their environment, and change filters as needed to minimize contamination-related failures.
Electrical problems
Motors and automatic equipment may malfunction or fail if there are electrical problems. Typical problems are broken wires, loose connections, power surges, overloaded circuits, and faulty electrical parts. Regular electrical checks can help detect issues before they become equipment problems.
Operator error
Well-maintained equipment can still fail if not used properly. Machinery can be subjected to unnecessary stress due to incorrect settings, improper start-up/shut-down, overloading, and not following operating instructions. Therefore, proper operator training is an important aspect of equipment reliability.
Poor installation or repairs
Problems can arise later if the installation is not done correctly, parts are not replaced correctly, or repairs are not done correctly. Parts can become misaligned, connections may be poor, or the wrong replacement parts may be used.
Complex repairs and installations should be performed by qualified technicians to ensure that the equipment is restored properly.
Conclusion
Failure of industrial machinery is preventable. Equipment reliability can be greatly improved through regular maintenance, proper lubrication, replacement of worn-out parts at appropriate times, operator training, cleanliness, and routine inspections. Rather than replacing the damaged part, businesses should look into the cause of the machine's failure. Finally, see what HARtech can do for your plant.
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
Sep 5, 2026 | Last Updated Sep 14, 2026 | NCFA Fintech Whisperer | Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Digital Identity And Trust, Cybersecurity Fraud And Financial Crime, Digital Banking And BaaS, Capital Markets Infrastructure And Funding, Artificial Intelligence And Data, Cross Border Payments And FX, Wealthtech Investing And Trading, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Risk Compliance And Regtech, Treasury Liquidity And Cash Management, Regulation And Policy, Data Privacy And Governance
BharatPe launched an agentic AI assistant for merchants inside its business platform.
The company says the assistant connects to more than 60 live systems and can take actions across merchant service workflows in real time.
BharatPe also introduced Credit Coach, which provides merchants with personalized information about their credit position and financing readiness.
Connecting an AI assistant to dozens of live systems gives it more operational authority than a standard support bot. Similar payment operations agents are already appearing elsewhere in India, making permissions, authentication and audit records increasingly important as AI reaches deeper into merchant finance.
Mastercard introduced Agent Connect to connect merchants, AI agents, digital platforms and payment providers through one integration.
The service covers product discovery, cart creation, final pricing, fulfilment and consumer authorized payment using credentials from Mastercard or other card networks.
Global Payments, Network International, Nexi, Samsung, Trip.com and other companies are among those Mastercard says expect to use or explore the service.
Agentic commerce needs more than an AI model and a payment button. As agentic commerce expands, merchants need controlled ways to expose products, pricing and payment permissions across many agents without building a separate connection for each one.
HyperVerge launched AI agents for financial underwriting, multilingual video assessment and background due diligence in MSME lending.
The company says roughly 10 mid sized lenders are testing the tools and three lenders already use its video assessment agent in production.
HyperVerge reports that the agents reduce several underwriting tasks from hours to minutes while retaining traceability for review.
AI is moving into the work that happens before a small business credit decision, including financial review, borrower interviews and due diligence. The growing use of agentic AI under regulatory scrutiny makes traceability and human responsibility increasingly important as lenders automate more of the assessment process.
Toronto based Focal AI launched agentic workflows for Canadian financial advisors across KYC, onboarding, client documents, CRM updates and financial planning systems.
The platform can read and complete forms, draft client communications and update information across connected advisor software.
Focal cites Canadian data residency, SOC 2 Type II controls and advisor oversight, with integrations across several Canadian wealth technology platforms.
Advisor AI is moving beyond notes and summaries into work that touches client records, KYC and planning systems. The deeper Focal AI analysis looks at where productivity gains meet consent, recordkeeping and advisor accountability as agents begin acting across regulated workflows.
The OCC, Federal Reserve and FDIC issued a joint statement clarifying risk based supervision of certain core services provided to community banking organizations.
Regulators will consider how community banks engage with core providers when deciding the level of supervisory oversight applied to those services.
The statement also addresses supervisory and enforcement authority when a core provider engages in, or causes a community bank to engage in, unsafe or unsound practices or violations of law.
Core providers are becoming a more explicit supervisory control point for community banks. Technology vendors need implementation quality, contract terms, operational controls and regulatory cooperation to withstand scrutiny because provider conduct can now feed directly into supervisory and enforcement decisions.
Chime entered a definitive agreement to acquire longtime banking partner Stride Bank for US$590 million in cash.
Stride has worked with Chime for more than seven years and would become Chime Bank, N.A. after closing.
Chime expects more than US$100 million in net synergies and says bank ownership would give it greater control over lending, funding and banking operations.
Chime is trying to own the regulated banking capacity behind a relationship it has spent years building through a partner. Its recent expansion into investing and workplace distribution shows why owning more of the banking economics underneath the account could become increasingly valuable if the acquisition closes.
Hong Kong's Commissioner of Customs and Excise granted Unlimit a Money Service Operator licence.
Unlimit says the licence will support local payment channels for businesses operating across Asia Pacific from its Hong Kong hub.
The company operates a proprietary payment network spanning more than 180 countries and says it connects directly with local payment systems across multiple markets.
The licence gives Unlimit another regulated access point for cross border payment distribution in Asia Pacific. For merchants and fintechs expanding regionally, the operating value comes from combining local payment channels with one provider rather than building separate regulated connections in each market.
Circle signed a definitive agreement to acquire Singapore based Tazapay, subject to closing conditions and regulatory approvals.
Tazapay brings more than 60 banking and fintech partners and local payout access across more than 100 markets.
Circle says the acquisition would extend USDC distribution by combining stablecoin settlement with Tazapay's banking relationships and local payment connections.
Stablecoins still need banks and local payout rails at the edges of the transaction. The Tazapay deal shows Circle buying those connections rather than building each market one at a time, bringing more of the route between USDC and domestic payment systems inside the company.
OSFI finalized its 2027 Capital and Liquidity Treatment of Crypto Asset Exposures guideline for Canadian banks and other federally regulated deposit taking institutions.
OSFI says the final version includes targeted changes following consultation to better align capital requirements for certain crypto activities with their underlying risks.
The revised treatment follows OSFI's May proposal, which included recognition of certain cross exchange hedges for Group 2a crypto assets while retaining prudential safeguards.
Capital treatment determines how expensive it is for banks to hold or support crypto exposures. The final rules now become part of Canada's wider stablecoin and digital asset regulatory regime, giving institutions a firmer basis for deciding which activities are economically viable inside prudential capital and liquidity controls.
UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV, SIX, TWINT and Swiss Stablecoin AG have begun testing CHFD in a secure live sandbox.
SIX and TWINT have joined the initiative, bringing national market and payment infrastructure into the nine institution group.
The tests cover automated interbank transactions, tokenized asset settlement, programmable payments, fraud reduction and public disbursements. CHFD has been technically live inside the sandbox since the end of June.
Switzerland is testing one digital franc instrument across banks, payments and capital markets rather than keeping each use case separate. It is still a sandbox, but bringing SIX and TWINT into the same test gives the work more weight. Commercial use will depend on what survives the tests and how participating institutions agree to use it.
Fuze Finance says SO-FIT approved its Swiss entity as an affiliated financial intermediary subject to supervision under Switzerland's Anti Money Laundering Act.
The company plans to provide institutional crypto infrastructure and stablecoin settlement in Switzerland.
Fuze intends to connect those services with established payment infrastructure including SWIFT, SEPA and SIC.
Fuze now has a supervised operating position in another major financial centre. The Swiss entry gives institutional clients another provider for regulated crypto and stablecoin services while keeping settlement connected to established banking systems. The approval is financial intermediary status, not a Swiss banking licence.
Ant International, Mastercard and Visa have begun work on a Know Your Agent interoperability model for identifying AI agents across payment networks, wallets, marketplaces and agent platforms.
The work connects Visa Trusted Agent Protocol, Mastercard Verifiable Intent and Ant International's Agentic Mobile Protocol around shared identification principles.
Each network would retain its own verification and transaction decision processes while improving how agent identity can be recognized across participating systems.
AI agents cannot transact widely if every payment network identifies them differently. The work directly connects to the emerging questions around consent and liability in AI payments, where identity, authorization and responsibility need to travel with the agent across payment systems.
The Federal Reserve, FDIC, NCUA, OCC and FinCEN jointly clarified that banks may use government issued verifiable digital credentials to verify natural person customers under Customer Identification Program rules.
The guidance includes state issued mobile driver licences and other government credentials that can be cryptographically verified.
The agencies say existing Bank Secrecy Act requirements remain unchanged and institutions remain responsible for meeting their compliance obligations.
Digital identity now has a clearer route into everyday U.S. bank onboarding. Banks can use government issued mobile credentials without waiting for a new KYC rule, giving identity providers and financial institutions more room to replace document checks with verifiable digital credentials while keeping existing compliance responsibility intact.
Lumin Digital integrated MX to give banks and credit unions standards based connections to third party financial applications.
The integration uses APIs and OAuth 2.0 so users can connect accounts without giving third parties their banking usernames and passwords.
Lumin FDX supports multiple data aggregators through a common Financial Data Exchange based approach and reduces reliance on screen scraping.
The implementation shows what open banking looks like when standards become operating infrastructure inside bank technology. It also provides a useful comparator for Canada's Open Banking intelligence, where secure API access, consent controls and interoperability remain central implementation questions.
Mastercard launched Wallet Pay, a global portfolio designed to connect digital wallets with contactless, QR and online payment acceptance.
Mastercard says AlipayHK, Clip, GCash, KakaoPay, TNG eWallet, TrueMoney, Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global are already using Wallet Pay capabilities.
The services extend wallet use from everyday payments into cross border money movement while giving wallet providers access to Mastercard's global acceptance infrastructure.
Digital wallets are becoming more useful when customers can take them beyond their home market. Mastercard is giving independent wallet providers common ways to reach contactless, QR and online acceptance without each provider building those connections alone. With multiple wallet operators already participating, Wallet Pay adds another route for local wallets to compete across borders.
DBS, OCBC and UOB completed live domestic Singapore dollar interbank transactions using tokenised deposits on Swift's blockchain based ledger.
DBS says this is the first time Singapore's three domestic banks have completed live interbank transactions using tokenised deposits.
Swift's ledger matched and netted tokenised deposit obligations between the banks before final settlement through existing systems, adding Singapore dollar transactions to the live USD and other currency activity already demonstrated on the network.
Swift's ledger is gaining practical use across more banks, currencies and payment windows. Bringing Singapore's three domestic banks into live SGD transactions adds a local interbank use case to the cross border and weekend payments already completed. For banks and treasury teams, the value will depend on how routinely that shared capability can be used outside conventional processing hours.
U.S. Bank completed a live cross border payment between its North American and European entities using USBDC, its proprietary U.S. dollar backed stablecoin, on Stellar.
The transaction connected onchain value movement with the bank's existing finance, risk, compliance and operations infrastructure.
U.S. Bank also validated its internal Digital Asset Platform for issuing and moving tokenized assets, including minting, redemption, freezing and clawback capabilities.
A large regulated bank has connected a proprietary stablecoin to the control systems it already uses for real money movement. The important test now is whether USBDC progresses from an internal live transaction into recurring treasury, liquidity or client payment activity where 24/7 settlement changes how the bank manages value across borders.
PhonePe and Visa launched a suite covering Tap to Pay, Cross Border Scan to Pay and Smart Accept alongside existing online tokenization.
Tap to Pay began a phased rollout on September 9, allowing Android users to pay at contactless terminals using tokenized Visa cards stored in PhonePe.
Cross Border Scan to Pay is planned for 14 international markets, while Smart Accept gives small merchants another way to accept card payments through smartphones.
PhonePe is pulling more card functions into the wallet interface, from contactless acceptance to international QR payments. That fits a wider pattern of payment networks opening access while retaining control over the rules, credentials and infrastructure underneath each transaction.
Network International began the UAE's first in store pilot of AED backed stablecoin payments using DDSC.
Customers with supported wallets can pay through Network's existing point of sale devices at selected merchant locations.
The live pilot includes Marks & Spencer at Dubai Festival City and Lulu Hypermarket at Khalidiyah Mall in Abu Dhabi.
A regulated local stablecoin is now being tested through payment terminals merchants already use. That is the type of transition behind the question of whether stablecoins are becoming payment infrastructure: digital money entering ordinary merchant acceptance rather than remaining inside crypto trading venues.
IFC launched a risk sharing initiative providing up to US$700 million in guarantees to cover part of the settlement credit risk faced by financial institutions participating in global payment networks.
Separate facilities include about US$200 million in risk sharing with Visa and a US$500 million global settlement exposure facility with Mastercard.
IFC estimates participating institutions could generate about US$280 billion in additional digital payment volume, issue 360 million more cards and add 90 million active users.
Settlement requirements can keep smaller or lower rated institutions out of global card networks even when customer demand exists. IFC is using guarantees to absorb part of that risk, giving more banks and fintechs a practical route into international payment infrastructure without requiring the networks to carry the full exposure themselves.
noon payments and Mastercard have enabled Jaywan e-commerce transactions through Mastercard Gateway, with the capability available through Mastercard Merchant Cloud.
Al Etihad Payments says Jaywan acceptance for e-commerce transactions is live.
The connection gives merchants using noon payments another route to accept the UAE's domestic card scheme alongside international payment methods through the same gateway infrastructure.
Jaywan already had merchant acceptance in the UAE. The new evidence is distribution through Mastercard Gateway, which gives the domestic scheme a larger e-commerce route and makes it easier for merchants to support Jaywan alongside international cards through one setup.
FOMO Pay and NPCI International have enabled UPI acceptance in Singapore, with Resorts World Sentosa among the first merchant partners.
Indian visitors can now use their existing UPI apps to book and pay through the Resorts World Sentosa website in Indian rupees while the merchant receives Singapore dollars.
The partnership is intended to extend UPI acceptance across additional FOMO Pay merchants in Singapore after the first live deployment.
UPI is extending beyond India by connecting familiar consumer payment apps directly into foreign merchant acceptance. The first Singapore deployment is already live, while the larger opportunity is distribution through FOMO Pay's merchant network without asking Indian users to change how they pay.
TerraPay is connecting its Xend wallet interoperability network to Alipay+, extending Xend from account transfers into international merchant QR payments.
In the initial phase, 15 African wallets connected to Xend will be able to pay at more than 150 million merchants across the Alipay+ network.
Xend already supports real time cross border payments across wallets, and TerraPay says the Alipay+ connection extends that operating network into merchant acceptance through one integration.
A wallet that works locally becomes much more useful when it can travel. TerraPay is connecting existing African wallet networks to a global merchant network without requiring each wallet provider to build separate acceptance relationships market by market. That gives local wallets a larger role in cross border commerce.
Visa is combining VisaNet settlement data with stablecoin denominated revolving credit to finance settlement obligations for stablecoin linked card programs.
The model has supported more than US$2.5 billion in financed settlement volume since 2023, with more than 3,000 borrowing events and 9,000 repayments processed onchain. Visa reports zero defaults across participating facilities.
More than 160 stablecoin linked card programs now operate on Visa's network, while Visa says stablecoin settlement has passed a US$20 billion annualized run rate.
Stablecoin cards still need working capital behind the payment. Visa is using live settlement data to help lenders finance that gap and automate repayment from settlement flows. If the model spreads, onchain credit could become part of the everyday funding machinery behind card programs rather than a separate crypto lending market.
NymCard received in-principle approval from the Central Bank of the UAE for a Stored Value Facility licence.
The company already holds a Retail Payment Services and Card Schemes Category II licence and an Open Finance licence from the same regulator.
If final approval is granted, the additional permission would extend NymCard's regulated capacity across payments, open finance and stored value services.
NymCard is assembling more of the regulated payments stack under one platform. Final approval would give banks and enterprises another infrastructure provider able to combine issuing, money movement, open finance and stored value services without splitting those functions across as many vendors.
Viva.com says it is the first international bank to connect directly to Portugal's national Multibanco payment scheme.
The connection provides access to more than 9 million MB cardholders and 7 million MB WAY users across in-store and online payments.
Viva.com can process MB and MB WAY transactions through its own terminal software while extending acceptance to merchants elsewhere in Europe.
Direct scheme access gives Viva.com more control over local payment acceptance than a standard processor integration. It also shows how a cross border bank can expand across Europe by connecting directly to domestic payment rails instead of treating the region as one uniform payments market.
DBS and Citi's New York office completed a USD payment between Singapore and the United States over a weekend using tokenised deposits on the Swift Digital Ledger.
The payment settled in minutes instead of waiting for the next business day, giving participating banks a way to move institutional liquidity outside conventional banking hours.
The transaction follows earlier live Swift Digital Ledger activity involving Citi, FAB and OCBC and adds a working Singapore to U.S. corridor to the evidence.
Weekend settlement makes 24/7 tokenised deposits more useful for treasury, not just payments. Companies can move cash across entities and markets when they need it instead of waiting for banks in another time zone to reopen. The next test is whether this becomes a routine treasury service across more banks and currencies.
The Federal Housing Administration set January 1, 2027 as the implementation date for VantageScore 4.0 and FICO Score 10T in FHA insured mortgage underwriting.
The two models will become eligible alongside Classic FICO rather than replacing it.
FHA also issued a preparedness guide for mortgagees and other stakeholders ahead of implementation through its TOTAL Mortgage Scorecard process.
Mortgage lenders now have a firm implementation date for multiple credit scoring models inside FHA underwriting. That creates a delivery deadline for credit data, automated underwriting, lender workflows and model governance while reducing reliance on a single legacy scoring model.
Fannie Mae and Freddie Mac expanded VantageScore 4.0 availability to all approved lenders, removing the prior written approval requirement.
Approved lenders can now use VantageScore 4.0 when originating and selling eligible loans to the government sponsored enterprises.
The expansion follows a limited rollout and advances a multi model credit scoring framework alongside Classic FICO, with FICO 10T adoption timing still to come.
Credit score competition is moving into mainstream mortgage origination rather than remaining a controlled rollout. Lenders can now choose VantageScore 4.0 across eligible Fannie and Freddie loans, putting more pressure on scoring providers, credit bureaus and underwriting systems to support multiple models at production scale.
Yubi launched Pye, a retail borrowing platform that can route one customer application across multiple regulated lending partners.
The platform matches borrower profiles with lenders based on financing need, loan type and timing rather than sending each application to one institution.
Pye is designed for distribution through digital storefronts and embedded channels while allowing customers to complete core application information once.
Pye gives borrowers a way to compare lender access from one application while lenders compete inside the same digital distribution point. If adoption grows, the model could change who controls customer acquisition in retail credit, especially where merchants and software platforms embed borrowing directly into the purchase or service experience.
Zamanat sponsored a DIFC domiciled tokenized private credit fund targeting up to US$100 million.
The fund will focus on SME private credit across Gulf Cooperation Council markets and is being tokenized on ZIGChain.
Zamanat describes the fund as its first live proof point for regulated fund tokenization and cites an estimated US$250 billion SME financing gap across the GCC.
The fund connects tokenization with an existing financing problem rather than creating a digital asset in isolation. NCFA's tokenization analysis tracks the same transition from issuance experiments toward measurable financial products and operating infrastructure.
Nasdaq Ventures agreed to invest US$100 million in Payward, the parent company of Kraken.
The companies are continuing work on Nasdaq Equity Tokens, an issuer focused structure intended to connect regulated equities with blockchain markets.
Nasdaq and Payward also announced a market surveillance agreement covering Payward trading venues.
This is a material follow on to the Nasdaq and Payward relationship announced in March. NCFA’s xStocks analysis tracks how Payward has been building distribution, brokerage connections and tokenized equity infrastructure. Nasdaq is now adding capital and surveillance technology to that relationship.
Tether and Fasanara Capital launched StableFund with US$400 million committed by the two sponsors.
The evergreen private credit fund is targeting up to US$3 billion in third party institutional capital.
The strategy will finance real economy borrowers while using stablecoins across origination, settlement, treasury and money movement.
Stablecoin capital is entering private credit at institutional scale. StableFund also connects two markets NCFA has been tracking separately: private credit and digital money. The practical test is whether stablecoin settlement changes funding speed, administration or access once the capital is deployed.
RBC announced a C$1.4 billion initiative to invest in Canadian technology companies with the potential to scale globally.
RBC will commit up to C$416 million and use RBCx Growth Fund I to make direct equity investments in Canadian growth companies.
The fund will target sectors including AI, cybersecurity, data, health technology, frontier technology, energy and climate.
Canada's scaleup financing gap is attracting direct balance sheet attention from its largest financial institutions. RBC is pairing growth capital with banking, market access and commercial relationships, which could give later stage Canadian companies another option when large domestic lead investors are difficult to find.
REC completed a ₹500 crore tokenized corporate bond pilot under SEBI's regulatory sandbox.
The transaction used permissioned distributed ledger infrastructure, atomic delivery versus payment and CBDC enabled settlement.
Pay in, allocation and listing were completed on the same day, and the bonds were listed on NSE and BSE.
India has now put tokenized securities and central bank digital money into the same corporate bond process. Same day issuance and settlement gives regulators and market operators concrete evidence to compare against conventional workflows, including whether tokenization can cut settlement risk and operating work without weakening existing investor protections.
Prudential Hong Kong fully launched AI Underwriter for all of its financial consultants.
The tool uses customer financial, medical, occupational and residential information to return preliminary underwriting guidance within minutes.
Guidance can cover likely acceptance, exclusions, additional premiums and information that may still be required before an application proceeds.
Underwriting AI is moving into the point of sale rather than operating only behind insurer workflows. Faster preliminary guidance can help advisors set expectations before submitting a case, while final underwriting authority remains with the insurer. That makes accuracy, explainability and escalation controls central to whether the service improves conversion without adding risk.
Ripple expanded GSmart AI across forecasting, liquidity, risk, reconciliation and treasury reporting workflows.
Agents can identify issues and recommend actions against company policies, while financial actions remain subject to human approval.
Ripple says 60% of eligible customers have enabled Risk Insights and 44% use Forecast Insights.
This is production adoption rather than an AI demonstration. The design follows the control pattern NCFA examined when AI agents entered governed workflows: defined policies, traceable recommendations, approval gates and human accountability around financial actions.
FINTRX introduced Fin, an AI agent that continuously monitors private wealth data and delivers intelligence through email, Slack, Microsoft Teams, Outlook and Google Calendar.
The product covers more than 850,000 financial firms and contacts, including 45,000 RIA and broker dealer firms and more than 4,600 family offices.
Fin can generate alerts, prospect lists, meeting preparation and research without requiring a new user prompt for each task.
Wealth AI is starting to operate between systems and meetings rather than waiting inside a chat window. Canada's OneVest AI platform shows a similar direction as wealth technology moves from analysis toward continuous workflow automation.
Envestnet entered a definitive agreement to acquire Vestmark, adding portfolio management, institutional trading, tax transition and outsourced investment capabilities.
Envestnet reports approximately US$8 trillion in platform assets across its businesses.
Vestmark supports more than US$2 trillion in assets and more than five million accounts.
The transaction combines two large technology layers used behind advisor and wealth firms. It also builds on Envestnet's Canadian wealthtech expansion, adding more trading, tax and portfolio infrastructure underneath advisor workflows.
BMO InvestorLine will eliminate commissions on all stock and ETF trades for self directed clients effective September 14.
BMO says it is the first direct brokerage owned by one of Canada's five largest banks to eliminate stock and ETF commissions.
Options commissions will also fall to zero, with a $0.90 per contract fee, while brokerage administration fees will be removed.
Zero commission trading has reached a major Canadian bank owned brokerage. Wealthsimple had already put pressure on brokerage pricing, and BMO's response now tests how quickly the country's other large bank brokerages follow.
Savvy Wealth raised a US$100 million Series C at a US$600 million valuation.
The company reports more than 150 advisors on its platform and says it is on track to reach US$100 million in annual recurring revenue by year end.
Savvy says its valuation has increased 6.6 times in 15 months as it expands its technology enabled independent advisor model.
Savvy is pairing a large financing round with measurable advisor and revenue growth, giving investors another data point on how quickly technology led wealth platforms can scale. The capital also raises competitive pressure on traditional advisor firms as independent teams gain more software, operations and growth support from integrated platforms.
Danske Bank launched Butterfly for Private Banking clients using BlackRock's Aladdin Wealth technology.
Danske says it is the first Nordic bank to offer investment advice powered by Aladdin Wealth.
The platform adds continuous portfolio monitoring, stress testing and scenario analysis to advisor workflows.
Institutional portfolio technology is moving directly into private banking advice. Danske is giving advisors and clients more continuous analysis rather than relying only on periodic portfolio reviews, raising the competitive bar for digital advice, portfolio monitoring and the technology behind affluent wealth relationships.
Quantoz Payments launched modular embedded payment services that let fintechs and platforms add regulated accounts, wallets, payments and compliance functions through APIs.
Potje is the first live partner and is using the infrastructure for European Pay by Bank top ups and instant payouts.
Quantoz operates the payment infrastructure under its regulated European electronic money business.
Embedded finance becomes more useful when a software company can add regulated money functions without building each component itself. Potje gives Quantoz a live reference customer for that model, connecting accounts, payments and compliance behind one product while the regulated provider handles the financial infrastructure.
Peoples Group is integrating Feedzai’s RiskOps fraud technology into its core transaction infrastructure ahead of Canada’s Real-Time Rail launch.
The first phase covers real-time transaction monitoring and alert management, with additional payment types and financial crime capabilities planned later.
Peoples Group provides payment, sponsorship and banking infrastructure to Canadian fintechs and challenger financial companies.
Canada’s instant-payment build is now reaching the fraud layer inside financial institutions that support fintech distribution. This RTR intelligence guide tracks the fraud, access and operating requirements firms face as settlement becomes continuous and final. Peoples Group is putting those controls into production before launch.
FinCEN identified approximately US$17.5 billion in suspicious financial activity potentially linked to health care fraud after analyzing 5,702 Bank Secrecy Act reports.
Depository institutions filed about 89% of the reports and accounted for nearly 87% of the suspicious activity amounts in the dataset.
The reported activity involved Medicare, Medicaid and private insurance payments and included subjects across every U.S. state.
The size of the activity gives banks and fintech fraud teams a useful view of where financial crime controls are being tested. Health care fraud can pass through ordinary deposit accounts and payment flows, putting more pressure on transaction monitoring, entity screening and the kind of counterparty checks that become critical when formal registration alone does not tell the full story.
Liquid Network said roughly 4,000 BTC worth about US$320 million was withdrawn from a federation wallet holding about 4,200 BTC.
The network paused new transactions while the incident was investigated, affecting access to the Bitcoin sidechain.
Liquid said the SideSwap authorization key used in the transaction flow was not compromised. Most of the withdrawn Bitcoin was subsequently returned after remediation work.
A reserve system can fail even when the obvious signing key is still intact. NCFA's technical review of the Liquid incident examines why bridge software, federation controls and reserve monitoring matter when the backing asset can leave without the expected key being stolen.
The Federal Reserve, FDIC, NCUA and OCC requested comment on proposed guidance for financial institutions managing risks associated with third party relationships.
The proposal would replace existing third party risk guidance and let banks and credit unions tailor oversight to the risks of individual relationships, their size and complexity, and the services involved.
The proposed guidance is principles based and nonbinding, with comments due 60 days after publication in the Federal Register. The Federal Reserve also proposed a companion guide for traditional community banks.
Bank fintech relationships could face a more risk based supervisory model instead of uniform vendor controls. Fintechs selling into regulated institutions should expect due diligence, contracts, monitoring and evidence requirements to track more closely with the financial, compliance and operational risks of the service they provide.
FinCEN issued a whistleblower bulletin seeking information about Bank Secrecy Act and sanctions violations connected with Iran related illicit finance.
The bulletin includes activity involving Iranian proxies and facilitators operating outside Iran.
People who voluntarily provide qualifying information may be eligible for whistleblower awards.
The bulletin adds another source of intelligence to sanctions and AML enforcement beyond bank reporting alone. For financial institutions and fintechs, it increases the value of defensible ownership, counterparty and transaction records when activity crosses jurisdictions or involves higher risk intermediaries.
Aveni expanded Detect so compliance teams can assess calls, emails, webchat, SMS and documents together as one customer case.
Aveni says traditional manual monitoring often samples 5% to 10% of interactions, while Detect can assess the full population.
The company says automated triage can reduce outcome testing time by up to six times while maintaining a case level audit trail.
Compliance AI becomes more useful when it can reconstruct an entire customer experience rather than score individual conversations in isolation. NCFA's question on whether AI creates new compliance burden is directly relevant as firms automate more monitoring while remaining responsible for evidence, review and escalation.
The OCC, Federal Reserve and FDIC raised the asset threshold for qualifying banks to use an 18-month examination cycle from US$3 billion to US$6 billion.
Eligible institutions must generally have strong supervisory ratings, be well capitalized and avoid specified enforcement or recent change of control conditions.
Regulators retain authority to examine an institution more frequently when they consider it necessary.
The rule reduces routine examination frequency for a larger group of qualifying community and smaller banks without changing their underlying supervisory obligations. For fintech partners, the practical effect may appear in bank compliance capacity, vendor reviews and the amount of supervisory work institutions need to manage between examinations.
OSFI finalized its 2027 Capital Adequacy Requirements guideline for federally regulated banks and other deposit taking institutions.
The regulator says the changes better align required capital with underlying risk and reduce unnecessary capital burden.
OSFI also says the revised treatment is expected to support increased lending to smaller corporate borrowers.
Bank capital rules affect how much balance sheet capacity is available for lending, investment and new financial products. The 2027 changes could make some business lending more economical at a time when Canada's business funding mix remains heavily dependent on banks and public markets.
The Office of the Privacy Commissioner of Canada released new guidance to help businesses subject to PIPEDA assess third party service providers before beginning to work with them.
The OPC says organizations remain responsible for personal information under their control, including information collected by a third party on their behalf or transferred to a third party for processing.
The guidance covers privacy and compliance risk assessment, decisions about whether to work with a provider, contractual terms and accountability to regulators.
The OPC is accepting comments on the guidance until December 4, 2026.
This raises the operating bar for vendor due diligence in Canada. Privacy compliance is no longer just about a company’s own controls. It also turns on how well the business assesses processors, cloud providers, AI vendors and other external partners before data is shared. That has direct implications for fintech partnerships, outsourcing and open banking style data flows, where third party access and accountability remain central issues. See OPC's five open banking fixes.
Weekly Close
Another week of market proof that financial infrastructure is becoming more programmable, automated and tightly controlled at the same time. Banks, fintechs and market operators are putting AI, tokenized assets, real time payments and digital identity into production while regulators tighten expectations around access, capital, fraud and accountability. Which leading firms can connect new capabilities to regulated infrastructure without losing control of risk, economics or the customer relationship?
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
September 11, 2026 | NCFA Regulatory Insight | Artificial Intelligence And Data, Regulation And Policy, Risk Compliance And Regtech
AI Literacy, Transparency and Agent Governance
On September 9, 2026, the Government of Canada launched a National AI Literacy Initiative with the Alberta Machine Intelligence Institute. The $13 million partnership is expected to reach up to 1 million post secondary students and more than 50,000 K to 12 educators, alongside free learning for workers and other Canadians. The program sits under Canada's AI for All strategy and focuses on helping people understand AI, use it responsibly and recognize risks such as bias, misinformation and privacy loss.
Ottawa is working on the governance side at the same time. Its AI transparency consultation remains open until September 23 and asks whether Canada needs stronger ways to identify AI generated content, tell people when they are interacting with AI, explain system capabilities, track serious incidents and record what AI agents actually do. The consultation paper says 19.2% of Canadian companies used AI to produce goods or deliver services in the second quarter of 2026, up from 12.2% a year earlier and three times the 2024 level.
The federal government has already been working through many of those questions for its own use. On May 22, it published an agentic AI guide for departments and agencies. Ottawa says agentic AI is defined more by what a system “does” than what it produces because these systems can plan tasks, use tools, interact with other systems and act with limited human supervision.
The guide does not create new legal requirements for banks, fintechs or other private companies. It does offer a useful view of how Ottawa thinks AI governance changes once software gets permission to act rather than simply produce an answer.
Canada Defines Four Levels of AI Agent Autonomy
Ottawa describes four levels of autonomy.
Level 1, AI suggests an action while a person decides what happens
Level 2, it prepares an action for approval
Level 3, lets an agent act under delegated permissions, record what it did and notify the user
Level 4, an adaptive agent can monitor changing conditions, act within set limits and escalate exceptions
The government says agents generally provide the most value on work that is repeatable, time consuming and verifiable, with people retaining oversight and clear accountability. It flags higher risk uses in grants, procurement, regulation, financial decisions and services that affect people's rights or access.
The first agent specific principle is bounded autonomy. An agent should receive only the data, tools, permissions and authority required for its job. Ottawa recommends permission levels such as “draft only” and “read only,” along with data limits, rate limits, unique agent IDs and a clear indication of whether an agent is suggesting an action or actually carrying it out.
Actions that send, publish, approve, spend or update records should normally require human confirmation unless the expected impact is low and easy to reverse. Teams are also expected to test hostile inputs and realistic edge cases before granting wider permissions. Access can expand as the organization gains evidence that the controls work.
Agents Need Owners, Logs and Recovery Controls
Ottawa's second principle is recoverability. Organizations should be able to pause or stop an agent, return systems to a safe state and reconstruct what happened. The guide recommends logs the agent cannot alter, external pause controls and recovery plans for actions that can't simply be undone.
The guidance assumes agents, tools or credentials may eventually be compromised. Federal teams are told to preserve time stamped records, use previews and human approvals where appropriate, and plan for recovery before deployment. These controls become particularly important when an agent can change another system, spend money or trigger an action that can't be cleanly reversed.
Every agent also needs a named human owner. Accountability stays with that person even when the agent acts autonomously inside approved permissions. If ownership becomes unclear, the agent should be paused or deactivated. When an employee changes roles or leaves, responsibility and access should be formally transferred or removed.
Ottawa also tells teams to watch for changes in quality and behaviour as tools, data and settings change. Spot checks, comparisons with human work and fresh risk assessments are recommended when permissions, data sources, scope or legal requirements change. Retiring an agent means removing its access, preserving required records and documenting what was learned.
Prompt injection gets specific attention because agents can read outside material and then act on other systems. Ottawa says emails, documents and user supplied content should be treated as data to analyse rather than instructions to follow automatically. An attacker who manipulates an agent's input becomes much more dangerous when that agent can also access accounts, update records or trigger transactions.
AI Agent Controls Are Becoming a Financial Buying Issue
The current AI transparency discussion paper asks whether organizations should disclose when agents are used, what actions they can take, how human oversight works and how responsibility can be traced when agents interact with one another. Ottawa also discusses detailed activity logs, digital identity credentials and tools that monitor agent behaviour, while noting that some of these approaches are still developing.
Canada currently does not have a regulatory framework specifically governing agentic AI. Existing consumer protection and civil liability rules can still apply when AI systems cause harm, while regulated firms already have obligations around privacy, security, records, supervision and operational risk. The consultation is asking for input on possible transparency measures, not announcing new private sector requirements.
For financial institutions, the buying questions already exist. A bank giving an agent access to customer records, payments, trading, underwriting or compliance systems will want to know whose identity it uses, exactly what it can access, which actions require approval, where its logs are stored and how quickly access can be shut off. Questrade's AI brokerage access offers a practical Canadian example of why permissions and customer approval become important once an agent reaches financial accounts.
Vendors also need credible answers on permissions, ownership, auditability, recovery and security. Narrow access can make early deployment easier, strong logs can simplify audits and investigations, and clear ownership reduces the risk of agents remaining active after staff or vendors change.
These controls also affect cost and adoption. Firms need people and systems to manage identities, permissions, testing, logs, incidents and retirement. NCFA's analysis of the cost of deploying AI shows why governance is becoming part of the commercial case for enterprise AI rather than a separate compliance exercise.
Talking Point
Canada is funding AI adoption while getting more specific about how autonomous systems should be controlled. For financial firms, the advantage will go to AI vendors that can prove who owns an agent, what it can do, what it did and how quickly it can be stopped.
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
NCFA Canada | Open Banking And Consumer-Driven Finance | Last updated: September 11, 2026
NCFA Open Banking & Consumer-Driven Finance Interactive Intelligence
Explore Open Banking and Consumer-Driven Finance with NCFA’s interactive intelligence platform. Use the Canadian Market Map, 146 learning modules, regulatory and company intelligence, discussions, innovation themes and global benchmarks to understand how markets work, compare approaches and apply the evidence to product, investment and policy decisions.
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NCFA Interactive Intelligence: Open Banking And Consumer-Driven Finance
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Open Banking And Consumer-Driven Finance Intelligence Guide
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Discussion 1 of 10
1. Will Canada’s first phase deliver enough value without payment initiation?
Canada’s first phase has to prove that data access can improve real financial tasks before payment initiation arrives.
~9MCanadians currently share financial data
351MUK Open Banking payments in 2025
+57%UK payment growth in 2025
Data can create viable products first
Credit, account verification and small business workflows can save time and reduce manual work.
Existing credential sharing behaviour gives regulated APIs an installed base to migrate rather than requiring entirely new customer behaviour.
Payments may be the stronger growth engine
Payments give consumers and merchants a more frequent reason to use Open Banking.
High frequency payment activity can turn Open Banking from occasional connectivity into infrastructure customers use repeatedly.
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Insight Canada
The near term opportunity is strongest where better data cuts underwriting time, verification cost or manual work. If those services do not generate repeat use, payment initiation becomes more important to the commercial case.
2. Should Canada move quickly into payment initiation, or prove read access first?
Canada must decide how much operating evidence it needs before moving from data access into customer authorized payments.
Phase 1Read access and data portability
NextPayment initiation and write access
BoCSupervises participating entities
Move faster
Payments can add a clearer revenue and merchant value proposition than data access alone.
Early payment use cases can test demand while the broader framework matures.
Prove the read layer first
Reliable consent, data quality and supervision should be demonstrated before broader authority is granted.
Payment initiation raises the stakes for fraud, authentication and liability.
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Insight Canada
A staged rollout tied to transaction risk and proven operating performance would let Canada add useful functionality without treating every payment use case the same.
3. Should Open Banking compliance be proportionate to the risk a participant creates?
Compliance costs can protect consumers and still become a barrier if they do not reflect the activity and risk of the participant.
CompetitionEntry costs influence who can participate
RiskControls should track the activity performed
ChoiceToo much fixed cost can protect incumbents
Keep a common protection baseline
Consumers should receive consistent protection regardless of provider size.
Smaller firms can still create material privacy, fraud and operational risk.
Scale obligations to actual risk
Fixed compliance costs hit smaller entrants harder and can weaken competition.
Requirements can vary by activity, exposure and scale while consent, security, liability and redress remain firm.
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Insight Canada
Consent, security, liability and consumer redress need a firm baseline. Other obligations should track the activity, exposure and risk a participant creates. If smaller firms carry costs that do not reduce material risk, the framework can weaken the competition and consumer choice it is meant to support.
4. Will US Open Banking remain market led if the federal data access rule keeps changing?
Private agreements and industry standards continue to develop while the federal framework remains unsettled.
Oct 2025Federal compliance dates stayed by court
2025CFPB reopened rule reconsideration
Section 1033US law requiring covered financial providers to make consumer data available on request
The market can keep building
Banks, aggregators and standards bodies can continue expanding API access through commercial agreements.
Existing integrations do not stop simply because federal rulemaking is unsettled.
A durable consumer right still matters
Private agreements can leave access, pricing and coverage dependent on bargaining power.
Smaller firms may be disadvantaged if the largest institutions control the practical terms of access.
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Insight United States
Commercial data sharing can keep growing without a settled federal rule. The competitive issue is who controls access terms. Continued uncertainty favours firms with the scale to negotiate bilateral arrangements and absorb repeated integration costs.
5. Can Open Banking payments support a sustainable commercial model?
The UK has proven demand for Open Banking. The commercial test is whether payment services can fund continued investment without restricting access.
351MOpen Banking payments in 2025
+57%Annual payment growth
24BSuccessful API calls in 2025
Paid services can fund better infrastructure
Premium functionality and payment services can create recurring revenue to support reliability and product investment.
Commercial incentives can encourage firms to build beyond minimum regulatory requirements.
Pricing can reinforce incumbent power
Access charges can weaken fintech economics before demand is fully established.
Institutions controlling essential infrastructure may gain leverage over downstream competitors.
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Insight United Kingdom
Paid services make sense when they deliver functionality, service levels or risk controls beyond the baseline. Charging for ordinary access too early can weaken fintech economics and reduce the demand needed to support a durable market.
6. Is data access enough, or does Open Banking need action initiation to change consumer behaviour?
Australia shows what happens when a mature data right expands faster than the ability to complete customer actions.
19Accredited CDR entities assessed by OAIC
134Recommendations issued
2 to 15Areas of noncompliance or partial compliance per entity
Better data can still create value
Comparison, advice and underwriting can improve without granting third parties authority to act.
Some customers may value better decisions more than automated execution.
Action removes the friction
Switching, payments and automated actions complete the customer task instead of only informing it.
Greater authority can make the value of data portability more visible and immediate.
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Insight Australia
More data can improve advice, comparison and underwriting. Action becomes more valuable when it removes a meaningful customer step. The case for wider authority should be judged against the friction it removes and the additional fraud, consent and liability risk it creates.
7. Who should control Open Banking standards as the market matures?
The UK now has to decide how standards should be governed once the market is established and commercial interests are stronger.
16.5MMonthly user connections reported for 2025
>99.5%Weighted availability
324 msAverage response time reported for 2025
Keep strong public control
Public oversight can protect competition and interoperability when commercial interests conflict.
Regulators can keep consumer outcomes from being subordinated to the largest participants.
Give operating experts more control
Industry can update technical standards faster than legislation can change.
An independent standards body can separate technical work from statutory enforcement.
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Insight United Kingdom
Standards need to adapt faster than legislation without giving the largest participants control over market access. Funding, technical administration, consumer representation and statutory enforcement should remain clearly separated.
8. How much authority should AI agents receive over financial data and payments?
AI agents can progress from reading financial data to recommending and executing financial actions.
AuthorityDefine what the agent can do
LimitsAmount, recipient, purpose and duration
LiabilityKnow who bears the loss when execution fails
Keep agents advisory
Customers retain final authority over consequential financial decisions.
Advisory use reduces the damage caused by a mistaken or manipulated agent action.
Allow tightly bounded authority
Agents can act within explicit limits for amount, recipient, purpose, frequency and duration.
Audit trails and revocation can support useful automation without granting open ended discretion.
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Insight
The key control is authority. Customers need clear limits on what an agent can do, for how much, for whom and for how long. Auditability, revocation and liability become more important as autonomy increases.
9. Does Open Finance work better when it is attached to a widely used payment rail?
Brazil links Open Finance to a high frequency payment system, giving customers an immediate reason to use connected financial services.
43M to 62MConsents from Jan 2024 to Jan 2025
+44%Consent growth
2.3BSuccessful API communications per week by year four
Payments create the adoption engine
A familiar payment rail gives customers an immediate reason to connect data and authorization services.
Frequent transactions can make Open Finance visible in everyday financial behaviour.
Useful data can stand on its own
Credit, advice and financial management services can create value without payments being the anchor.
Not every market has the same payment infrastructure or customer behaviour as Brazil.
Your View
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Insight Brazil
Brazil shows the value of pairing data access with an action customers already understand and use frequently. Canada does not need the same payment model, but its early data services still need to solve problems often enough to create repeat behaviour.
10. How far should regulated financial data access extend beyond banking?
Open finance can improve advice and competition, but every additional data category increases consent, privacy and implementation complexity.
ScopeMore data can improve financial decisions
CostEvery new category adds implementation work
ControlConsent and liability become more complex
Expand across more financial products
Wider data can improve advice, underwriting, switching and competition across investments, insurance, pensions and credit.
A broader financial picture can support more useful services than bank account data alone.
Expand only where value is clear
More sensitive data increases implementation cost and privacy exposure.
Each new category should solve a concrete customer problem rather than expand simply because the data exists.
Your View
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Insight European Union
Wider access is most useful when the additional data changes a financial decision or removes customer friction. Scope should follow clear use cases, with common identity, consent and liability controls reducing the cost and risk of expansion.
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Open Banking Innovation Opportunities In Canada
Explore commercial opportunities in Canadian open banking, consumer-driven finance, data access and financial infrastructure, then assess where new products and business models may be viable.
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
September 10, 2026 | NCFA Regulatory Insight | Digital Assets Blockchain And Tokenization, Regulation And Policy, Risk Compliance And Regtech
OSFI Separates Tokenized Deposits From Crypto Risk
On September 10, 2026, the Office of the Superintendent of Financial Institutions OSFI published a tokenized deposit statement. Putting a deposit on blockchain or another digital system does not automatically change what the product is. OSFI looks at the customer's legal claim and the bank's obligations. In its words, tokenized deposits are “not legally distinct from traditional deposits.”
The same day, OSFI finalized its 2027 crypto rules for federally regulated banks and trust and loan companies. Those rules deal with a different issue: how much capital and liquidity a bank needs when it takes exposure to tokenized assets, stablecoins or other crypto assets. For product teams, what matters is what the customer owns, how they get their money back, and how much risk the bank carries.
When a Tokenized Deposit Still Counts as a Deposit
If the customer still has a legally binding deposit claim on the bank, changing how that claim is recorded or transferred does not by itself create a different legal product. The same banking, technology, cyber and third party requirements continue to apply, and OSFI expects institutions to speak with their lead supervisor before launching novel products.
OSFI calls qualifying tokenized traditional assets Group 1a. A tokenized bank deposit can fall into this group when it preserves the same legal rights and substantially the same credit and market risk as a conventional deposit. The token must still represent a legally binding claim on a regulated bank, be redeemable in fiat at par and depend on the bank's own balance sheet rather than a separate reserve pool. OSFI can review the bank's classification and reject it if those conditions aren't met.
A bank cannot simply call a tokenized liability a stable retail deposit and assume the usual liquidity treatment applies. Who holds it, how quickly it can be redeemed and how the product is used can all affect the result.
A bank can use tokenization to change how a deposit is recorded, transferred or settled without automatically changing the legal deposit relationship. Recent tokenized corporate deposit plans show why banks are interested in faster treasury transfers and digital settlement while keeping deposits on the bank balance sheet.
2027 Crypto Rules Put a Price on Bank Exposure
OSFI uses four categories for crypto exposure:
Group 1a covers qualifying tokenized versions of traditional assets.
Group 1b covers qualifying value referenced crypto assets, including some stablecoins that meet OSFI's stabilization, reserve and redemption tests.
Group 2a covers crypto assets that fail the Group 1 tests but are suitable for recognized hedging.
Group 2b is the catch all for the rest and receives the toughest treatment.
Group 2b is where crypto becomes expensive for a bank. These exposures are deducted from common equity tier 1 (CET1) capital, the highest quality capital a bank carries. An institution can choose OSFI's simplified approach and avoid the classification work, but then all crypto exposures are deducted from CET1. Simpler treatment comes with a high capital cost.
A bank's total gross exposure to Group 2 assets should remain below 5% of Net Tier 1 capital. If the bank breaches that ceiling, all Group 2 exposure can fall into the tougher Group 2b treatment until the breach is corrected. For a bank deciding whether to build a large crypto trading or financing business, that limit affects how much balance sheet it is willing to commit.
OSFI will recognize matching positions in the same Group 2a crypto asset across qualifying regulated exchanges more fully when maturities line up. That means a genuine hedge is less likely to consume extra capital simply because the offsetting positions are on different regulated exchanges.
The new guideline takes effect on November 1, 2026 for institutions with an October 31 fiscal year end and January 1, 2027 for those with a December 31 year end.
What Canadian Banks and Fintechs Can Build
A bank can keep the product as a genuine deposit and use tokenization to improve how it transfers or settles. It can also take exposure to a separate digital asset, but the capital and liquidity treatment may be much more expensive.
Tokenized deposits still need identity controls, transaction monitoring, wallet permissions, reconciliation, cyber security and links into core banking and treasury systems. Banks also need clear redemption rules, reliable records and strong controls over any third party involved in the service.
Some stablecoins can qualify for Group 1b treatment if they meet OSFI's conditions. They are still different from a deposit claim on a bank. Canada's separate stablecoin regulatory framework adds its own issuer, reserve and supervisory requirements.
Banks already have deposits, customer relationships and treasury systems. Tokenization can add faster settlement and programmable features to that existing business. Riskier crypto activity can require much more regulatory capital, leaving less available for lending, payments and other uses of the balance sheet.
Two digital assets can look similar to a customer while being very different businesses for a bank. The legal claim, redemption structure and capital treatment determine what the product costs to offer. Banks that understand those differences early can design products that fit their balance sheet. Fintechs that understand them can build technology banks can actually deploy.
Talking Point
Tokenizing bank money doesn't automatically turn a deposit into crypto. OSFI looks through the technology to the customer's legal claim and the risk carried by the bank. That gives Canadian banks room to develop digital deposits while keeping a much higher capital hurdle around riskier crypto exposure.
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
Large companies face specific security challenges that need careful planning and investment. Protecting sensitive data and physical locations is essential for keeping a safe business environment. Companies should not only react to threats but also actively create a secure space for employees and customers. Security should be a key part of business strategy, not an afterthought.
As threats evolve, large companies must update and improve their security practices. Today's tools and technologies help businesses build strong security measures, providing peace of mind and a safer operational environment. Here are ways to boost your company's security.
Access Control Systems
Access control systems are crucial for security in large organizations. These systems allow companies to control who can enter different parts of their facilities. Using card access or biometric systems like fingerprints or retina scans, businesses can ensure only authorized personnel can enter sensitive areas.
Access control systems are flexible. Companies can change access permissions as needed, quickly responding to changes in staff or security requirements. This flexibility helps create a safe working environment, making employees feel secure knowing that only approved individuals can enter restricted areas.
Moreover, advanced systems with real-time monitoring features improve overall safety. This technology lets security teams monitor movement throughout the premises, spot suspicious activity, and act promptly when needed. A solid access control system is vital for protecting assets and keeping confidential operations secure.
Video Surveillance Systems
Video surveillance systems are essential for security in large companies. Modern technology provides high-definition video, allowing businesses to monitor their facilities effectively. By placing cameras in key locations, companies can oversee both indoor and outdoor areas.
Real-time monitoring in video surveillance systems helps security staff detect and respond to incidents quickly. Recorded footage is also valuable for training, resolving incidents, and handling insurance claims. This documentation helps businesses improve their security procedures by highlighting weaknesses over time.
Investing in smart video analytics can further strengthen this security solution. These systems automatically detect unusual activity or specific events, speeding up response times and increasing operational efficiency. In short, video surveillance systems give businesses the tools they need to tackle security challenges and maintain a safe environment.
Weapons Detection Systems
Weapons detection systems are important for protecting corporate spaces. These advanced systems can find firearms and other dangerous items before they become a threat. Quickly putting these systems in place can improve the safety of employees and clients, giving everyone peace of mind.
Using weapons detection systems in busy areas, like entrances or conference rooms, adds extra protection. These systems operate quietly, allowing companies to keep a welcoming atmosphere while prioritizing safety. Their fast and accurate detection enables security staff to identify threats swiftly, so they can respond without causing disruptions.
By integrating weapons detection systems into their overall security plans, large companies can show their commitment to workplace safety. This proactive strategy not only discourages potential threats but also fosters a culture of safety among employees. A strong focus on security can become a core part of the company's identity, building trust both inside and outside the organization.
Cybersecurity Solutions
As businesses move more operations online, cybersecurity is a major concern. Large companies that handle large amounts of data and run complex networks must invest in strong digital security measures. Effective cybersecurity solutions are necessary to protect sensitive information and keep operations running smoothly.
Installing firewalls, antivirus software, and intrusion detection systems helps create layers of protection against cyber threats. Regular software updates and employee training on spotting phishing attacks also strengthen a company's cybersecurity. Educating employees allows them to contribute to the organization's safety efforts.
Incident response plans are also vital. These plans prepare companies for possible breaches and ensure prompt action when they occur. By having clear steps to follow, businesses can reduce damage and recover quickly. Investing in robust cybersecurity solutions shows a commitment to protecting data and maintaining trust with clients and stakeholders.
Integrated Security Solutions
Using AI weapons detection system and integrated security solutions can make safety efforts easier and more effective for large companies. This approach combines different security systems into one unified system. By streamlining security measures, businesses can improve management, enhance communication among security teams, and respond better to threats.
Integrated solutions give a complete view of a company's security needs. Real-time data sharing between systems increases awareness and helps teams act quickly in emergencies. This coordination helps organizations build stronger safety and resilience.
Choosing integrated security solutions is a smart decision that boosts efficiency and effectiveness, creating a protective environment for the business. When considering security options, keep in mind that the best solutions blend technology and strategy. What matters is a commitment to proactive safety measures that protect resources and improve the work environment.
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. 
