Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Regtech, Compliance, Governance
Canada-U.S. Tariff Delay & $6B Federal Support Announced
Economy | March 7, 2025
Image: Freepik/rawpixel.com
Canada-U.S. Tariff Delay Until April 2, $6 Billion Federal Support Announced
As of March 7, 2025, Canada and the U.S. are still locked in a tense tariff dispute but there's been a shift in the timeline. The 25% tariffs originally set to take effect this month have now been delayed until April 2, 2025. Meanwhile, the Canadian government has stepped in with financial support for businesses and workers expected to be hit hardest.
Tariff Delay and What It Means
Developments and updates are fluid as both countries negotiate to resolve the ongoing disputes while trying to mitigate adverse economic impacts to jobs and trade.
- February 2025: Initial tariff announcement and delay - President Trump announced a 25% tariff on nearly all imports from Canada and Mexico, citing concerns over border security and drug trafficking. The tariffs were initially set to begin on February 4 but were postponed by a month following negotiations with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum.
- March 5: Automotive sector postponement - The U.S. administration granted a 30-day reprieve from the 25% tariffs for automakers compliant with the United States-Mexico-Canada Agreement (USMCA). This was done to minimize disruption given that the automotive industry is heavily reliant on integrated supply chains across North America including Canada, Mexico and the U.S.
- March 6: Expanded tariff delay until Apr 2- President Trump extended the tariff postponement to include all USMCA-compliant goods from Canada and Mexico, effectively delaying the 25% tariffs on these products until April 2, 2025. This allows more time for negotiation and to address economic concerns and market volatility.
Canada's Response and $6 Billion Federal Support
Despite the U.S. delaying tariffs on USMCA-compliant goods, Canada is sticking to its guns and keeping the initial retaliatory tariffs of 25% on $30 billion worth of U.S. goods on products like orange juice, peanut butter, and motorcycles. However, Canada suspended the second wave of tariffs worth $125 billion until April 2 following the U.S. postponement. Additionally, Ontario Premier Doug Ford announced a 25% increase in electricity charges for U.S. states starting March 10 as a countermeasure.
See: The Crisis Canada and Fintech Can’t Afford to Waste
Today, the Canadian government announced a $6 billion support package to help businesses and workers affected by U.S. tariffs. This includes financial support for exporters, farmers, and small businesses as well as temporary changes to Employment Insurance rules to assist workers facing job disruptions.
- $5 billion to help exporters and Canadian businesses find new markets outside the U.S.
- $1 billion for farmers through Farm Credit Canada to help the agriculture sector manage cash flow problems
- $500 million in loan support for small businesses to help companies directly impacted by tariffs
- Temporary employment insurance rule changes, providing more flexibility for workers to receive benefits while working reduced hours
Global Reaction
This Guardian's editorial summarizes the situation clearly and positions Canada on the global frontline of fair trade. President Trump’s 25% tariffs on Canadian imports are causing major economic concerns but his false claims about the border are making things even worse. Trump has repeatedly falsely stated that Canada is allowing a surge of illegal immigration and has linked this to his tariff decisions but there is no evidence of a significant rise in illegal crossings from Canada into the U.S. Trump's administration has also accused Canada of being a gateway for fentanyl trafficking, even though most illegal fentanyl enters the U.S. through legal ports of entry from other countries. Canadians are fed up and fighting back by boycotting U.S. products, supporting Canadian businesses, and demanding strong action from their government. Canada is proving itself to be a global leader in fair trade, pushing back against misinformation and working to keep its economy strong despite U.S. pressure.
Closing Outlook
While the temporary delay gives both sides a chance to talk, businesses and consumers should prepare for potential price increases if tariffs go ahead in April. The coming days/weeks will be critical for trade representatives and negotiators to find a resolution.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. 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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Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
Bank of Canada Releases New Guidance for PSPs
Retail Payments | March 6, 2025
Image: Freepik/prostooleh
PSPs Must Protect End-User Funds, Here's What the New Rules Require
The Bank of Canada has shared two new guides (see below) to help payment service providers (PSPs) prepare for supervision under the Retail Payment Activities Act (RPAA). The new materials explain the key rules PSPs must follow and offer practical tips to make compliance easier.
See: New Bank of Canada Case Scenarios for Retail Payments
By September 8, 2025, PSPs must follow new rules for managing risks and protecting customer funds. They should be fully prepared by this date, or at least show that they have identified any gaps and are actively working to fix them. PSPs will also need to start meeting reporting requirements on the same date.
Registration Reminder for PSPs
PSPs subject to the RPAA had until November 15, 2024 to apply for registration with the Bank of Canada. Those who have not yet registered must do so immediately—at least 60 days before beginning retail payment activities. Failure to register may lead to enforcement actions.
Two New Supplementary Materials for PSPs
The two documents on Operational Risk and Incident Response (7 page PDF) and Safeguarding End-User Funds (8 page PDF) provide additional clarity on official guidelines (it doesn't replace them). The two new pieces of guidance should be reviewed by PSPs along with the following regulatory documents:
- Operational Risk and Incident Response Guideline
- Safeguarding End-User Funds Guideline
- Retail Payment Activities Act (RPAA)
- Retail Payment Activities Regulations (RPAR)
1. Operational Risk and Incident Response
This document helps PSPs understand how to handle risks and deal with unexpected issues in their payment services. PSPs need a solid plan to keep their operations secure and running smoothly. This means identifying possible risks, taking steps to prevent problems, and having a clear process for fixing issues when they happen. If a major problem affects their business, PSPs must notify the Bank of Canada within 48 hours. They also need to regularly check and update their risk management plans to make sure they remain effective. If PSPs use third-party providers, they must also ensure those providers follow proper risk management practices to stay compliant.
2. Safeguarding End-User Funds
This document explains what PSPs need to do to keep customer funds safe. PSPs must make sure that customer money is kept separate from their own by storing it in a dedicated account only for safeguarding. They can protect these funds by using a trust account, purchasing insurance, or securing a financial guarantee, as required by the RPAA.
See: BoC Publishes Final Guideline on Safeguarding End-User Funds
PSPs also need to have a clear, written plan outlining how they meet these safeguarding requirements. Regular checks should be done to confirm funds are properly protected, and an independent review must take place at least once every three years. These steps help ensure that customer funds stay secure and available, even if the PSP faces financial challenges.
Next Steps for PSPs
The Bank of Canada has also updated the Supervisory Framework: Supervision page with the two new documents. To avoid enforcement actions and ensure a smooth transition, PSPs should take proactive steps now to meet their obligations before September 8, 2025.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. 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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Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
Anatomy of Rising Deepfake Scams in Crypto and Fintech
Cybersecurity | March 6, 2025
Image: Freepik
Lessons From $35M Phone Scam That Used AI, Crypto, and Fake Celebrity Ads
Gone are the days of obvious phishing email scams that are full of typos, conflicting domains and emails that don't match while urgently asking the victim to do something. Scammers these days are getting much smarter and using AI powered deepfake technology to impersonate and convince real people to invest in a fake scam while exploiting crypto to move money instantly. As reported in depth by the Guardian, this article uncovers lessons from looking at how fraudsters tricked 6,179 people out of $35 million including Canadians using AI generated voices and fake identifies.
Anatomy of This New Breed of Scam
A massive fraud network of 85 call center agents operating out of Tbilisi, Georgia used a mix of deepfakes, psychological manipulation, and untraceable crypto transactions to dupe over 6,000 victims, draining life savings in many cases. Take a look at this deepfake video of high profile broadcaster, writer and adventurer, Ben Fogle endorsing fake investment opportunities.
@MartinSLewis assuming this is a scam.. getting more convincing with the use of AI pic.twitter.com/spDIVWxVLU
— Daniel Handford (@t0uchscreenguru) July 6, 2023
Perpetrators in this $35 million call center scam, created fake trading platforms to show fictional profits, convincing victims they were making money. Eventually, after call agents aggressively pushed victims to invest more and more (pig butchering), victims who tried withdrawing funds were hit with bogus fees and taxes. Sadly, trust is built up with these call agents, and in some cases, victims even hand over remote access to their computers making it even easier for scammers to control their accounts.
See: How AI Is Evolving Finance, Security, and Global Economies
Nobody is immune to the scam given such sophisticated tactics, and victims ranged from retired seniors to financially savvy professionals looking for their next investment. These scammers in Georgia, ran a professional system that rewarded high performers with expensive Rolex watches and luxury parties, who used every sales tactic in the book to extract as much as they could from all victims.
Global Reach and Targeted Countries
This scam was global with British and Canadian individuals being targeted, representing almost a third of the total losses.
Advanced fraud techniques are on the rise. Authorized push payment (APP) fraud is where scammers use some form of social engineering and trickery to manipulate victims into authorizing payments. According to data from the Annual 2024 UK Finance Fraud Report, cases of authorized push payment fraud rose by 12% in 2023 with over 230,000 victims.
Deepfake fraud is surging globally. According to a report by the Global Initiative Against Transnational Organized Crime, the Asia-Pacific region experienced a 1,530% increase in deepfake cases between 2022 and 2023 - with the Philippines experiencing a 4500% increase in deepfake fraud. The United States a 3000% increase during the same period.
Following the Money
One of the biggest challenges in stopping these scams is tracing stolen funds. The Georgian fraud network channelled money through digital banks, which often lack the same level of fraud prevention as traditional institutions.
See: New Cyber Threats Financial Service Firms Need to Know
Some startling facts:
- Revolut was the most frequently used digital bank in this scam, linked to 154 victims.
- However Revolut reports that 60% of all reported scam cases originated from platforms Meta and Instagram
- Revolut blocked over $13.5 million in potential crypto fraud losses between June and September 2024 but it remains a favourite among scammers due to ease of account setup
- Other banks involved in the scam include Kroo and Chase, which were also used to transfer stolen funds before being laundered through multiple crypto wallets
Scammers were heard on leaked call recordings pressuring victims to open accounts at these digital banks to bypass fraud detection measures.
Why This Matters
This scam highlights that AI generated deception is getting more sophisticated and popular. Traditional security techniques like biometric voice recognition or video verification may not be enough. Further, crypto transactions aren't reversible, and once funds are sent, recover is very complex or near impossible as funds are quickly laundered through multiple wallets. Without stronger preventative AML/fraud measures, digital banks will remain a weak link in the battle against financial fraud.
How We Can Improve
The fintech industry, regulators, and consumers must become more aware and employ a multi-pronged approach towards combating fraud.
1. Combat AI fraud with AI fraud detection. A 2024 report by Association of Certified Fraud Examiners found that companies using AI actually reduced fraud by 50%. Banks and fintechs need to employ AI tools that can detect behavioural anomalies and deepfake scams early.
2. Elliptic reported that in 2023, $7 billion of crypto was laundered cross-chain. They predict that figure to increase to $10.5 billion by 2025. This means crypto platforms must implement stronger AML, fraud detection and transaction monitoring systems.
3. Interpol reports that cybercriminals are increasingly organized and agile, and they act across borders while spanning multiple jurisdictions, making it very challenging to investigate. There needs to be closer collaboration between regulators, law enforcement, and tech/fintech firms who can share information to improve early detection and response.
See: FSB’s Warnings of Hidden Stakes of AI in Finance
4. Collectively, more needs to be done to improve consumer and business awareness to recognize red flags or early warning signs before being scammed. A survey report by the Better Business Bureau involving 1,408 participants from the U.S. and Canada found that nearly half or 47% of those targeted by scams did not engage with the fraudster and thus avoided being scammed. Conversely, 30% engaged but did not lose money, while 23% engaged and eventually suffered financial losses. Financial literacy campaigns should educate on red flags like fake celebrity endorsements and urgent financial requests.
Conclusion
If deepfake scams can fool thousands today, imagine what they will be able to do tomorrow? Fintechs that take security seriously will gain consumer trust while those that ignore these rising cyberthreats risk losing credibility.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. 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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Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
Resources for Canadian Resiliency and Competitiveness
NCFA | March 4, 2025
Image: Freepik
Resources for Canadian SME Businesses to Improve Resiliency and Competitiveness
In the face of economic uncertainty and the challenges posed by tariffs and trade tensions, Canadian businesses must adapt, innovate, and strengthen their resilience. The National Crowdfunding & Fintech Association (NCFA) is committed to equipping entrepreneurs, small businesses, industry leaders and individuals with the tools, strategies, and insights to build and improve resiliency and competitiveness.
See: Fintech reports and research
This resource hub provides access to expert guides, financial strategies, actionable frameworks and insights to help you stay competitive and sustainable. Whether you need support in managing cash flow, re-evaluating supply chains, or understanding new trade regulations, our curated growing list of select resources to keep you informed and prepared.
1. A Guide for Canadian Businesses on Tariffs and Trade Challenges - Weathering the Storm
This guide is packed with practical steps to help small and medium-sized businesses in Canada deal with the impact of tariffs and trade uncertainty. It covers ways to manage cash flow, adjust pricing, strengthen supply chains, and improve operations to stay competitive. The strategies are designed to be easy to apply and cost-effective, helping businesses adapt and thrive in a changing trade environment.
🔷Source: TRBOT World Trade Centre
📖 Length: 32 pages
🔗Download Here: Weathering the Storm Guide (32 pages)
2. A Blueprint for Canada’s Economic Future – Complacency to Competitiveness
This report looks at the challenges holding back Canada’s economy and lays out steps to boost competitiveness. It focuses on improving tax policies, expanding trade beyond the U.S., and making smart investments in infrastructure and talent. The goal is to help businesses and policymakers create a stronger, more resilient economy for the future.
🔷Source: Toronto Region Board of Trade
📖 Length: 12 pages
🔗Download Here: Complacency to Competitiveness Report
3. How Businesses Can Handle Tariffs and Trade Policies
This guide explains four key ways businesses can deal with tariffs and trade restrictions. It walks through how to figure out where your company might be affected, how to adjust your pricing, and how to change your supply chain if needed. It also looks at the bigger picture, including how tariffs could impact your suppliers and what to do to stay ahead of competitors who might be facing the same issues.
🔷 Source: Oliver Wyman
📖 Length: 5-minute read
🔗 Read Here: Four Ways to Navigate Tariffs and Trade Policies
4. Fintech Companies That Are Changing How Businesses Handle Trade
Many businesses struggle with the high costs and complex processes of international trade. This article introduces six fintech companies that are creating digital solutions to make trade easier. These companies help businesses track payments, manage their cash flow, and reduce paperwork when trading across borders. Some of them are also working with banks to make financing more accessible for small and medium-sized businesses that need better payment options for global trade.
🔷 Source: Trade Finance Global
📖 Length: 7-minute read
🔗 Read Here: 6 Interesting Trade Finance Fintechs and What They Are Doing
5. Business Resources on Trade and Tariffs
This resource center is designed for businesses that need current information on tariffs and trade policies. It includes reports, analysis, and guides on how businesses can adjust their pricing, find new suppliers, and reduce risks from tariffs. It also provides insights into how different industries are being affected by changing trade rules, so businesses can prepare for what’s ahead.
🔷 Source: PwC
📖 Length: Various articles available
🔗 Explore Here: Tariffs and Trade Policy Resource Centre
6. Export Resources for Canadian Fintech Companies
Fintech businesses looking to expand into international markets can access a range of helpful tools and guides. FintechCanada.io resource hub provides information on how to successfully enter new markets, navigate regulations, and grow a business beyond Canada. It includes insights from experts, case studies from companies that have expanded globally, and the latest news on international fintech trends. The platform also offers detailed overviews of key global fintech markets, such as the United Kingdom, helping businesses understand where and how to expand.
🔷 Source: FintechCanada.io
📖 Length: Multiple articles and reports
🔗 Explore Here: Export Resources for Canadian Fintechs
7. Exporting Resources for Canadian Businesses
Businesses looking to expand into international markets can access a range of tools and guides to help them navigate the exporting process. BDC's export resource hub includes step-by-step guides, financing options, and tools to calculate costs and manage risks. It covers key topics like how to create an export plan, understand trade regulations, and find new opportunities in global markets. Businesses can also access tools like the Canada Tariff Finder to estimate costs and a checklist to ensure they are ready to start exporting.
🔷 Source: Business Development Bank of Canada (BDC)
📖 Length: Multiple guides and tools
🔗 Explore Here: BDC Exporting Resources
8. Toolkit: Trading Internationally and Winning with Fintech
This toolkit helps businesses understand how financial technology (fintech) can make international trade easier. It explains how fintech solutions can simplify processes like finding new markets, checking overseas partners, calculating import taxes, and reducing risks in global trade. The toolkit offers resources and fintech options tailored to different stages of a business's export journey. It also discusses new trends in global trade finance and what they mean for businesses aiming to grow internationally.
🔷 Source: Confederation of British Industry (CBI)
📖 Length: Approximately 2-minute read
🔗 Access Here: Toolkit: Trading Internationally and Winning with Fintech
9. Supporting Canadian Exporters Through U.S. Tariff Challenges
The Trade Commissioner Service (TCS) offers assistance to Canadian businesses dealing with recent U.S. tariffs, which include a 10% duty on energy products and a 25% duty on other goods from Canada. The TCS provides support in understanding the impact of these tariffs, identifying new markets, and connecting with relevant contacts to address challenges. Additionally, they offer resources for export diversification and self-serve tools to help businesses navigate these disruptions. The Government of Canada has also implemented a remission framework to support affected businesses and workers.
🔷 Source: Trade Commissioner Service (TCS)
📖 Length: Approximately 5-minute read
🔗 Access Here: Supporting Canadian Exporters Through U.S. Tariff Challenges
10. Tariff-Proofing Canadian Businesses with Intellectual Property
This article explains why Canadian businesses should protect their ideas, brands, and inventions, especially with possible U.S. tariffs. It recommends that companies review their intellectual property (IP) to see what needs protection and secure patents not just in Canada, but also in the U.S. and other countries. Doing this helps businesses stay competitive even when trade rules change. It also covers the benefits of registering trademarks internationally through systems like the Madrid Protocol, which makes it easier to protect brands in multiple countries.
🔷 Source: Gowling WLG
📖 Length: Approximately 5-minute read
🔗 Access Here: Tariff-Proofing Canadian Business: The Role of Intellectual Property
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This is a growing list. Be sure to check again in the future if looking for helpful resources!
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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SEC Drops Yuga Labs Investigation and Kraken Case
Regulation | March 4, 2025
Image: Freepik/rawpixel.com
More SEC Crypto Cases Dropped as Regulatory Rollback Continues
As the SEC retreats from its regulate by enforcement approach from the prior administration, major SEC cases against the crypto world are dropping faster than a meme coin in a bear market. In a previous NCFA article, we covered that the SEC had already dropped, paused, or closed major cases that in some cases were years in the making including Robinhood, Coinbase, OpenSea, Uniswap, Binance, Ripple and ConsenSys. Now Yuga Labs and Kraken are the latest to join the relief list.
Yuga Labs Investigation Closed
On March 3, 2025, Yuga Labs shared that the SEC has officially dropped its investigation into the company’s non-fungible token (NFT) sales. The investigation had been ongoing for almost three years and was looking into whether Yuga NFTs should be treated as securities. This news is a big win for digital creators and the NFT space, foreshadowing that NFTs may not be classified as stocks and other traditional assets so they don't have to meet the same strict financial regulations.
Yuga Labs post on X:
After 3+ years, the SEC has officially closed its investigation into Yuga Labs. This is a huge win for NFTs and all creators pushing our ecosystem forward. NFTs are not securities.
Kraken Claims Legal Victory
Also on March 3, 2025, Kraken announced that the SEC had dismissed its lawsuit against the company. The case heated up in early 2023 and was filed later that year, accusing Kraken of operating as an unregistered securities exchange. With this decision, Kraken can continue running its business as usual without paying any fines or making changes to how it operates. This supports the argument that crypto exchanges can function under existing regulations without facing harsh enforcement actions.
Kraken celebrated the news in this blog post:
“The SEC’s case against us has been dismissed, with no fines, no restrictions on our business, and no admission of wrongdoing. This is a victory not just for Kraken but for the broader crypto industry.”
Regulatory Developments to Watch
This Friday March 8, the White House is hosting a crypto summit where top industry leaders and government officials will debate the future of digital assets. The event is expected to influence upcoming regulations and will no doubt provide insight into the SECs future direction on crypto regulations.
See: Trump’s U.S. Crypto Reserve Sparks Market Surge, Debate
At the same time SEC Commissioner Hester Peirce has launched a consultation process to update outdated financial regulations. Her goal is to create a more flexible framework that supports blockchain innovation and decentralized finance. Peirce has consistently advocated for fair and innovation friendly regulations, and this is industry's opportunity to provide input into the future of crypto regulations that will be clear and comprehensive. Read more about the scope of the digital asset consultations and insights here.
Final Thoughts
The National Crowdfunding & Fintech Association of Canada (NCFA) views these developments as a positive step toward a balanced regulatory approach that fosters both investor protection and innovation. NCFA will continue advocating for fair, and forward thinking policies as the crypto landscape evolves.
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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Trade War Hits! Markets Roil, What Fintechs Need to Know
Economy | March 4, 2025
Image: Freepik/brgfx
Tariffs Trigger Trade War and Shake Markets > What It Means for Fintech and Finance
Canada is on the front line of a global trade war unfolding, triggered by U.S. President Donald Trump. On March 4, 2025, the U.S. imposed 25% tariffs on all Canadian imports and a 10% tariff on energy, and in response, Canada fired back with $155 billion in retaliatory tariffs on U.S. goods, targeting key industries like agriculture, manufacturing, and consumer products, with the first $30 billion in retaliatory tariffs being applied immediately and the remainder $125 billion in 21 days. Markets reacted swiftly on the news with the Canadian dollar dropping to it's lowest point in five years, USD/CAD currently trading at 1.45 per tradingview. The S&P dropped 1.5%, erasing post-elections gains as financial markets and investors brace for longer term, volatile economic uncertainty.
Justin Trudeau, Prime Minister of Canada issued this official statement:
“Today, after a 30-day pause, the United States administration has decided to proceed with imposing 25 per cent tariffs on Canadian exports and 10 per cent tariffs on Canadian energy. Let me be unequivocally clear – there is no justification for these actions."
Trudeau said speaking to reporters on Parliament Hill:
"[Trump is trying to prompt] a total collapse of the Canadian economy [because he thinks that will] make it easier to annex us" [something the U.S. president has repeatedly said he wants to do. But Trudeau said that will never happen because] when it comes to defending our great nation, there is no price we all aren't willing to pay."
Fintech companies need to adapt to the new realities that will impact lending, payments, investment trends, regulatory frameworks and overall economic sentiment, especially if the trade war is prolonged and more of a structural change than a short-term trading spat. Companies that adapt quickly will be in a better position than those who don't. Catch up here: Tariff Trade War Hits Canada – What’s Happening | 30 day pause
A Global Trade War
This isn't just about a U.S.-Canada trade argument. The U.S. has also escalated disputes with other key partners. China is now facing higher tariffs on tech and electronics, so Beijing is retaliating with restrictions on rare earth minerals essential for semiconductors. Mexico is preparing countermeasures after the U.S. raised tariffs on steel and auto parts.
In response to potential U.S. tariffs on European goods, the European Union has proposed reducing its 10% tariff on U.S. car imports to a rate closer to the U.S.'s 2.5% tariff on European cars. This move aims to avert a trade conflict and balance trade relations between the two economies. Also, the EU is considering using its Anti-Coercion Instrument (ACI) to retaliate against potential U.S. tariffs, which could impact major U.S. tech and financial companies operating in Europe.
With multiple global economies reacting to rising trade tensions, the consequences and ripple affects will be felt far beyond just North America. Fintech firms operating globally should anticipate shifts in compliance costs, new regulations and investment strategies.
Market Implications
The drop in the Canadian dollar will make imports more expensive for Canadian firms and increase volatility in foreign exchange markets. Fintech companies specializing in FX and cross-border payments will likely see increased demand as businesses look for more cost effective ways to make global payments and hedge against currency swings and gaps.
See: What Fintechs Need to Know About New U.S. Tariffs
While stock markets are roiling, financial stocks have taken a hit, such as Goldman Sachs falling by 4.6% and JPMorgan Chase by 3.5% as investors adjust to reassessed economic risks. It's anticipated that wealthtechs and robo advisory services like Wealthsimple could see an uptick in demand for automated risk management strategies and trade portfolios.
Royal Bank of Canada CEO Dave McKay has warned that tariffs are already slowing economic growth, hurting business confidence, and dampening consumer spending. He also called out early signs of a slowdown in housing and both companies and individuals brace budgets for higher costs.
Short-Term Disruption
In the near to mid-term, the volatility in currency markets, investor uncertainty, and rising costs for businesses and consumers will dominate immediate reactions. Some companies will try to absorb higher costs while most will pass increased costs onto consumers which will raise inflationary pressures. Fintech companies dealing in trade finance and international payments and any cross-border transactions needs to monitor for regulatory changes. Incentives may be on the table for targeted sectors to help them through tough times and diversify to new markets and supply chains.
Long-Term Structural Changes
Longer term, if inflation rises as expected, the Bank of Canada could be forced to raise interest rates, making borrowing more expensive for businesses and consumers. Canadian businesses should migrate supply chains away from the U.S., an opportunity for fintechs providing global solutions and alternative trade networks.
See: Canadian Fintech Booms with $9.5B Despite Global Slump
Smaller fintechs may struggle with stricter credit conditions, finding it harder and more expensive to raise capital, which could lead to larger players consolidating their market share. A prolonged trade war could result in an overhaul of financial regulations governing international payments and lending, as governments react to new trade realities.
How Fintechs Should Respond Now
Fintechs need to be proactive and stay on top of market trends and changes. Risk management is critical. Companies dealing with global transactions should monitor any changes to activity, capital flows and compliance changes. Fintechs dealing in foreign exchange and global payments could offer hedging tools to help companies manage currency fluctuations. Lenders should reassess credit exposure to sectors most affected by the trade war.
Companies should diversify to new markets urgently, and look for growth opportunities outside the U.S. by exporting and expanding into markets like Europe and Asia via agreements such as CETA and CPTPP. Look for partnerships in fintech friendly economies such as Singapore, Dubai, and London where trade tensions will be less impacted. Speak to your customers and partners and see how you can work together to mitigate risk and heightened costs. Opportunities for platforms offering lower cost fees, lending solutions with flexible capital, and digital finance tools to help track regulations and manage compliance.
Outlook for Fintechs in a Changing Global Economy
The trade war will change global economic relationships. Companies will reassess supply chains, governments will restructure trade agreements, and financial markets will react to increased risk and uncertainty. Fintechs need to come to grips that this is a new economic reality that will require companies to be agile, innovative and manage risk in a forward thinking manner.
See: Digital Export Trends and Global Trade Fintech Opportunities
Now is the time to secure funding and expand into less volatile markets and strengthen partnerships while providing cost effective financial solutions. Opportunities always exist for companies that move quickly to capture new market share. There's also a major risk that companies that fail to adapt will be left behind. Is your fintech ready for the new economic paradigm?
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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SEC Commissioner Peirce Consults on Crypto Regulations
Crypto Regulations | March 3, 2025
Image: Freepik/wirestock
A Rare Opportunity for the Crypto Industry to Shape Future Regulation
SEC Commissioner Hester Peirce is inviting the public to provide input on the future of crypto regulation. She's launched a consultation to gather insights on how digital assets should be classified, traded, and overseen. This consultation presents a rare opportunity for industry participants, investors, and policymakers to directly influence the regulatory framework governing digital assets. The results could have profound implications on how tokens are issued, traded, and managed in the U.S. and around the globe.
See: Trump’s U.S. Crypto Reserve Sparks Market Surge, Debate
Until now crypto regulation in America has been a patchwork of unclear policies, aggressive enforcement, and courtroom battles. The industry has long argued that the U.S. lacks a clear framework for digital assets, pushing innovation offshore. Peirce’s invitation opens the door. Regulators are asking for help and the crypto industry should answer.
Key Issues in the Consultation Scope
1. Crypto Asset Taxonomy
The SEC wants to create a transparent and clear system for categorizing crypto assets, defining what qualifies as a security, a tokenized security, an investment contract asset, or something else entirely. Right now, many crypto assets exist in a regulatory gray area which has led to legal uncertainty and enforcement actions. For example, stablecoins are widely used for payments and trading but regulators are still debating whether they should be qlassified as securities, commodities, or a new category altogether. A structured classification system could provide the much needed clarity for businesses and investors, reducing risks and uncertainty.
2. Public Offerings and Registration Challenges
The SEC is looking at whether existing securities laws are suitable for crypto offerings or if new set of registration rules are needed. Current regulations were designed for traditional stocks and bonds, which operate differently from decentralized crypto projects.
See: SEC Policy Reversals and Crypto Case Dismissals
Many blockchain startups struggle to fit into outdated frameworks, leading to legal uncertainty and high compliance costs. A more practical and transparent registration process would help businesses raise funds legally while ensuring investors receive the right level of protection.
3. Safe Harbour for Blockchain Development
One of Peirce’s earlier proposals called ‘Rule 195’ suggested giving blockchain projects a grace period to develop before facing full securities regulations. This is/was meant to address the uncertainty around when a token transforms from being a security to a decentralized asset. For example, Ethereum initially launched through a sale but was later recognized as decentralized. Without clear guidelines many projects face enforcement risks simply for trying to build innovative networks. A well designed and intentioned safe harbour could provide legal breathing room for legitimate projects to grow.
4. Trading and Secondary Markets
The SEC is examining whether crypto exchanges should have their own regulatory category instead of being forced into existing stock exchange rules. Crypto trading platforms operate differently, often using automated market makers and decentralized networks rather than traditional dealer-broker arrangements and structures. Applying outdated regulations could stifle innovation or push trading platforms offshore. A regulatory framework that acknowledges these differences could foster safer, more efficient crypto markets while still addressing fraud and investor protection concerns.
5. Custody Rules for Crypto Assets
The SEC is reviewing how investment firms, brokers, and custodians should handle crypto assets securely. Unlike traditional securities, crypto assets can be self-custodied or held on platforms that may not meet the same regulatory standards as banks. High profile failures like FTX have already exposed the risks in unregulated custody practices, making it clear that rules are a priority. Institutional investors need certainty about how to hold and protect digital assets without violating SEC regulations.
6. Crypto Lending and Staking
The SEC is questioning whether crypto lending and staking services should be classified as securities. Many platforms allow users to earn rewards for locking up tokens or lending them out but the legal status of these services is unclear. Some regulators argue that certain staking rewards resemble unregistered securities offerings, which should lead to enforcement actions, however a clear stance on how these services should be regulated would prevent legal uncertainty and ensure fair treatment for both businesses and investors.
7. Tokenized Securities and Settlement
The SEC is evaluating how blockchain-based assets like tokenized stocks and bonds should be regulated. Traditional securities are settled through clearinghouses in one or two days (T+1 or T+2) but blockchain technology allows for almost instant settlement.
See: Insights from the Tokenization Report Act of 2024 Hearing
This makes financial markets more efficient and reduces costs but current regulations don’t account for these innovative developments. If policymakers can create securities rules to accommodate tokenized assets, it would lead to a more modern financial system.
8. Regulatory Sandbox for Innovation
The SEC is considering a regulatory sandbox, which would allow crypto projects to operate in a controlled environment with regulatory oversight before launching fully. Other countries, such as the UK, Singapore and Canada already have sandboxes, to varying degrees of success, to encourage financial technology innovation. A U.S. regulatory sandbox could give blockchain startups a legal framework to test compliance measures while reducing regulatory risk. This approach would lead to better rules that support both innovation and consumer protection.
What This Means for Canada
Although this consultation is happening in the U.S., its impact will be felt here in Canada and around the globe. Canadian regulators are sure to be paying close attention to how the SEC approaches crypto, and any major changes in U.S. policy could influence Canada’s own regulatory direction. For Canadian fintech companies, this is a chance to push for clearer rules that align across borders rather than having a confusing mix of multiple regulations that companies need to comply with, slowing down innovation while increasing costs.
Outlook
Peirce’s request for input opens the door for stakeholders to use their experience and expertise to present viable modern solutions. If the industry doesn’t engage, policymakers may proceed with restrictive measures that fail to address crypto’s many unique characteristics. Industry leaders, fintech startups, and investors should not sit on the sidelines. The best way to counter regulatory uncertainty is to be part of the new rule making process. The SEC is listening and now is the time to speak up!
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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