Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Tech, Tools, Productivity
FCA Handbook API For Compliance And Regtech
August 13, 2026 | NCFA Resource | Risk Compliance And Regtech, Artificial Intelligence And Data, Regulation And Policy
Machine Readable Rules For Compliance Systems And AI
On August 6, 2026, the UK Financial Conduct Authority launched the FCA Handbook API, giving firms, developers and RegTech providers direct access to structured Handbook data. The free service lets software retrieve current rules, guidance, technical standards and glossary content for use inside compliance and regulatory change systems.
The practical value is real. Firms no longer have to rely only on website searches, monthly downloads or manually maintained rule libraries when they want FCA source material inside their own systems. The API creates a direct route from the Handbook into software that tracks obligations, maps rules to business activities or supports AI assisted compliance work.
What It Does In Practice
The API provides structured access to the FCA Handbook, Technical Standards and Glossary. Users need a free Handbook account, and the FCA says the data can be used in firms’ own applications or through third party technology providers.
The FCA identifies several practical uses:
- mapping rules to products, activities and customer journeys
- tracking and comparing current and future Handbook changes
- feeding regulatory and policy updates into compliance systems
- supporting RegTech products with current FCA source data
- providing trusted regulatory content to AI tools
AI can help retrieve, classify and compare regulatory information, but the quality of the output still depends on the source material it receives. A direct FCA data feed reduces one common problem which is compliance tools working from copied, stale or inconsistently maintained rule text.
NCFA has already identified this problem in AI powered regulatory reporting. The opportunity isn't simply to add AI to compliance work. Systems need reliable regulatory inputs, clear controls and a way to trace outputs back to the underlying rule or guidance.
The API can also reduce manual work around regulatory updates. Firms can connect Handbook content to internal rule inventories, product governance, control libraries or change management processes rather than repeatedly checking individual pages for updates.
There are some practical access conditions. Users cannot work with the API directly through the Handbook website. They need a compatible external application such as Postman or RapidAPI, or another system built to use the interface. Protected endpoints are also subject to rate limits.
Who Gets Value
The clearest users are compliance teams, legal teams, RegTech providers, financial institutions and fintechs that need FCA rules inside operational systems.
Large firms with internal technology teams can connect the data to their own compliance architecture and tailor how Handbook content is matched to business lines, products or controls.
Smaller firms may get more value indirectly through RegTech providers that use the API to improve rule monitoring, change alerts, obligation management or policy tools.
Developers and AI teams also gain a cleaner source for regulated workflows. For example, a compliance assistant could retrieve relevant Handbook content, compare current and future text, or help staff identify which internal policies may need review after a rule update.
That doesn't make the API a compliance decision engine. A system can retrieve the rule accurately and still reach a poor conclusion about how it applies to a particular firm, product or client situation. Human review, legal interpretation and internal accountability remain necessary.
Strengths And Limits
The main strength is source quality. The API automatically draws from the latest Handbook rather than requiring firms or vendors to maintain their own copy of the rulebook. That can improve consistency and reduce the delay between a Handbook update and its appearance inside a compliance system.
It is also useful that the FCA has made the service available without a separate licence fee. Firms can choose whether to connect directly or use a technology provider, which lowers the barrier for developers and RegTech companies testing new compliance tools.
The API is not a complete regulatory archive. It does not provide historic Handbook versions. Requests for past dates return an error, although current and future versions are available through the API. Firms that need a full historical record will still need the Handbook website, archive tools or their own retained records.
The API also does not cover every piece of FCA information. The FCA Handbook contains rules, guidance and standards, while other FCA publications, supervisory communications, consultations, speeches and notices remain outside that core source. Compliance systems therefore still need broader regulatory monitoring.
Direct access to current regulatory text improves the input, but it does not guarantee accurate interpretation. Firms using AI for compliance should still test outputs, keep records, control permissions and make it clear when a person needs to review the result. The IOSCO AI Supervisory Toolkit provides useful additional guidance on governance, oversight, data quality and control expectations for AI in regulated financial environments.
The FCA Handbook API is most useful when treated as authoritative source infrastructure. It can make regulatory information easier for software to retrieve and keep current, while firms remain responsible for deciding what the rules mean for their own operations.
Key Resources
FCA Handbook API Launch (use cases for compliance, RegTech and AI)
FCA Handbook API FAQ (access, current data, limits and usage requirements)
FCA Handbook API (API access and developer entry point)
FCA Handbook (current rules, guidance and technical standards)
AI Powered Regulatory Reporting (regulatory data, automation and AI opportunity)
IOSCO AI Supervisory Toolkit For Capital Markets (AI governance, controls and oversight)
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](http://www.ncfacanada.org)
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Preparing Your Boat for Canada’s Boating Season: An Outboard Motor Checklist
Aug 13, 2026
Winter in Canada is long, cold, and difficult for recreational watercraft. The upcoming boating season for the Great Lakes, Muskoka waterways, and the coastal areas of British Columbia is just around the corner. Without proper spring maintenance, though, you can have a great first outing and end up with a costly rescue.
Prior to entering the lake, do a visual check of all major subsystems of propulsion equipment. If you currently have an old and worn-out outboard motor, or if it has cracks, you have to replace it with a new outboard motor before the high season starts. You can seriously consider looking into quality used outboard motors for sale in Canada. Here is the ultimate outboard motor checklist for safe operation on Canadian waters throughout the summer.
Fuel System Inspection and Flushing
The top reason for engine failure to start up in the spring is due to fuel degradation. As Canadian ethanol blends sit in the atmosphere over time, they tend to separate, with water accumulating at the bottom of the fuel tank.
- Check fuel lines and hoses. Check for cracks, stiffness, soft spots, or loose hose clamps that are loose on all rubber lines between the tank and the engine. During the winter months, the cold air dries the rubber and can create a major problem with the hose failing during use.
- Change fuel filters and water separators. Change fuel filter and fuel-water separating filter (inline). This will stop any trapped moisture from the winter season getting into the carburetors and fuel injectors.
- Assess stale fuel. If the fuel has been previously treated with a quality marine stabilizer before winter storage, fill up the tank with fresh high-octane fuel. If the tank has been filled with gas this winter and not used, empty the tank completely and take the gas to a municipal hazardous waste facility.
A clean and clear fuel delivery circuit ensures proper combustion performance and helps protect delicate engine parts from expensive varnish and corrosion issues.
Battery and Electrical Diagnostics
Marine batteries will use up power even if disconnected if left in cold Canadian storage. Electrical continuity is important for starting, electronic fuel injection (EFI) control, and for operating critical navigation systems.
- Terminal cleaning. Come into contact with white corrosion buildup on battery posts and clamps by using a baking soda solution and wire brush.
- Voltage & load testing. Fully charge the battery using a multi-stage smart charger, then test it under load. Check it with a digital multimeter or load tester to ensure it's operating at the proper voltage when under load. A marine battery needs to be replaced if it is more than 4-5 years old or if it cannot hold a charge overnight.
- Engine wiring and fuse checks. Check for any damaged wires or rodent damage to the wiring in the engine, as well as any engine fuses. Use dielectric grease on large electrical connections to prevent moisture from entering and prevent corrosion from saltwater.
A fully charged, properly connected electrical network means no unwanted power outages away from the dock.
Spark Plugs and Ignition Tune-Up
Clean spark plugs to ensure fast starting and optimal fuel economy during long runs across wide lakes.
- Remove and inspect. Pull out each spark plug and check for carbon fouling, oil-heavy buildup, or electrode erosion.
- Gap and replace. If the plugs were fogged with anti-corrosion oil during winterization, replace them with new, manufacturer-recommended spark plugs.
Addressing ignition components proactively ensures effortless engine cranking and smooth throttle response on your first voyage of the year.
Lower Unit and Gear Lubrication
The lower unit gearcase houses delicate gear sets and bearings working under extreme pressure. Checking gear lube protects against catastrophic gearcase failure.
- Check gear lube quality. Remove the lower drain plug slightly to sample the lubricant. If the oil appears milky or thick grey, water has penetrated the propeller shaft or drive shaft seals.
- Drain and refill. If gear lube was not changed during fall winterization, drain it completely and pump in fresh marine gear oil from the bottom port until it flows out the upper vent hole.
Regularly auditing your lower unit lubricant safeguards expensive internal drive gears against moisture intrusion and friction wear.
Cooling System and Impeller Maintenance
Outboard motors rely on raw lake or ocean water for cooling. Running an engine with a failed water pump impeller causes severe overheating within minutes.
- Inspect the water pump impeller. Rubber impellers harden, crack, or lose flexibility when stored in cold environments. Marine technicians recommend changing the flexible rubber impeller every 2 to 3 seasons regardless of operating hours.
- Clear water intakes. Check lower unit water intake grates for mud, weeds, or debris left over from previous excursions.
Verifying proper water circulation safeguards your powerhead from sudden thermal breakdown during long high-speed runs.
Propeller, Steering, and Control Linkages
Mechanical responsiveness keeps your vessel safe when docking or navigating changing weather conditions.
- Propeller removal and inspection. Remove the propeller to check the prop shaft for wrapped monofilament fishing line, which damages shaft seals. Inspect blades for severe dings or bent tips that cause drivetrain vibration. Apply fresh marine grease to the shaft splines before torquing the prop nut and installing a new cotter pin.
- Grease fittings and steering cables. Apply marine-grade grease via a grease gun to all Zerk fittings on the swivel bracket, tilt tube, and steering cable linkages. Turn the steering wheel lock-to-lock to ensure smooth movement without binding.
- Check power trim/tilt fluids. Check the hydraulic power trim and tilt fluid reservoir level. Top off with appropriate hydraulic fluid if low and check seals for leaks.
Fine-tuning your steering and propulsion linkage hardware guarantees precise handling and effortless maneuverability in tight docking situations.
Testing Your Outboard On the Trailer
Never start an outboard engine dry on land without a continuous water supply. Attach marine water muffs (flushing attachment) connected to a garden hose over the water intake pick-ups before starting.
See: Kakeibo: Mindful Budgeting for Financial Wellness
Start the engine on the trailer and monitor the following:
- Water stream (pee hole). Confirm a strong, steady stream of water exits the cooling indicator port within seconds.
- Idle stability. Allow the motor to warm up to operating temperature. Verify smooth idle without stalling or sputtering.
- Controls operation. Shift briefly into forward and reverse at idle to ensure smooth cable engagement. Test the emergency kill switch cord to verify immediate engine shutdown.
By completing this thorough pre-season inspection, you protect your marine investment and ensure a safe, hassle-free boating season across Canada's waters.
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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Flywire And Trustly Launch Pay By Bank In Canada
August 12, 2026 | NCFA Market Activity | Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Cross Border Payments And FX
Bank Authentication Modernizes A Familiar Canadian Payment Rail
On August 12, 2026, Boston-headquartered U.S. payments company Flywire expanded its partnership with Stockholm-headquartered Swedish Pay by Bank provider Trustly to offer Pay by Bank payments in Canada and the United States.
The Canadian launch is notable because two foreign payment companies are commercializing a Pay by Bank experience here before Canada has a fully operational regulated consumer-driven banking system with payment initiation. Flywire and Trustly are improving how an existing bank payment is authenticated and started rather than waiting for Canada's future open banking payment rails.
The Canadian Payment Still Runs On PAD
Flywire's Canadian payment instructions describe a simple flow. The payer selects Online Bank Transfer in CAD, a Trustly window opens, and the payer signs into their bank. Payment details are filled in automatically and the bank can request additional verification before the payment is authorized.
Flywire says the money is normally debited within 24 hours and delivered to the institution in about five business days. Only personal bank accounts are currently supported. Business and corporate accounts aren't.
The timing tells us the product isn't an instant payment and it isn't using Canada's Real Time Rail. Flywire's own developer documentation identifies its Canadian EFT authorization as a pre-authorized debit agreement (PAD).
Trustly adds the digital layer around that debit, using bank authentication and account data to make the payment easier to initiate inside Flywire.
Alex Gonthier, Founder and CEO, Trustly:
“Pay by Bank is a term that is too general. Generic essentially. What we really mean is Open Banking-based or -enabled payments over bank rails.”
That description fits the Canadian launch particularly well. The bank rail isn't new. The authentication, data and payment experience around it are what Trustly changes.
Large Payments Give Pay By Bank A Clear Use Case
Flywire specializes in payments where the amount, currency or accounts receivable process can be more complicated than an ordinary checkout. It currently supports more than 5,100 clients across education, healthcare, travel and B2B markets, with payments available in more than 140 currencies across 240 countries and territories.
Its platform processed US$11.4 billion in payment volume during the first quarter of 2026 alone.
Canadian payment options work differently. Flywire lets customers use Interac e-Transfer for payments up to C$3,000, and those payments can arrive quickly. Online bill payment can handle larger amounts, but the payer has to leave Flywire, find Flywire as a biller in online banking and complete the payment there.
Trustly keeps more of that process inside Flywire. The payer signs into their bank and approves the payment without having to set up a biller or copy payment details.
That can be useful for larger payments such as tuition. Flywire hasn't published one Canada-wide Trustly limit, so the amount a payer can send depends partly on the limits set by their bank.
Pay By Bank Is Arriving Before Canadian Open Banking Payments
The terminology needs care because Trustly calls the product an open banking payment while Canada's regulated consumer-driven banking framework is still being implemented.
The federal framework is designed to replace credential sharing with regulated API-based financial data access. Payment initiation, often called write access, belongs to a later phase. As of August 2026, the government is still working on the implementation rules for Canada’s consumer-driven banking framework.
Flywire's Canadian Trustly instructions, by contrast, currently ask the payer to sign into online banking through the Trustly experience. Public documentation doesn't establish that every participating Canadian financial institution is connected through a direct API.
It shows that commercial Pay by Bank services can develop before Canada's regulated framework reaches payment initiation.
The longer-term opportunity gets more interesting when the payment experience and settlement infrastructure improve together. Canada's financial infrastructure is opening to new participants, while the Real Time Rail is intended to bring instant, data-rich clearing and settlement. Flywire and Trustly are showing what fintechs can build above the infrastructure available today.
Talking Point
Flywire and Trustly aren't waiting for Canadian open banking payments to become fully operational. They're bringing an international Pay by Bank model into Canada by adding bank authentication and a cleaner payment experience to PAD infrastructure that already works. For Canadian fintechs, that shows an example of how much product innovation can happen above the payment rail before the rail itself changes.
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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AMD Buys Toronto AI Chip Startup Taalas
August 12, 2026 | NCFA Market Activity | Artificial Intelligence And Data, Capital Markets And Market Infrastructure, Competition And Market Structure
Toronto Chip Design Brings A More Specialized Inference Option
On August 6, 2026, AMD agreed to acquire Taalas, a Toronto AI chip company that designs specialized chips to run individual AI models more efficiently. The price wasn't disclosed and the transaction hasn't closed yet, as it's subject to customary closing conditions and regulatory approvals.
AMD plans to bring Taalas technology into its accelerator portfolio alongside Instinct GPUs. That's a useful clue to the strategy. GPUs remain valuable because they can handle many models and workloads. Taalas gives AMD another option for cases where a model is used often enough that more specialized hardware could lower the cost of running it.
Taalas Reduces The Work Between Memory And Compute
Running an AI model requires processors to work through huge numbers of stored parameters. On conventional accelerators, much of that data has to travel between memory and compute hardware. The transfers take time, consume power and make high bandwidth memory an expensive part of an AI system. Taalas brings more storage and computation onto the same silicon and tailors the hardware to the model being run. The design can reduce the external memory, advanced packaging and data movement required by conventional accelerator systems.
Ljubisa Bajic, Founder and CEO, Taalas:
“The production of optimal silicon for each individual model.”
Its first HC1 demonstrator runs Meta's Llama 3.1 8B model on a TSMC 6nm chip with 53 billion transistors. Taalas packages the system in a 2.5 kW server and currently provides access through a beta inference service and API.
The trade-off is straightforward. A GPU can be reprogrammed for many models. HC1 is largely built around one. It supports different context lengths and LoRA fine tuning, but a substantially different model requires another hardware implementation.
Taalas says it can turn a new model into silicon in about two months. If that process works economically at larger scale, AMD could use specialized chips for mature, heavily used models while keeping programmable accelerators for workloads that change more often.
17,000 Token Benchmark
Taalas says HC1 can generate about 17,000 output tokens per second per user on Llama 3.1 8B using a 1K input and 1K output sequence.
That's a company benchmark. Taalas ran its own HC1 result and measured the Nvidia B200 comparison itself, while several other comparison figures came from Artificial Analysis. It shows what the architecture can do on this model and configuration. It doesn't establish that Taalas hardware is faster than Nvidia or other accelerators across AI inference.
HC1 also uses a custom format combining 3-bit and 6-bit parameters. Taalas acknowledges some loss in model quality compared with GPU benchmarks and says its next generation will use standard 4-bit floating point formats.
The company also reports large advantages in power use and system cost in its comparison. Those claims haven't been independently demonstrated across a wide range of models or production environments. It makes the acquisition a calculated bet. AI companies are spending enormous amounts to train models, but every model that reaches widespread use can create an equally serious inference problem: how to serve millions of requests quickly enough and cheaply enough.
That pressure is already changing how AI infrastructure companies compete on cost and performance. Taalas gives AMD a way to explore much deeper specialization without abandoning the flexibility of Instinct.
Toronto Built A Chip Company AMD Chose To Buy
Taalas was founded in Toronto in 2023 by Ljubisa Bajic, Drago Ignjatovic and Lejla Bajic. The team brought processor experience from AMD, Nvidia and Tenstorrent, which Ljubisa Bajic previously founded.
The company raised US$50 million before emerging from stealth in 2024 and another US$169 million in February 2026, bringing reported funding to about US$219 million. Investors included Quiet Capital, Fidelity and semiconductor investor Pierre Lamond.
Taalas says 24 people developed HC1, which shows how concentrated the engineering effort behind the first chip was.
The deal adds another company to Canada's growing AI hardware record. Toronto and Waterloo based Astrus is working on automated chip design, while Tenstorrent has built a much larger processor business from Toronto.
It also follows another major Canadian semiconductor transaction. U.S.-based Qualcomm agreed in 2025 to acquire Toronto-founded Alphawave Semi for US$2.4 billion, putting another Canadian-founded chip company under foreign ownership.
AMD will control Taalas if this acquisition closes, but it has also said it plans to retain and grow Canadian talent. There is no disclosed commitment to a specific Toronto headcount or to keeping Taalas as a separate company.
That makes the Canadian issue less about whether foreign capital is inherently good or bad and more about how much ownership, intellectual property and future economic value Canada retains as its AI companies scale. Canada's own AI strategy debate has put sovereign capital and domestic IP retention directly on the table.
Talking Point
Taalas raised more than US$200 million, built working silicon and attracted a strategic buyer in about three years. Canada can clearly produce teams and technology that global semiconductor companies want. The difficult question is whether enough domestic capital, procurement and infrastructure exist for more of those companies to scale further before selling.
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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BlackRock IBQT Adds Bitcoin To Canadian ETF Portfolios
August 11, 2026 | NCFA Market Activity | Wealth Investing And Trading, Digital Assets, Competition And Market Structure
A 3% Bitcoin Allocation Built Into Portfolio Growth
On August 10, 2026, the RBC iShares alliance launched IBQT, a Toronto Stock Exchange ETF combining global equities with a targeted 3% allocation to bitcoin.
The iShares Equity + Bitcoin ETF Portfolio targets a strategic mix of approximately 97% equities and 3% bitcoin. It charges a 0.22% management fee inclusive of underlying iShares ETF fees, is eligible for Canadian registered plans and launched with about C$1 million in assets.
BlackRock introduced its Canadian IBIT in January 2025 as a standalone bitcoin investment product. IBQT currently obtains its bitcoin exposure through IBIT, putting that exposure inside the portfolio construction process. Investors own units of IBQT rather than bitcoin itself.
Portfolio ETFs Create Another Source Of Bitcoin Demand
IBQT changes how the bitcoin allocation is made. An investor doesn't have to choose a separate crypto fund or decide independently how much bitcoin to hold. The allocation is built into the portfolio.
That creates a demand channel tied to assets entering the fund. If IBQT grew to C$100 million while maintaining a 3% bitcoin target, about C$3 million of the portfolio would represent bitcoin exposure. At C$1 billion, the same target would represent about C$30 million.
Rebalancing can create another source of allocation demand when bitcoin's portfolio weight falls below target. BlackRock has not disclosed enough detail to establish a fixed rebalancing schedule or tolerance range, so IBQT should not be treated as a predictable bitcoin buying program.
The structure is still relevant to bitcoin's long term demand base.
Capital can reach bitcoin exposure because an investor bought a diversified portfolio rather than because that investor separately decided to buy a crypto fund.
Fidelity Has Already Tested The Model In Canada
BlackRock isn't first with the idea. Fidelity's All-in-One Equity ETF, FEQT, targets approximately 97% equities and 3% cryptocurrencies and currently obtains its crypto exposure through the Fidelity Advantage Bitcoin ETF.
Fidelity also incorporates smaller crypto allocations into other all-in-one portfolios as their equity exposure declines. Its work integrating bitcoin into conventional investment infrastructure has been developing for years, including efforts to bring bitcoin into portfolio platforms rather than leave crypto entirely outside traditional wealth management.
FEQT alone had about C$5.5 billion in net assets in late July, providing evidence that a portfolio containing a small crypto sleeve can reach substantial scale in Canada.
IBQT adds BlackRock and the RBC iShares distribution platform to that competition. RBC Global Asset Management and BlackRock Canada retain separate fund management responsibilities within the alliance, which now spans more than 240 ETFs and over C$240 billion in assets.
There is also a pricing angle. IBQT launches with a 0.22% management fee inclusive of underlying iShares ETF fees. FEQT reported a 0.43% MER as of March 2026.
Bitcoin Market Check
IBQT is arriving during a much weaker bitcoin market than the environment surrounding the first wave of North American spot bitcoin ETFs.
Bitcoin was trading around US$65,000 on August 10 after a substantial decline earlier in 2026. BlackRock Canada's IBIT had grown to roughly C$390 million in net assets, giving IBQT an established Canadian bitcoin fund through which to obtain its current exposure.
See: Canadian Crypto Ownership Hits 25% In OSC Survey
Recent ETF inflows also show that investor demand can return even while bitcoin remains well below earlier highs. The growth of spot bitcoin investment products has already shown how regulated fund structures can draw both retail and institutional capital. U.S. spot bitcoin and ether ETFs attracted roughly US$1.1 billion in combined net inflows during the week leading into the IBQT launch.
Investors buying IBQT are taking on a small bitcoin allocation during a weaker market, not just after bitcoin has rallied. Portfolio inflows over the next several quarters will provide a better indication of whether this structure can attract capital across different bitcoin market conditions.
Bitcoin Price | 12-Month Market View
BTC/USD market context around the August 10, 2026 launch of BlackRock Canada's IBQT.
Chart: BTC/USD. IBQT began trading on the TSX on August 10, 2026.
Bitcoin risk remains intact. IBQT simplifies access, allocation and custody for the investor. It does not make bitcoin itself less volatile.
Talking Point
IBQT gives bitcoin access to capital that starts with a portfolio decision rather than a separate crypto purchase. Fidelity has already shown the model can reach scale in Canada. BlackRock's entry adds another channel through which growth in conventional investment products can create bitcoin exposure.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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India’s RBI On AI Governance And BRICS Payment Links
August 11, 2026 | NCFA Insight | Artificial Intelligence And Data, Cross Border Payments And FX, Regulation And Policy
Bank AI Controls Tighten As BRICS Tests Payment Connectivity
On August 11, 2026, RBI Governor Sanjay Malhotra called for stronger bank AI governance while confirming that BRICS members are discussing links between fast payment systems and central bank digital currencies.
Malhotra urged Indian banks to inventory the AI models they use and establish board approved AI governance policies, while arguing that banks cannot afford to avoid the technology because of its risks. The BRICS discussion is less advanced, but it has progressed beyond India's proposal earlier this year.
AI Governance Is Becoming A Bank Operating Responsibility
The RBI has been working toward this point for some time. India's FREE-AI framework was developed around responsible AI use in finance, including governance, explainability, privacy, fairness and risk controls. The central bank has also been expanding its model risk work beyond credit models into other operating areas.
Malhotra's August remarks make the institutional responsibility clearer. A bank cannot govern AI well if it cannot identify which models are running, where they are used or who owns the decisions around them. An inventory creates the starting record. Board approved governance then establishes responsibility above individual technology teams.
That becomes more important as AI spreads beyond analysis into customer service, credit, fraud detection, risk management and other live banking functions. Cybersecurity and operational risk also grow with the number of systems, vendors and data connections involved.
Canada is dealing with more or less the same operating problem. OSFI and GRI's financial AI work found that regulated deployment depends on practical controls around identity, cyber risk, financial crime, third party providers and customer outcomes. More than 170 participants contributed to that work, with 72% reporting AI use at work in financial services.
Financial regulators are asking institutions to prove control over AI that is already being used. For banks, model inventories, ownership, monitoring and escalation are becoming part of normal operating discipline.
BRICS Payment Links Advance From Proposal To Discussion
The payments comments are at an earlier stage.
In January, India proposed that BRICS members consider linking their official digital currencies for cross border trade and tourism payments. NCFA captured that proposal in its January BRICS payments evidence.
Malhotra now says BRICS members are discussing potential links between both fast payment systems and CBDCs. The objective is lower cost cross border payments, but he was equally clear that the work is still at the discussion stage.
There is no shared BRICS CBDC network, agreed settlement architecture or implementation timetable. There is also no basis for treating the discussions as evidence that a common BRICS currency is being created. Official BRICS material has instead focused on reducing the cost of trade and financial transactions and improving payment links between member countries.
The addition of fast payment systems is also important. CBDCs are only one possible route. Connecting existing national payment rails may offer another way to improve cross border transfers without waiting for every participating country to deploy a mature digital currency.
More Capability Means More Governance At Every Layer
Malhotra did not present AI governance and BRICS payment connectivity as a single program, however combined they do expose a common operating issue. Inside a bank, more capable AI requires clearer ownership, controls and auditability. Between countries, more connected payment systems require agreements around access, standards, settlement, legal responsibility and risk.
See: AI Agents Enter Governed Financial Workflows
Interoperability is useful only when participants know who is accountable when something fails. The same is true for AI performing more important financial work.
For Canadian readers, the comparison is timely. Canada's financial infrastructure is becoming more open through new payment system access, PSP supervision and the Real Time Rail, while banks are also deploying more AI. Different technologies are involved, but both require stronger operating controls as access and automation expand.
Talking Point
Financial infrastructure gets harder to govern as it becomes more capable and connected. The RBI's AI expectations and the BRICS payment discussions show that control, accountability and interoperability are becoming operating questions, not side issues for innovation teams.
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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RBC And BMO Sell Moneris To Francisco Partners For C$2B
August 10, 2026 | NCFA Market Activity | Payments Infrastructure And Money Movement, Competition And Market Structure, Capital Markets And Market Infrastructure
RBC And BMO Sell Moneris But Keep Merchant Distribution
On August 10, 2026, RBC and BMO agreed to sell Moneris to U.S. technology investor Francisco Partners for approximately C$2 billion in cash. The banks own Moneris equally and are expected to receive half of the proceeds each.
The ownership change does not end their commercial relationship with the payments company. RBC and BMO will retain long term referral agreements with Moneris, preserving a route for business banking customers into its merchant services after the sale. RBC expects the transaction to close in the first quarter of its 2027 fiscal year. Until closing, Moneris remains owned by the two banks.
The Banks Are Selling Ownership, Not Merchant Access
RBC and BMO can monetize an asset they created in 2000 without giving up the distribution value tied to their business banking franchises. Moneris continues to receive merchant referrals, while the banks no longer have to own the processor that supports those customers.
The relationship already has commercial depth. BMO clients using Moneris can receive next day deposits into eligible BMO business accounts and access offers tied to the bank relationship. Moneris says the BMO partnership has operated for more than 25 years.
The sale therefore separates two economics that have traditionally aligned together. That's owning the payments platform and controlling access to merchant customers.
RBC and BMO first explored a Moneris sale in 2025. The signed transaction now shows what the banks chose to keep.
TD took a different route last year when it transferred part of its merchant business to Fiserv. That agreement covered roughly 3,400 merchant relationships across 30,000 Canadian locations while TD continued offering merchant services through its banking relationship.
Both structures reduce direct bank ownership or operation of merchant processing while preserving access to business customers. They also show why counterparties are important. Fiserv is now under pressure after cutting its 2026 outlook again, extending the difficulties NCFA tracked after Fiserv's sharp market value decline. Selling infrastructure to a specialist does not remove execution risk. It changes who carries it.
Francisco Partners Is Buying A Large Canadian Payments Platform
Moneris gives Francisco Partners immediate scale in Canadian payments. The company says it supports more than 325,000 points of commerce across Canada and processes roughly one in three Canadian transactions. Its products span in store payments, ecommerce, point of sale software, integrated commerce tools, data and merchant services.
The ownership change impacts Canadian control. One of the country's largest merchant payments platforms is passing from two Canadian banks to a U.S. technology investor. Francisco Partners will control decisions around capital, product investment and growth, even as Moneris remains headquartered and operated in Canada.
After closing, Moneris will be foreign owned but remain Canadian operated. Francisco Partners will control the company, while Moneris is expected to retain its Canadian headquarters and technology infrastructure. That separates ownership of a major Canadian payments platform from where the business and infrastructure are based.
Moneris has also been adding newer payment capabilities. In June, it expanded Konek pay by bank access across Moneris Checkout and its API, allowing merchants to accept eligible bank payments alongside cards.
Francisco Partners already knows payments. Its portfolio includes Verifone, Paysafe and payments enablement provider NMI. The firm also closed $21 billion in new funds in July.
None of that guarantees more investment at Moneris or faster product development. Francisco Partners and Moneris will still have to decide where capital goes, which products deserve priority and how aggressively the company competes with global platforms.
Merchant Acquiring Is Becoming A Specialist Technology Business
Moneris will still face a crowded market after the ownership change. Stripe and Adyen compete heavily around online payments and developer tools. Fiserv uses Clover to combine acquiring with point of sale software and merchant services. Global Payments, Square and other platforms compete across different merchant segments, while Canadian firms such as Nuvei and Paystone add domestic pressure.
Moneris enters that contest with assets competitors cannot quickly reproduce, such as national merchant scale, deep Canadian distribution and long established bank relationships. Its BMO relationship alone includes integrated payment and banking services such as next day settlement.
The challenge is keeping those advantages relevant as payment acceptance becomes more closely tied to software, data and new payment methods. Moneris already partners with outside technology providers across ecommerce, point of sale and integrated payments, while products such as Konek add direct bank payment options alongside card acceptance.
See: TD Partners With Fiserv and Sells Merchant Portfolio
Private ownership could give Moneris more room to invest across those areas. It could also increase pressure to produce stronger returns from a mature payments platform. Neither outcome should be assumed before Francisco Partners takes control and sets its priorities.
The referral agreements reduce one important risk. Moneris is entering private ownership while retaining the bank channels that helped build its merchant base. For RBC and BMO, that may be the strongest part of the transaction. They receive cash for the asset while retaining a commercial connection to the merchants that use it.
Talking Point
RBC and BMO are selling the processor while keeping merchant distribution. Francisco Partners gets the payments platform and the investment risk. The banks get C$2 billion and keep a route to business customers. Which side of that relationship will create more value in the future?
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