Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Venture Funding and Building
Binance Left Canada but the Fight Reached Supreme Court
October 28, 2026 | NCFA Story Intelligence | Regulation And Policy, Digital Assets Blockchain And Tokenization, Competition And Market Structure, Capital Markets Infrastructure And Funding
How Binance’s Canadian Exit Became a Supreme Court Fight Over Regulatory Reach
Binance thought it was leaving Canada in 2023. The regulatory fight stayed behind.
Binance never entered Canada the way a bank or securities dealer would. It didn’t open a Canadian branch, build a local exchange or wait for a Canadian licence. Changpeng Zhao was a Canadian entrepreneur who had studied computer science at McGill, but Binance launched in Shanghai in July 2017 and grew into the world’s largest crypto exchange by trading volume within about six months. The product was global from the start. Borders came later.
By 2021, Canadian regulators were catching up with what that model meant on the ground. Ontario pushed Binance out. Binance hired former regulators, incorporated in Alberta and tried to build its way back in. Then Canada tightened the rules again. On May 2, 2023, Binance told securities regulators it planned to withdraw nationally.
Eight days later, the OSC opened an investigation. The next day came a sweeping demand for company records. On May 12, Binance told the public it was leaving Canada.
The exit and the investigation crossed in real time. Binance was trying to close one Canadian chapter while the regulator was opening another.
Three years later, that unfinished business has reached the Supreme Court of Canada. Ontario’s Court of Appeal has already ruled that part of the OSC summons went too far. The OSC wants that ruling overturned. Nine interveners now include civil liberties groups, securities regulators and four governments.
What follows is a story of a borderless crypto company meeting national regulators, leaving some markets, adapting in others, and discovering that a market exit doesn’t make the regulatory past disappear.
Ontario treats access as local activity. The OSC’s position is that platforms offering securities or derivatives to Ontario users can’t avoid provincial rules simply because the company or servers sit somewhere else. For internet based finance, the customer’s location can pull a global platform into a local regulatory system.
Binance starts planning a return. By early 2022, Binance is doing something that would have looked unlikely months earlier. It hires former Canadian regulators, incorporates in Alberta and starts building toward full registration. Binance hires ex-regulators and incorporates in Alberta to charter compliance course in Canada catches the pivot. A few months later, Alberta-based Binance Canada expects to return to Ontario by 2024 shows how far the strategy has moved. The company isn’t talking about abandoning Canada. It is talking about coming back to Ontario through the front door.
The OSC gets enforceable controls. The undertaking turns account restrictions, product wind downs and monitoring into commitments the regulator can supervise. Binance is no longer only deciding what Ontario access should look like on its own.
Binance still sees a Canadian future. The company pursues registration outside Ontario and talks publicly about returning. That makes the national exit in 2023 more than a market withdrawal. It ends an attempted compliance strategy.
Binance blames the rule set, not Canada itself. The company says it delayed the decision while looking for another route and hopes to return someday. Canada is a relatively small market for Binance, but the evidence doesn’t establish that size alone drove the exit. The company’s own explanation focused on the rule set and the product limits that came with it.
Other platforms make a different calculation. Some exchanges also leave, while others pursue Canadian registration and accept narrower product menus. Every platform has to decide whether the local opportunity justifies the controls, product limits and ongoing supervision required to stay.
Regulators need records to reconstruct the past. Cross border platforms can spread staff, systems and legal entities across several countries. Without compulsory powers, investigators may struggle to establish who made a decision, which controls existed and what customers were told.
Broad demands carry real operating costs. A request covering years of email, chat, files and other communications can trigger preservation, data collection, legal review, privilege screening and cross border privacy work. A global exchange can spend heavily on that process. A smaller fintech may feel the same demand much more sharply.
The ruling protects relevance, not secrecy. The Court accepts that regulators have strong production powers and that privacy expectations for regulated business records can be low. It still requires a reasonable basis to believe compelled records may matter to the investigation.
The OSC sees a wider enforcement problem. The regulator argues that the Court of Appeal’s approach could make investigations slower and more difficult, particularly before investigators know exactly where useful evidence sits. Binance answers that regulators have had relevance limits for decades and can draft demands around the conduct they are actually investigating.
Investor protection still needs effective investigations. Regulators can’t police complex markets without access to records. Cross border digital businesses make that harder because relevant evidence may sit across entities, employees and systems that don’t line up neatly with one province.
Constitutional limits still matter inside regulated markets. Laura Paglia of the Canadian Forum for Financial Markets told Advisor.ca that securities regulators need broad powers, but argued that demands should remain proportionate and consider compliance costs. CFFiM was denied intervener status, so its view is industry commentary rather than a submission the Supreme Court will hear.14
The Company Left but the Regulatory Boundary Didn’t
Binance has already tried several endings in Canada.
First it left Ontario. Then it hired regulators and built an Alberta operation that was supposed to bring it back. Then it accepted an Ontario undertaking. Then it decided the national rules were no longer worth the trade and left Canada altogether.
The legal history kept going.
FINTRAC imposed a penalty tied to the years Binance operated here. Investors pursued a separate class action. Ontario courts rejected Binance’s attempt to force those investors into costly Hong Kong arbitration, a dispute later followed by Ontario Court Orders Binance To Pay Investor Legal Costs. The OSC kept investigating. The company that left Canada in 2023 is still litigating here in 2026.
Binance changed too. Zhao stepped down. A board arrived. Local licences and compliance teams became part of the growth strategy. Japan went from warning Binance to hosting a locally registered Binance business. Abu Dhabi became a regulated global base.
The Supreme Court case is now much bigger than Binance.
The Court is being asked to decide where constitutional limits sit when a regulator with legitimate investigative powers demands a very large volume of company records. A ruling that gives regulators wider latitude could make it easier to investigate complex businesses whose people, systems and data span multiple entities and countries. A ruling that requires a tighter connection between requested records and suspected conduct could force regulators to narrow summonses earlier and give companies stronger grounds to challenge sweeping demands.
Either way, the decision could shape how securities regulators design investigations, how regulated firms preserve and produce records, and how much compliance cost companies may face when regulators come looking for evidence. Depending on how broadly the Court reasons, its impact could also reach beyond capital markets into other regulated sectors that rely on statutory production powers.
That helps explain why governments, another securities regulator and civil liberties organizations have joined a dispute that began with one crypto exchange. The precedent could influence the balance between effective supervision and protection against regulatory overreach across Canadian business.
Binance spent years learning that global reach doesn’t erase national borders. Canada’s highest court is now deciding where one of those borders sits for regulators themselves.
Once a regulator has authority to investigate, how much of a company can it force open?
Binance left Canada. The company moved on. The answer could matter to regulated businesses long after this case is over.
Questions for Regulated Firms in Canada
- How closely will regulators have to connect compelled records to the conduct they are investigating?
- Will the Supreme Court give regulators more room to make broad document demands early in an investigation?
- Could tighter limits on regulatory summonses change how firms preserve, retrieve and challenge record requests?
- How much regulatory exposure survives after a company closes a product, changes ownership or exits a market?
- Will firms operating in Canada need stronger record keeping, legal review and compliance infrastructure to respond to future regulatory demands?
Related NCFA Intelligence
INVESTOR GUIDE
7 Questions to Ask Before Choosing a Crypto Exchange in Canada
A current guide to registration, custody, transfers, funding, fees and operational risks Canadian investors should check before sending money to a crypto platform.
FINTECH INTELLIGENCE
Are Regulators Opening Markets While Raising Costs?
Market access can improve while evidence, records and supervision requirements get tougher, changing the economics for both incumbents and smaller entrants.
REGULATORY INSIGHT
Canada Proposes Stablecoin Market Entry Rules
Canada’s new stablecoin proposal shows how market access can depend on local custody, supervision and operating requirements, even when the underlying product is global.
REGULATION AND POLICY
National Security Is Now Part of Financial Supervision
Financial supervision is expanding beyond traditional capital and conduct questions into sanctions, cyber threats, ownership and state linked risk.
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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CSA Consultation on Public Company Rules and Capital Access
October 27, 2026 | NCFA Regulatory Intelligence | Regulation And Policy, Capital Markets Infrastructure And Funding, Competition And Market Structure
Proposed Rule Changes Could Lower Financing Costs for Smaller Canadian Companies
On July 16, 2026, the Canadian Securities Administrators (CSA) published Consultation Paper 51-406 on modernizing public company regulation. The CSA wants feedback on whether simpler reporting rules and fewer private placement restrictions could help Canadian companies raise capital at a lower cost. The changes could affect financial reporting, institutional investment and access to financing, particularly for smaller listed businesses. Comments close November 13, 2026.
Two ideas stand out. (1) The CSA is considering a new exemption that could let qualifying public companies raise money from institutional investors without the usual four month restriction on reselling shares. (2) It is also asking whether a company's size and business operations should matter more when deciding which reporting rules apply. Both could affect the cost of raising capital and doing business as a public company. Nothing has been approved yet.
Which Public Company Reporting Rules Could Change?
Canada had approximately 3,000 listed companies in March 2026, according to the CSA. About 76% were classified as venture issuers, and only 12% had a market value above C$1 billion. Most listed companies are relatively small, but they still pay for audits, accounting, legal advice and regular regulatory filings. Those expenses add up, especially for businesses that depend on outside investment to grow.
Also See: Canadian Public Markets Study Seeks Industry Input | Survey closes October 31, 2026.
The consultation covers five main reporting questions.
1. Should reporting rules depend more on company size?
Today, whether a company qualifies as a venture issuer largely depends on the exchange where its shares trade. The CSA wants to know whether revenue, assets, market value or the amount of shares held by public investors would be better measures. It is also considering changes to the existing system and whether larger venture issuers should move to senior exchanges.
A small company listed on a senior exchange may face more demanding reporting rules than a larger business on a venture exchange. Changing the criteria could make reporting costs more reasonable for some companies, although others might face new requirements. The rules would also need to be predictable so companies aren't forced to change their reporting practices every time their market value moves.
2. Can smaller companies spend less on financial reporting?
The CSA is asking whether certain venture issuers should receive relief from specific International Financial Reporting Standards (IFRS) requirements. Some accounting rules involve specialist advisers, detailed valuations and substantial preparation costs. Regulators want to know which requirements are particularly expensive and which information investors actually use. Any relief needs to save companies money without taking away financial information investors rely on.
3. Do companies need to file two reports about the same event?
Public companies generally must announce a material change promptly and then file a separate report within 10 days. A material change is an important development affecting a company's business, operations or capital. The CSA is asking whether a news release containing all the required information could replace the second filing when properly submitted through SEDAR+. It also wants to clarify which developments require a material change report. That could reduce legal bills and paperwork without leaving investors in the dark.
4. Should more companies report results every six months?
Certain eligible venture issuers can already choose to report financial results every six months instead of every quarter. The CSA is considering whether that option should be available to all public companies. Fewer reports could save money, but investors would have less frequent financial updates. That could be a concern for companies whose finances are changing quickly or that regularly need fresh capital. Regulators are also asking whether companies using this option should face additional conditions, particularly when raising money through a prospectus.
5. Should Canada follow changes being considered in the US?
The US Securities and Exchange Commission (SEC) proposed several changes in May 2026. These include allowing public companies to report financial results every six months instead of quarterly, making it easier for more companies to raise money through registered share offerings, and reducing some reporting requirements for smaller businesses. The proposals aren't final rules yet.
The CSA wants feedback on whether similar changes would benefit Canada. Canadian companies compete with US businesses for investment, so differences in reporting costs and financing rules can matter. Making it cheaper and easier to raise capital could help Canadian companies compete, but investors still need reliable information to assess risk. Canada's large number of smaller listed companies also means US approaches may need to be adapted to suit.
Could Shorter Resale Restrictions Improve Financing?
Private placement rules are among the most important issues for companies trying to raise money. Under many existing exemptions, investors who buy newly issued shares from a public company must generally wait four months before reselling them. Because their money is tied up, they may demand a lower share price. That can leave founders and existing shareholders with less ownership after a financing.
The CSA is reviewing whether these restrictions are still necessary in every situation. One option is a new Qualified Institutional Purchaser (QIP) exemption. It could let eligible Canadian public companies sell shares to qualifying institutional investors through registered dealers without the usual four month resale restriction. Conditions would still apply, and the exemption is only being considered at this stage.
Some investment funds have rules that limit their ability to buy shares they cannot readily sell. Removing that restriction for qualifying transactions could bring more institutions into Canadian financings. More interested buyers might help companies negotiate better prices or complete deals that otherwise wouldn't happen. The final rules would determine whether those benefits are achievable.
The consultation raises four practical questions about how such an exemption could work.
Who could use it? The CSA wants feedback on which public companies and institutional investors should qualify. Setting the requirements too narrowly might exclude investors the exemption is intended to attract. Making them too broad could create new risks for investors and the market.
Would a registered dealer have to arrange the deal? Dealers can check eligibility, review information and help oversee a financing. That can protect investors and improve accountability. But dealers also charge fees, which matter when a company is raising a relatively small amount of capital. The CSA is asking whether mandatory dealer involvement strikes the right balance.
See: Who Gets Capital As Funding Channels Multiply?
How would investors be protected? If newly issued shares can be sold immediately, regulators need to consider disclosure requirements, legal remedies and possible short selling arrangements. Investors buying shares in the public market shouldn't be left without important information. The legal protections available in a private placement can also differ from those in a public offering made through a prospectus.
Would the change bring in more money? Giving institutions another way to invest doesn't automatically mean they'll invest more. Companies still need attractive businesses, reasonable valuations and willing buyers.
Canada has already seen strong demand for more flexible financing rules. Following changes to the Listed Issuer Financing Exemption, hundreds of companies raised almost C$4 billion in the first year under the higher limits, roughly eight times the earlier pace. The increase doesn't necessarily prove the rule changes caused every financing, but it shows how extensively companies used the expanded exemption.
The proposed QIP exemption would work differently, focusing on institutional investors. Its value would depend on whether those investors bring additional capital and whether issuers can raise money on better terms. For smaller public companies, even a modest improvement in financing prices can mean issuing fewer shares and preserving more ownership. Companies and dealers with direct private placement experience can help regulators understand where the current restrictions make deals harder or more expensive.
How Industry Feedback Could Shape the Rules
The CSA wants feedback before deciding whether to change the rules. Companies and investors don't need to address every question. They can focus on the issues they know best and explain how the current requirements affect their decisions.
Founders and public company executives can share what they spend on reporting, audits and legal work. They can explain which filings take the most time, whether those costs influence where they list and how much money could be saved through simpler requirements. Real examples would help regulators separate necessary investor disclosures from work that adds limited value.
Investors and investment dealers can explain how resale restrictions affect private placements. That includes discounts investors seek, deals that are difficult to complete and cases where institutions cannot participate. They can also identify what information and safeguards they would need before accepting shares without a resale hold.
Accountants, securities lawyers and other advisers can explain which requirements create unnecessary work and where simpler rules might introduce new problems. Readers preparing their own comments can also review the industry submissions published by Quebec's Autorité des marchés financiers. These include responses from Fiore Management & Advisory Corp., SRI Capital Advisors and Canadian Independent Finance and Innovation Counsel. They offer examples of how other market participants are approaching the proposals.
Comments close November 13, 2026. Issuers, investors, dealers, advisers and other interested parties can submit feedback directly to the CSA using the online form or by uploading a PDF letter. Comments should focus on relevant consultation questions and include practical examples, financing costs or investor experience where possible. Submissions may be published. For technical help with the submission process, contact the CSA Secretariat at info@acvm-csa.ca.
Talking Point
Canada's public markets need to be affordable for smaller companies and attractive to investors. Reporting expenses can take money away from business growth, while private placement restrictions can affect financing prices and who is able to invest. The CSA's review is an opportunity to see which requirements still serve a useful purpose and which may be making capital harder or more expensive to obtain.
The proposed institutional financing exemption and review of venture issuer rules deserve particular attention. Both could help companies access capital or reduce costs, but the benefits will depend on how any changes are designed. Founders, investors, dealers and advisers have an opportunity to provide that practical evidence before the November 13 deadline. The goal is better access to capital while keeping the information and protections investors need to participate with confidence.
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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How Offering Crypto Payments Helps Businesses Win and Retain Global Customers
October 27, 2026
Today's sales teams sell across borders. A firm often closes deals with clients on different continents. Nonetheless, payment friction slowly eats away at revenue. An individual attempts to purchase a service. The credit card is denied by the local bank. The project is delayed due to a slow wire transfer. Certain areas do not support conventional gateways. This friction prevents growth. Payments through cryptocurrency create a powerful alternative route. Another option reduces lost sales. Organizations use it for greater international reach. It also speeds up the gathering of funds.
Payment Friction Is a Sales Problem
Payment processing is usually viewed by business leaders as a finance issue only. A huge blunder took place. Payment friction directly hurts sales conversion. The final checkout screen is reached by the buyer. Their credit card is repulsed by the system due to an unknown reason. The customer leaves without completing the purchase. The revenue of the company eludes.
Chargebacks suck profitability. International buyers often cancel orders when they see unsupported payment methods. An unpleasant checkout process disrupts the customer journey. Every failed transaction is marketing money wasted and selling effort lost.
How Crypto Payments Reduce Lost Deals
Digital assets are free from banking restrictions. A digital wallet allows clients to send funds directly to merchants. There is no middle bank that can refuse a transaction. This link eliminates obstacles not based on choice. It assures more customers complete their purchase.
Serving Customers in More Regions
Conventional financial networks impose rigid geographic limits. A consumer in a developing nation typically does not have premium credit cards. Their domestic means of payment fail on international sites. These borders get erased by crypto payments. A merchant may accept value from any customer that has an internet connection. This ability greatly extends the total addressable market.
Faster Settlement and Fewer Failed Payments
Credit card networks are often controlled by strict approval systems. These systems don’t work for many users. The merchant has to wait days for the cash. Digital ledgers work differently. Settling of transactions takes minutes. The network is always open on weekends and holidays. When a transaction is confirmed by the network, it is final. This permanent nature prevents fraudulent chargebacks. The business’s working capital is immediately available to them.
Where Do Crypto Payments Fit in the Customer Journey
People won’t stop using their credit cards. Digital assets sit next to them. A customer at an internet checkout simply chooses a digital wallet option rather than tapping in a card number. For B2B sales, a finance team includes a digital address in the normal invoice. Contemporary software applications come with recurring models. A company may set up an auto monthly subscription or retainer by smart contracts. It's merely another measure to intercept income.
Using Stablecoins for Predictable Pricing
The price of the early digital coins fluctuated significantly. A sales team can’t throw out a price on a stock that could fall ten percent in an hour. This problem is solved by stablecoins. Tokens such as USDT and USDC are directly pegged to the US dollar. A single token is worth one dollar. It enables businesses to quote predictable prices. The organization gets a steady amount. Daily sales and invoicing will not be a market concern. See: Programmable stablecoin payments
Benefits for Sales and Business Growth
Using digital wallets brings real monetary advantages. A business instantly expands its global reach. Sales teams experience a lower frequency of declined transactions. The treasury department benefits from a speedier cash settlement. International clients have a much easier buying experience. This increases the overall rate of conversion. Nonetheless, digital assets can’t make a deficient product successful for long. They only optimize the generation of revenue.
Risks and Compliance Considerations
New responsibilities always come with innovation. A business must assess the risks before changing its checkout experience.
Volatility, Security, Taxes, and Regulation
Even stablecoins need security attention. A business can lose access to a digital vault, resulting in a permanent loss. Organizations must take fraud prevention more seriously. Compliance also requires hard work. Digital assets are strictly classified by tax agencies. A business is required to keep accurate records of any transactions. In addition, companies should comply with the laws of anti-money laundering (AML) and know your customer (KYC). A qualified legal and tax professional should be consulted by the firm in this regard.
Best Practices for Adding Crypto Payments
A prudent company incorporates new systems gradually. A company should only start with stablecoins to avoid panic. The new option should be clearly visible on the checkout page. The record keeping habit for the accounting department should begin on the first day. Before promoting the new feature to your entire audience, always run a little test transaction.
Choose a Reliable Payment Provider
Most organizations should not manage raw cryptographic keys. They must be careful with evaluations about third-party providers. A business must check the supported currencies. The software must offer instant crypto-to-fiat conversion. The fee structure, integration options, and reporting tools must be verified by executive teams. Security and compliance are 100% mandatory. For example, the finance director of an organization can go to the Cryptobanco official website to see how enterprise-grade infrastructure safely addresses these specific requirements. A dependable partner takes away the technical burden entirely.
Final Thoughts
Accepting digital funds helps businesses please and retain worldwide customers. It is very important to have a very detailed implementation strategy. Before production, corporate chiefs should check real demand. They must become familiar with their operating costs and the local regulation. With proper deployment of this technology by a company, it eliminates financial friction and speeds up global growth.
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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Zafin to Acquire Naehas in Major US Banking Software Deal
October 27, 2026 | NCFA Market Activity | Competition And Market Structure, Artificial Intelligence And Data, SME Finance And Business Banking
Canadian Fintech Expands Bank Pricing, Customer Offers and Compliance
On October 26, 2026, Toronto banking technology company Zafin signed a definitive agreement to acquire Naehas, a California software provider that helps banks manage customer offers, disclosures and marketing compliance. The purchase would expand Zafin's existing banking product and pricing business, giving it more technology to sell to major financial institutions. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary conditions.
A Zafin spokesperson told BetaKit the company agreed to pay a nine figure sum in US dollars, using cash and equity with partial financing from a credit line. Naehas brings approximately 250 employees and US$30 million to US$50 million in annual revenue, according to the spokesperson. Zafin is making a substantial investment to expand its US banking business, adding established customers and software capabilities rather than building everything internally.
Why Zafin Is Buying Naehas
Zafin helps banks manage financial products, interest rates, account fees, billing and customer pricing without replacing their entire core banking systems. Naehas handles the next area of the business. Its software helps banks prepare customer offers, manage disclosures, secure approvals and deliver communications that meet regulatory requirements.
Consider a bank launching a new savings account promotion. Zafin's technology can manage the interest rate, account terms and customer eligibility. Naehas can help prepare the offer, approve the disclosures and deliver the correct information to customers. Banks often handle these activities across separate departments and systems. Connecting them could shorten the time between deciding on a product and bringing it to market.
Rab Govil, Naehas founder and CEO explained the business opportunity in the acquisition announcement.
"The cost and time required to execute an offer determine how many growth opportunities an institution can pursue."
Naehas has built its business around reducing that work. Banks need to compete on pricing and respond quickly when customer needs change, but they can't ignore disclosure requirements or approval controls. For Zafin, acquiring an established provider is also a way to expand into related banking operations with existing software and customer relationships.
More Banking Revenue From Existing Customers
The acquisition could allow Zafin to sell more services to banks already using its technology. Instead of competing only for product and pricing software budgets, Zafin could pursue spending on customer offers, marketing operations and compliance. Selling additional products to established customers may also be less costly than winning new banks, where purchasing decisions and technology implementations can take considerable time.
Bank customers could benefit from closer coordination between pricing and sales. A business client using deposits, loans and payment services may qualify for better terms based on the overall relationship. Zafin can support that pricing, while Naehas can help deliver the offer and associated documents. Better coordination could help banks win more business from existing customers while reducing the work needed to launch each offer.
See: Fisent Expands Enterprise AI Automation for Banks
For Zafin, the economics depend on how much additional software banks buy and how well the companies combine their operations. A broader product range could strengthen customer relationships and make Zafin harder to replace. Banks may also prefer to work with fewer suppliers, although they'll expect competitive pricing and dependable integration with their existing systems. If the products remain difficult to connect, some of the acquisition's value could be lost.
Zafin is also investing in artificial intelligence. Its AIOS platform is designed to coordinate AI agents and oversee their work, while Zafin IO connects banking systems. Integrating Naehas could eventually extend AI automation into customer offers, disclosures and approval processes.
Nordic Capital Backs Zafin's US Expansion
Nordic Capital's investment in Zafin dates to 2024, when the private equity firm acquired a majority stake to support international growth. Nordic Capital reports that Zafin generated €110 million in revenue in 2025. The planned Naehas acquisition would add an established US banking software business, giving Zafin more products to sell and additional institutional customers to serve.
According to figures provided by Zafin to the media, the combined business is expected to serve 16 of the 20 largest US banks. Zafin is also targeting US$200 million in annualized recurring revenue by the end of 2026. The acquisition gives Zafin more opportunities to sell software to major banking groups, where an existing customer relationship can be valuable in winning additional contracts.
Banks are investing in new technology to compete, but they're taking different approaches. Tangerine's launch of business banking on Starling's core technology shows one approach, building new products on a modern banking platform. Zafin takes another, helping institutions improve pricing and product management around existing core systems. Adding Naehas could give banks more ways to update customer offers without replacing their underlying banking infrastructure.
Talking Point
For Canada's fintech industry, Zafin shows how a domestic enterprise software company can expand internationally through acquisitions and established banking relationships. Can Zafin turn Naehas's customer relationships and technology into enough additional business to justify the purchase and compete for larger banking software contracts?
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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New Funding Opportunities for Canadian Women Entrepreneurs
October 27, 2026 | NCFA Industry Resource | SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Capital Markets Infrastructure And Funding
Growth Loans, Regional Financing and Founder Awards
On October 22, 2026, Women's Enterprise Organizations of Canada (WEOC) and the Business Development Bank of Canada (BDC) announced up to C$200,000 in growth loans for eligible women entrepreneurs. WEOC also partnered with Quebec lender Evol to connect more founders with financing and business support. Separately, the Capital Elle Business Impact Award is accepting applications until October 28, 2026, giving Canadian women entrepreneurs three opportunities worth considering.
WEOC and BDC Offer Up to C$200,000 in Growth Loans
The new Women Entrepreneur Growth Financing programme combines WEOC loans of up to C$50,000 with BDC loans of up to C$150,000. Backed by a C$12.5 million financing commitment over two years, the pilot targets eligible women owned businesses outside Quebec that need more capital to expand. BDC is contributing C$10 million toward the programme.
See: Canada Adds WES Funding to Back Women Founder Growth
For businesses ready to buy equipment, invest in technology, increase production or pursue larger contracts, the additional financing could make a meaningful difference. Regional WEOC lending partners will assess applicants and provide business advice and ongoing support. The combined C$200,000 is a maximum, subject to eligibility and lending approval.
Applications haven't opened yet. Financing is expected to begin later in 2026. Interested founders can register for WEOC growth financing updates to receive application details, eligibility requirements and loan terms when available.
WEOC and Evol Connect Women Entrepreneurs With Lenders
WEOC's new partnership with Evol connects lending services across Canada. Evol supports entrepreneurs throughout Quebec's 17 regions, while WEOC works through lending partners elsewhere in Canada. The organizations will refer founders to suitable financing and advisory services, including businesses that may not qualify for an existing programme.
Both organizations participate in the Women Entrepreneurship Loan Fund, which offers eligible businesses loans of up to C$50,000. The partnership isn't a new grant or an extension of the C$200,000 BDC pilot into Quebec. It helps entrepreneurs find lenders and support suited to their location and financing needs.
Capital Elle Award Applications Close October 28
The Capital Elle Business Impact Award offers Canadian women entrepreneurs cash awards and business support across three categories covering strategic connections, growth capital and acquisitions. The organizer advertises a combined prize package worth more than C$100,000, including C$5,000 cash for each category winner, professional services, mentoring and business connections.
The award is open to women founders across industries, subject to eligibility requirements. Applicants select the category that best fits their business goals. The application process costs C$50 for nonmembers (nonrefundable), while eligible paid Elleiance members can apply without an additional fee.
Deadline is October 28, 2026, at 9 p.m. Eastern. Founders should review the official award terms and confirm eligibility.
Takeaway
More financing options are welcome, and founders should match the opportunity to their business. Growth loans can fund expansion, regional lenders can provide ongoing support, and awards offer cash and business connections. The best choice depends on how much money the business needs, what it qualifies for and whether it can take on debt.
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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PrimeRevenue Brings Trade Finance Assets to Solana
October 26, 2026 | NCFA Market Activity | Capital Markets Infrastructure And Funding, Digital Assets Blockchain And Tokenization, SME Finance And Business Banking
Corporate Payment Obligations Meet New Sources of Capital
On October 26, 2026, Atlanta based trade finance company PrimeRevenue announced plans to tokenize trade finance assets on Solana, bringing its Electronic Time Drafts (ETDs) to blockchain capital markets. These instruments represent corporate buyers' obligations to pay suppliers on agreed future dates and can be financed to provide suppliers with earlier cash. PrimeRevenue aims to expand beyond its established bank funding network by connecting these obligations with additional institutional and eligible blockchain investors.
PrimeRevenue reports 50,000 companies using its platform, more than 100 funding partners and over US$300 billion in annual payment transactions. That established network gives the company a strong starting point for bringing corporate payment obligations to new investors. Rather than building a financing market from scratch, PrimeRevenue can extend its existing relationships, financial instruments and distribution capabilities into blockchain capital markets.
How PrimeRevenue's Electronic Time Drafts Work
When a corporate buyer owes a supplier money, the supplier may have to wait 30, 60 or 90 days for payment. PrimeRevenue's Electronic Time Draft allows the buyer's payment obligation to be transferred to a financing bank at a discount. The supplier receives cash early, while the bank collects the full amount from the buyer when payment comes due. Financing terms reflect factors including the buyer's credit rating and the remaining payment period.
For example, a supplier owed US$100,000 in 90 days could exchange the draft for an earlier discounted payment. A smaller supplier working with a financially stronger corporate customer may secure more attractive financing than borrowing against its own credit. The buyer retains the agreed payment date, the supplier receives working capital and the bank earns a return for providing the funding and assuming the buyer's payment risk.
ETDs aren't ordinary digital invoices. PrimeRevenue's patented process creates and signs a time draft electronically, supports its transfer to the financing bank and arranges collection at maturity. The company says the structure also removes certain lien search and release requirements that can complicate conventional receivables financing.
Over time, tokenized ETDs could support a continuously replenishing working capital market. Corporate buyers generate new payment obligations, suppliers receive early financing, and investors recover capital as drafts mature. That money could finance the next round of transactions, potentially giving suppliers more flexible access to funding without relying on a single lender. Each draft would still carry its own credit risk, but the financing network could operate more like a revolving pool of capital.
In 2018, PrimeRevenue reported US$1.78 billion in ETD financing, helping nearly 1,000 suppliers across 13 countries get paid early. The program involved 14 banks and more than 100 corporate buyer programs, showing that ETDs were already being used internationally well before the Solana initiative.
Solana Could Expand the Trade Finance Investor Market
PrimeRevenue currently connects corporate payment obligations with established funding institutions. Tokenization could allow other eligible investors to finance or acquire interests in those obligations, depending on how the legal structure is implemented. Solana would provide a shared record of issuance, transfers and settlements, while PrimeRevenue continues supplying the corporate relationships and transaction activity.
PJ Bain PrimeRevenue CEO described the intended expansion in the company's announcement:
"It creates new pathways to unlock working capital and liquidity for our customers and funding partners."
A bank might gain another way to distribute its exposure instead of holding every draft until maturity. New investors could gain access to corporate credit with defined payment dates. Suppliers could benefit if competition among funding providers improves pricing or financing availability. None of these benefits is established until investors commit capital and completed transactions demonstrate the economics.
See: BNY and Citadel's tokenized Treasury financing
PrimeRevenue still needs to clarify what investors would actually own, how they would receive payments and what happens if a corporate buyer fails to pay. Holding a token on Solana doesn't automatically give an investor the legal right to collect the underlying debt. Investors would also need to consider whether they could sell their holdings before payment is due.
The bigger opportunity is bringing more investors into trade finance, not simply processing transactions faster. PrimeRevenue already connects corporate buyers, suppliers and banks. Tokenization could open that network to additional investors, giving suppliers access to more funding options and potentially better rates.
What Tokenized Trade Finance Could Mean for Canada
Unlike Fission's tokenized fund liquidity model, which helps investors access cash from existing fund holdings, PrimeRevenue is bringing corporate payment obligations to new funding markets. Both use tokenization to connect financial assets with capital, but they serve different financing needs.
Canadian businesses face similar working capital pressures. Payments Canada's 2026 research found that 37% of surveyed small and medium businesses consider payment delays a significant problem. Recent Canadian SME financing initiatives are expanding access to smaller loans and more flexible supplier payments. Tokenized ETDs could offer another option, especially for suppliers selling to large, creditworthy corporate customers.
Canadian banks, commercial lenders and financing platforms could eventually use similar models to connect corporate payment obligations with a wider pool of investors. This could give suppliers more financing choices while opening new opportunities for lenders and financial technology providers.
PrimeRevenue describes the Solana initiative as its first step toward decentralized finance (DeFi), connecting traditional trade finance with new blockchain funding markets.
Talking Point
PrimeRevenue already has the corporate customers, financing network and bank relationships to bring trade finance assets to new investors. Solana could help attract more capital and give suppliers better financing options. Can PrimeRevenue turn tokenized trade finance into a larger, more competitive funding market that delivers real value to businesses?
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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Canada Proposes Stablecoin Market Entry Rules
October 26, 2026 | NCFA Regulatory Insight | Regulation And Policy, Digital Assets Blockchain And Tokenization, Payments And Money Movement
A Higher Bar for Issuers and More Room Around Them
On October 24, 2026, the Canadian government published proposed Stablecoin Regulations that put operating rules behind Canada's federal stablecoin framework. Issuers would face Bank of Canada registration and supervision, one to one reserves, Canadian custody requirements and redemption obligations. Stablecoin payment activity would also enter the Retail Payment Activities Act framework. Consultation closes December 23, 2026 at 11:59 p.m. Eastern.
NCFA's Stablecoin Regulatory Intelligence provides the definitive guide to the framework and implementation path. The operating rules now make a strategic choice much easier to see. A company can take on the capital, custody and supervision required to issue a stablecoin, or build payments, wallets, compliance and infrastructure around regulated coins instead.
What It Takes to Issue a Stablecoin in Canada
Covered issuers would need reserves equal to the value of their stablecoins at the end of each trading day. Those reserves must be held with a qualified custodian incorporated in Canada. Issuers would also need to redeem at par, generally start payment within three business days and maintain the systems needed to manage security, risk and recovery.
That brings banking, custody and operating capacity into the business much earlier. A company can build the technology first, but it can't operate at scale without institutions willing to hold its reserves, systems that can process redemptions and enough capital to keep the business running while those relationships are put in place.
Registration can also affect launch timing. A national security review can delay entry and ultimately prevent an issuer from operating in Canada. Founders and investors therefore have to plan for more uncertainty before launch. Canada is already opening more of its financial infrastructure to regulated non bank participants, but stablecoin issuers will still have to meet a much higher operating bar.
The government's regulatory analysis estimates C$88,521 in annualized incremental compliance and administrative costs across five assumed issuers, or about C$17,704 each. That isn't a realistic estimate of what it costs to launch a stablecoin issuer. It covers selected regulatory tasks, not the broader cost of reserves, Canadian custody, technology, legal work, liquidity, security, staffing and distribution.
See: TD, Scotiabank Join Global USD Stablecoin Venture
An issuer averaging less than C$500 million outstanding would also pay a C$25,000 annual Bank of Canada base assessment. That rises to C$350,000 from C$500 million to less than C$1 billion and C$750,000 at C$1 billion or more. Larger issuers also share variable supervisory costs, and the Bank expects to recover about C$2.5 million a year from the issuer market.
The assessment is only one piece of the business model. An issuer still has to spread custody, compliance, technology and redemption costs across enough customers and transaction volume to make the business worthwhile. Canada isn't shutting out smaller issuers, but the economics favour companies that can reach scale or arrive with customers, distribution or strong financial institution partners.
A fintech that truly needs its own stablecoin may decide the investment is worth it. Another company may reach customers faster by using an existing regulated stablecoin and putting its capital into payments, software, distribution or customer acquisition. Issuing the coin is becoming one way to compete in the market, not the only way to enter it.
Foreign Stablecoin Access Will Decide What Canadian Firms Can Offer
Canadian PSPs and wallets will want access to stablecoins their customers already use, especially large U.S. dollar products. The proposed rules can recognize stablecoins issued by financial institutions operating under Canadian, provincial or foreign laws when those regimes provide similar protections for reserves, redemption, custody and yield.
A clear recognition process would give Canadian companies more stablecoins, liquidity and payment networks to build with. A slow or uncertain process would leave them with fewer options and could make integrations more expensive. Foreign issuer access therefore affects Canadian fintechs even when they have no plans to issue a stablecoin themselves.
The U.S. OCC finalized its GENIUS Act issuer rules on October 21, 2026, and they take effect January 18, 2027. Canada is still at the proposed regulation stage and currently plans to bring its framework into force in fall 2027. The OCC still has to open its application process, but U.S. firms now know the final federal rules while Canadian firms still have time to influence theirs.
NCFA's analysis of who can issue stablecoins under the new U.S. rules shows the same split emerging south of the border. Issuers carry the reserve, redemption and supervision burden. Payments and infrastructure companies can build around regulated stablecoins without taking on the full cost and responsibility of issuing them.
Canada doesn't need dozens of domestic issuers to build a competitive stablecoin market. It needs credible stablecoins that Canadian banks, PSPs, wallets and infrastructure companies can connect to without unnecessary cost or delay. The December 23 consultation gives market participants a chance to improve custody rules, proportional supervision, registration and access to credible foreign stablecoins before the framework is finalized.
Payments and Custody May Be the Bigger Opportunity
Canada's custody rules give domestic financial institutions a role even when the stablecoin issuer is based elsewhere. Reserve assets must be held with a qualified custodian incorporated or formed in Canada and protected from claims against the issuer or custodian. A global issuer that wants to operate here may therefore need a Canadian bank or custodian as part of its setup.
That creates business in custody, reserve management and banking services without requiring the financial institution to compete for stablecoin users. Financial institutions also follow a different path under the Stablecoin Act because the issuer regime doesn't apply to stablecoins they issue. Canada could therefore support several ways to participate in the market rather than forcing every company through the same regulatory model.
Payments offer a much larger entry point. Finance Canada estimates that about 30 additional PSPs, including some crypto platforms, wallets and payment processors, would newly enter the Retail Payment Activities Act framework. More than 2,000 PSPs were already covered as of July 2026. The government doesn't expect those existing firms to face additional RPAA compliance costs when they add prescribed stablecoin payment functions because similar requirements already apply to their fiat payment activity.
More than 2,000 regulated PSPs could potentially add stablecoin functionality without becoming stablecoin issuers. Payment companies can build merchant acceptance or international transfers. Wallets can add payment and settlement features. Banks and custodians can manage reserve assets. Compliance firms can provide screening, monitoring and reporting tools.
Those companies compete for transactions, distribution and customer relationships rather than for the economics of issuing the money itself. NCFA has already tracked this move toward stablecoins as payment infrastructure. The proposed rules make it easier to see where Canadian firms can enter the market.
The commercial market around stablecoins could become much larger than the issuer market. A small number of regulated coins can support many PSPs, wallets, custodians, banks, compliance providers and software companies. For founders, that creates more ways to participate without tying up capital in reserves or running a redemption system.
Foreign Stablecoins Could Expand Canadian Product Choice
Canadian PSPs and wallets will want access to stablecoins their customers already use, especially large U.S. dollar products. The proposed rules can recognize stablecoins issued under Canadian, provincial or foreign laws when those regimes provide similar protections for reserves, redemption, custody and yield.
Clear recognition would give Canadian companies more stablecoins, liquidity and networks to build with. A slow or uncertain process would leave them with fewer choices and could raise integration costs. Foreign issuer access therefore affects Canadian fintechs even when they have no plans to issue a stablecoin themselves.
The U.S. OCC finalized its GENIUS Act issuer rules on October 21, 2026, with an effective date of January 18, 2027. Canada is still consulting on proposed regulations and currently plans to bring its framework into force in fall 2027. The OCC still has to open its application process, but U.S. firms now know the final federal issuer rules while Canadian firms can still influence Canada's operating details.
See: VersaBank Becomes Banking Partner for QCAD Stablecoin
The same commercial split is emerging in the U.S. Issuers carry the reserve, redemption and supervisory obligations. Payments and infrastructure companies can build products around regulated stablecoins without taking on the issuer's full operating burden.
Canada doesn't need dozens of domestic issuers to build a competitive stablecoin market. It needs credible stablecoins that Canadian banks, PSPs, wallets and infrastructure companies can connect to without unnecessary cost or delay. The December 23 consultation gives market participants a chance to improve custody rules, proportional supervision, registration and access to credible foreign stablecoins before the framework is finalized.
Talking Point
Canada may not need a large number of domestic stablecoin issuers to build a strong market. The bigger opportunity is to make regulated stablecoins easy for Canadian banks, PSPs, wallets and infrastructure companies to use. If those firms can connect to credible issuers without unnecessary cost or delay, stablecoins can become another financial rail for payments, settlement and treasury services. The strategic advantage then comes from the businesses built on top of that infrastructure, not from maximizing the number of companies issuing the underlying coins.
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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