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Fintech Fridays Episode 32: Rallying behind Bitcoin with Frederick T. Pye
NCFA Canada | May 24, 2019
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Ep32-May 24: Rallying behind Bitcoin with Frederick T. Pye
HOST: Manseeb Khan, Fintech Friday's show host
GUEST: FREDERICK T. PYE, President & CEO, 3iQ Corp (Linkedin)
BIO: Fred kick-started his career as a precious metal and foreign exchange trader at Guardian Trust. In 1986, they were the first to list gold, silver, and platinum certificates on the Montreal Stock Exchange. Fred later joined Fidelity Investments, where he was part of a team that saw its assets rise from 85 million to over 7.5 billion. Through the launch of creative and exotic investment products, Fred started his own firm, which worked diligently with Canadian regulatory bodies to establish the first mutual fund in Canada that was allowed to take short positions. Finally, as founder and CEO of 3iQ, he and his team have worked cooperatively with the OSC for the last 2 and a half years to launch the first regulated Bitcoin fund in Canada. This fund will be the first major exchange-traded cryptocurrency fund in North America.
About this episode: On this week's episode of NCFA's Fintech Friday Podcast, our host sits down with Frederick T. Pye from 3iQ. The chat about bitcoin trusts, ETF's and rallying behind bitcoin. Enjoy!
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Transcription of Interview
Intro: Welcome fintech Friday's a weekly podcast brought to you by the National Crowdfunding and Fintech Association of Canada and partners.Covering all things fintech block chain be AI and alternative finance.
Manseeb Khan: Thank you so much for sitting down today.
Frederick T. Pye: Great. Thanks for having me Manseeb.
Manseeb Khan: Yeah for sure. So, Fred for I guess the five or six audience members that may not know essentially who you are and the amazing work that you do at three IQ. Could you just give us a real quick rundown?
Frederick T. Pye: Yeah well first of all I think I'm probably one of the oldest guys in crypto so that's why most people would know me from that and I guess my claim to fame was I was part of a team back in the late 80s that took Fidelity Investments from 80 million to 7.5 billion and really put them on the map in Canada with a lot of people don't know is before that I was actually the first one to list gold silver and platinum certificates on the Montreal Stock Exchange for a way to give investment advisors to buy gold and silver and platinum for their client portfolios. And it was really funny because back in the early 80s when we're trying to do that the Securities Commission as the regulator said well hang on a second gold is speculative it's volatile. It's used for illegal purposes. And you know why it’s would not in the public interest to have gold listed on an exchange. And funny enough flash forward 30 some odd years later I'm trying to do the same by listing Bitcoin ether in somebody other digital assets on the exchanges.
Manseeb Khan: Right. That's. It's funny how times have changed. Right now, it's gold and silver are probably the most secure investment that you probably are getting to. Exactly. For a lot of the audience members that may not know 3iQ actually works with the Ontario security regulation. Fred could you just talk about your dealings with that you guys also work with not only the Ontario securities commission, but you guys are also partnered up with the Canadian securities exchange. Could you just talk about just the relationship between that, how that happened and pretty much what can the audience expect when it comes to a timeline with both partnerships?|
Frederick T. Pye: Yeah well, I would say that we've been we have been working with the Ontario Securities Commission for a few years now to get this fund to the market and it's kind of come to a head and I'll explain that in just a bit. But to give 3iQ or a bit of a background we actually started in 2012. I was working with Landry investment management we were running a global multi asset portfolio. And when you're running these global multi asset portfolios you've noticed that everything just was becoming completely correlated. So as a hedge fund manager I was always looking for perfect non correlated asset class and sure enough I fell down the rabbit hole and stumbled on it on bitcoin at the beginning of 2015 and it was shortly after then that Chris Bronski and Adam White wrote a white paper saying ringing the bell on a new asset class. And Chris I knew from Arc invest quite well and I read this white paper and I said hey now we can create a product out of it. So, we were going to just do acquire a fund that was already listed on the Toronto Stock Exchange and de facto do an RTO and end up with a Bitcoin Fund on the Toronto Stock Exchange in 2016 circa three-hundred-and-fifty-dollar price of Bitcoin. We went to those securities regulators in November of 2016 and said you know we can go in the backdoor or we can go in the front door and we'll go in the front door if you want to be first then if you love the asset class and you should move ahead and the guy by the name of John Mountain said absolutely we want to be first. We can do this we can get through all the hurdles that we have to do. So, we filed in in April of 2017 the first Bitcoin Fund to be listed on a major exchange like the Toronto Stock Exchange. All of a sudden we went back and forth two or three times just getting the custodian right getting the insurance right getting the clearing right getting all of the pieces right and then all of a sudden it hit a brick wall the fund got to hit a brick wall because Ontario created something called the launch pad. The launch pad if you read their website it says they're there to facilitate and reduce the regulatory burden to get crypto funds to the market around exactly the opposite happened. And we got thrown into regulatory hell from April 2016. We then launched a hedge fund called a Global crypto Asset Fund which is an exempt market fund. They asked us to pull back. We said Well it's an exempt market and it's not under the regulatory purview of the OSC. They said no but we as money managers are. So, Canada went the route to try and regulate money managers instead of regulating the funds which is what they should have done. And unfortunately, when you take a look at the Price Waterhouse study that comes out there's 250 asset managers running 10 billion dollars in the United States of crypto assets. In Canada you have to know you know it's absolutely silly. There were three. There were four. ROSS SMITH From Calgary a close shop. And the third one. First block capital with their bitcoin trust. We just recently purchased the bitcoin trust from first block capital, and we bought their ETF from them and First Block made an investment in 3iQ. So, we're just kind of teaming up together. But having said that after two and a half years we finally got a firm rejection and we have applied to go to a public hearing on June 3rd. So, we encourage all your listeners to look that up and come and join us at the Ontario Securities Commission and see our center to get the first bitcoin fund listed in Canada.
Manseeb Khan: Yeah. No, I think many of the audience members would be very excited to join you. And it was June 3rd. You said right. `
Frederick T. Pye: June 3rd Yeah.
Manseeb Khan: Yeah. Okay cool. We'll definitely. Well we circle back when the date comes closer just to give everybody a little bit more of a rally call. So, I want to touch a little bit. So, I'm going to put a pin in the First Block and just essentially what a bitcoin trust is. Could you guys talk a little bit more of your current initiatives right now that you have now with the dealings of the Ontario Securities Commission with First Block. So, I guess could you talk a little bit of what the current initiatives at 3iQ are.
Frederick T. Pye: So, when one First Block launched the bitcoin trust it isn't again exempt market when we say exempt market it means it's for accredited investors and that's an absolutely ridiculous component because the people that understand bitcoin are 35 or 40 years and under. And you know they don't necessarily make two hundred and fifty thousand a year for the last three years. They don't necessarily have amassed five million dollars in assets. So, you know a completely misses the audience on crypto funds. However, it's the only option we have at this time. Clients are investors such as yourself can open up an account. It's a discretionary account at 3iQ and our company is portfolio managers can buy a free RSP or your TFSA. But because First Block had the bitcoin trust we didn't launch an exempt market Bitcoin trust because we're going for a public Bitcoin Fund. Yeah. So right now, in the exempt market in meaning in the accredited investor market we have the bitcoin trust. And we also have something called the 3iQ global crypto asset fund. The Global crypto asset is 50 percent Bitcoin, 35 percent ether and 10 percent lite coin. And this fund obviously is absolutely on fire. Now I think its up 100 percent year to date. So, we're hoping that the whole crypto market settles down for a bit because 100 percent good for a 12-month return. I don't need any more this year.
Manseeb Khan: Yeah you exceeded your targets and then some.
Frederick T. Pye: So, we've exceeded our targets at 100 percent this year. But you know it gives us a bit more of a broader post. It's very low for me. I'll turn it over on how Canadians can actually purchase that and just get that off our website it says. Click on the button buy here as accredited investor or they send us a note we'll walk them through the whole process. So that's really the two products we have. We do have an ETF which is the distributed ledger technology adopter’s ETF. They weren't allowed to use block chain in their ETF. So, they use distributed ledger technology adopters. This is more of a US large cap. So, this is this will hold the people such as IBM, Apple and the rest of Amazon the people that have blockchain initiative announced public block chain initiative that fund also does very very well. So, you know we're encouraged about that can be bought under the symbol f b c n on the Toronto Stock Exchange or sorry on the neo exchange from your advisors. Mm hmm.
Manseeb Khan: Awesome. So, you guys are coming out with a stable coin with Mavennet. Could you talk about the I guess how the partnership started. Why you guys considered creating a stable coin and what can we expect from the stable coin partners?
Frederick T. Pye: Well the stable coin is called QCAD and everything 3iQ. Well we'll produce we'll have a Q on the front of it right for the for the just audio listeners. He's actually wearing the QCAD shirt . He just stood up and showed up. Yeah. So.
Frederick T. Pye: About six months ago I noticed Tether and a few of the other stable coins started to proliferate and I started pontificating and I said you know what. The forex markets about a five trillion dollar a day trading market the single largest business and trading market in the world. But you know there's a couple of thousand crypto traders. How do we get the tens of thousands of forex traders to trade crypto and all of a sudden people needed the US dollar stable coin? So, when they were on exchanges when Bitcoin starts to fall, they were somewhere they could hide, you know they could put their accounts into a stable coin, and they could hide and wait for the next rally. Yeah. And I was looking at this and I said Well if you've now got a digital US dollar meaning a digital US stable coin if you have now a digital Canadian Dollar or digital Hong Kong dollar or a digital Japanese Yen all of a sudden the forex traders know how to trade Canadian dollars and US dollars or Japanese Yen or Hong Kong dollars trading them digitally will be very, very easy. And the distance from trading Fiat forex into digital forex or paper forex and to digital forex is not that big a jump. And therefore, once these thousands of people are trading digital forex all of a sudden, the jump from QCAD to QBTC is not very big. They can now start trading Bitcoin or any of the other digital assets right. Kesam Frank and myself wrote a white paper that's on Medium that actually shows that if you take a look at the pyramid of this unstable crypto platform on top of a very stable on top of a very stable forex base it's missing two triangles to stabilize the pyramid to take care of the rest of crypto to the moon. So, though we think that the movement you know stable coins are three and a half billion today I expect them to be 30 billion in the next three years North of 300 billion in the next five years as well. We want to play in that space. So, we're under full development right now Mavennet out of Toronto is easily one of the best blockchain developers that we've had a chance to interview and talk with. And. having said that they're also part of the Eon network and are well versed on Aon is a or an interoperable platform for all block chains to make block chains talk together so it doesn't matter where people place their stable coin at some point in time that they'll be all. Portable between different block teams.
Manseeb Khan: Right. That's really exciting we're actually Mavennet is actually going to be on the show in the next coming up episodes so definitely stay tuned for that. I guess I'll throw it now to you. I mean now that we have not now that we can now, we talked about the Ontario security commission you guys initially starting your partnership with the Canadian securities exchange. Is there anything else that you'd like to at least I guess share with the audience is there's something that we should kind of keep in mind when it comes to crypto investment funds.
Frederick T. Pye: Well you know Canada has a bunch of big challenges in Canada right now. You know you hear that the Ontario government says oh the door is wide open for fintech you know you're pushing on an open door. you know where you want to encourage fintech to Toronto. And if your regulators can't even approve a closed end bitcoin fund it's really tough for us to take them seriously that they're trying to encourage if the Ontario Securities Commission is waiting for the S.E.C. to approve an ETF in the United States they will have lost another opportunity to be a leader and to attract business to Toronto. Yeah, the S.E.C. says it's not about bitcoin it has to do with more the mechanics of how an ETF works a closed end fund with our partners. Gemini and Coinbase and Xapo and Silver Gate Banks and you know we have by far we believe the safest opportunity for Canadian investors to invest in Bitcoin. And when we take a look at something like Quadriga CSX you know where they can trace 26 million of the two hundred some odd million that disappeared how they can say with a straight face that Canada doesn't need a regulated fund is beyond me. Yes, Canada needs a regulated fund. Their job is to protect investors and understand. Now it doesn't matter in the price of bitcoin goes up or down as long as the structure is safe. And isn't going to get hacked and isn't going to get stolen and isn't going to you know be perpetrated by fraud or anything along those lines. And that's why we have these regulated managers and these rules, and you know if you can put gold in a closed end fund you certainly can put Bitcoin in the closed end fund.
Manseeb Khan: I absolutely agree with you And it goes by the circles back to what we talked about a little bit before of This is one of the many things that's going to help kind of close the gap of having all those amazing day traders kind of switch over and also switch to crypto and then that's just going to help with the mainstream adoption that we've been pretty much foaming at the mouth for years now.
Frederick T. Pye: Well if you take a look at all the great development being done out of Toronto or Montreal or for that matter and Vancouver, I wouldn't want to leave them out and Calgary. Yeah you know there's you know there's great exchanges, there great wallet systems, there are great custody platforms these people are developing. They're developing an infrastructure which is an OTC trading desk. But where's the billion dollar an asset manager behind everything that's the customer. We haven't got one. Right now, we want to be the customer. We want to be running institutional money here in Canada. And you know those top 10 hedge funds in the US have gone through Canada to all our institutions they do roadshows and take all the money south of the border. It's absolutely absurd that we can't manage that money here in Canada. Yeah. You know if we had institutional support through an asset manager or Canadian custody solutions you know we'd be running three or four billion dollars of crypto in Canada and have assets to be able to move through the ecosystem in Canada. So, it all starts off in a very simple. you know a very simple place. You just start off with one fund it goes into two funds it goes into three managers all of a sudden will have an AGF and Templeton or Mackenzie or any of these great companies you know managing crypto. But let somebody like us our chairman is Howard Atkinson who was you know former head of Horizon ETF you know he was really one of the pioneers of ETF's in Canada. And you know him, and I work very closely with these regulators to say look you allowed us to list gold you allowed us to do ETF is actually created the first long short mutual fund in Canada back in 2000. 2000. You know it's people like us and try to do something and move they move the line they you know we're now going past our third year almost our fourth year and four and half million dollars to try and make this thing work. And so, it's an absolute killer for our small cap companies or for startup companies to try and do this. There is no reduction a regulatory burden by any stretch of the imagination.
Manseeb Khan: I mean unfortunately this has been a pretty big theme of the podcast. Canada has been very traditionally conservative and Canada is just kind of waiting like you said they're just waiting for our brethren in the States just saying what are they going to do? what are the regulations kind of doing and not really giving an actual shot because there's such amazing talent here in Canada. I like you fired off quite a few names and quite a few amazing companies that are doing great work here the fact that they if we kind of keep them if we keep going the way that we're going now they're not going to feel secure in their own country to create a company. They're just going to go off to god knows where they can go to Malta and just kind of create the whole thing, they just start scratch from that right. So, it's starting to get pretty concerning when it comes in the shoes of these companies.
Frederick T. Pye: Yeah, we would have more success if we had set up even in New York Obviously there's bitcoin products available over the counter in the United States with GBTC, so Canadians are already buying it in their brokerage accounts. You know there's a bunch of RTO's from Ether capital to the others that that are all out there but you know the reality is people want something that's come in the front door that's regulated that is plain and simple English you know what you're buying when you when you buy it and you know that the there is a trusted party behind it and it doesn't matter whether you're a you know a to the moon Bitcoin Bull it is completely an uncorrelated asset class the movement you know with the trade problems in the United States right now with China I believe it's definitely the Chinese that are you know if you're a 30 year old in China you're moving your R and B into bitcoin because you're down 10 percent and you're you know you don't want to hold the US dollars so you're definitely buying Bitcoin and what does that do. Puts 50 percent premium on Bitcoin right off the bat.
Manseeb Khan: So yeah exactly you did touch a little on the fact that you guys are right now you guys can only operate with accredited investors the entire pull when it comes to crypto is the. Anybody and everybody you can invest into it and hopefully when it comes later down the line that and that principle still stays the same. That pretty much accredited investors and just regular investors are on the same playing field. How do you see that happening? How do you how do you see that coming into fruition.
Frederick T. Pye: Well you know there's a lot of things that have to happen a closed end Bitcoin Fund is a proxy. Or like we would own let's say we do a 10 million dollar offering there's 10 million dollars a Bitcoin we buy it and then we list that pool on the Toronto Stock Exchange so we can now buy that pool as a security. So from your discount brokerage account you can buy it in your RSP and your TFSA and it will reflect Bitcoin one for one and basically you know if bitcoin trading at seven thousand dollars the price of our fund is going to be seventy dollars so it will be a one for one out of one hundred. So, people will know what they're buying. They're buying it for thirty-two hundred dollars with their money at ten thousand So yeah. It'll be quite clear for them what they're paying for their Bitcoin. We hope to do the same with ether or any of the top 10 assets. But one thing I didn't mention is Vaneck of New York a 50-billion-dollar asset management. They own a set of series of indexes called the MVIs index is MVIS Gabor Gurbacs runs a bunch of that operation. Vaneck owns 10 percent of 3iQ. They're so convinced that we're going to win here that they've put their money behind us to help us support us and help us fight this this battle. But certainly, the minute that ETF and indexes are crypto indexes are allowed we can go to the Investor Index and we can create a dozen indexes so top 10 top 5 top 10, top 10 out of 100 , top 10 small cap top 10 large cap. We can create and again also active portfolios so we can create a whole series of products. We just have to get that first product done and then the doors will open. You know it's just sad to see that Bitcoin's had to go from three thousand three hundred to an eight thousand. The general public gets access to it. And the reality is when see are our clients are going to be stockbrokers as financial advisors. It's the advisor that understands tech. It's the advisor that understands the Internet. You know it's I watch Kevin O'Leary on the TV yesterday. He clearly has no concept of what Bitcoin is or their future or are doing and you know what. We can let those people be you know have their opinions and we're happy to let them short us all the time as much as they want on it because we'll take all their money. But definitely you know there is a growing part of the population that wants easy access through a registered or licensed investment account and that's really what we're trying to do for everyone.
Manseeb Khan: Yeah like you said when you have the first product up and out of the door then it's about to be floodgates right. Yeah right. Awesome. So, Fred with that I mean is there any last-minute tidbits you want to give us before we wrap this up.
Frederick T. Pye: No I think as I said to keep if you can do two things and tell your investment advisors you'd like to buy our funds or get them on the platforms because we now have to work with all the brokerage firms and the banks to allow our funds on their platforms but certainly keep an eye out for 3iQ work with the OSC. And when we win then you'll see us on TV you'll see us in all the newspapers. But right now, it's funny the journalists in Canada don't follow it like they do in the United States every time. Hester Peirce or one of the people in the US say something it's covered by all the press. You know we've kind of been under the radar but it's about to go very public and kudos to you for being one of the first to bring us on.
Manseeb Khan: Yeah. No, I'm super excited to have you on and I'm excited to keep having you guys on and just pretty much rallying behind bitcoin with you guys.
Frederick T. Pye: Good. Well happy to be here.
Manseeb Khan: Yeah for sure. Fred thank you so much for sitting down with me today. And we'll be the best way for audience members to connect with you and or some of the amazing team you have behind 3iQ.
Frederick T. Pye: You will definitely go to the 3IQ.CA. We actually run a weekly blog which is the five coolest things that happen in crypto in Canada. Nice you send us a link we'll have this show. There's so linked on our Sunday or Monday blog that comes out and this will clearly be one of the coolest things that happen in crypto this week.
Manseeb Khan: So awesome. I'm super excited to make it on your blog. So.
Frederick T. Pye: Yeah go to 3iq.ca and surf around and take a look at what we're doing.
Manseeb Khan: Awesome.
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End of Podcast
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September 14, 2026 | NCFA Insight | Competition And Market Structure, Regulation And Policy, Capital Markets Infrastructure And Funding Routledge Speech Puts Growth and Competition Higher on OSFI Agenda On September 11, 2026, Superintendent Peter Routledge delivered a speech at the Economic Club of Canada, explaining how the Office of the Superintendent of Financial Institutions (OSFI) is refining its risk appetite. Financial resilience remains central, but OSFI is giving more weight to economic growth and competition when it decides whether a regulatory requirement is proportionate to the risk. For financial technology firms, smaller banks, federal credit unions and prospective entrants, the commercial question is whether those decisions make Canada's regulated financial market easier to enter and compete in. Some fintechs may eventually seek a federal bank, trust or loan company structure. Others need regulated partners that can support new lending, payments or financial products without the economics forcing every partnership toward Canada's largest institutions. OSFI is already changing parts of that equation. New entrants have a more structured approval process, selected capital requirements are being recalibrated and unnecessary supervisory material is being removed. The value to the market will depend on what happens to entry costs, operating economics and the ...
September 14, 2026 | NCFA Market Activity | Capital Markets Infrastructure And Funding, Digital Assets Blockchain And Tokenization, Artificial Intelligence And Data Institutional Investors Back Tokenized Market Data On September 14, 2026, Paris-baesed digital asset firm Kaiko raised US$110 million in a Series B extension led by S&P Global. RBC joined BNP Paribas, Nasdaq Ventures, Bpifrance, Broadridge, Coinbase Ventures, DRW Venture Capital, Canton Foundation, Stellar and Susquehanna Private Equity Investments. Existing shareholders Anthemis, Point Nine and Revaia also participated. Kaiko plans to invest the capital in its market data business and services for onchain capital markets. Its coverage spans more than 150 exchanges and protocols, with data used for pricing, trading, valuation, risk, surveillance and benchmarks. S&P Global, RBC, Nasdaq, BNP Paribas and Broadridge bring something beyond capital. They operate businesses that depend on reliable prices, benchmarks, market data and institutional distribution. Their investment gives Kaiko deeper relationships with firms that could also become customers, partners or distribution channels as tokenized securities and digital assets enter more institutional products. S&P Backs Kaiko After Launching 4,000+ Indices S&P Global was already working with Kaiko before leading the round. On September 1, S&P Dow Jones Indices and Kaiko launched the S&P Kaiko ...
Sep 14, 2026 Industrial machinery is essential in the manufacturing, construction, processing, agriculture, energy production, and other industries. Unexpected machine failures can have more than repair costs. Production can be halted, deadlines can be missed, workers can face safety hazards, and businesses can suffer financial losses. By knowing the common causes of machinery failure, operators and maintenance staff can identify problems early and take preventive action. Industrial machinery failure can have many causes. Why Industrial Machinery Fails By determining the root cause, businesses can avoid the same issue, minimize downtime, and extend the useful life of valuable industrial equipment. Here are 10 of the most common reasons for industrial machinery failure. Poor maintenance One of the biggest causes of equipment failure is poor maintenance. A machine has many moving parts and interdependent components that must be inspected, cleaned, adjusted, and serviced regularly. Small issues can turn into big ones if they aren't addressed during routine maintenance. A preventive maintenance schedule can help to detect worn components and other issues before they lead to unexpected failures. Inadequate lubrication Moving parts need proper lubrication to minimize friction and heat. Insufficient lubrication, improper lubricants, or not lubricating parts as recommended can cause faster ...
Sep 5, 2026 | Last Updated Sep 14, 2026 | NCFA Fintech Whisperer | Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Digital Identity And Trust, Cybersecurity Fraud And Financial Crime, Digital Banking And BaaS, Capital Markets Infrastructure And Funding, Artificial Intelligence And Data, Cross Border Payments And FX, Wealthtech Investing And Trading, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Risk Compliance And Regtech, Treasury Liquidity And Cash Management, Regulation And Policy, Data Privacy And Governance This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, ...
September 11, 2026 | NCFA Regulatory Insight | Artificial Intelligence And Data, Regulation And Policy, Risk Compliance And Regtech AI Literacy, Transparency and Agent Governance On September 9, 2026, the Government of Canada launched a National AI Literacy Initiative with the Alberta Machine Intelligence Institute. The $13 million partnership is expected to reach up to 1 million post secondary students and more than 50,000 K to 12 educators, alongside free learning for workers and other Canadians. The program sits under Canada's AI for All strategy and focuses on helping people understand AI, use it responsibly and recognize risks such as bias, misinformation and privacy loss. Ottawa is working on the governance side at the same time. Its AI transparency consultation remains open until September 23 and asks whether Canada needs stronger ways to identify AI generated content, tell people when they are interacting with AI, explain system capabilities, track serious incidents and record what AI agents actually do. The consultation paper says 19.2% of Canadian companies used AI to produce goods or deliver services in the second quarter of 2026, up from 12.2% a year earlier and three times the 2024 level. The federal government has already been working through ...
September 15, 2026 | NCFA Market Activity | Lending Consumer Credit And BNPL, Embedded Finance, Artificial Intelligence And Data Zown Connects Rent Rewards, AI Search and Home Finance On September 15, 2026, Toronto-based Canadian proptech Zown updated its homebuying app with Rent Rewards alongside AI property search, affordability estimates, mortgage pre-approval and transaction services. Zown advertises up to 8% back on rent, giving it a reason to start working with consumers years before many will be ready to buy a home. The 8% combines two potential rewards. Zown Money says Zown currently provides up to 4% cashback directly on rent, while an eligible credit card can add up to another 4% depending on the card's terms. At C$2,500 in monthly rent, Zown's 4% portion would equal C$100 a month or C$1,200 a year. If a renter also earned the full additional 4% through their card, the total could reach C$200 a month or C$2,400 a year before any card or payment-related costs. The Canadian iPhone app, developed by Zown Realty Inc., also lets users upload a lease and proof of rent, search properties through an AI assistant called Zoro, view estimated affordability, request showings with licensed agents, seek mortgage pre-approval, ...
September 15, 2026 | NCFA Market Activity | Digital Banking And BaaS, Cross Border Payments And FX, Competition And Market Structure Wise Adds Everyday Canadian Payments Without Becoming a Bank On September 14, 2026, UK-based global payments company Wise launched a Chequing Account in Canada with no monthly fee, Interac e-Transfer support, Canadian account details, pre-authorized debits, debit-card access and multi-currency features. The launch takes Wise further into everyday Canadian financial activity while keeping the cross-border tools that built its original customer base. The account is available to personal and business customers in Canada. Customers can hold more than 40 currencies, receive money using account details available across 22 currencies and send money to more than 70 countries. Wise converts currencies at the mid-market rate and charges a separate conversion fee that currently starts from 0.19%, depending on the currency and transaction. Interac Makes Wise More Useful Day to Day Canadian customers can send up to C$25,000 to a supported Interac email address and receive up to C$25,000 per day through Interac Autodeposit. Wise doesn't charge its own fee to receive Autodeposit payments, and the September launch removed the Wise fee for sending CAD to an Interac alias and adding ...
September 15, 2026 | NCFA Insight | Capital Markets And Market Infrastructure, Competition And Market Structure, Public Sector Policy And Industrial Strategy Nearly $500B In Commitments And A Proposed 6.4% Investment Tax Rate Today, on September 15, 2026, Canada's first Canada Investment Summit 2026 commitments reached nearly $500 billion across Canadian pension funds, insurers, banks, investment funds and a major AI infrastructure project. The September 14–15 summit in Toronto also brought together investors from nearly 30 countries managing more than $100 trillion in assets. The $500 billion isn't one pool of foreign equity. It combines institutional investment, bank financing and capital mobilization, investment funds and corporate infrastructure spending. A large share comes from Canadian institutions putting more capital to work at home while Ottawa tries to attract additional global investment. Canadian Institutions Supply Much Of The Capital Canadian pension funds, insurers and other institutional investors committed nearly $100 billion CPP Investments and Brookfield Asset Management launched the $50 billion Maple Fund for Canadian critical infrastructure and strategic industries PSP Investments plans another $25 billion of Canadian investment Ontario Teachers' Pension Plan committed an additional $10 billion by the end of 2027 Sun Life Financial committed $5 billion over five years ...
Sep 15, 2026 Market volatility remains a persistent factor in wealth management, driving investors to seek strategies that balance capital stability with strategic diversification. While physical property has traditionally served as a tangible asset class, direct ownership often carries operational friction and localized concentration risk. Real estate funds present a structured alternative, pooling capital to access larger-scale assets under professional administration. However, evaluating these vehicles requires a realistic understanding of their risk profiles, liquidity terms, fee structures, and underlying statutory frameworks. Structural Trade-offs: Scale, Risk, and Liquidity Managed real estate portfolios offer distinct operational benefits while introducing clear structural constraints: Institutional Execution: Funds leverage pooled capital to negotiate institutional pricing, access commercial or multi-unit residential developments, and spread risk across multiple properties within the fund's mandate. Inflation Pass-Through and Fee Drag: Real estate often mitigates inflation through index-linked commercial leases or periodic residential rent adjustments. However, net investor returns are directly impacted by fund fee structures—typically including a 1–2% annual management fee and potential performance hurdles—which must be weighed against the ongoing maintenance and transaction costs of direct ownership. Operational Relief: Professional managers oversee tenant administration, maintenance, and legal compliance, removing the daily burdens associated with direct landlord responsibilities. Realistic ...
September 14, 2026 | NCFA Insight | Cross Border Payments And FX, Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Competition And Market Structure New Delhi Declaration Advances Payment Interoperability On September 12, 2026, BRICS leaders met in New Delhi for the 18th BRICS Summit and backed further work connecting national payment and financial messaging systems. The New Delhi Declaration confirms that the BRICS Payment Task Force has been studying cross border interoperability and the use of local currencies for trade settlement and investment. BRICS hasn't yet created a common payment network or digital currency. However, payment interoperability has moved into an official technical workstream rather than remaining a series of proposals from individual members. The progression has been fairly quick. India proposed stronger payment and central bank digital currency connectivity in January. In August, Reserve Bank of India Governor Sanjay Malhotra confirmed that members were discussing links between fast payment systems and central bank digital currencies. The September declaration gives the Payment Task Force a formal basis to continue that work across the bloc. The commercial backdrop has also changed significantly since we last covered the 2023 BRICS summit. The group has expanded, supply chains have been ...
September 14, 2026 | NCFA Insight | Competition And Market Structure, Regulation And Policy, Capital Markets Infrastructure And Funding Routledge Speech Puts Growth and Competition Higher on OSFI Agenda On September 11, 2026, Superintendent Peter Routledge delivered a speech at the Economic Club of Canada, explaining how the Office of the Superintendent of Financial Institutions (OSFI) is refining its risk appetite. Financial resilience remains central, but OSFI is giving more weight to economic growth and competition when it decides whether a regulatory requirement is proportionate to the risk. For financial technology firms, smaller banks, federal credit unions and prospective entrants, the commercial question is whether those decisions make Canada's regulated financial market easier to enter and compete in. Some fintechs may eventually seek a federal bank, trust or loan company structure. Others need regulated partners that can support new lending, payments or financial products without the economics forcing every partnership toward Canada's largest institutions. OSFI is already changing parts of that equation. New entrants have a more structured approval process, selected capital requirements are being recalibrated and unnecessary supervisory material is being removed. The value to the market will depend on what happens to entry costs, operating economics and the ...
September 14, 2026 | NCFA Market Activity | Capital Markets Infrastructure And Funding, Digital Assets Blockchain And Tokenization, Artificial Intelligence And Data Institutional Investors Back Tokenized Market Data On September 14, 2026, Paris-baesed digital asset firm Kaiko raised US$110 million in a Series B extension led by S&P Global. RBC joined BNP Paribas, Nasdaq Ventures, Bpifrance, Broadridge, Coinbase Ventures, DRW Venture Capital, Canton Foundation, Stellar and Susquehanna Private Equity Investments. Existing shareholders Anthemis, Point Nine and Revaia also participated. Kaiko plans to invest the capital in its market data business and services for onchain capital markets. Its coverage spans more than 150 exchanges and protocols, with data used for pricing, trading, valuation, risk, surveillance and benchmarks. S&P Global, RBC, Nasdaq, BNP Paribas and Broadridge bring something beyond capital. They operate businesses that depend on reliable prices, benchmarks, market data and institutional distribution. Their investment gives Kaiko deeper relationships with firms that could also become customers, partners or distribution channels as tokenized securities and digital assets enter more institutional products. S&P Backs Kaiko After Launching 4,000+ Indices S&P Global was already working with Kaiko before leading the round. On September 1, S&P Dow Jones Indices and Kaiko launched the S&P Kaiko ...
Sep 14, 2026 Industrial machinery is essential in the manufacturing, construction, processing, agriculture, energy production, and other industries. Unexpected machine failures can have more than repair costs. Production can be halted, deadlines can be missed, workers can face safety hazards, and businesses can suffer financial losses. By knowing the common causes of machinery failure, operators and maintenance staff can identify problems early and take preventive action. Industrial machinery failure can have many causes. Why Industrial Machinery Fails By determining the root cause, businesses can avoid the same issue, minimize downtime, and extend the useful life of valuable industrial equipment. Here are 10 of the most common reasons for industrial machinery failure. Poor maintenance One of the biggest causes of equipment failure is poor maintenance. A machine has many moving parts and interdependent components that must be inspected, cleaned, adjusted, and serviced regularly. Small issues can turn into big ones if they aren't addressed during routine maintenance. A preventive maintenance schedule can help to detect worn components and other issues before they lead to unexpected failures. Inadequate lubrication Moving parts need proper lubrication to minimize friction and heat. Insufficient lubrication, improper lubricants, or not lubricating parts as recommended can cause faster ...
Sep 5, 2026 | Last Updated Sep 14, 2026 | NCFA Fintech Whisperer | Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Digital Identity And Trust, Cybersecurity Fraud And Financial Crime, Digital Banking And BaaS, Capital Markets Infrastructure And Funding, Artificial Intelligence And Data, Cross Border Payments And FX, Wealthtech Investing And Trading, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Risk Compliance And Regtech, Treasury Liquidity And Cash Management, Regulation And Policy, Data Privacy And Governance This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, ...
September 11, 2026 | NCFA Regulatory Insight | Artificial Intelligence And Data, Regulation And Policy, Risk Compliance And Regtech AI Literacy, Transparency and Agent Governance On September 9, 2026, the Government of Canada launched a National AI Literacy Initiative with the Alberta Machine Intelligence Institute. The $13 million partnership is expected to reach up to 1 million post secondary students and more than 50,000 K to 12 educators, alongside free learning for workers and other Canadians. The program sits under Canada's AI for All strategy and focuses on helping people understand AI, use it responsibly and recognize risks such as bias, misinformation and privacy loss. Ottawa is working on the governance side at the same time. Its AI transparency consultation remains open until September 23 and asks whether Canada needs stronger ways to identify AI generated content, tell people when they are interacting with AI, explain system capabilities, track serious incidents and record what AI agents actually do. The consultation paper says 19.2% of Canadian companies used AI to produce goods or deliver services in the second quarter of 2026, up from 12.2% a year earlier and three times the 2024 level. The federal government has already been working through ...
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