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NCFA Jan 2018 resize - Learn About Fintech and Funding in CanadaThe National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org

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2023 BIS Survey Results | Jun 20, 2024 5 Key Trends in CBDCs and Crypto Regulation The 2023 BIS study on central bank digital currencies (CBDCs) and cryptoassets gives readers a good review of the current trends, innovations, and regulatory initiatives in it's latest report titled, "Embracing Diversity, Advancing Together - Results of the 2023 BIS Survey on Central Bank Digital Currencies and Crypto" (BIS Paper 147). See:  Federal Reserve on U.S. CBDC and Global Comparison With 94% of surveyed central banks researching CBDCs, the report shows a significant growth in wholesale CBDC research in advanced economies (AE). The results also provide insights into the motives and design elements of mature and emerging markets, increased stakeholder participation, and shifting regulatory frameworks for stablecoins and cryptoassets. 1.  Increased Wholesale CBDC Activity There has been a huge surge in wholesale CBDC trials in advanced economies. For example, the percentage of AE central banks running proofs of concept increased to 81%, while pilots increased to 33% by 2023. Several central banks, like the Swiss National Bank (Project Helvetia Phase III), the Bangko Sentral ng Pilipinas (Project Agila), and the European Central Bank, are actively participating in these trials. 2.  Differentiation Between Advanced and ...
BIS paper 147 2023 BIS Survey results on CBDC and Crypto - Learn About Fintech and Funding in Canada
BDC | Release | Jun 20, 2024 BDC Announces $250 Million Investment to Empower Diverse Entrepreneurs in Canada The Business Development Bank of Canada (BDC) has reaffirmed its commitment to fostering inclusive entrepreneurship by announcing a $250 million investment to help majority-owned Indigenous, Black, and Women-led firms to help overcome long-standing obstacles to work towards establishing a more diversified and dynamic entrepreneurial ecosystem in Canada. How Will $250 Million be Allocated? Acknowledging the funding gap that new diverse firms are faced with, BDC has launched a $50 million program to promote early-stage enterprises run by women, Indigenous, and Black entrepreneurs. This program offers financial aid as well as key training to businesses with revenues under $3 million, assisting them in overcoming challenging entry barriers and building trust in mainstream financial services. See:  Trends in Reg CF for Minority and Women Founders BDC Capital, the bank's investment section, has introduced two new $100 million platforms aimed at Indigenous and Black-led firms. These efforts are intended to supplement the existing $500 million Thrive Platform, which helps Indigenous and Black women entrepreneurs. By collaborating closely with community leaders, BDC hopes to build supportive and effective investment environments that are suited to the requirements ...
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Capital Raising | Release | Jun 20, 2024 New Time-Limited Exemption Allows EMDs to Sell Prospectus Offerings for Growth Capital The Ontario Securities Commission (OSC), Autorité des marchés financiers (AMF), British Columbia Securities Commission (BCSC), Financial and Consumer Affairs Authority of Saskatchewan (FCAA), Alberta Securities Commission (ASC), and Nova Scotia Securities Commission (NSSC) are allowing exempt market dealers (EMDs) to participate as selling group members in prospectus offerings, increasing their potential to assist business growth. See:  Final Report: Ontario Capital Markets Modernization Committee Recommendations Historically, EMDs have helped start-ups and small to medium-sized firms access finance by distributing securities under prospectus exemptions. However, as these companies scale they tend to use full prospectus offerings, which EMD participation has been limited due to regulatory restrictions. The recently announced time-limited exception is intended to address these hurdles. The exemption allows EMDs to join as selling group members in prospectus offerings, offering an additional route for capital acquisition for growing enterprises. Investment dealers will continue to play key roles in these offerings, including underwriting. Grant Vingoe, CEO of the OSC: “Creating favorable conditions for business success is pivotal to our economic prosperity. Today's measures underscore the commitment of securities regulators to foster the ...
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Jun 19, 2024 Recent advances in technology have transformed the way we access and assimilate information, enabling us to make data-driven decisions that allow for greater predictability and precision. From artificial intelligence (AI) algorithms that can analyze large data sets on customer experience to machine learning models that can forecast market trends, the insights and clarity gleaned from these tools have revolutionized the business landscape. Many of these technologies can also be used in the investment arena to help investors manage their risk and optimize their returns. In this article, we will take a closer look at some of the ways technology can be leveraged by investors to inform and execute their investment strategies. Robo-Advisers These digital platforms can provide automated investment advice and services to investors without the need for financial advisers,  investment managers, or any other type of human intervention. Robo-advisers use algorithms to gather information on investors’ risk tolerance, finances, and investment goals through an online questionnaire. With this information, robo-advisers automatically create and invest funds into a portfolio that contains assets tailored to the individual's investment profile. Beyond portfolio management, robo-advisers can also monitor and automatically rebalance portfolios to ensure they maintain the allocated level of ...
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M&A | Release | Jun 19, 2024 Nuvei Shareholders Greenlight $6.3 Billion Buyout by Advent International Nuvei Corp., a major payment technology corporation based in Montreal, has announced that its shareholders have decisively approved a buyout proposal from American private equity firm Advent International. In a recent vote, 99.24% of Nuvei shareholders approved the takeover, which pays $34 per share in cash for a valuation of $6.3 billion. This high approval demonstrates investor confidence in the transaction and its ability to strengthen the company's strategic position. This transaction will take Nuvei private. See:  How AI is Shaping the Future of Financial Services in Canada Advent International proposed the buyout in partnership with existing owners Novacap, CDPQ, and Nuvei's chair and CEO Philip Fayer, which was first revealed in March 2024. Under the terms of the agreement, Philip Fayer will remain CEO and chair, to ensure continuity of management. The corporation will also keep its headquarters in Montreal. Background and Next Steps Nuvei went public in 2020, raising $833 million and breaking the record for the largest tech IPO on the Toronto Stock Exchange. The company's innovative payment options and rapid growth sparked widespread interest, including a large investment from Canadian ...
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Release | Jun 19, 2024 FundMore and Equitable Bank Announce Partnership to Improve Mortgage Lending FundMore, an artificial intelligence-powered mortgage underwriting platform, has scored a partnership with Equitable Bank, Canada's seventh-largest independent Schedule I challenger bank. This collaboration intends to streamline and improve the mortgage process, making it more efficient and accessible to borrowers across Canada. The major purpose of this collaboration is to use FundMore's innovative technology to improve Equitable Bank's mortgage operations. FundMore's platform uses artificial intelligence and machine learning to automate and improve mortgage underwriting accuracy, saving time and effort on mortgage approvals. This integration is expected to benefit both borrowers and lenders by reducing response times and improving risk evaluations. See:  FundMore x Senso AI Launch Solution to Transform Lending Quicker decision-making will also improve the overall customer experience while reducing the paperwork often involved with mortgage applications. Initially, the new services will be provided in major markets such as British Columbia, Alberta, and Ontario. There are intentions to expand further depending on the success of the initial rollout and market demand. This strategic expansion aims to meet the needs of various customer groups, including owner-occupied purchases, refinances, and rental property investments. Mahima Poddar, SVP and ...
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Enforcement | Jun 19, 2024 SEC Ends Investigation into Consensys and Ethereum.  Implications for the Crypto Industry On Jun 18, 2024, Consensys announced that the United States Securities and Exchange Commission (SEC) has dropped its investigation into Ethereum 2.0 and will not take legal action over Ethereum. This is big win for the Ethereum community and will have implications for the future of cryptocurrency regulation in the United States. Background In 2018, the SEC when Jay Clayton was Chair and in public speeches SEC Director Bill Hinman expressed that Ether was not a security.  However, when Gary Gensler, the current SEC Chair, took over, the regulatory attitude became clear as mud.  In 2023, the SEC began looking into Ethereum 2.0, implying that it could be a security. Consensys received many subpoenas and a formal order of investigation on March 28, 2023. Consensys replied by launching a lawsuit in April 2024, arguing that Ethereum is a commodity and outside the SEC's authority.​ SEC's Decision On June 18, 2024, the SEC issued a letter to Consensys stating that it would not take enforcement action against Consensys or Ethereum 2.0. The letter officially closes the SEC's inquiry of Consensys and Ethereum 2.0, noting ...
SEC letter in the matter of Ethereum 2.0 - Learn About Fintech and Funding in Canada
Jun 19, 2024 The quest for safer roads is a shared concern among urban planners, cyclists, and policymakers. The popularity of cycling as a mode of transportation, sport, and leisure activity has been constantly rising in the past. This has made it more critical than ever to ensure the safety of cyclists. This article explores the rise in cycling accidents and outlines strategies cities can implement to protect cyclists and promote a bike-friendly environment. The Rising Accidents of Cyclists Cycling has surged in popularity recently, driven by its health benefits, environmental advantages, and cost-effectiveness. A report from Statista shows that around 54.7 million Americans participated in cycling, an increase from 51.4 million in 2021. However, this increase in cycling activity has coincided with a troubling rise in accidents involving cyclists. The National Highway Traffic Safety Administration (NHTSA) reports that in the United States alone, there were 966 pedal cyclist fatalities in 2021. This is the highest number of fatalities for these commuters since 1975, when it was above 1,000. Several factors, such as distracted driving, inadequate infrastructure, and the lack of dedicated cycling lanes, are the primary culprits for these crashes. Additionally, the coexistence of motor vehicles and bicycles on roads designed primarily ...
Freepik cycling in the city - Learn About Fintech and Funding in Canada
Report | Jun 18, 2024 Summary of 2024 Risk Survey for Financial Institutions and Insights for Fintechs The Bank Director's 2024 Risk Survey highlights numerous rising risks and issues that banks and financial institutions are facing as a result of developing regulatory and economic situations. Below are some important areas of concern applicable to the financial sector for review 1. Regulatory and Compliance Risks Increased regulatory requirements are a major worry for financial organizations. Over 75% of executives are concerned about regulatory risks, compared to 66% last year. New restrictions and monitoring, like the Community Reinvestment Act, have significantly contributed to this worry. 2. Margin Pressures and Profitability Net interest margins (NIMs) have tightened dramatically, with 78% of bank leaders reporting lower profits, up from 26% the previous year. Rising funding costs are creating profitability issues, particularly for community banks. NIMs decreased by 10 basis points to 3.17%, putting pressure on profitability. The ratio of unprofitable community banks increased to 5.2% at the end of 2023, up from 3.5% the previous year. 3. Deposit Retention and Liquidity Management Rising interest rates have caused some deposit losses, with 59% of banks reporting low to moderate affects on their funding base. Banks ...
2024 Risk Survey Bank Director report - Learn About Fintech and Funding in Canada
Payments Regulation | Jun 18, 2024 The Bank of Canada has announced new supervisory policies around enforcement On June 17, 2024, the Bank of Canada implemented various new regulatory measures around enforcement aimed at improving oversight of payment service companies. See:  BoC Speech: Essence of the New Retail Payment Activities Act These policies centre on: Administrative Monetary sanctions (AMPs): Implementing new penalties for noncompliance. Enforcement Process and instruments: Streamlining enforcement procedures and instruments. Public Notice of Decisions: Developing guidelines for providing public notices of enforcement actions. Governor's Review: Defining the process for examining the Governor's decisions. Executive Roles: Clarifying the roles and responsibilities of the Executive Director and the Managing Director. Significant Adverse Impact: Managing problems with considerable negative consequences. They also updated their Glossary of Terms about retail payment supervision. Resource:  BoC Update for PSPs: New Registration Guide and Supervisory Policies Available Review this comprehensive page hosted by the Bank of Canada around Retail Payments Supervision - Policies and Guidelines. Conclusion The introduction of these policies comes at an important time, as digital payments continue to expand fast. NCFA Canada emphasizes the importance of staying informed to ensure compliance in order to maintain the payment ecosystem's integrity. The National ...
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