Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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Category Archives: Leadership, Competition, Human Capital, Health
IRS Crypto Rollback Raises Questions for Canada
Crypto Regulation | April 15, 2025
Image: Freepik/rawpixel.com
Trump Repeals IRS Crypto Reporting Rule. Here's Why Fintechs in Canada Should Pay Attention
On April 10, 2025, U.S. President Trump signed a bill cancelling a key IRS crypto reporting rule that would have required decentralized finance (DeFi) platforms to report customer transactions to the tax agency.
See: UK FCA Plans Full Crypto Licensing Regime by 2026
The IRS' rule was called "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales", which expanded the scope of traditional broker definitions to include DeFi apps like Uniswap and Metamask, and had an effective date of February 28, 2025. However, the IRS provided a transition period given the reporting complexities involved, so the rule was set to apply to digital asset sales occurring after January 1, 2027. But with Trump's bill nullifying the IRS rule, the implementation is now cancelled and the rule is officially gone.
What does this mean for fintechs, crypto startups, and regulators in Canada?
What Changed?
The IRS crypto reporting rule was part of a broader push to increase tax compliance among crypto users but industry argued that it wasn't manageable because DeFi platforms don't control their user's data. Often, there isn't a centralized entity to collect or report it. Develops were also at risk of facing penalties for software they didn't directly operate.
Industry associations and legal experts warned that the IRS's rule would push DeFi innovation offshore, so Congress listened and used the Congressional Review Act, and the House voted to repeal the rule on March 11.
See: Circle Files for IPO as Crypto Firms Eye Wall Street
Then the Senate did too with 70-28 bipartisan support on March 26. Now the bill has been signed into law and you can read it here.
Why It Matters to Canadian Fintechs
The repeal of the IRS DeFi crypto reporting rule signals again that the United States is backing away from aggressive regulation on crypto and decentralized platforms. It puts pressure on other jurisdictions including Canadian policymakers to clarify their own positions. Canada recently implemented it's own crypto reporting rules which the Canadian Revenue Agency (CRA) will start enforcing by 2027.
With the U.S. now seemingly a more welcoming environment for DeFi developers, Canada risks falling behind, especially if companies and capital start shifting strategies and offices to the U.S. for more flexibility and fewer rules. With the IRS rule now gone, DeFi projects based in the U.S. may suddenly look more appealing to venture capital and institutional backers. If that's the case, then Canadian fintechs would be at a disadvantage if local policies become too burdensome or vague.
Canadian users engaging with U.S. DeFi platforms may now face uncertainty over how these transactions should be reported domestically, given that there will be no equivalent enforcement on the U.S. side of the border. As such, the CRA may need to update guidance to avoid future confusion.
See: The Crisis Canada and Fintech Can’t Afford to Waste
With jurisdictions like the UAE, Singapore, Hong Kong, and the UK positioning themselves as global crypto centres, and the U.S. now looking like to be rejoining the global race, Canada will need to decide whether it can keep pace and remain competitive, or risk falling behind. The window to design a more innovation friendly approach to help strengthen Canada's role as a global fintech hub will only be open for a short time.
Outlook
Now is the time to ask tough questions about competitiveness, policy leadership, and how we balance innovation with responsibility. If we want to shape the future of financial services, we need to act quickly—and wisely.
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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Insights from Jamie Dimon’s 2024 Letter to Shareholders
Markets and Economy | April 15, 2025
Image: Jamie Dimon, Chairman and CEO, JP Morgan Chase
Jamie Dimon’s 2024 Letter Outlines Global Risks and Advice for Leaders
On April 7 2025, CEO Jamie Dimon of JPMorgan Chase published his annual 2024 letter to shareholders (58 page PDF), which is widely read by business and policy leaders around the globe. This year's edition, his messages are especially urgent. He describes a world of rising risks, and big decisions ahead with profound implications that stretch beyond simply Wall Street. Below are 5 insights that fintech founders, investors and Canadian decision makers need to know:
1. The U.S. Dollar’s Strength is At Risk
“History has shown that as countries become weaker, their currency loses reserve currency status.”
Dimon issued a clear warning that's rarely said out loud by execs of America’s biggest banks. That is the U.S. dollar’s global dominance is fading because it's strength relies on TRUST in U.S. institutions, alliances, and policy, BUT that trust is now eroding.
Last week, the U.S. dollar dropped significantly reaching a 3 year low against major global currencies. The decline is largely due to the Trump administration's escalating tariffs and trade tensions on imports from several countries, such as China, Canada and European nations. Tariffs led to increased market volatility, shaking investor confidence in American economic policies.
See: Ottawa Unleashes Policy Blitz to Support Economy
The WSJ published a report with the former Treasury Secretary, Janet Yellen, saying that investors "seem to be shunning dollar assets". Previously, for the past several decades, investors flocked to buy U.S. dollars during times of volatility and economic uncertainty because it was considered stable and safe.
American risks or lack of trust in its institutions is now prompting countries like Germany who hold 1200 tonne of their US gold reserve on American soil, to verify the existence of their gold and begin repatriating it back to Germany in case assets are suddenly frozen or risks spiral out of control. And they aren't the only country with concerns.
For Canada, this might open a window. If global capital starts looking for stable alternatives, Canadian institutions can position themselves as reliable partners. Our political stability and sound financial regulations are competitive assets. This is a moment to invest in confidence including the platforms and tools fintechs are building.
2. What Happens If the Free Ride Ends?
Dimon spells out just how much the U.S. benefits from being the world’s reserve currency:
“Being the reserve currency saves the United States $100 billion a year at current interest rates... People around the world actually carry approximately $2.5 trillion of paper U.S. dollars, which, in effect, is borrowing without paying interest.”
However, the U.S. being the global reserve currency isn't sustainable without continued global trust. For financial technology firms offering multi-currency accounts, global payments, and crypto on-ramps, this new reality is an opportunity.
See: Stablecoins Are Growing Faster Than You Think
If the dollar loses its unique place in the global system, financial firms will need to design for a world where volatility is the norm. That could mean hedging tools, stablecoins backed by liquid and diversified reserves, and tokenization of various assets could see a boost akin to gold, or a digital version of it.
3. A Weakened Financial System at Risk
“The U.S. deficit remains very large at just below $2 trillion, or 6.6% of GDP,” and warns that the “debt-to-GDP ratio is already over 100%.”
The U.S. government has borrowed nearly $11 trillion since the pandemic. The total U.S. federal debt is more than $34 trillion, which is greater than 100% of GDP. He says this is a structural issue and that America's fiscal path is on unstable footing. When debt continues to rise with no end in sight, global confidence wavers.
While in a different situation, Canada is under economic pressure from Trump's tariffs and trade war, persistent decline in productivity, and lower growth and foreign direct investment compared to many of its peer countries. It must restructure its own policies to support a fiscal agenda that supports innovation, digital infrastructure, supply chain and trading partner diversification, interprovincial trade, and green transitions that put Canada on a new path of economic growth. Canada can offer to the world what the U.S.'s current administration is turning, it's back against, a well managed democracy, and a country with ample resources (including human capital) that's serious about the future.
4. Fragmentation Could Break the System
One of Dimon’s strongest warnings is about fragmentation.
“Economic fragmentation from our allies may be disastrous in the long run… Keeping our alliances together, both militarily and economically, is essential.”
He’s not just just talking about political division but economic ones, such as trade wars, competing currencies and trading blocs, and digital standards that no longer align with alliances that underpin and support U.S. markets in the way they do today. A world where economic cooperation breaks down and different countries build their own separate systems for money, trade, and technology - leading to incompatible digital standard and higher costs while opening the door for bad actors to take advantage of new weak links in the system. It could also encourage allies to rally around a new financial power for stability.
See: Digital Export Trends and Global Trade Fintech Opportunities
For fintechs and Canada, it's a risk and opportunity. It means building our own rails, compliance protocols, and digital ID systems that work across borders. The more neutral, resilient, and standardized Canada's digital infrastructure becomes, the more relevant it is globally.
5 Pieces of Management Advice from Diamon's Playbook
In his letter to shareholders, Dimon shares lessons from decades of experience fro leading through crisis, transformation, and growth.
1. He warns that innovation can be smothered by too much money, too little clarity, or endless process. For startups, that’s a reminder to stay scrappy and experimental.
“You can kill innovation with too many resources, too few resources or bureaucracy… Evaluate innovative ideas through testing and learning rather than rote analysis.”
2. He also challenges the usual advice about delegation for mission-critical areas like cybersecurity, talent, or trust, and says leaders should get into the details.
“I changed my mind. I’m going to micromanage this one… In my entire career, I’ve rarely seen this kind of outsourcing of responsibility succeed.”
3. Don’t hide behind weak benchmarks.
See: Canadian Fintech Booms with $9.5B Despite Global Slump
4. Don’t sit through bad meetings, but "if a meeting is required, make it count… I ALWAYS do the pre-read… This has to stop: people checking notifications, texting, reading email. It’s disrespectful. It wastes time.”
5. In uncertain times, discipline is more powerful than vision alone.
Conclusion
The status quo is no longer. As geopolitical and economic risks take over, it's more pressing than ever for Canada to grow trust, build bridges, and invest in innovation with a strong economic growth mandate. Canada's fintech and financial ecosystem, can still thrive in a fragmenting world. We can't outspend superpowers but we can out-think them.
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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Plaid Raises $575M to Scale Fintech Infrastructure
Financing | April 14, 2025
Image: Freepik
Plaid’s $575 Million Series D Signals a Deeper Strategy in Fintech Data and Embedded AI
Financial infrastructure provider, Plaid, announced on April 3 2025, that they raised $575 million Series D at a valuation of $6.1 billion valuation led by Frank Templeton, BlackRock, Fidelity, and others including existing investors such as NEA and Ribbit Capital. While the valuation is significantly lower than it's 2021 peak of $13.4 billion, Plaid's latest round is a story of consolidation of it's role at the heart of embedded finance, and not of decline.
Plaid is a backbone of embedded finance with a footprint that spans more than 8,000 apps, including many widely used fintech tools and providers in Canada and the U.S. For Canadian fintech companies, this raise hints at where industry is heading and who will control its most critical pipes.
A Profitable Platform in a Tough Market
Unlike most fintech firms still chasing break-even, Plaid finished off 2024 with positive operating margins, strong ash flows and a 25% yoy revenue increase. In Plaid's letter to shareholders, 2025, CEO and Cofounder Zach Perret explained that it has a usage based billing model where Plaid earns revenue when an end user signs-up, takes actions in connected apps, or remains active on a per-user-per-month basis. In a market where profitability is favoured over growth at all costs, these numbers speak volumes.
See: 12 Market Entry Approaches for Fintech Startups
The platform has achieved a core level of recurring annual revenue that allows it to reinvest confidentially in areas like AI powered fraud prevention and data-science enhanced credit scoring.
“Our core business has consistently grown double digits year-over-year despite 2022 and 2023 being the worst slowdown in fintech in the last two decades.”
Plaid's shareholder letter also reports that over 50% of Americans with a bank account have used the platform, either directly or through partner apps. Its customers include enterprise players like Affirm, Chime, Robinhood, SoFi, Citi, and H&R Block, plus thousands of fintech startups globally.
“Our products are the bedrock upon which many of the most well-known financial brands are built.”
Strategic Round
Unlike past funding frenzies, this round was strategic, institutional, and about positioning control over the infrastructure of financial data, an area about to be transformed by AI and embedded finance.
In the past few years, Plaid has transformed itself from a bank linking utility into an infrastructure platform with multiple tools, such as alternative credit data, anti-fraud solutions, and bank payments infrastructure. CEO Perret explained that "New products represented >20% of ARR in 2024, compounding at 93% annually.” So it's no longer just about the interface, the tools and stack is consolidating into robust infrastructure.
See: Why No Code AI Agents Matter for Fintech in Canada
A large portion of the funds are being allocated to convert restricted stock units (RSUs) into shares to provide liquidity for long term employees and retention strategy for talent. The rest of the funding will continue to support product development powered by data science, machine learning, and AI.
The Open Banking Delay That’s Costing Canada
Plaid’s expanding capabilities also highlight Canada’s open banking delays. Canada is expected to implement open banking in 2026, but it doesn't have it yet, despite Finance Canada researching it and promising its implementation for years.
Without a formal framework in place, Canadian fintechs must rely on third-party data aggregators like Plaid to access banking information, including firms like Wealthsimple and KOHO. While using Plaid's banking access tools enables fintechs to get up and running quickly and innovate in the short term, it places critical infrastructure in the hands of foreign companies, raising concerns about data sovereignty and long term competitive capacity.
See: The Crisis Canada and Fintech Can’t Afford to Waste
Daniel Eberhard, CEO of Koho to the House of Commons Standing Committee on Finance:
“In Canada, we do not have open banking. Every time we need to interact with the incumbent financial system, we’re forced to build workarounds.”
Closing Outlook
Plaid's $537 million strategic series D signals a consolidation of fintech infrastructure. Capital is becoming more selective and innovation is leading towards AI and embedded services, so the companies that control the access to data and financial infrastructure are gaining strategic ground. Canadian fintechs and policymakers of open banking in Canada should be watching developments closely to ensure Canada can remain competitive and not overly reliant on U.S. infrastructure.
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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Strengthening Resilience and Leading Through Uncertainty
Leadership | April 14, 2025
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Why Embracing Uncertainty Can Help Founders Gain Insight (During Chaos)
In an economic climate where geopolitical tensions are high and markets volatile with inflation spikes and policy u-turns, founders and innovators that embrace uncertainty can gain an edge. Uncertainty isn't a side effect of innovation, it's the starting line. Inspired from Deepak Chopra's recent article on the power of uncertainty, this article looks at the impact of embracing the unknown and how it can sharpen decision-making, unlock creativity, and help build resilience during times of rapid change and uncertainty.
Key Actionable Insights
1. Uncertainty Isn't the Enemy...It's the Edge
Chopra argues that trying to eliminate uncertainty kills creativity. When everything is 'the exact same', it breeds complacency. We've all experienced this. During some routine periods, a founder may feel that time is passing by very quickly. Yet during times of great change, novelty, innovation, a founder may feel that time is going by slowly. Fintech leaders who stay agile during times of ambiguity can separate themselves from those who stall in the face of uncertainty. Put differently, successful founders don't just survive during chaos, they scan for signals of change/chaos that others can miss, often giving them an edge.
See: 11 C’s of Soft Leadership and Emotional Intelligence
Just after the global financial crisis in 2008, Toronto-based Wave Financial launched in 2009. CEO Kirk Simpson saw that most traditional accounting software providers were offering tighter pricing and focused on enterprise clients to survive. Wave took a different approach and offered free tools to small to medium sized businesses (SMEs) and freelancers, and turned the crisis into a launch and growth opportunity. Wave was later acquired by H&R Block for $537 million.
Lesson: Fintech leaders who understand that uncertainty can unlock radical innovation, can give them an advantage over legacy players who retreat during times of constraints and volatility.
2. Your Brain’s Constraint Valve and How to Open It
Chopra describes daily constraints as a 'reducing value' that narrows perception and thus creativity, and by way of extension innovation and opportunity. This includes your daily habits and fixed beliefs. It's the caution, fear, and routine that limits all kinds of experiences. Breakthroughs rarely occur when ones perception is full of constraints and limited. If one provides the same inputs, they can expect the same outputs. Fintech founders and leaders can expect breakthroughs to occur where certainty ends.
See: BoE Report: Open Banking Boosts Productivity, Competition
Actionable takeaway: Host an 'uncertainty sprint'! Bring your team together with a single question and use it to generate unexpected solutions and test and iterate the thinking. "What if our biggest unknown became our biggest asset?
3. Transform The Present
It's easy to get lost in obsessing over the future - what's our forecast, future funding rounds or policy changes as examples. Chopra however reminds us that the only time you can take action is now. A strategy that is grounded in the present can lead to smarter execution.
Example: As digital financial services adoption continue to grow, incumbent banks are closing more and more physical branches, especially in rural and underserved areas during a cost-of-living crisis. In 2024, Canadian fintech Koho partnered with Canada Post to begin implementing a modern version of postal banking, which would provide basic digital banking services using Koho's financial infrastructure while making it available through Canada Post's national network. Together they reimagined a legacy system as a tool for financial inclusion while others were fixated on what's broken. By staying level headed and grounded in the present, Koho and Canada Post rediscovered what was already working today, and then transformed it.
4. Resilience is a Learnable Skill
For those that aren't used to uncertainty, it can create severe mental fatigue. Founders are required to juggle a ton of demands from compliance and culture to capital and product development and distribution.
See: What Toronto Can Learn from Tel Aviv’s Start-Up Scene
Founders should work to train their minds like athletes train their muscles to increase their mental resilience. Here are a few proven mental training exercises to try:
- Box Breathing (4-4-4-4) is a technique used by Navy SEALs to calm their nervous system and improve focus and decision-making under pressure. Breathe in for 4, hold 4, out 4, hold 4.
- Mental Rehearsal is a widely used visualization technique that improves composure and clarity during high stress and intense moments that can help founders execute better. Competitive athletes use visualization for a wide range of sports; here's a pre-game hockey visualization for forwards as an example. Visualizations should not just be about success but also how to respond to failure and include a 'mental reset'.
- Cognitive Reframing can help founders avoid defaulting to 'this is a disaster', and instead to a new perspective such as "What does this change and make possible? Founders who can reframe adversity are more adaptable resilient under stress.
Mental fitness training should be done daily and not just during periods of heightened stress. Your companies resilience begins with you and your team's mental capacity.
Why This Matters
Chopra’s insights position chaos as a powerful stage at the edge of creativity, clarity, and courage. Fintech founders and C-suites who embrace uncertainty as a condition of insight and opportunity, and not just risk, will be the ones thriving in the future.
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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OneVest Closes $20M Series B to Lead Wealthtech
Financing | April 11, 2025
Image: Freepik
OneVest Secures $20M in Series B to Build the Future of WealthTech in North America
On January 29, 2025, Calgary and Toronto-based fintech firm OneVest announced the close of a $20 million Series B round, led by Salesforce Ventures and joined by Allianz Life Ventures, TIAA Ventures, and returning backers like OMERS Ventures, Deloitte Ventures, Fin Capital, Luge Capital, and Pivot Investment Partners.
See: OneVest’s Rapid Expansion Powered by a $17M Funding Round led by OMERS Ventures
OneVest estimates that $84 trillion of wealth will be passed down from Baby Boomers to Gen X and Millennials over the coming decades, creating a massive opportunity and challenge for financial institutions. OneVest's platform is positioned to offer financial institutions, such as banks, insurers, asset managers and RIAs, a module tech platform to build or upgrade their wealth management services. Companies ca upgrade outdated infrastructure by plugging in only the components they need, reducing time and cost to market.
Amar Ahluwalia, CEO of OneVest:
“We are tackling massive challenges in an industry that’s been traditionally slow to adopt new technologies. Having such esteemed investors solidifies our position to reimagine wealth management technology for enterprises across the U.S. and Canada. With this new funding, we are poised to achieve our goal of becoming the leading wealth management platform in North America.”
Flexible, Smart, and Built for Scale
The OneVest platform offers financial institutions end-to-end wealth offerings or customized tools to match their requirements. Advisors can manage portfolios more efficiently with a hybrid experience that blends automated insights with human guidance. OneVest is investing in AI-powered decisions making tools and building out it's capabilities in alternative investments, helping firms better service their clients who are looking to diversify beyond traditional assets.
See: Wealth Management Insights for Fintechs and Investors
OneVest continues to strengthen its strategic partnerships with major players like BlackRock, Vanguard, and Salesforce Financial Services Cloud, helping expand its reach across the financial services sector. Since many clients use Saleforce, OneVest plans to further streamline the advisor-client experience across systems.
What’s Next for OneVest
With this funding, OneVest will focus on scaling operations, growing its team, and continuing product development. Its mission has been clear from the start. To become the leading infrastructure provider for wealth management in North America by providing financial institutions modern tools so they can keep up with the changing needs of their clients.
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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Trump’s Tariff Pause Leaves Canada in the Cold
Economy | April 10, 2025
Image: Freepik/tawatchai07
Trump Temporarily Halts Tariffs for Most Countries But Keeps Pressure on Canada, Mexico, and China
On April 10, 2025, President Trump announced a 90-day pause on most of the newly implemented global trade tariffs after market backlash and political pressure. The break was extended to countries in Europe, Asia, and parts of South America, but Canada, Mexico, and China are still under tariff pressure.
Strategic Pause, Not for Everyone
While Trump paused the most recent tariffs for over 75 countries, U.S. tariffs still apply to Canada and Mexico primarily on cars and auto parts (25%), steel (25%), aluminum (10%), and some agricultural products like dairy, grains, and processed foods, and continue to affect cross border trade in manufacturing and farming sectors.
Trump's pause also didn't apply to China In fact, Tariffs on Chinese good were raised to 125%, as China hit back with an 84% tariff on U.S. goods and filed new complaints with the World Trade Organization.
See: Klarna Delays IPO As Markets React to Trump’s Tariffs
After the tariff pause was announced, markets surged with the S&P 500 exploding 9.5%, the largest one day gain since World War II, according to Business Insider.
But the rebound didn't last long, as markets opened the following morning on April 10, the S&P 500 dropped 2.3% out of the gate and is continuing its slide currently down 5%.
Timing of the Pause Raises Eyebrows
Right before the tariff pause was announced, Trump posted on social media telling people “THIS IS A GREAT TIME TO BUY!!! DJT.” The DJT trading symbol referenced his Trump Media & Technology Group company. Hours later, markets soared. Some U.S. lawmakers are questioning whether Trump or anyone close to him benefited financially from his announcement (aka insider trading).
According to TIME, Senator Adam Schiff has called for an investigation, asking the White House to hand over records to see if anyone used that information to trade stocks before the news went public.
Innovation Caught in the Crossfire
Tariffs aren't just about physical goods. Canada’s fintech firms, software exporters, and digital infrastructure providers also face risks, as many of these companies work closely with U.S. partners, investors, and regulators. Every barrier, whether its through tariffs, compliance hurdles or market uncertainty and confidence, slows down innovation, especially in the most innovative emerging sectors like AI, open banking, blockchain and embedded finance.
See: Five Ways Countries Are Responding to Trump’s Tariffs
Early stage startups are especially exposed, as any cross border collaborations, capital raises, and pilot projects face second thoughts and/or delays from U.S. partners.
What’s next?
Expect heightened volatility to continue. Canadian companies need to stay alert, continue to diversify trade relationships, and build a stronger domestic economy and ecosystem that reduces exposure to abrupt, off the cuff U.S. policy changes impacting trade and relationships.
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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Waymo Plans to Train AI Using In-Car Camera Footage
Privacy | April 7, 2025
Image: Freepik
Waymo’s In-car Data Plans Echo Orwell's 1984
As featured in TechCrunch, autonomous robotaxi firm Waymo is reportedly preparing to use in-car video data recordings of its identifiable passengers to train AI systems. Apparently, a researcher uncovered a 'draft privacy policy' that raises red flags, suggesting that users would not be directly notified or prompted to opt in. Call it ambient surveillance, or outright overreach but this invisible, continuous breach and approach to privacy is becoming normalized and embedded into business models of modern tech.
See: Ensuring Data Privacy in AI-Driven ID Scanning: Balancing Innovation and Compliance
Waymo clarified later that the feature is still work-in-progress but when companies at the cutting edge of mobility, fintech, and smart infrastructure, treat the public like collateral damage, it's time for people to stand up and push back against being a character right out of George Orwell's 1984 - that's right, Big Brother.
Surveillance Is No Longer Just About Security
Grocery stores are using facial recognition to monitor stores and shoppers behaviour, or how about surveillance and sensors at cashierless stores. Banks are using keystroke tracking to monitor employees.
Surveillance used to be about security but it's evolved into consumer experiences, services design, and product optimization. People now enter physical or digital spaces without even knowing whether their voice, face, movement or even tone is being tracked and analyzed for analytics or AI training. It's a slippery slope and can erode consumer trust, especially if it breaks a core fintech and digital innovation principle based on 'permission'.
Surveillance Free Zones?
These would be places or environments where surveillance monitoring simply isn't allowed or doesn't happen. These zones would offer privacy and a break from that feeling of being watched, studied, analyzed.
See: Major Data Breach @Finastra and Canadian Banks?
To some degree we have these private spaces in our lives today, at our home, or safe space but what if your favourite financial app disabled behavioural tracking by default and that was a differentiator in their business model where privacy, trust, transparency and customer empowerment are core to long term adoption and growth of a product or service.
Consent Needs a Redesign and Value Prop
Surveillance free experiences can built trust and help companies differentiate but the real opportunity is in redefining what it means to people who opt in.
Today the act of opting into an activity is a 'legal gate' where if a user clicks and 'agrees' to move forward then they have allowed it. What about a different model based around value, so if a user provides consent then they actively allow it but in exchange they want something of value in return.
The obvious value exchange is monetary where if someone's data is helping train a commercial AI model then that person's data could generate a tangible return, such as revenue sharing, or some type of platform equity, or a Web3 environment that tracks your data flows and offers tokenized compensation tied to impact and usage.
See: US Financial Surveillance Report Shows Privacy in Crisis
Another value exchange driver could be utility. Where sharing behavioural data leads to a better outcome, such as improved fraud protection, more accurate credit scoring, optimized financial coaching etc. In this way, users see the benefit clearly, and they should have the option to participate or not.
Some users may be motivated by purpose. Canadians for example may show a willingness to share data if it serves the public good, such as improved healthcare models, smarter urban planning, or inclusive innovation.
Any form of consent must put users in the driver's seat and allow them to control their participation. They need to be able to see and understand how their data is going to be used, for how long and in what ways, and have the option to revoke it. Any approach that's going to work in support of long term adoption will need to put participants at the forefront and treat them as humans, not data sources.
Canada Can Lead on Privacy Innovation
Waymo’s plan whether it comes to fruition or not, highlights how easily surveillance can be baked into a future services - literally in a legal and privacy document that most users will not read. Even companies with strong brand trust are drifting towards this world of data collection by default. That's why surveillance, privacy and consent matters.
See: Balancing AI Automation and Ethics in Fintech
Canada seemingly has the tools, policy infrastructure, and appreciation for leading privacy first innovation. There's a growing public awareness and need for privacy updates at the national level per the work being done on the Artificial Intelligence and Data Act. Perhaps regulation will only go so far and businesses will drive the privacy momentum.
Trust is a core input of innovation, and those that prioritize people, not just data, will lead it.
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