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Canadian Tech in 100 Words

 

Montreal’s Nuvei Partners with Crypto Giants on Global Dollar

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Montreal-based payments processor Nuvei has joined forces with prominent cryptocurrency firms to support the Global Dollar (USDG), a new stablecoin issued by Paxos in Singapore. Backed by the Caisse de dépôt et placement du Québec and actor Ryan Reynolds, Nuvei will earn yield from a portion of USDG’s reserve assets.

Other supporters include Galaxy Digital, Kraken, Robinhood, Anchorage Digital, and Bullish. Stablecoins, typically pegged to the U.S. dollar, are under global regulatory scrutiny, including by the Ontario Securities Commission. USDG is promoted as a safe, compliant option, with participants earning income by fostering its adoption.

Want to know more? Check out the source code on The Logic.

Ottawa Moves to Ban ‘Screen Scraping’ in Open Banking

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Ottawa plans to eliminate “screen scraping” in its forthcoming open banking legislation, The Logic has reported. Screen scraping, where users share bank credentials with third parties for fintech services, is criticized as insecure and prone to errors. This method remains crucial for accounting software, lending apps, and other fintech firms reliant on consumer financial data.

Without alternatives, these firms may face significant challenges as the Big Five banks have yet to provide direct-data feeds, and open banking is delayed until late 2025. Finance Canada’s Marie-France Faucher declined to confirm specifics of the legislation.

Want to know more? Check out the source code on The Logic.

Ballard Power Expands Fuel Cell Order for Zero-Emission Transit Buses

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B.C.-based Ballard Power Systems announced a new order to supply 200 hydrogen fuel cell engines to New Flyer, doubling its prior order. This 20-megawatt commitment will power New Flyer’s Xcelsior CHARGE FC™ buses, due in 2025, for deployment in major U.S. states. Ballard’s fuel cell technology enables zero-emission, long-range transit solutions with fast refueling.

This expanded partnership marks a significant step toward sustainable urban transit in line with climate goals. Ballard recently restructured to cut costs amid adoption delays, with Chief Commercial Officer David Mucciacciaro citing the order as evidence of growing hydrogen demand in transit.

Want to know more? Check out the source code on CleanEnergy.ca.

Canadian Fintech Founders Launch $20M Exit North Ventures Fund

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A group of prominent Canadian fintech founders has launched Exit North Ventures, a $20 million venture fund dedicated to supporting early-stage Canadian fintechs. The fund offers seed investments of $250,000 to $1 million. Spearheaded by General Partner Tal Schwartz, Exit North unites founders like Michael Garrity (Financeit) and Katherine Gregory (Paradigm Quest) with over $1 billion in collective exits.

Originally aiming for $5 million, the fund’s growth reflects strong market interest. Exit North focuses on fintech innovations in lending, insurance, and payments, with advisors from successful founders to guide portfolio companies toward growth and success.

    Want to know more? Check out the source code on Fintech.ca.

    Canada’s Cybersecurity Talent Shortage Intensifies Amid Rising Attacks

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    A 9% increase in cyberattacks over the past year has elevated cybersecurity to the top growth threat for Canadian businesses, according to KPMG’s latest survey. Despite the risk, 70% of small and medium-sized businesses lack skilled cybersecurity staff, up from last year. High-profile breaches at the Canada Revenue Agency, Indigo, and London Drugs underscore the risks.

    Canada faces 25,000 unfilled cybersecurity positions, though initiatives like BC’s partnership with NPower Canada, Check Point’s SecureAcademy, and Toronto Metropolitan University’s Catalyst Cyber Accelerator are striving to close the talent gap and enhance defenses nationwide.

      Want to know more? Check out the source code on Techtalent.ca.

      MedEssist Partners with Uber Direct to Streamline Medication Deliveries

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      Calgary-based MedEssist has partnered with Uber Direct to enhance medication delivery options for pharmacies across North America. This integration within MedEssist’s platform allows pharmacies to leverage Uber’s network for fast, reliable deliveries, including evenings and weekends, with no added fees.

      Debuting at the NCPA Conference, this partnership aims to expand healthcare access for urban and rural patients alike. MedEssist CEO Joella Almeida noted the partnership’s potential to improve medication accessibility, while Uber Direct’s Bernie Huddlestun emphasized the ease this offers to pharmacies. The service, free for participating pharmacies, promises timely, convenient healthcare delivery.

      Want to know more? Check out the source code on Calgary.tech.

      Fintechs Urged to Strengthen Cyber Defenses as Threats Grow, Mastercard Exec Advises

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      Amisha Parikh, Mastercard’s VP of Security Solutions, shares insights on the cybersecurity challenges facing fintechs and small businesses in today’s digital economy. Parikh stresses cyber hygiene basics like software updates and strong passwords, while recommending multi-factor authentication (MFA) to safeguard financial data.

      AI is also a focus; cybercriminals leverage AI for phishing, but Mastercard combats threats with AI-powered fraud detection. Mastercard’s Trust Centre provides fintechs with tools, including a Cybersecurity Assessment, to assess risks and enhance defenses. Parikh underscores emerging trends like biometric authentication, advising fintechs to remain vigilant as cyber threats become more sophisticated.

      Want to know more? Check out the source code on Fintech.ca.

      Canadian Banks Back Deep Sky’s Ambitious Carbon Removal Initiative

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      Deep Sky, a Montreal-based carbon removal developer, secured $2.5 million from National Bank of Canada and BMO to advance its carbon removal infrastructure. The funding will support planning and geological surveys in Québec, with target areas in Bécancour and Thetford Mines, chosen for their renewable resources and skilled workforce.

      Deep Sky CEO Damien Steel hailed this as a significant step toward curbing climate change, noting the potential for increased financial backing. National Bank’s Debby Cordeiro emphasized the bank’s commitment to low-carbon solutions. Deep Sky’s future projects aim to establish CO2 removal sites in Alberta and Québec.

      Want to know more? Check out the source code on CleanEnergy.ca.

      Canadian VC Hits $6.41 Billion in 2024, Reliance on U.S. Investment Grows

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      Canadian venture capital reached $6.41 billion by Q3 2024, with U.S. investors contributing $3.74 billion. British Columbia reclaimed second in VC funding behind Ontario, and biotech surpassed cleantech in sector investment. Financial services struggled, securing just 4.2% of VC disbursements, down from 8.3% in 2023.

      Richard Rémillard, President of Rémillard Consulting, emphasized Canada’s need to diversify from U.S. capital due to protectionist trends and limited domestic funding. The report also noted that Canadian government funding ($628 million) exceeded private VC disbursements ($613 million), spotlighting the ongoing challenges facing private Canadian VC fundraising.

      Want to know more? Check out the source code on Newswire.ca.

      Vancouver’s New V2 Initiative Aims to Foster Creativity Across Fields

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      A new initiative, V2, has launched in Vancouver to inspire cross-disciplinary creativity and innovation in British Columbia. Spearheaded by Scott Langille, V2 is an open collective designed to unite creators from technology, art, and science. With a vision to harness Vancouver’s “latent potential,” V2 aims to amplify local talent through co-working spaces, residency programs, and demo events set for next summer.

      By creating spaces for knowledge exchange and experimentation, V2 hopes to foster projects with lasting societal impact. Langille shared the initiative’s goals at BetaKit’s Town Hall in Vancouver, inviting all creatives to join.

      Want to know more? Check out the source code on Techcouver.