Questrade secures approval to launch Canada’s newest bank Nov 4th

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Canadians should soon have a new banking option as Questrade Financial Group says it has secured regulatory approval to launch Questbank. The company, known for its online trading platform, said Monday it received the final go-ahead from the Office of the Superintendent of Financial Institutions. “We’re Canada’s newest bank today,” Questrade chief executive Edward Kholodenko said. “So Happy Birthday to Questbank.” 

The company, however, won’t be rolling out new offerings immediately. Kholodenko said more details will be coming in the first half of next year on what’s in store, but that they haven’t ruled any categories out yet. “We’re working toward a full suite of services for Canadians.”

Fintechs eye credibility through regulation

The move comes as other fintech companies also push more into the banking space, including Wealthsimple Inc. which has been expanding its offerings into chequing accounts, credit cards, and mortgages as its assets under administration have grown to more than $100 billion…

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