"Questrade Financial Group, known to Canadians as an online trading platform, says it has been approved to launch a new bank in Canada. The company said it's received approval to open Questbank by the Office of the Superintendent of Financial Institutions (OSFI), the federal regulator for financial institutions. The approval was years in the making, according to Questrade CEO and president Edward Kholodenko. The company first applied for the bank licence in 2019."
""This is a monumental step in furthering our mission to help Canadians become much more financially successful and secure. Following the successful path forged over Questrade's 26-year history, we are thrilled to expand our offering to introduce much needed competition to the Canadian banking landscape," Kholodenko said in a statement. Kholodenko says that while he's not ready to share details yet, Questrade will be working toward a full suite of services for its bank."
Questrade received approval from the Office of the Superintendent of Financial Institutions to open Questbank after first applying for a bank licence in 2019. Edward Kholodenko called the approval a monumental step toward helping Canadians become more financially successful and secure. Questrade intends to develop a full suite of banking services and expects to provide more details in early 2026. Questbank will operate as a Schedule I domestic bank alongside Canada's major banks. The move increases competition in the banking sector as fintech firms like Wealthsimple expand into chequing accounts, credit cards and mortgages.
Read at www.cbc.ca
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