Questrade secures approval to launch a bank in Canada

Core Insights - Questrade Financial Group has received approval to launch Questbank, a new bank in Canada, from the Office of the Superintendent of Financial Institutions (OSFI) after applying for the bank license in 2019 [1][2] Company Developments - The CEO of Questrade, Edward Kholodenko, emphasized that this move is a significant step towards helping Canadians achieve greater financial success and security, aiming to introduce competition in the Canadian banking sector [2] - Questrade plans to offer a full suite of banking services, with more details expected to be shared in early 2026 [3] Industry Context - Questbank will operate as a Schedule I bank, placing it in the same category as Canada's major banks, which include Bank of Montreal, Scotiabank, CIBC, National Bank of Canada, Royal Bank of Canada, and TD Bank [5] - The move comes as other fintech companies, such as Wealthsimple, are also expanding into the banking space, although Wealthsimple operates differently by partnering with Schedule I banks [5][6] - By obtaining bank status, Questrade will have more flexibility in offering services and potentially better rates compared to fintechs reliant on bank partnerships [7] - Increased competition in the banking sector is viewed positively, as it allows Canadians to streamline their finances and access integrated services from a single institution [9][10]