US EditionQuestrade Secures Approval to Launch Canada’s Newest Bank
Questrade plans a full suite of banking services to increase competition against Canada's Big Six banks, serving millions with $85 billion in assets under administration.
- On Nov. 3, 2025, Questrade Financial Group said it secured final approval from the Office of the Superintendent of Financial Institutions to launch Questbank.
- As a strategic move to diversify, Questrade sought a banking licence to expand beyond low-cost trading, growing from $9-billion in assets in 2019 to $85-billion today after 26 years.
- The licence makes Questbank a Schedule 1 lender able to accept deposits, following a rigorous process requiring approvals from the Office of the Superintendent of Financial Institutions and the Minister of Finance, with product plans expected in the first half of next year.
- Questrade says the licence will help overcome Canadians' reluctance to leave the Big Six banks, while proponents argue Real-Time Rail and open banking could boost competition and ease switching.
- Other fintechs are responding differently, with some choosing partnerships; Wealthsimple Inc. expands via partnerships, Koho Financial Inc. seeks a licence, and Banco Santander SA already holds one in Canada.
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16 Articles
Questrade Secures Approval to Launch Canada’s Newest Bank
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 …
Questrade secures approval to launch Canada's newest bank (Business)
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. &q...
The Quetrade Financial Group announces that it has obtained regulatory approval for the launch of a new bank in Canada.
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