Weekly FinTech & Financial News
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Top Financial Institutions Updates this Week
🌟 CIBC reports $2,096M Q3 2025 net income results, up 17% from Q3 2024
🌟 BMO Financial Group reports $2,330M Q3 2025 net income results, an increase of 25% from $1,865M from Q3 2024
🌟 TD Bank Group reports net income of $3,336M for the third quarter of 2025, compared with $181M loss in Q3 2024
🌟 RBC reports net income of $5.4B for the third quarter 2025, up $928M or 21% from Q3 2024
🌟 Scotiabank reports net income of $2,527M for the third quarter of 2025, compared to $1,912M at Q3 2024
🌟 National Bank reports net income of $1,065M for the third quarter of 2025, up 3% from $1,033M at Q3 2024
🚀 CIBC is launching innovative Chequing Account to further recognize client relationships
💰 CIBC Innovation Banking provides growth capital financing to Bench IQ, Toronto-based AI-powered judicial intelligence platform used by some of the world’s top law firms
💰 CIBC Innovation Banking provided a growth capital financing to MedMe Health, a Toronto-based healthtech company
💼 Desjardins Group signed an agreement for a take-private acquisition of Toronto-based Guardian Capital Group, a publicly traded global investment management company that serves institutional, retail and private clients through its subsidiaries
💼 ATB Financial to acquire Cormark Securities Inc., Toronto-based independent investment bank
Top FinTech Updates this Week
🚀 Payments Canada prepares payment service providers (PSPs) for Real-Time Rail participation with new guide
🤝 Zum Rails, a Montreal an all-in-one instant payments ecosystem and embedded finance provider launches suite of Mastercard powered card programs in Canada to streamline business payments across industries
🚀 Beacon, Toronto and Montreal-based FinTech launched Philippines Bill Payments from Canada
💼 Wealthsimple, a Toronto-based wealthtech platform acquires Fey, Montreal-based investment research platform to bolster its investment research capabilities
🚀 Markel Insurance Canada launches Cyber 360 Canada, Tech 360 Canada, and Fintech 360 Canada policies, a comprehensive insurance solutions for cyber, tech and FinTech
🤝 Walmart Canada becomes BNPL provider Klarna’s largest omni retailer in Canada with rollout of its in-store payment solutions across Walmart Canada’s network of 400+ stores
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Payments Canada prepares payment service providers (PSPs) for Real-Time Rail participation with new guide. The guide outlines the process for becoming a Payments Canada member and RTR participant, along with the technical, operational and business requirements to participate. The RTR is an always-on, real-time clearing and settlement system that enables PSPs to provide their clients with immediate funds delivery and 24/7/365 payment processing. With real-time settlement, PSPs can eliminate credit risk between participants, freeing liquidity and strengthening financial stability. | Payments.ca
Zum Rails, a Montreal an all-in-one instant payments ecosystem and embedded finance provider launches suite of Mastercard powered card programs in Canada to streamline business payments across industries. These reloadable cards will enable businesses to offer seamless expense management, faster wage access, consumer rewards, and real-time disbursements and spending flexibility, empowering the business and their customers to control funds with speed, security, and precision. This collaboration will help enable businesses to unlock a new product vertical, increase customer loyalty, and extend brand reach, supported by Mastercard’s global network, which connects consumers, businesses, and banks through fast, secure, and seamless payments in over 200 countries. | Zum Rails
Beacon, Toronto and Montreal-based FinTech launched Philippines Bill Payments from Canada. It marks the Philippines as the second country after India to access this feature. Through this service, users can pay a wide range of bills directly in Canadian dollars—covering government contributions like SSS and Pag-IBIG, utilities such as Meralco, Maynilad, and Manila Water, telecom providers including Globe, Smart, and PLDT, as well as loans and credit cards from major financial institutions. The service comes with zero transaction fees, highly competitive FX rates, and the convenience of viewing bills in both CAD and PHP. | MyBeacon
Mastercard expands partnership with Circle to transform digital settlement for merchants and acquirers in region. This expanded effort marks the first time that the acquiring ecosystem in EEMEA will be able to settle transactions in stablecoins, further cementing Mastercard’s role in connecting blockchain-native crypto assets with traditional fiat commerce infrastructure. Arab Financial Services and Eazy Financial Services will be the first to benefit from this expanded effort. This move will empower acquiring institutions to get their settlement in USDC or EURC – fully-reserved stablecoins issued by regulated affiliates of Circle – which they can then use to settle with merchants and help pave the way for a new era of efficient and trusted digital trade across emerging markets. | Mastercard
Visa shut its open banking business in the U.S. The closure of the business came at a time when there is regulatory uncertainty around access to consumers’ banking data. Visa is focusing their open banking strategy in high-potential markets like Europe and Latin America. | PYMNTS
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CIBC reports $2,096M Q3 2025 net income results, up 17% from Q3 2024. For the first quarter of 2025, National Bank is reporting net income of $997 million, up 8% from $922 million in the first quarter of 2024. First-quarter diluted earnings per share stood at $2.78 compared to $2.59 in the first quarter of 2024. | CIBC
BMO Financial Group reports $2,330M Q3 2025 net income results, an increase of 25% from $1,865M from Q3 2024. Adjusted net income was $2,399 million and adjusted EPS was $3.23, an increase from $1,981 million and $2.64 in the prior year. Canadian P&C reported net income was $867 million, a decrease of $47 million or 5% from the prior year. U.S. P&C reported net income was $709 million, an increase of $239 million or 51% from the prior year. BMO Wealth Management reported net income was $436 million, an increase of $74 million or 20% from the prior year. BMO Capital Markets reported net income was $438 million, an increase of $49 million or 13% from the prior year. | BMO
TD Bank Group reports net income of $3,336M for the third quarter of 2025, compared with $181M loss in Q3 2024. Adjusted earnings were $3.9 billion, up 6%. Canadian Personal and Commercial Banking net income was a record $1,953 million, an increase of 4% year-over-year. Canadian Personal Banking achieved record year-to-date digital sales in personal chequing, savings and cards combined. U.S. Retail sustained business momentum and made significant progress on balance sheet restructuring. Wealth Management and Insurance net income was $703 million, an increase of 63% year-over-year. | TD
RBC reports net income of $5.4B for the third quarter 2025, up $928M or 21% from Q3 2024. Adjusted net income and adjusted diluted EPS of $5.5 billion and $3.84 were up 17% and 18%, respectively, from the prior year. Personal Banking net income of $1,938 million increased $352 million or 22% from a year ago. Commercial banking net income of $836 million increased $19 million or 2% from a year ago. Wealth Management net income of $1,096 million increased $147 million or 15% from a year ago. Insurance net income of $247 million increased $77 million or 45% from a year ago. Capital markets net income of $1,328 million increased $156 million or 13% from a year ago. | RBC
Scotiabank reports net income of $2,527M for the third quarter of 2025, compared to $1,912M at Q3 2024. Adjusted net income(1) for the third quarter was $2,518 million and adjusted diluted EPS(1) was $1.88, up from $1.63 last year. Adjusted return on equity(1) was 12.4% compared to 11.3% a year ago. Canadian Banking net income attributable to equity holders was $958 million compared to $977 million. International Banking net income attributable to equity holders was $670 million compared to $629 million, an increase of $41 million or 6%. Global Wealth Management net income attributable to equity holders was $417 million, an increase of $50 million or 14%. Global Banking and markets net income attributable to equity holders was $473 million compared to $368 million, an increase of $105 million or 29%. | Scotiabank
National Bank reports net income of $1,065M for the third quarter of 2025, up 3% from $1,033M at Q3 2024. Diluted earnings per share stood at $2.58 compared to $2.89 in the third quarter of 2024. Excluding specified items recorded in the third quarters of 2025 and 2024 related to the acquisition of Canadian Western Bank (CWB), adjusted net income stood at $1,104 million, up 15% from $960 million in the corresponding quarter of 2024. Adjusted diluted earnings per share stood at $2.68, stable compared to the corresponding quarter of 2024. | NBC
CIBC is launching innovative Chequing Account to further recognize client relationships. Under the changes effective November 1, 2025, the CIBC Smart™ Account will deliver rewards automatically to clients including fee rebates, unlimited everyday banking transactions and additional features. The new tiered chequing account represents the latest step in the bank's relationship-focused approach that recognizes loyalty and grows with clients. | CIBC
Desjardins Group signed an agreement for a take-private acquisition of Toronto-based Guardian Capital Group, a publicly traded global investment management company that serves institutional, retail and private clients through its subsidiaries. This strategic acquisition will mark a significant milestone for Desjardins in strengthening its position in asset management across Canada and internationally. The transaction will bring together the strengths of Desjardins Global Asset Management and Guardian to form a leading organization with approximately C$280 billion in assets under management and advisement, positioning it as a key player in the Canadian market and supports its expanding presence globally. | Desjardins
ATB Financial to acquire Cormark Securities Inc., Toronto-based independent investment bank. The acquisition is expected to close in the fall pending customary closing conditions, including required regulatory approvals. The ATB Capital Markets and Cormark firms will integrate their operations under ATB Capital Markets’ CEO, Darren Eurich. Cormark’s Scott Lamacraft and Susan Streeter will join as Executive Chair and Head of Strategy and Growth respectively. | BOE Report
RBC celebrates 50 years of the Toronto International Film Festival. As the Toronto International Film Festival (TIFF) marks its 50th edition, RBC is celebrating its long-tenured partnership with the Festival with a lineup of fan-favourite activations and events designed to inspire and connect filmmakers, creatives, film-lovers and RBC clients. A hallmark venue for TIFF’s star-studded parties, RBC House remains the ultimate destination for film and industry celebrations to spotlight both emerging and established talent. | RBC
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CIBC Innovation Banking provides growth capital financing to Bench IQ, Toronto-based AI-powered judicial intelligence platform used by some of the world’s top law firms. The funding will enable Bench IQ to accelerate its growth by expanding its proprietary judicial dataset, advancing its AI agents, and growing its team across the U.S. and Canada. Bench IQ provides litigators with judicial intelligence — insights into how presiding judges think and rule — to help lawyers craft more effective strategies and improve client outcomes. | CIBC Innovation Banking
CIBC Innovation Banking provided a growth capital financing to MedMe Health, a Toronto-based healthtech company. The company will use the financing to expand its product suite and scale its operations in North America. MedMe rapidly established itself as a leading platform for pharmacy care delivery in Canada, supporting over 4,500 pharmacies across North America. MedMe enables pharmacies to operate as true clinical hubs, delivering vaccinations, chronic disease management, and preventative care at scale. | CIBC Innovation Banking
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Markel Insurance Canada launches Cyber 360 Canada, Tech 360 Canada, and Fintech 360 Canada policies, a comprehensive insurance solutions for cyber, tech and FinTech. Cyber 360 Canada is tailored to meet the needs of Canadian clients seeking standalone cyber coverage. Tech 360 Canada is a modular primary insurance solution specifically designed for the technology sector. Specifically designed for fintech organizations, Fintech 360 Canada offers customizable coverage that can include Cyber Liability, Management Liability (Directors and Officers, Employment Practices Liability, and Fiduciary), Theft and Crime coverage, as well as tailored FinTech Errors and Omissions protection. | Fintech Finance News
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Wealthsimple, a Toronto-based wealthtech platform acquires Fey, Montreal-based investment research platform to bolster its investment research capabilities. The financial terms of the transaction were not disclosed. The acquisition of Fey’s three-person team and technology positions the financial services provider to bridge the gap between basic trading apps and complex brokerage platforms. Wealthsimple plans to integrate Fey’s design, earnings analysis, natural language stock screening capabilities, and personalized news feed into its investment platform. | BetaKit
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Walmart Canada becomes BNPL provider Klarna’s largest omni retailer in Canada with rollout of its in-store payment solutions across Walmart Canada’s network of 400+ stores. In addition to using the Klarna Buy Now, Pay Later solution on walmart.ca and the mobile app, Walmart Canada customers can now use Klarna to pay in-store via QR code at assisted checkout lanes, choosing between Pay in Full for a seamless one-time payment, or Pay in 4 to split purchases into four interest-free installments for purchases over $50 CAD. | Fintech Finance News
