Weekly FinTech & Financial News
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Top Financial Institutions Updates this Week
💼 Vancity, Vancouver-based credit union and First Credit Union, Powell River-based credit union received regulatory consent from the BC Financial Services Authority (BCFSA) and clearance from the Canadian Competition Bureau
🌟 TD Bank Group is adopting new artificial intelligence and other strategy to accelerate its growth and enhance its performance
🚀 Hub International Limited (HUB), an US-based insurance firm introduced a new livestock insurance program in Canada, expanding its agribusiness portfolio with tailored coverage for farm animal risks
Top FinTech Updates this Week
🤝 Venn, Toronto-based SME Challenger Bank, partners with Trampoline AI, Montreal-based AI workspace for complex proposal management, to streamline expense management processes
💼 TMX Group acquired Verity, an US-based buy-side investment research management system, data, and analytics provider
🌟 Canadian Payments Act changes allow Payments Canada to expand its membership to a wider range of participants with access to Payments Canada’s systems
🚀 Nuvei, a Montreal-based payment provider launches its AI-powered Integration Agent, a new solution that enables merchants and partners to connect to its global payments infrastructure in hours instead of weeks
🚀 OpenText, Waterloo-based a Cloud and AI company and Fiserv, a global payments and financial technology firm launched Content Next, a specialized, AI-powered content management and workflow solution for financial institutions
💼 Accenture acquires IAMConcepts, Toronto-based identity and access management firm to expand cybersecurity footprint in Canada
🤝 Stripe is helping OpenAI to launch a new commerce experience called Instant Checkout in ChatGPT where users in the US can buy goods from US-based Etsy businesses
🤝 Shopify, Ottawa-based global commerce firm to partner with OpenAI to integrate its merchants’ products into ChatGPT, marking the chatbot’s first rollout of in-app shopping
🚀 Visa to launch a stablecoin prefunding pilot through Visa Direct, giving businesses a new way to move money globally – unlocking liquidity and modernizing treasury operations for the digital-first economy
🌟 Payments Canada released its annual Canadian Payment Methods and Trends Report, stating Canada reached $12.2 trillion in payment transactions in 2024, with credit cards accounting for 1 in 3 transactions
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Fiserv signs definitive agreement to acquire US-based StoneCastle Cash Management. Fiserv plans to leverage StoneCastle’s platform to help financial institutions retain funds associated with FIUSD stablecoin issuance. The transaction is expected to close by Q1 2026 subject to regulatory approvals and other customary closing conditions. Financial terms of the transaction have not been disclosed. | Business Wire
Mastercard extends its collaboration with US-based business payments and expense management provider Corpay to enable corporates, small businesses and financial institutions to make near real-time payments to 22 new markets. It includes markets across Asia, Europe, the Middle East, Africa and Latin America. This collaborations builds on the strategic partnership established in April 2025, which made Corpay the exclusive provider of large-ticket cross-border payment solutions and currency risk management services for Mastercard’s financial institution clients. That agreement also expanded access to Mastercard Move’s disbursement and remittance services for Corpay’s small and mid-sized business clients. | Fintech Finance News
Canadian Payments Act changes allow Payments Canada to expand its membership to a wider range of participants with access to Payments Canada’s systems. These systems include the ACSS (retail batch payment system), Lynx (Canada’s high-value payment system) and the forthcoming Real-Time Rail. The expansion of membership will promote competition and innovation in the payment ecosystem, ultimately providing Canadian businesses and consumers with more choice in payment methods so that they can choose the method that best fits their needs. Other benefits include greater trust in emerging payment options, stronger financial inclusion and enablement of economic benefits intended to support national prosperity and productivity. | Payments.ca
Nuvei, a Montreal-based payment provider launches its AI-powered Integration Agent, a new solution that enables merchants and partners to connect to its global payments infrastructure in hours instead of weeks. Built on the Model Context Protocol (MCP), the agent cuts onboarding from weeks to hours, enabling faster revenue optimization for businesses and advancing Nuvei's vision to embed agentic commerce across enterprise payment workflows. The Integration Agent is available in early access for select merchant partners, with broader rollout planned later this year. Additional agents are expected to launch in 2026. | PR Newswire
OpenText, Waterloo-based a Cloud and AI company and Fiserv, a global payments and financial technology firm launched Content Next, a specialized, AI-powered content management and workflow solution for financial institutions. Content Next redefines how financial institutions can manage information by moving beyond traditional document repositories to intelligent, automated content workflows. Built on OpenText's multi-tenant SaaS platform, Core Content Management, this solution enables banks and credit unions to streamline operations, reduce manual effort, and deliver modern employee experiences. | PR Newswire
Lightspeed Commerce, a Montreal-based payments processor is adding the president of Google’s Android ecosystem, Sameer Samat, and seasoned FinTech CEO Odilon Almeida to its board of directors. As president of the Android ecosystem at Google, Samat leads global teams responsible for Android across all form factors, as well as the Google Play Store and developer tools. Samat was also a founding member of Google’s commerce team, where he started Google Shopping. Additionally, Almeida was the CEO of global payments software ACI Worldwide, and once served as the president of money transfer service Western Union. He is currently in leadership positions at private equity firms AJ Holdings and Advent International. The appointments will become official on Oct. 1 as longtime board members Patrick Pichette and Rob Williams step down. | BetaKit
Stripe is helping OpenAI to launch a new commerce experience called Instant Checkout in ChatGPT where users in the US can buy goods from US-based Etsy businesses. This milestone in the evolution of AI-enabled commerce is powered by the Agentic Commerce Protocol (ACP), a new, merchant-friendly open standard codeveloped by Stripe and OpenAI. The flow is simple: a ChatGPT user asks for product recommendations in the chat. When they are ready to buy, they are presented with a Stripe-powered checkout inline in the chat. After the buyer uses their preferred payment method (including Link, Stripe’s consumer payments product), Stripe issues a Shared Payment Token (SPT), a new payment primitive that lets applications like ChatGPT initiate a payment without exposing the buyer’s payment credentials. SPTs are scoped to a specific merchant and cart total. Once issued, ChatGPT passes the token to the merchant via API. The merchant can then process the transaction through Stripe. ChatGPT acts like the buyer’s AI agent, helping them buy from businesses just like a personal shopper would. | Fintech FInance News
Shopify, Ottawa-based global commerce firm to partner with OpenAI to integrate its merchants’ products into ChatGPT, marking the chatbot’s first rollout of in-app shopping. OpenAI introduced a new “Instant Checkout” feature to its consumer chatbot that lets users buy products from Etsy sellers without leaving the app. Shopify merchants will reach ChatGPT soon, alongside multiple-item purchases. A a select group of Shopify merchants, including Glossier, Spanx, and Steve Madden, will be allowed to sell on ChatGPT as part of an early-access program, which will then be broadened to include more merchants. Shopify merchants can sign up to receive updates about the program’s rollout. ChatGPT will display store names, and merchants will control whether shoppers use the Instant Checkout feature or their online store. OpenAI plans to expand Instant Checkout to more regions next year. | BetaKit
Visa to launch a stablecoin prefunding pilot through Visa Direct, giving businesses a new way to move money globally – unlocking liquidity and modernizing treasury operations for the digital-first economy. With this pilot, Visa Direct is testing stablecoins as a new funding source. The goal: reduce friction, unlock faster access to liquidity and give financial institutions more flexibility in how they manage global payouts. Visa Direct’s new stablecoins integration lays the groundwork for money to move instantly across the world, giving businesses more choice in how they pay. | Fintech Finance News
Payments Canada released its annual Canadian Payment Methods and Trends Report, stating Canada reached $12.2 trillion in payment transactions in 2024, with credit cards accounting for 1 in 3 transactions. The report analyzes the 22.5 billion retail payment transactions made in 2024, totaling $12.2 trillion and also reveals that the Canadian payment market grew by 3% in both volume and value from 2023 to 2024, and explores payment behaviours and innovations that are evolving how Canadians make transactions. | Payments.ca
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TD Bank Group is adopting new artificial intelligence and other strategy to accelerate its growth and enhance its performance. During TD Investor Day, TD Bank stated that they’re investing in talent, harnessing AI and deploying new digital capabilities to help clients achieve their financial goals. TD Bank will also reduce its costs by between CAD $2B and CAD $2.5B (about $1.4 billion to $1.8 billion). TD Bank aims to boost its revenue by growing its fee-generating businesses, including wealth management. To help with this mission, the bank plans to hire more front-line employees in this part of the business. TD Bank plans to add 1,200 wealth management advisers in Canada, 500 retail financial advisers in the United States, and 900 employees in small business and commercial banking. | PYMNTS
Vancity, Vancouver-based credit union and First Credit Union, Powell River-based credit union received regulatory consent from the BC Financial Services Authority (BCFSA) and clearance from the Canadian Competition Bureau. This decision allows First Credit Union to proceed with the member vote later this fall, a vital step towards building a stronger, more resilient community banking model for its members. The proposed merger will serve as a blueprint for like-minded institutions to effectively combine resources while safeguarding local identity and the personal service standards members have come to expect. | Vancity
The Business Development Bank of Canada (BDC) promoted Mona Minhas to managing partner of its Thrive Venture Fund for women-led Canadian technology startups. Before she joined BDC Capital in 2021, Minhas served as CFO and COO at Toronto-based e-commerce startup Knix, in addition to holding leadership roles at Rogers Communications and the Canadian Broadcast Corporation. BDC Capital’s $300M Thrive Venture Fund succeeded its $200M Women in Technology Venture Fund and is part of the $500M CAD Thrive platform that BDC launched in 2022 to bolster its support for women-led Canadian startups and funds. | BetaKit
Canada Life invests $100,000 to advance Indigenous learning at Lakehead University. It is supporting Lakehead University’s Gichi Kendaasiwin initiative helping to create Indigenous-led spaces and programs that support student success, preserve cultural traditions, and share Indigenous perspectives across Lakehead’s campuses. Designed in collaboration with Elders, Councils, and community members, Gichi Kendaasiwin embodies Indigenous traditions, priorities, and ways of knowing. It provides opportunities for mentorship, healing, and growth, while also fostering cultural competencies across education, health care, and public service. | Canada Life
A new TD Survey reveals 3 in 4 Gen Zs want to run their own business. Gen Z and Millennials say financial independence (Gen Z: 30%, Millennials: 32%), freedom to work on their terms (Gen Z: 29%, Millennials: 32%) and frustration with traditional employment (Gen Z: 20%, Millennials 21%) are top reasons for wanting to start a business. 1 in 4 Gen Z and Millennials (Gen Z: 25%, Millennials: 26%) cite turning a passion into income as their main motivation for entrepreneurship. When it comes to starting a business, younger Canadians are going digital, with 1 in 4 Gen Z (25%) and Millennials (22%) saying they would launch an e-commerce venture. Another 22% of Gen Z see themselves as influencers or content creators, building businesses through social media platforms. | TD
RBC Foundation reveals 2025 recipients of the Community Infrastructure Fund to advance environmental sustainability and accessibility in buildings. RBC Foundation reveals 44 recipients of the RBC Foundation Community Infrastructure Fund for 2025, totalling $15.62 million in multi and single year grants. The Community Infrastructure Fund supports capital projects aimed at reducing environmental impact and improving accessibility in public spaces across Canada. To date, the RBC Foundation Community Infrastructure Fund has committed a total of $24.9 million in single and multi-year pledges for 79 projects across Canada. The fund has provided support for retrofits, repairs or upgrades to existing public community buildings, as well as construction of new public spaces. | RBC
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DeFi Technologies, a Toronto-based decentralised finance company made strategic investment in Toronto-based digital money infrastructure Stablecorp and a commercial collaboration centered on QCAD, Stablecorp's Canadian-dollar stablecoin product
DeFi Technologies joins Coinbase Ventures, Circle Ventures, Side Door Ventures and other digital finance industry leaders as investors in Stablecorp. DeFi Technologies and Stablecorp intend to focus on three strategic areas tied to QCAD:Product development; Liquidity and collaborate with BTQ Technologies in development of post-quantum security standards for QCAD as adoption scales. | PR NewswireStablecorp, Toronto-based digital money infrastructure closes ~$5M CAD strategic round to accelerate scaling of Canada's premier stablecoin infrastructure
New capital will accelerate the rollout of QCAD, Canada's fully-reserved, audit-ready stablecoin, to meet growing demand for compliant, 24/7 cross-border payments and digital capital markets. The round, led by FTP Ventures, was comprised of both existing shareholders as well as new investors. | Newswire -
Hub International Limited (HUB), an US-based insurance firm introduced a new livestock insurance program in Canada, expanding its agribusiness portfolio with tailored coverage for farm animal risks. The new product, HUB Livestock Insurance, is structured as a scalable program with sub-segments for equine, poultry and egg, dairy, and cattle, with more in development. Coverage spans mortality, disease, theft, property and casualty, and transit-related losses. | Insurance Business Mag.
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Venn, Toronto-based SME Challenger Bank, partners with Trampoline AI, Montreal-based AI workspace for complex proposal management, to streamline expense management processes. All transactions, receipts, and reimbursements are now managed within a single system, eliminating the need for third-party expense apps and reducing the risk of lost records. The partnership provides instant corporate cards, real-time expense tracking, and intuitive approval workflows, enhancing efficiency and simplifying financial operations for teams. | Venn
Venn, Toronto-based SME Challenger Bank rolled out a new offering designed to help Ontario entrepreneurs incorporate their businesses more easily and affordably
With its incorporation product, the Canadian business banking platform hopes to make formally establishing a company in Canada cheaper, faster, and simpler. Venn claims entrepreneurs using the company’s offering can file to incorporate their business federally or provincially in as little as five minutes through a single, online application, while simultaneously applying for a Venn business account. | BetaKitBrex, US-based corporate card and spend management platform launches stablecoin payments. This will make Brex the first global corporate card to enable instant balance payments with stablecoins. With this launch, customers with a Brex business account will be able to accept stablecoins with automatic conversion into USD in their Brex business accounts and send stablecoins directly from their USD balances. In addition, Brex customers will be able to pay their card balances with stablecoins. Stablecoin payments will be generally available in the coming months, starting with USDC, with a waitlist open for customers seeking early access when available. | Fintech Finance News
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TMX Group acquired Verity, an US-based buy-side investment research management system, data, and analytics provider. The acquisition enhances TMX Datalinx's client offering, strengthening its position in delivering global investment-grade data, insights, and investment workflow tools across equities, fixed income, and private assets. Verity's two core product offerings are VerityRMS, a market-leading research management system, and VerityData, featuring enhanced datasets and insights primarily focused on public equity filings. TMX Datalinx plans to continue advancing VerityData and VerityRMS, including their artificial intelligence capabilities, to enhance client investment outcomes and realize operational efficiencies. | TMX
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Accenture acquires IAMConcepts, Toronto-based identity and access management firm to expand cybersecurity footprint in Canada. The acquisition will bolster Accenture’s ability to deliver advanced IAM solutions in Canada across key critical infrastructure industries such as financial services, power utilities, mining and transportation. IAMConcepts provides end-to-end IAM services, including Identity Governance and Administration, Privileged Access Management and Customer Identity and Access Management. | Insurance-Canada.ca
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