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May 4-8, 2026
Top FinTech Updates this Week
🚀 MoonPay, a global crypto payments network to launch MoonAgents Card, a virtual Mastercard debit card that lets users and AI agents spend stablecoins directly from their onchain balances
🚀 Tetra Trust Company, via its agent CAD Digital Inc., launched CADD, a payment stablecoin backed 1:1 by Canadian dollars, which received regulatory approval from Alberta Treasury Board and Finance
🚀 Huumans, Calgary-based is officially launched as a free platform designed to simplify financial decision-making for small businesses
🤝 Visa Canada and Wealthsimple, a Toronto-based wealthtech platform collaborated to bring stablecoin settlement to the Canadian market for the first time through Visa’s pilot program
🤝 MyChoice, Toronto-based insurtech launches its insurance shopping application within ChatGPT, enabling users to explore auto and life insurance through a conversational interface
🤝 FIS is working with Anthropic to bring agentic AI to banking, beginning with the Financial Crimes AI Agent and BMO will be among the first institutions to deploy the agent
💼 Prospera, Coast Capital and Sunshine Coast Financial have officially merged to form Canada’s largest national purpose-driven credit union
💼 Plum, Kitchener-based workforce solutions provider is acquired by Phenom, an US-based human resources (HR) technology company focused on talent assessment
🌟 Neo Financial, Calgary-based Challenger Bank receives the membership approval from Payments Canada as a new payment service provider member
Top Financial Institutions Updates this Week
🚀 RBC launches its Indigenous Advisory & Finance practice within RBC Capital Markets that will bring specialized expertise and capabilities to Indigenous nations in Canada as they work towards building lasting economic prosperity
🚀 Scotiabank launched the Scotia High Interest Savings Account (HISA), one of Canada's first relationship-based high interest savings account
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Through seamless crypto to fiat conversion at the point of purchase, the card can be used at any online merchant globally that accepts Mastercard. This initiative combines MoonPay's AI agent infrastructure and developer network with Monavate's regulated card issuing and Mastercard's global payments network. | PR Newswire
The blockchains are: Arc: An open Layer-1 blockchain created by Circle, purpose-built to unite programmable money and onchain innovation with real-world economic activity | Base: A high-performance blockchain enabling fast, low-cost settlement for stablecoins, onchain assets and agentic commerce. Powered by Coinbase | Canton: Built with configurable privacy for regulated capital markets, enabling compliant settlement for institutional use cases | Polygon: A leading blockchain payments solution that enables fast, low-cost transactions, delivering seamless, high-throughput infrastructure for global payments and digital commerce | Tempo: Focused on faster, private, and more efficient movement of stablecoin liquidity and settlement flows. | Visa
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Rain, a global payment infrastructure for tokenized money becomes Mastercard principal member
This means that Rain can now offer credit and prepaid cards on the Mastercard network, giving our partners greater flexibility, control, and choice as they scale their stablecoin-powered payment programs. Partners building global card programs need infrastructure that can meet them where their users are, and where their business is going. Beyond card issuance, Rain and Mastercard will explore settling select program flows onchain using regulated stablecoins. This matters because settlement can be capital-intensive and create operational constraints. | Finextra
This marks a national first for digital asset infrastructure in Canada by enabling Canadian dollars to move on blockchain rails under a financial services regulatory framework. CADD is now live on Base, Ethereum, and Tempo, and will soon be live on Solana. CADD is issued by a regulated financial institution, with reserves held in Canada and compliance built in from day one by a firm with Canada’s longest track record of operating regulated digital asset infrastructure. It enables faster and more efficient movement of Canadian dollars on-chain within a structure institutions recognize. | Business Wire
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Going forward, all will be known as the brand name Prospera, part of the Coast Capital Savings Federal Credit Union family of brands. As part of becoming one organization, some internal processes, policies and administrative practices are being aligned effective today, but these changes do not affect how member do their banking. Member benefits are on the way: More competitive products and innovative financial solutions; a more personalized experience, with specialized expertise and financial advice; increased investment in mobile and online banking features for secure, seamless access; an expanded branch network across BC, with the ability to support members beyond provincial borders and deepened commitments to local community support and investment, creating greater positive impact. | Prospera
Global Banking & Finance Review’s awards recognize organizations that demonstrate excellence through innovative solutions, strong customer outcomes and service that helps clients meet their goals. CIBC’s 2026 Global Banking & Finance Review awards include: Best Bank for Youth & Students – Canada (second consecutive year) | Excellence in Innovation – Youth & Student (second consecutive year) | Best Retail Banking Product – Canada: CIBC Smart® Account for Newcomers (first-time win). | CIBC
The Global Banking & Finance Review Awards recognizes organizations in the global banking and finance industry for their innovation, achievement, strategy, and the progressive changes taking place within the sector. CIBC's recognition as Best Cash Management Bank Canada 2026 demonstrates the bank's differentiated approach to treasury management and dedicated focus on providing clients with comprehensive reviews of their cash flow needs, innovative technology, and best-in-class service. CIBC remains committed to supporting Canadian businesses with innovative solutions, deep expertise, and a collaborative approach that delivers value at every stage of their growth. | CIBC
It marks the first time Avion Rewards – or any Canadian loyalty program – has achieved this top global distinction. Avion Rewards received the following awards at the 2026 International Loyalty Awards: Winner of "2026 International Loyalty Program of the Year – Global" – for the first time ever – representing the pinnacle of achievement across the global loyalty landscape | Winner of "2026 International Loyalty Program of the Year – The Americas" for the fourth consecutive year – an unmatched streak that represents the highest achievement in the loyalty industry within the region | Highly Commended, Global Leader in Loyalty Industry Innovation. | RBC
The initiative will help expand access to capital for Indigenous-owned major projects and other investments through advisory services, financing and capacity-building programs.Rooted in RBC's commitment to Canada's nation-building projects, the practice will work in partnership with RBC Origins--drawing on that team's deep knowledge and experience--to connect corporate clients, capital and Indigenous communities. Starting this fall, RBC also announced that it will convene finance leadership circles to support Indigenous nations in building financial management and governance expertise, sharing best practices and unlocking new pathways to capital. | RBC
It offers tiered regular interest rates1 based on a client's Total Relationship Balance2 across eligible Scotiabank accounts. With the new Scotia HISA, clients can earn higher regular interest rates as their relationship with Scotiabank grows, starting with a minimum Total Relationship Balance of $10,000. Clients opening their first Scotia HISA may also qualify for a limited time launch offer. The Scotia HISA is designed to support saving goals and unexpected expenses, with no monthly account fees and unlimited self-service transfers between Scotiabank accounts,3 offering flexibility and easy access to funds. The Scotia HISA also delivers an intuitive and transparent digital experience. Through the Scotiabank mobile app, clients can easily view their Total Relationship Balance, track progress toward a higher rate balance tier, and monitor interest earned – all in one place. | Scotiabank
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With this launch, MyChoice becomes the first company in Canada to offer an insurance shopping application within ChatGPT, as insurers and insurtechs begin exploring how conversational AI can support customer acquisition and engagement. The application allows users to provide personal and coverage information through natural language prompts and receive tailored insurance options within minutes. Customers can then seamlessly continue the process through MyChoice’s existing digital platform to complete their purchase. | Insurance-Canada.ca
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Through this pilot, Wealthsimple can now satisfy certain settlement obligations with Visa Canada in USD Coin (USDC), bringing stablecoin settlement to the Canadian market. The announcement builds on Visa’s growing global stablecoin momentum, which recently surpassed a $7 billion annualized run rate globally in settlement volume*. What the pilot enables: Seven-day settlement, Foundation for next-generation liquidity management and Interoperability with existing payment infrastructure. | Globe Newswire
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While a telecom product is something Koho is considering, it has not yet made firm plans to launch one. Koho first revealed its plans to become a bank in 2024, later securing $190 million CAD in equity and debt to bolster its efforts to secure the necessary Schedule 1 banking licence. According to KOHO CEO, it is imminently going to get a bank license, which will give them the lowest cost of capital of any FinTech in the country. | BetaKit
The completion of the Acquisition will cement EQ Bank's position as Canada's Challenger Bank and its unique ability to strengthen competition and drive innovation, while making a meaningful difference for millions of Canadians at a time when it matters most. The Minister's approval represents the successful conclusion of a comprehensive regulatory review, following a recommendation from the Office of the Superintendent of Financial Institutions (OSFI) and clearance from the Competition Bureau in March 2026. Through the Acquisition, EQB expects to expand its total customer base to 3.3 million Canadians and add approximately $5.8 billion in assets and $800 million in direct retail deposits. | EQB
Payments Canada continues to expand its membership following federal changes to the Canadian Payments Act that expanded membership eligibility to include payment service providers (PSPs) supervised under the Retail Payment Activities Act (RPAA). Payments Canada membership marks another significant step in Neo's evolution as a key player in Canadian financial services infrastructure. Payments Canada members are able to have a direct voice in policies and rules that shape the Canadian economy. With the expanded eligibility to Payments Canada membership, new PSP members are also eligible to apply to participate in Canada's national payment infrastructure. | Payments.ca
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Fund 3 raised the $300,000 from 60 limited partners, each of which contributed $5,000 in capital. That funding will be deployed into “three-to-five early-stage, Canadian-headquartered, technology-enabled startups". WEL describes itself as a North American network of angel investment groups aimed at helping women become early-stage investors. The organization boasts chapters in nine cities and regions, including Toronto and Vancouver. It counts some 400 investors throughout its various chapters. The Manitoba chapter was founded in 2023. | BetaKit
The funding will be used to support Qover’s continued expansion and growth. Qover orchestrates embedded insurance for businesses and insurers across Europe through a flexible, API-first tech platform that gives distribution partners more control over their insurance program. CIBC Innovation Banking’s support lets Qover double down on building the platform and services that make embedded insurance actually work at scale, helping more businesses succeed across Europe. | CIBC
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The acquisition, which closed last month comes as employers confront a flood of AI-generated resumes, fabricated work histories, and deepfake interviews. All Plum employees have joined Phenom’s 1,600-person team as part of the deal. The transaction marks Phenom’s expansion into Canada, where it plans to grow its team. Phenom described Plum as “a pioneer in psychometric-based talent assessments.” | BetaKit
At its core, Huumans combines financial clarity, AI-driven insights, and community knowledge into a single experience, aiming to replace fragmented tools and confusing dashboards with something more actionable. The platform begins with what it calls a “smart budget”, a dynamic financial snapshot that shows business owners exactly where their money is going. At launch, the company is focused on onboarding Canadian small business owners into their first smart budget experience. Early users will be able to compare their financial performance against industry benchmarks and immediately identify gaps or opportunities. | The Founders Press
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The agent will compress anti-money-laundering investigations from hours to minutes, automatically assembling evidence across a bank’s core systems, evaluating activity against known typologies, and surfacing the highest-risk cases for investigator review. BMO and Amalgamated Bank will be among the first institutions to deploy the agent, with broader availability planned for H2 2026. Anthropic’s Applied AI team and forward-deployed engineers (FDEs) are embedded with FIS to co-design the Financial Crimes AI Agent and transfer knowledge so FIS can build and scale additional agents independently over time. This is a strategic initiative, informed by client need, with a clear view toward where banking is headed and a commitment to get there safely and at scale. | Fintech Finance News
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