Weekly FinTech & Financial News
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October 12-16, 2026
Top FinTech Updates this Week
💰 Canada’s Regional Artificial Intelligence Initiative (RAII) received a $500-million top-up, as the federal government delivered on a pledge it made as part of the National AI Strategy to fund the program
🚀 Manulife launched the Advisor AI Assistant, an AI-powered tool providing advisors with 24/7 plain-language underwriting guidance to streamline the life insurance application process
🚀 Ndax, a regulated crypto exchange launched Auto Earn, a feature that automatically enrolls supported cryptocurrency holdings in staking and distributes rewards weekly
🚀 Wise launched Wise eSIM, adding a highly flexible eSIM data plans and cross-border QR payments in more than 150 destinations including Canada
🚀 Mastercard and BVNK launched Mastercard Global Money Platform, bringing together Mastercard’s global payments capabilities with BVNK’s stablecoin infrastructure through a single API and Nuvei will be among the first to integrate Global Money Platform, alongside others
🚀 Dext, UK-based provider of AI-powered bookkeeping automation, launched Dext Payments in Canada and is now available to Dext customers using QuickBooks Online and Xero across Canada, including Quebec
💼 Wawanesa, Winnipeg-based mutual insurance company launched WSI, a Wawanesa Company, marking the completion of its acquisition of Everest Insurance Company of Canada from Everest Group, Ltd.
💼 Brio, Montreal-based a fund and LP operations software and Losange Finance, Montreal-based fund administration and accounting firm are merging and the combined entity will operate as Stellé, a fund operations partner for the new era of private capital
🌟 Payoneer, US-based paytech firm for SMB's Canada firm Payoneer Canada is registered with the Bank of Canada as a payment service provider under Canada’s Retail Payment Activities Act
🌟 Nuvei, a Montreal-based payment infrastructure provider secured Payments Association of South Africa (PASA) authorization to offer local merchant payment services in South Africa, enabling global brands to optimize payment performance and authorization rates through a single platform
Top Financial Institutions Updates this Week
🚀 Standard Chartered launched a regulated cryptocurrency trading solution in the UAE, allowing affluent clients to trade Bitcoin and Ether directly through their bank accounts with institutional custody
🚀 TD Bank Group introduced two new agentic AI capabilities for Real Estate Secured Lending (RESL), expanding the use of AI across the mortgage lifecycle - mortgage funding and discharge
🚀 Manulife launched its proprietary enterprise AI platform, enabling teams across the enterprise to build, deploy and manage AI solutions consistently
🚀 Simplii Financial is unveiling the next evolution of its no-fee digital banking experience with an enhanced app, refreshed brand, and new tools - including the Simplii Account a first of its kind for Canadian direct-to-consumer banking, designed to reduce complexity
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The registration strengthens the company’s regulatory position in Canada and supports its services for domestic businesses operating internationally, as well as companies seeking to enter the Canadian market. The RPAA is Canada’s new regulatory framework for retail payment activities, and Payoneer is among the PSPs that have completed its approval process. According to the company, the registration benefits both businesses in Canada that operate internationally and companies outside the country that transact with Canadian counterparties. The registration also reinforces the regulatory basis for Payoneer’s relationships with its Canadian banking partners and for its cross-border payment services. Businesses onboarding with Payoneer Canada Limited can continue to access the Payoneer services available in Canada, with onboarding and compliance processes adapted to local requirements. The change gives Canadian customers a provider registered directly under the domestic regime, rather than relying solely on Payoneer’s licences in other jurisdictions. | The Paypers
Nuvei is bringing its "Every Payment Everywhere" strategy to South Africa by establishing a direct presence within the domestic payment ecosystem. By gaining PASA authorization, the company can now provide local acquiring and payment acceptance infrastructure directly through its global platform. This is particularly relevant for global brands that previously relied on cross-border transactions to reach South African consumers. Processing domestically typically results in higher authorization rates and lower processing costs compared to international acquiring, while providing businesses with more complete visibility into transaction performance. | Merchants Eye
Alongside standard regional plans in more than 150 destinations, Wise is among the first in the world to launch customizable data plans to customers in the UK, EEA, US, Canada, Brazil, Singapore, Malaysia, Australia and New Zealand, giving travelers the power to design the type of coverage: One-time eSIM installation: Customers only need to download the eSIM to their device once rather than for each individual trip. ustom Controls: Travelers can buy the data directly from the Wise app, set the exact data allowance and the exact number of days they need, mapped perfectly to their itinerary. Data Estimation Guidelines: Intuitive, in-app guidelines to help customers avoid over or under-buying data before they depart. Unused Data Plan Refund: Wise will refund travelers for any unused data plans they purchase but do not use. Handy for those times when travel plans change. Instant Activation: The data will only be used when the eSIM is connected to the supported network at the destination. | Newswire
Merrco serves the Canadian cannabis industry and other specialty verticals. The transaction allows KORT to concentrate its resources, capital and management attention on its highest-growth opportunities: Direct Marketing and eCommerce, ISV-embedded payments, and continued expansion in the United States. PayFacto has been Merrco’s payment processing partner since the early stages of its growth, providing the payment rails, processing capabilities and terminal technology behind Merrco’s offering. The transaction formalizes that long-standing relationship. Merrco will continue to operate under its established brand as “Merrco, a PayFacto company,” and both organizations are committed to a seamless transition with uninterrupted service for merchants and partners. | KORT Payments
During beta testing ahead of today's launch, Canadian businesses and their advisers already processed more than $2 million through Payments. The move marks Dext’s first expansion of its payments feature outside of the UK, where the capability launched earlier this year. A fully integrated payment solution, Payments lets businesses and advisers manage, approve and make supplier invoice and employee expense payments directly within Dext. Closing the invoice-to-payment gap, Payments connects document capture, invoice processing, approvals and payments in one place, so businesses and advisers can go from a captured invoice to a completed payment without switching tools. | Dext
Global Money Platform provides a full-stack, modular infrastructure layer for modern finance. Banks, fintechs and enterprises can now embed multi-currency accounts, including fiat and stablecoins, real-time conversion, stablecoin-linked cards and local bank payouts through Mastercard Move into their own products and under their own brand. They can also use the platform to manage their own treasury, payments and settlement activity directly. Payments leader Nuvei and modern card issuing platform Marqeta will be among the first to integrate Global Money Platform, alongside Ontop, Bolt Group and Almond FinTech. The platform will enable customers to move more seamlessly between traditional currencies and stablecoins while expanding choice in how they accept, manage and move money across markets. | Mastercard
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The new service allows eligible professional investors in the UAE to buy and sell Bitcoin (BTC) and Ether (ETH) without the need for external third-party platforms or separate digital wallets. By integrating the service into the bank’s existing ecosystem, Standard Chartered provides a closed-loop model where the bank manages end-to-end custody and settlement. This structure is designed to mitigate the operational risks often associated with third-party wallet providers while maintaining institutional-grade security safeguards. The initiative is the result of a strategic collaboration between the bank’s Wealth and Retail Banking (WRB) and Corporate and Investment Banking (CIB) divisions. It also leverages the technical capabilities of Zodia Markets, a firm backed by the bank’s innovation arm, SC Ventures. The service has received formal licensing approval from the Virtual Assets Regulatory Authority (VARA) in the UAE, ensuring it operates within a recognized regulatory framework. While the initial rollout is restricted to professional investors within the UAE, the bank has indicated that the capability is part of a broader digital assets proposition. | TradeTech Eye
In mortgage funding and discharge, the capabilities coordinate multi-step document verification, connect information across systems, and generate outputs for colleague review. By automating time-intensive tasks, the technology allows colleagues to concentrate on the expertise, judgment and human connection that matter most to clients. Key takeaways: TD is expanding agentic AI across the mortgage lifecycle, from pre-adjudication to parts of mortgage funding and discharge | The capabilities coordinate document verification, connect information across systems and flag potential discrepancies | Colleagues review AI-generated outputs and remain responsible for decisions requiring human expertise and judgment. | TD
By providing a common foundation for development and governance, it will allow Manulife to scale AI across markets while supporting the unique needs of different businesses and jurisdictions. The platform provides a robust operating environment that will allow Manulife to deliver faster, scale AI across the enterprise and focus on the use case specific requirements. Teams can reuse use cases that have already been reviewed and approved, reducing development time and accelerating models through security, risk and governance controls. By embedding AI across its businesses, platforms, and workflows, Manulife expects to generate $1 billion in cumulative enterprise AI value by 2027[i], with $300 million achieved as of year-end 2025. This includes run-rate expense reductions, top-line revenue uplift from AI-powered workflows, fraud reduction, and growth absorption. | Manulife
The bond is issued pursuant to RBC's Sustainable Bond Framework (the "Framework")1, which provides the basis for RBC's issuance of Green, Social, and Sustainability Bonds. The Framework defines Eligible use-of-proceeds Categories across green and social themes, including Affordable Basic Infrastructure, Access to Essential Services, Affordable Housing, Socioeconomic Advancement and Empowerment and Employment Generation. The Framework is aligned with the International Capital Market Association's ("ICMA") Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines, and has received a Second Party Opinion from S&P Global Ratings. In collaboration with RBC Origins and its Truth and Reconciliation Office, RBC's approach to help create positive social change is grounded in both market opportunity and Indigenous community needs, reflecting the bank's broader Reconciliation Action Plan. | RBC
Payments Canada owns and operates Canada's core payment infrastructure and plays a central role in the modernization of the country's payments ecosystem. Membership provides Vancity with the opportunity to participate more directly in discussions about the future of payments in Canada and helps ensure the perspective of a member-owned financial co-operative is represented as the system continues to evolve. The Canadian payments landscape is undergoing significant transformation, including ongoing modernization efforts designed to make moving money faster, safer and more convenient for Canadians. Through its membership, Vancity will be better positioned to contribute to these conversations while continuing to focus on delivering value for members. | Vancity
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The launch of embedded stablecoin wallets represents a significant expansion of Rain’s technical stack. These wallets are engineered to serve as the primary interface for users within a partner’s application, facilitating a range of financial activities including receiving payments, holding assets, and initiating outbound transfers. A key feature of this release is the deep integration with Rain’s existing product ecosystem. This includes compatibility with Rain’s physical and virtual cards, which allows users to bridge their digital holdings into the physical world for merchant transactions. Furthermore, the system incorporates virtual accounts and sophisticated on/offramp solutions. These components are essential for businesses that need to move liquidity between traditional fiat currencies and stablecoins. The payout functionality is also integrated, allowing for automated distributions to global recipients. | Merchants Eye
Once users activate the feature, eligible assets are enrolled daily, with rewards paid every Monday. At launch, Auto Earn supports 17 digital assets, including Ethereum, Solana, Cardano, SUI, HBAR and DOT. Ndax says the service offers annual percentage yields of up to 7.5%, depending on the asset, with no fixed lock-up period. The company is also waiving its standard 20% commission on Auto Earn rewards through October 31, 2026. Staking allows holders of certain cryptocurrencies to earn rewards by participating in blockchain network operations. Auto Earn is designed to simplify that process by reducing the steps users need to manage themselves. Auto Earn builds on Ndax’s staking service, introduced in 2022. | Fintech.ca
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The Manulife Advisor AI Assistant is designed to bridge the gap between initial client consultations and the formal underwriting process. By offering on-demand access to underwriting guidance, the tool allows advisors to ask plain-language questions to understand how specific health or lifestyle factors might impact a life insurance application. This capability is intended to help advisors gather the necessary information earlier in the sales cycle, potentially reducing the administrative friction and "back-and-forth" often associated with complex cases. The Assistant works in tandem with Manulife’s existing AI infrastructure. Specifically, it complements MAUDE, Manulife’s AI-enabled underwriting engine. While MAUDE is focused on supporting and accelerating decision-making after an application has been formally submitted, the new Advisor AI Assistant provides support at the pre-application stage. | Insurtech Eye
Operating as a distinct organization within the Wawanesa group of companies, WSI retains the highly sought-after expertise, outstanding talent, and underwriting discipline that established Everest Canada as a respected player in the specialty market. Now, with the backing of one of Canada’s largest mutual insurers, WSI is redefining what’s possible in the specialty market, helping organizations navigate complex risks so they can thrive in a changing world. Working closely with its distribution partners, WSI delivers specialty insurance solutions across cyber, accident and health, aviation, marine, energy, construction, directors and officers liability, professional liability, property, and casualty – each tailored around a client’s unique needs. While the company’s name and logo have changed, the proven business model and trusted relationships that have earned the confidence of organizations across Canada remain in place. | Insurance-Canada.ca
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With the introduction of the Simplii Account and folders, piloting this month, Canadian consumers will be able to do more than ever within a single account. Folders can be created in seconds via the new mobile app and will streamline bill payments and spending, savings goals, and planned expenses. Customers will be able to automatically distribute their pay cheque across the folders, helping turn financial intentions into an organized plan without having to open or manage multiple accounts. To help customers keep their accounts in good standing, new payment backup will automatically cover eligible transactions and reduce the potential for insufficient funds events. In addition, higher base interest rates will allow customers to earn money from the first dollar in their savings folders. Additional features will roll out over the coming months, including folder sharing with trusted individuals to simplify household expenses, daily spending allowance, and more. These enhancements are driven by customer insights that demonstrate a clear need for a calmer banking experience. | CIBC
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Galliant will become part of Harbourfront Wealth Counsel, the firm’s division for Investment Counsel Portfolio Managers (ICPMs). This marks Harbourfront sixth acquisition in three years and reflects the disciplined growth strategy have been executing across the country. Galliant is a strategic fit for business, bringing an experienced team and established client relationships to the firm. Harbourfront Wealth offers the independence, infrastructure and scale needed to support the next stage of growth, while allowing to remain focused on client outcomes. For clients, this means continued access to a trusted team, a disciplined investment process and an enhanced service experience backed by a growing national wealth management platform. | Business Wire
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The cash injection in Ottawa, the $500 million in new funding will be rolled out over five years to “expand and enhance” the RAII program. The program is designed to support AI adoption and commercialization for Canadian businesses and organizations, and application openings and deadlines vary across each of the seven regions served by the program. Launched under the previous Liberal government and delivered by Canada’s seven regional development agencies (RDAs), the RAII was initially designed to help small and medium-sized businesses (SMBs) adopt and bring AI technology to market. It has since grown to support wider AI adoption and ecosystem development efforts, with RDAs like PrairiesCan and PacificCan distributing funding to incubators like Saskatchewan’s Co.Labs and BC’s provincial health authority. | BetaKit
Cohere’s nearly 30 employees in the Ottawa region who work in go-to-market, engineering, infrastructure, and security roles will use the office. Though the company didn’t provide a target for new hires, a spokesperson told BetaKit that Cohere will “tap into Ottawa’s strong talent pool as it expands its footprint.” Public job postings show applications are open for forward-deployed engineers who can be based in Ottawa. Cohere has more than 800 employees spread across offices in North America, Europe, and Asia, with Canadian offices already established in Toronto and Montreal. | BetaKit
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CFG owner Michael Maurer joins Equilease as a strategic partner, continuing to lead the client relationships he's built over 45 years in the industry. Together, they're pairing that trust and experience with our network of bank-owned and private lenders and our QuickBucks platform giving clients more options and a faster path from quote to funding. | LinkedIn
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The merger brings together two of Canada's most established names in fund operations. Losange has delivered fund administration and accounting services to alternative asset managers since 2019; and Brio's technology platform, built and stress-tested over nine years in live fund operations, supports more than 100 funds and 3,000 LPs. Stellé carries forward the clients, teams, and track record of both companies, serving venture capital, private equity, real estate, and multi-family office managers, including firms with complex structures such as SPV programs, parallel funds, and evergreen vehicles. Terms of the transaction were not disclosed. With Stellé, accountants and operations specialists from the Losange team will deliver fund administration, fund accounting, capital calls, distributions, and investor reporting directly on the Brio platform. The technology, built for GPs running their own operations, now also powers fully outsourced funds and will extend deeper into fund and GP accounting. | Business Wire
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