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October 5-9, 2026
Top FinTech Updates this Week
🤝 Canada and the European Union are planning to connect their next-generation payment systems to make cross-border transactions faster, lower-cost, and more secure
🚀 Canada Life launched IPC Wealth Inc. (IPC Wealth), bringing together, through amalgamation, the strengths of IPC Investment Corporation (IPC) and Quadrus Investment Services Ltd. (Quadrus) as one national mutual fund dealer with more than 2,500 licensed advisors across Canada
🚀 Tangerine Bank launched Tangerine Business in Canada, a mobile-first SME banking suite powered by Engine by Starling's cloud-native platform, deployed in under 12 months
🌟 Canada’s federal banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), is shifting from a hands-off approach to implementing a new AI "safety code" with tighter guardrails for lenders
🌟 The Prime Minister’s office reported that it has formed a new National Council on Artificial Intelligence to provide what it claims will be independent advice on Canada’s AI transformation
🌟 Canada’s long-awaited instant payment system, Real-Time Rail (RTR), likely won’t include any of the country’s largest banks as participants in its first phase
Top Financial Institutions Updates this Week
🤝 Versabank, London, Ontario-based Canadian Schedule I chartered bank partnered with Fiserv to provide its proprietary digital asset technology and custody services for the development and operation of Bank of North Dakota’s dollar-backed stablecoin, Roughrider Coin the first live use case of Fiserv’s Digital Asset platform
🤝 Scotiabank is pleased to join Project Agorá, the global public-private collaboration convened by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF), exploring how tokenization and programmability can enhance cross-border payments and settlement
🚀 BMO launched Zogo in Canada, a new, gamified financial literacy learning experience designed to help eligible students ages 18 to 24 build their financial knowledge, establish a strong financial foundation and navigate financial decisions throughout their lives with confidence
🚀 Scotia Wealth Management launches Scotia Global Intelligence a new service designed to empower Ultra-High-Net-Worth (UHNW) clients with a comprehensive view of their entire portfolio
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The RTR system is meant to be an instant, always-on payment infrastructure for Canadians and their financial institutions to transfer funds. The system is under development by the national non-profit Payments Canada, which has a government-created mandate to handle the country’s payment systems. The RTR system’s rollout—the first phase of which is slated to go live in the fourth quarter of 2026—would also allow emergent financial companies to move money for customers without relying on banks or paying them a fee. But four sources within the FinTech ecosystem that have knowledge of the rollout said none of Canada’s Big Six banks are currently scheduled to participate in its first phase, raising questions about how useful RTR will be without the banks, which settle the vast majority of the country’s payments. To send and receive payments via RTR, both parties will likely need to be onboarded to the new system; otherwise, institutions will have to use existing payment rails to move funds on behalf of customers. | BetaKit
Canadian payments reached 26.7 billion transactions worth $12.9 trillion in 2025, with credit and debit cards accounting for 68 per cent of payment volume and EFT leading payment value at 63 per cent. E-commerce, contactless payments and buy now, pay later (BNPL) continued to grow, particularly among younger Canadians. However, agentic commerce adoption remains limited due to security and trust concerns, while cryptocurrency payment use increased to five per cent. | Payments.ca
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Specifically, VersaBank is serving as issuer of Roughrider Coin, with responsibility for the critical roles of minting, burning, custody and reserve asset management. Fiserv has partnered with the Bank of North Dakota to launch Roughrider Coin, which is the first product on the Fiserv Digital Asset Platform, and which is now live. The launch of digital asset platform is an important milestone for Fiserv and the financial institutions they serve, and he strong collaboration with VersaBank was critical in moving first use case, Roughrider Coin, from concept to production. | Versabank
The 2026 lectures, which will be held in Toronto this November, are co-founded by Nobel Laureate Professor Geoffrey Hinton, a renowned AI expert, and the AI Safety Foundation. This partnership builds on Manulife's commitment to Responsible AI and support for informed dialogue on the responsible development of AI. Guided by its Responsible AI Principles, Manulife is focused on developing and deploying AI in a way that creates value for customers, colleagues and society while maintaining trust, managing risk, and promoting accountability. Manulife senior leaders will participate throughout the series, delivering opening remarks and sharing perspectives on responsible AI, governance, trust and innovation alongside leaders from research, industry and policy. | Manulife
CXPA's Proven Business Impact Awards recognize organizations that demonstrate a real, positive impact on their customers, employees and organizational performance as a result of customer experience improvements. The association recognized CIBC for its deep client-centricity across the bank, and three enterprise priorities: making banking easier, delivering seamless digital experiences, and deepening client relationships. CIBC is the only Canadian bank among this year's CXPA Impact Award recipients. | CIBC
Available through the Zogo mobile app, BMO clients can access financial education modules covering topics such as budgeting, saving, credit and everyday money management, helping users build practical financial knowledge through engaging, self-directed learning. Users can complete lessons and quizzes, earn points and redeem rewards while building practical knowledge and skills they can apply to their financial lives. As the first financial institution to bring Zogo's financial education experience to Canada, BMO is advancing its leadership in making financial literacy more accessible, engaging and relevant, helping young Canadians make informed financial decisions and achieve real financial progress. The partnership advances BMO's longstanding commitment to practical financial education, helping the next generation build financial knowledge and confidence through trusted content that is interactive, accessible and relevant to how they learn today. This announcement follows BMO's exclusive strategic partnership with MoneyPrep to provide teachers across Canada with free access to curriculum-aligned financial literacy lessons and classroom tools. | BMO
BMO ranks #2 among 50 banks for reported AI use-case outcomes, the highest-ranking Canadian bank in the category, and among the top 20 banks globally in the overall Index. BMO also achieved the top ranking in the Responsible AI Process indicator group, reflecting its approach to governance, risk management, employee training and operational controls. The Index also recognizes BMO's progress across talent capability, ventures, research and patents, reinforcing the breadth of BMO's AI strategy beyond Responsible AI Leadership. Earlier this year, BMO launched the BMO Institute for Applied AI and Quantum to advance research, talent development and practical applications of AI and quantum computing across the bank. Through its AI strategy, BMO is using AI to personalize client experiences, augment teams and automate processes while creating measurable value for clients, employees and shareholders. | BMO
RBC will launch its 2026–27 Vancouver Canucks programming tonight at Rogers Arena, distributing 10,000 jersey blankets to fans, with additional giveaways at the Abbotsford Canucks Home Opener on October 17. Benefits include 15% statement credits on eligible concession purchases, priority venue access, and the ability for Avion Rewards members to redeem points for CSE event tickets through Ticketmaster.ca. The partnership also introduces enhanced fan experiences across venues, including RBC Landing, premium hospitality lounges, the RBC Signature Level, and RBC Lounge at Rogers Forum. | RBC
First issued by AI benchmarking and intelligence platform Evident in January 2023, the annual Index scores banks across four key pillars: Talent, Innovation, Leadership and Transparency. RBC achieved scores in the top 10 across all four pillars, with notable gains in Talent, up four positions to #8, and Leadership, where the bank moved into second place. "Our sustained leadership in the Evident AI Index is proof that consistent, deliberate investment in a trusted data set, cutting-edge research, top talent and responsible AI creates real competitive advantage," said Dave McKay, President and CEO, RBC. "Across RBC, we're tapping into this generational technology to redefine the next era of banking and keep raising the bar on what clients can expect from us." | RBC
The awards were presented as part of the 2026 Euromoney FX Awards, which recognize excellence in foreign exchange trading across global markets. These awards highlight RBC's global scale, with 24-hour coverage across Toronto, New York, London and Singapore, serving clients across all major G10 and an increasing number of EM FX currencies. They also reinforce RBC's strength in its home market as the #1 FX bank among Canadian peers. That global reach and domestic strength have translated into record growth for clients. In FX options, RBC more than doubled global volumes year-over-year in 2025, as a growing number of corporate, commercial and institutional clients turned to RBC for help managing currency risk. A key driver of that growth has been the firm's hedging advisory model, which has broadened RBC's client base by attracting clients who increasingly value an integrated approach to advisory and execution. | RBC
The offering establishes a new standard for integrated UHNW service in Canada, combining institutional investment expertise, advanced portfolio intelligence and reporting, and strategic insights to provide a more complete understanding of clients' wealth, regardless of where it is held. Scotia Global Intelligence™ further strengthens Scotia Wealth Management's UHNW offering, building on a comprehensive suite of family office services, business transition and succession planning, governance advisory, trust and estate expertise, intergenerational wealth transfer strategies, and private banking solutions. Built on strategic relationships with Marsh, a global leader with a broad range of consulting capabilities and approximately $16.2 trillion in assets under advisement1, and Addepar, a global data and AI platform, the new service offers unparalleled insights across complex portfolios spanning public and private assets, ownership structures, and geographies. | Scotiabank
Scotiabank looks forward to contributing to the project, building on successful real-value testing completed in July 2026. Project Agorá is assessing how a platform for tokenized commercial bank deposits and tokenized central bank reserves can deliver atomic, multi-currency settlement of wholesale cross-border transactions. By leveraging tokenization and programmability, the initiative is exploring ways to help address longstanding inefficiencies in cross-border payments and enhance speed, transparency and settlement capabilities. "Cross-border payments are critical to global commerce. Project Agorá brings together the public and private sectors to explore how tokenization and programmability could help address challenges and support faster, more transparent and efficient wholesale cross-border transactions. We are pleased to contribute Scotiabank's payments expertise and ongoing work in digital assets to this important industry initiative," said Chad Wallace, Executive Vice President, Global Transaction Banking, Scotiabank. | Scotiabank
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Coinbase is integrating Deribit’s $1 trillion-plus trading liquidity, introducing options, spot margin, and unified portfolios with institutional-grade risk management. Coinbase Prime will provide US institutions regulated access to global crypto derivatives, while Coinbase Advanced will add options, strategy tools, and up to 10x spot margin leverage. Coinbase Pro is also scheduled to return by year-end for high-volume active traders. | TradeTech Eye
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Backers included Construct Capital, American Family Ventures and Nine Four Ventures. The company intends to use the funds to expand its Forward Deployed Engineering, go-to-market and partner enablement teams. Led by CEO David Steckel, Polygrade provides a platform that uses specialized AI agents to perform claims work across five stages of the claim lifecycle:first notice of loss; pre-dispatch triage; authorization; parts procurement and payment. Their solution turn data into actions and building an intelligence graph across policies, claims, decisions and outcomes. They currently serve warranty companies, suppliers and service providers across the United States. | FinSMEs
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The initiative addresses a significant market gap, as nearly 20% of consumers lack credit history or have damaged credit files, while 60% of previously denied applicants believe banking activity and income data could have changed the outcome. Experian offers an end-to-end cash flow decisioning ecosystem that integrates bank account connectivity, standardized consumer reports, and machine-learning transaction categorization, helping lenders improve predictive performance by up to 40% and increase approval rates by up to 25% without changing risk tolerance. | Fintech Finance News
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Canada’s new National Council on Artificial Intelligence will advise the government on AI risks, opportunities, and adoption to improve Canadians’ lives. The council brings together public and private sector leaders, including Yoshua Bengio, Sanja Fidler, Ajay Agrawal, Jordan Jacobs, Valérie Pisano, Michelle Zatlyn, and Patrick Pichette. Other members include business, academic, and government leaders. The council will guide the implementation of Canada’s AI strategy, which aims to accelerate AI adoption, foster national champions, and build sovereign AI infrastructure. | BetaKit
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Ls2 is a core credit risk model that Plaid reports is 42% stronger at predicting a borrower’s ability to repay compared to traditional credit data alone. Specialized versions of this model, such as Ls2 Auto and Ls2 Home Lending, have shown a 26% reduction in delinquency among deep-subprime applicants and a 6.3% increase in approval rates at the same risk level, respectively. LendScore Arc represents Plaid’s first transformer-based credit risk model. It utilizes a sequential foundation model to analyze the order and timing of transactions, delivering a 20% predictive lift for deep subprime and 24% for superprime borrowers. Beyond lending, Plaid has integrated a new AI foundation model into Plaid Protect, its fraud detection solution, which has demonstrated a 40% relative improvement in identifying fraudulent patterns. Furthermore, the Signal ACH payment risk model now uses sequential analysis to prevent 26% more returns without increasing false flags, while Guaranteed Payments has been updated to offer more granular approval options, such as partial guarantees and delayed releases. | MerchantsEye
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The amalgamation represents an important step in Canada Life’s strategy to grow its wealth management business and further strengthen its value proposition to advisors and clients.As one of the largest financial institutions in the country, Canada Life has brought IPC and Quadrus together as IPC Wealth to create a leading national wealth platform that will give advisors more choice, more support, and better technology, so they can spend more time serving clients and growing their businesses. One of the key strengths of IPC Wealth is that it maintains the entrepreneurial culture advisors value while providing a full-service platform. Through IPC Wealth and its affiliates, Canadians will have access to leading securities, mutual funds, segregated funds, and protection products. | Canada Life
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The launch of Tangerine Business introduces a mobile-first banking proposition specifically designed for modern entrepreneurs and small business owners in Canada. The offering is being rolled out in multiple phases, beginning with the Tangerine Business Founders Circle—a select group of business owners from various industries. A waitlist is currently open for other entrepreneurs interested in joining subsequent phases of the rollout. The product suite includes several core financial tools designed to support business growth: Tangerine Business Spending Account: For daily operational transactions; Tangerine Business Savings Account: To manage and grow business reserves; Tangerine Business FlexiDraft™: A feature providing flexible funds to support business continuity and cash flow management; Spaces: A self-serve tool allowing users to organize money into dedicated "buckets" for saving, spending, and proactive budgeting. | Fintech Finance News
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The initiative is part of a broader partnership draft named the “Alliance for the Future". It outlines major economic, environmental, and technological initiatives between Canada and the EU slated for the Montreal summit. Digital & Trade Measures: Highlights include completing a Digital Trade Agreement to streamline transactions and an agreement facilitating European investment in Canadian critical minerals. Infrastructure & Defense: Plans feature joint procurement of 50 water bombers from De Havilland starting in 2030, exploring new subsea communication cables, and negotiations for Canada to join the EU's Galileo space program and Erasmus+ education program, alongside a feasibility study on LNG exports. Strategic and Economic Perspectives: Economist Douglas Porter described payment infrastructure integration as a protective "shield" under duress, while sovereignty advocates urged stronger governmental positioning. The report also notes perspectives favoring European market expansion over China. | The Globe and Mail
The upcoming framework will establish mandatory minimum standards for how financial institutions deploy artificial intelligence, moving away from the regulator's previous "do no harm" guidance. What the Safety Code Will Entail: Broad high-level standards: Intended to protect the wider financial system | Innovation perimeter: Designed to keep a wide boundary for safe technological experimentation | Heightened board accountability: Senior management remains strictly liable for AI-driven operational risks. | The Globe and Mail
The deal will bring Senso’s technology, which had been powering Zeta’s GEO offering, in-house. The company will also bring in the Senso team, including co-founder and CEO Saroop Bharwani, giving Zeta additional AI engineering talent, the company said in a statement. The purchase price was not disclosed. Seta said Senso will help advance its AI trust and discoverability offerings as AI assistants become an increasingly important form of customer discovery, including how brands appear in AI platforms like ChatGPT, Gemini, Claude, and Google AI overviews. | BetaKit
Market America, an e-commerce brokerage company, reported it had sold the web address to Shopify. The company intends to rebrand its online presence away from shop.com and toward MarketAmerica.com, which is being built on Shopify’s platform. | BetaKit
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