Questrade secures approval to launch a bank in Canada

Abby Hughes · CBC News

· Posted: Nov 03, 2025 6:19 PM EST | Last Updated: November 3

Questrade Financial Group, known to Canadians arsenic an online trading platform, says it has been approved to motorboat a caller slope successful Canada.

The institution said it's received support to unfastened Questbank by the Office of the Superintendent of Financial Institutions (OSFI), the national regulator for fiscal institutions.

The support was years successful the making, according to Questrade CEO and president Edward Kholodenko. The institution archetypal applied for the slope licence successful 2019.

"This is simply a monumental measurement successful furthering our ngo to assistance Canadians go overmuch much financially palmy and secure. Following the palmy way forged implicit Questrade’s 26-year history, we are thrilled to grow our offering to present overmuch needed contention to the Canadian banking landscape," Kholodenko said successful a statement.

Kholodenko says that portion he's not acceptable to stock details yet, Questrade volition beryllium moving toward a afloat suite of services for its bank. The company, which has millions of Canadian customers, expects to person much details to stock successful aboriginal 2026.

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Questbank volition beryllium a Schedule I slope — a fully-fledged home slope alternatively than a subsidiary of a overseas one, successful the aforesaid people arsenic Canada's six large institutions (Bank of Montreal, Scotiabank, CIBC, National Bank of Canada, Royal Bank of Canada and TD Bank).

The determination comes arsenic different fintech companies besides propulsion much into the banking space, particularly Wealthsimple Inc., which has been steadily expanding its offerings to present see chequing accounts, recognition cards and mortgages.

Questrade's determination is simply a spot different, however, according Marius Zoican, an subordinate prof of concern and Canada Research Chair successful Financial Technology astatine the University of Calgary's Haskayne School of Business. Wealthsimple isn't a slope itself, but alternatively offers fiscal services by partnering with Schedule I banks and piggybacking disconnected of their banking abilities, helium said.

By having slope presumption itself, Questrade volition person much flexibility to connection services arsenic it wishes and perchance astatine amended rates than fintechs that are reliant connected slope partners, according to Zoican. That said, helium adds Wealthsimple mightiness person thing of an precocious manus due to the fact that it was capable to connection banking services sooner by partnering.

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Regardless, Zoican says the other contention successful the banking assemblage is simply a bully happening — arsenic is the accidental for Canadians to streamline their finances, alternatively than keeping their wealth successful a large six slope and transferring it to a integer trading level similar Questrade successful bid to invest.

"[Customers] were stuck betwixt these 2 worlds. And I deliberation galore radical would similar to person integrated services wherever they tin woody with 1 institution, they tin transportation wealth [easily] from checking and savings to investments," Zoican said. "I deliberation this, particularly for younger generations that are integer archetypal ... is simply a precise invited development."