Canada’s banking regulator will fast-track licence applications from credit unions, fintechs, and other technology-driven firms under a 12-month pilot launching in June. The Office of the Superintendent of Financial Institutions says applicants will receive feedback within four weeks, a recommendation to the finance minister within a year, and final approval within three months. The regulator will also publish a public dashboard tracking progress.
The move aims to boost competition in a sector dominated by the Big Six banks, which hold 93% of assets. Industry groups welcomed the change, though experts warn licences still bring significant compliance obligations and oversight.
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