Toronto-based Questrade Financial Group has received federal approval to launch Questbank, becoming Canada’s newest Schedule 1 bank. The Office of the Superintendent of Financial Institutions granted the licence after a six-year process that began in 2019. CEO Edward Kholodenko called the milestone “monumental,” saying it advances Questrade’s mission to help Canadians achieve greater financial security.
Founded in 1999, Questrade manages over $85 billion in assets and reported a 350 percent year-over-year surge in trading volumes. Questbank is expected to announce its first suite of banking products in 2026, bringing long-awaited competition to Canada’s concentrated financial sector.
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