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Beacon Partners with BMO to Aid Immigrants

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Toronto-based fintech Beacon has partnered with BMO to simplify financial services for immigrants. Leveraging BMO’s corporate Money Services Business (MSB) accounts, Beacon’s tools enable fast, affordable cross-border money transfers. Beacon’s digital platform, Beacon Remit, streamlines remittances from countries like India, ensuring compliance with FINTRAC standards.

CEO Stuart Szabo emphasized their mission to empower users with secure financial solutions. Bhavna Gounder, Director of BMO Commercial Bank, highlighted the initiative’s importance for newcomers managing finances across borders. “We’re thrilled to support Beacon’s mission,” she said. This partnership aims to address key challenges faced by immigrants in Canada.

Want to know more? Check out the source code on Fintech.ca.

Big Six Banks Expand Crypto Exposure via ETFs

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Canada’s six largest banks now hold a combined US$21M in U.S. bitcoin ETFs, per recent SEC filings. BMO leads with US$13.5M, followed by Scotiabank and RBC. While some holdings reflect client investments, others remain unclear. Bitcoin ETFs, launched in January 2024, have gained rapid popularity, surpassing US$100B in global assets.

Historically wary of crypto, Canadian banks now bolster expertise to handle emerging risks flagged by regulators. OSFI’s new disclosure rules on crypto exposure take effect in January 2025. Though volatile, bitcoin ETFs mitigate risks tied to crypto-trading platforms, offering a bridge between traditional finance and digital assets.

Want to know more? Check out the source code on The Logic.

BMO Partners with Nova Credit to Help Newcomers Establish Credit in Canada

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BMO has announced a new partnership with Nova Credit, the leading cross-border credit bureau, to assist newcomers in accessing credit products in Canada. By integrating Nova Credit’s Credit Passport into its application process, BMO allows immigrants from nine countries, including Australia, India, and the United Kingdom, to transfer their international credit histories to Canada.

This initiative aims to simplify the financial transition for newcomers, providing them with access to essential financial tools and resources. BMO’s partnership reflects its commitment to supporting customers throughout their journey to establish a stable financial foundation in their new home.

Want to know more? Check out the source code on Fintech.ca.

More Canadians are Turning to AI for Help with Money Management, Survey Finds

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A BMO survey reveals that one-third of Canadians utilize AI for financial management, with top uses being learning personal finance (45%) and updating budgets (43%). AI is garnering praise for its impersonal nature in investing. Gen Z shows the highest usage at 55%.

Despite varied adoption, over half of Canadians think AI aids in making better financial decisions. “By making it easier to help manage finances, AI is proving a powerful tool to build financial literacy and make informed financial decisions,” says Gayle Ramsay, Head of Everyday Banking Segment & Customer Growth for BMO.

Want to know more? Check out the source code on Fintech.ca.