Questrade Financial Group, recognized in Canada for its online trading platform, has announced its approval to establish a new bank in the country. The company disclosed that it has been granted permission to launch Questbank by the Office of the Superintendent of Financial Institutions (OSFI), the federal regulatory body overseeing financial institutions.
Questrade’s CEO and president, Edward Kholodenko, revealed that the approval process has been ongoing for several years since the initial application for the bank license was submitted in 2019. Kholodenko emphasized the significance of this milestone in advancing the company’s mission to enhance the financial success and security of Canadians.
While specific details are yet to be disclosed, Kholodenko confirmed that Questrade aims to offer a comprehensive range of services through its bank. With millions of Canadian customers, the company anticipates sharing more information about its offerings in early 2026.
Questbank is set to operate as a Schedule I bank, distinguishing it as a fully-fledged domestic bank rather than a subsidiary of a foreign institution, aligning it with Canada’s major banking entities such as Bank of Montreal, Scotiabank, CIBC, National Bank of Canada, Royal Bank of Canada, and TD Bank.
This strategic move by Questrade aligns with the trend of fintech firms expanding into the banking sector. Wealthsimple Inc., for example, has been broadening its services to include chequing accounts, credit cards, and mortgages. In contrast, Marius Zoican, an expert in finance at the University of Calgary, noted that Wealthsimple operates by partnering with Schedule I banks, leveraging their banking capabilities, while Questrade will have the advantage of direct bank status, enabling greater flexibility in service offerings.
Zoican highlighted the benefits of increased competition in the banking industry, emphasizing the potential for Canadians to simplify their financial dealings by accessing integrated services within a single institution. This shift may appeal particularly to digitally savvy younger generations seeking streamlined financial solutions.