It should come as no surprise that there are numerous regulatory requirements you must meet before opening a bank, trust company, or loan company in Canada. The good news is that the legislative “message” (as of late) from the Canadian government seems to be one that is encouraging an increase in the level of competition overall. This bodes well for those who wish to apply for a banking charter or be approved to open a trust company or loan company. Understand, however, that there has been no relaxing of the regulations. The Canadian government may be encouraging competition, but they are in no mood to place Canada’s world class financial system at risk.
If you’re serious about starting a bank, trust company or loan company, Strategic Information Technology (SIT) recommends that you contact both OSFI and SIT early in the process. OSFI will help you map out the regulatory steps you must take, while SIT can help educate you on the banking system and software you’ll require to achieve your goals.
Before contacting OSFI, you may also want to check out OSFI's Guide for Incorporating Banks and Federally Regulated Trust and Loan Companies.
To get you started, take a moment to read some of our facts and information regarding the OSFI approval process:
Portfolio Plus, SIT’s flagship product, is in use by numerous large and small Canadian banks, trust companies, and loan companies. SIT is experienced in new (de novo) startups and as such can help accelerate your plans. Fortunately, the Plug-In BankingTM architecture of Portfolio Plus allows an institution to start with a minimal purchase of the components they need to commence business, and then grow according to their success. This approach works. We’ve proven it with large and small financial institutions alike.
It has been said that successful customers are the ultimate litmus test for any banking software system. SIT has plenty of successful customers. What SIT is most proud of, however, is that a number of our customers changed their strategies along the way. As such, they required new banking functionality. Portfolio Plus, with it’s Plug-In BankingTM architecture, allowed them to plug in new functionality when they needed to. It allowed them to adapt to a new strategy or opportunity.
Portfolio Plus includes modules for loans, term deposits, investments, retail banking, point-of-sale (POS), ATM, web banking, accounting, and more. Need to integrate with other banking systems? No problem. You can always utilize the advanced XML and messaging capabilities of Portfolio Plus to ensure you can bring your legacy systems into the future.
This page was created or refreshed on February 11, 2020 @ 09:45:28
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
You're here to learn about: Starting a Bank or Financial Institution in Canada