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Investing.com -- Questrade Financial Group Inc has secured a federal banking license from the Canadian banking regulator to launch its digital bank Questbank, the company announced Monday.
The Toronto-based brokerage firm, which manages over C$85 billion ($60.61 billion) in assets, applied for the banking license in 2019 to the Office of the Superintendent of Financial Institutions, Canada’s banking regulator.
Questrade has now received its "Order of Commencement and Carrying on of Business," marking the final regulatory approval in the banking licensing process for Questbank.
"Following the successful path forged over Questrade’s 26-year history, we are thrilled to expand our offering to introduce much-needed competition to the Canadian banking landscape," said Questrade CEO Edward Kholodenko.
The company, which has seen increased trading volume due to market volatility, plans to share more details about Questbank and its planned banking products and services in the first half of 2026.
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