TORONTO – Questrade Financial Group has announced that it has received the necessary regulatory approval to launch Canada’s newest bank, Questbank. This significant milestone comes from the Office of the Superintendent of Financial Institutions, paving the way for Questrade to enter the banking sector. The company plans to disclose further details about the bank’s offerings in the first half of 2026.
Edward Kholodenko, the CEO of Questrade, expressed that this approval has been a long journey, taking several years to complete. He emphasizes that the launch of Questbank will introduce more competition into the Canadian financial marketplace, which is essential for consumer choice and service improvement. With the recent trends in the fintech sector, Questrade's entry comes at a time when various fintech companies, including Wealthsimple Inc., are increasingly expanding their financial service offerings. Wealthsimple has broadened its portfolio to include services such as chequing accounts, credit cards, and mortgages.
Kholodenko has stated that although he cannot yet reveal specifics about Questbank's products or services, the company aims to develop a comprehensive range of banking services for its clientele. This announcement about obtaining a banking license marks a significant development for Questrade, coming 26 years after Kholodenko founded the company. Today, Questrade boasts millions of clients and manages over $85 billion in assets.
This pivotal news indicates Questrade's strategic effort to enhance its presence in the financial sector, providing consumers with additional options and possibly innovative services that challenge traditional banking models. The impending launch of Questbank signifies not just a new chapter for Questrade but also potential shifts in the competitive dynamics of the Canadian banking industry.
The approval and subsequent establishment of Questbank illustrate the changing landscape of financial services, where tech-driven companies are continually seeking regulatory backing to diversify their offerings beyond traditional financial products. As the early months of 2026 approach, stakeholders and consumers alike wait eagerly for Questrade to unveil the details of its banking services and how they will position themselves in Canada’s banking ecosystem.
