RevoluGROUP Canada applies for FINTRAC license

Wednesday 28 October 2020 14:11 CET | News

RevoluGROUP Canada has announced that it has retained the Vancouver, BC Law firm Tupper, Jonsson & Yeadon to assist in the preparation of a license application to FINTRAC.

In 2018 RevoluGROUP wholly owned subsidiary RevoluPAY petitioned for a proprietary PSD2 license granted to the Company on 21 May 2020. In a few months after that, the company has signed bilateral agreements with banks and financial institutions.

Now the group intends to do the same in Canada and the first step in this process is the application for the license from The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

As GlobeNewswire showcases, RevoluGROUP CEO stated: ‘The company feels that Canada may propose a legal framework not dissimilar to that under which RevoluPAY already operates autonomously in 27 European countries, and a further 27 non-EU countries through bilateral accords. Today's decision to petition a FINTRAC license is a step RevoluGROUP must take to be prepared for whatever the Canadian Open Banking future brings.'

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Keywords: Revolugroup, FINTRAC, Canada, RevoluPAY, PSD2, Open Banking
Categories: Banking & Fintech
Countries: Canada
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Banking & Fintech

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