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ARTICLE · 22 MAY 2025

Fintech In Canada Q1 2025

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In order to carry on business in Canada as a payment service provider (PSP) in September 2025, PSPs are required by the Retail Payment Activities Act to register with the Bank of Canada...

CanadaTechnology
Simon Grant
Simon Grant
Matthew Flynn
Matthew Flynn
Kwang Lim
Kwang Lim
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Bank of Canada Publishes List of Payment Service Providers, Begins Contacting Non-Applicants

In order to carry on business in Canada as a payment service provider (PSP) in September 2025, PSPs are required by the Retail Payment Activities Act to register with the Bank of Canada through PSP Connect on the Bank of Canada website. We discussed this new requirement in more detail in our Q3 2024 edition of Fintech in Canada.

Now that the November 1-15, 2024 initial registration window has closed, the Bank of Canada has published a searchable list of all entities that have applied to register as PSPs on its website.

The Bank of Canada will start to publish a list of successfully registered applicants beginning September 8, 2025, as well as a list of applications that were refused. In the meantime, the Bank of Canada is following up directly with companies that it believes are in scope as PSPs but have not registered.

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