Unlike U.S. regional banks, Canada\u0027s challenger banks have fared well, but they may face new challenges as the turmoil continues. Read on
“I’m just thinking about if there was an environment where startups could have an actual viable path when they’re thinking about starting up, I think you’d see more people entering the space than what you do right now,” Nauss said.
Despite the hurdles, none of the panelists outright closed the door on the idea of going through the licensing process. “So, people are wondering: is their money safe?” Zaidi said during the panel discussion. “And what are we doing to support that?”in Canada Deposit Insurance Corporation coverage on its Wealthsimple Cash accounts. Since CDIC deposit insurance is capped at $100,000 per account, per institution, Wealthsimple partnered with three CDIC member institutions to stack the eligible coverages into a single account.
Brendan O’Driscol, chief product officer at KOHO, said he’s not seeing much of an impact from the bank crisis fallout.
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