- Fintech developer RevoluGROUP Canada (REVO) has been granted a Canadian FINTRAC license
- The license could eventually allow RevoluGROUP to program the RevoluPAY app in Canadian dollars, while also introducing a debit card in Canadian dollars
- CEO Steve Marshall said the license is an important step in being able to penetrate the Canadian market
- For the last decade, RevoluGROUP has been operating abroad in various regions such as Europe where open banking is allowed
- Earlier this year, the company also obtained a PSD2 banking license, which allows for unlimited transaction volumes to be undertaken
- RevoluGROUP Canada is up 21.21 per cent and is trading at C$0.40 per share
Fintech developer RevoluGROUP Canada (REVO) has been granted a Canadian FINTRAC license.
RevoluGROUP CEO Steve Marshall said the license is an important step in being able to penetrate the Canadian market “since an upcoming federal open banking legal framework is looming.”
According to a report done by Deloitte, open banking is a global movement that promotes a customer’s right to share financial information with third parties. The report goes on to characterize the movement as one comprised of technical, competitive, and regulatory shifts to help customers regain control of their own data and make it more portable between institutions.
In November, Canada’s Department of Finance started its second round of consultations around the merits of open banking – something Marshall believes is a long-time coming.
“We haven’t been able to bring our technology home because of the delays in Canada and the protectionism toward the big five banks,” he said.
For the last decade, RevoluGROUP has been operating abroad in various regions such as Europe where open banking is allowed.
The Canadian company created a banking app called RevoluPAY that is linked to a Visa card to provide people with a checking account on their phone. Marshall said he’s hopeful that by early next year, the federal government will introduce open banking legislation.
If that occurs, the FINTRAC license will allow RevoluGROUP to program the RevoluPAY app in Canadian dollars, while also introducing a debit card in Canadian dollars.
In May, the company also obtained a PSD2 banking license, which allows for unlimited transaction volumes to be undertaken.
In a study published earlier this year by Payments Canada, the non-profit found that 62 per cent of Canadians reported using less cash since the onset of the pandemic. Payments Canada ensures that financial transactions in Canada are carried out safely and securely each day.
RevoluGROUP Canada (REVO) is up 21.21 per cent and is trading at C$0.40 per share at 1:03pm EST.