{ "jurisdiction_id": "CA", "jurisdiction": "Canada", "url": "https://payments.gi/jurisdictions/canada/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 56, "source_register": 118 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/canada/#w1a-licensing-authorisation-market-access", "standing_position": "The Retail Payment Activities Act (RPAA) regime is fully operational: the Bank of Canada supervises registered PSPs, published its PSP registry in October 2025, required the first annual regulatory reports by 31 March 2026, and can impose penalties up to $10 million or revoke registration.", "findings": [ { "finding": null, "instrument_type": "Retail Payment Activities Act (RPAA) + Retail Payment Activities Regulations (RPAR)", "source": "https://www.bankofcanada.ca/regulatory-oversight/retail-payments/", "source_url": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/retail-payments-supervision-key-milestones/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "RPAA registration criteria (four-criteria test)", "source": "https://www.bankofcanada.ca/regulatory-oversight/retail-payments/supervisory-framework/", "source_url": "https://www.nortonrosefulbright.com/en/knowledge/publications/289e5e81/bank-of-canada-now-supervises-the-activities-of-payment-services-providers", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "RPAA s.9 exclusions", "source": "https://laws-lois.justice.gc.ca/eng/acts/R-7.36/page-1.html", "source_url": "https://www.torys.com/our-latest-thinking/publications/2025/12/canadas-stablecoin-act", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "PCMLTFA MSB registration", "source": "https://fintrac-canafe.canada.ca/msb-esm/reg-eng", "source_url": "https://www.torys.com/our-latest-thinking/publications/2025/12/canadas-stablecoin-act", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Public PSP registry", "source": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/psp-registry/", "source_url": "https://www.torys.com/our-latest-thinking/publications/2025/12/canadas-stablecoin-act", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Under the RPAA, PSPs must safeguard end-user funds and manage operational risk; the Bank of Canada published a final Safeguarding of Funds supervisory guideline (December 12, 2024). The BoC's mandate is supervisory rather than direct consumer protection. MSBs separately carry a PCMLTFA conduct/compliance-program regime (compliance officer, policies, training, KYC).", "findings": [ { "finding": null, "instrument_type": "BoC Safeguarding of Funds supervisory guideline (final, Dec 12, 2024)", "source": "https://www.osler.com/en/expertise/services/financial-services/financial-services-regulatory/retail-payment-activities-act/", "source_url": "https://gazette.gc.ca/rp-pr/p1/2026/2026-06-27/html/reg3-eng.html", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "RPAA risk-management and safeguarding frameworks", "source": "https://www.bankofcanada.ca/regulatory-oversight/retail-payments/", "source_url": "https://www.bankofcanada.ca/2026/01/frequently-asked-questions-about-retail-payments-supervision/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "PCMLTFA compliance program", "source": "https://fintrac-canafe.canada.ca/msb-esm/msb-eng", "source_url": "https://www.bankofcanada.ca/2026/01/frequently-asked-questions-about-retail-payments-supervision/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "RPAA operational-risk / incident-response framework", "source": "https://www.bankofcanada.ca/regulatory-oversight/retail-payments/supervisory-framework/", "source_url": "https://www.bankofcanada.ca/2026/01/frequently-asked-questions-about-retail-payments-supervision/", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/canada/#w2-stablecoins-digital-money", "standing_position": "Canada enacted its first purpose-built stablecoin law, the Stablecoin Act (via Bill C-15), on 26 March 2026, designating the Bank of Canada as prudential supervisor of fiat-backed stablecoin issuers; the regime is enacted but not yet in force pending Governor-in-Council order and implementing regulations, expected around 2027.", "findings": [ { "finding": null, "instrument_type": "Stablecoin Act (Bill C-15, 2025 Budget Implementation Act)", "source": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html", "source_url": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "CSA Staff Notice 21-333 (interim VRCA framework)", "source": "https://www.blg.com/en/insights/2025/11/in-search-of-stability-canada-introduces-new-stablecoin-act", "source_url": "https://www.cigionline.org/articles/canadas-stablecoin-act-violates-a-golden-regulatory-rule/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "Stablecoin Act coming-into-force / PCMLTFA linkage", "source": "https://www.fasken.com/en/knowledge/2026/04/fintrac-provides-information-on-recent-changes-to-canadas-aml-regime", "source_url": "https://stikeman.com/en-ca/kh/canadian-securities-law/newly-minted-canadas-proposed-federal-stablecoin-act", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "RPAA / stablecoin supervisory split", "source": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html", "source_url": "https://stikeman.com/en-ca/kh/canadian-securities-law/newly-minted-canadas-proposed-federal-stablecoin-act", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada/#w3-operational-resilience-critical-infrastructure", "standing_position": "Operational resilience for non-bank PSPs runs through the RPAA's operational-risk-management and incident-response obligations (in force September 8, 2025), supervised by the Bank of Canada. Systemic payment infrastructure (Lynx) is designated under the Payment Clearing and Settlement Act and held to CPMI-IOSCO Principles for Financial Market Infrastructures. There is no DORA-equivalent single op-res statute; resilience is split across RPAA (PSPs), PCSA/FMI oversight, and OSFI for banks.", "findings": [ { "finding": null, "instrument_type": "RPAA operational risk and incident response", "source": "https://www.bankofcanada.ca/regulatory-oversight/retail-payments/supervisory-framework/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Payment Clearing and Settlement Act (PCSA) designation", "source": "https://www.bankofcanada.ca/2021/09/bank-canada-designates-lynx-systemically-important-payment-system/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "PCSA FMI oversight regime", "source": "https://bankofcanada.ca/core-functions/financial-system/oversight-designated-clearing-settlement-systems/services-provided", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada/#w4-scheme-network-compliance", "standing_position": "Card-scheme economics are governed by negotiated interchange-reduction agreements with Visa and Mastercard (effective October 19, 2024), a revised federal Code of Conduct for the Payment Card Industry (effective October 30, 2024), and Interac's domestic debit rules including a surcharge cap. Canada has historically had among the world's highest interchange; small-business credit interchange now targets an in-store weighted average of 0.95%.", "findings": [ { "finding": null, "instrument_type": "Visa/Mastercard interchange-reduction agreements + Code of Conduct for the Payment Card Industry", "source": "https://www.canada.ca/en/department-finance/news/2024/10/government-reduces-credit-card-fees-by-27-per-cent-for-small-business-owners.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Interchange weighted-average reduction", "source": "https://www.canada.ca/en/innovation-science-economic-development/news/2023/12/government-of-canada-announces-finalized-agreements-with-visa-and-mastercard-to-lower-credit-card-transaction-fees-for-small-businesses.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Interac debit surcharge cap / switch fee", "source": "https://docs.payfacto.com/payfacto-knowledge/canada-doc-center/general-information/card-brand-network-fee-updates", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada/#w5-payment-corridor-dynamics", "standing_position": "Canada's core rails are Lynx (high-value RTGS, replaced LVTS in 2021), the ACSS (retail batch), and Interac e-Transfer (account-to-account, 1.4 billion transactions in 2024). Canada has been a G7 outlier without an instant rail; the Real-Time Rail (RTR), built by Payments Canada with CGI/IBM/Interac, is targeted for 2026 with possible slip to late 2026/early 2027. Cross-border wholesale flows use SWIFT (ISO 20022 migration). Wealthsimple became the first Canadian fintech to join SWIFT.", "findings": [ { "finding": null, "instrument_type": "Real-Time Rail (RTR)", "source": "https://www.payments.ca/systems-services/payment-systems/real-time-rail-payment-system", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Lynx + ACSS core rails", "source": "https://www.payments.ca/canadas-real-time-rail-program-resumes-renewed-momentum", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "RTR launch timing", "source": "https://www.openbankingtracker.com/glossary/rtr-canada", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "SWIFT membership (cross-border)", "source": "https://finovate.com/finovate-global-canada-mortgagetech-real-time-payments-and-top-investment-trends/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada/#w6-industry-structure-commercial-dynamics", "standing_position": "Canada's banking market is highly concentrated — the Big Six hold around 93% of banking assets — creating structural friction the RTR and open banking aim to ease. Interac is a for-profit network owned by Canada's big banks and other financial-services firms. Payments Canada (non-profit) owns the core rails; membership is being expanded to RPAA-registered PSPs. The fintech/PSP layer is growing, with around 1,500 PSPs supervised by the Bank of Canada under the RPAA as of September 2025.", "findings": [ { "finding": null, "instrument_type": "Market concentration", "source": "https://www.openbankingtracker.com/glossary/rtr-canada", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Interac ownership / Payments Canada membership", "source": "https://thelogic.co/news/explainer/real-time-rail-instant-payment-canada/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PSP population", "source": "https://www.electronicpaymentsinternational.com/features/canada-finally-to-get-real-time-payments-open-banking/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Fintech investment levels", "source": "https://finovate.com/finovate-global-canada-mortgagetech-real-time-payments-and-top-investment-trends/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada/#w7-legal-litigation", "standing_position": "The defining payments litigation is the Canadian credit-card interchange price-fixing class actions against Visa, Mastercard and issuing banks, settled for C$188 million covering merchants who accepted Visa/Mastercard credit cards March 23, 2001 – September 2, 2021, with Visa/Mastercard also agreeing to modify no-surcharge rules. FINTRAC enforcement has sharply escalated, with record AMPs in 2025 against crypto/MSB platforms (Cryptomus C$176.96M; KuCoin C$19.55M).", "findings": [ { "finding": null, "instrument_type": "Interchange price-fixing class action settlement", "source": "https://ca.topclassactions.com/lawsuit-settlements/credit-cards/visa-mastercard-interchange-fees-188m-class-action-settlement/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Multi-province credit-card class actions", "source": "https://www.branchmacmaster.com/class_actions/redit-card-interchange-fee-price-fixing/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "FINTRAC AMP enforcement actions (2025)", "source": "https://www.mondaq.com/canada/money-laundering/1739410/a-line-in-the-sand-fintracs-shift-to-aggressive-aml-enforcement", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada/#w8-merchant-acquiring-risk", "standing_position": "Acquiring is governed commercially by the revised Code of Conduct for the Payment Card Industry (processor switching, complaint timelines) and scheme rules. Merchant surcharging is permitted up to a cap following the class-action settlement. Direct local acquiring is expanding (Nuvei went live as a direct acquirer in Canada in June 2025). Private-ABM acquirers were newly brought into the FINTRAC/PCMLTFA reporting-entity regime effective October 1, 2025.", "findings": [ { "finding": null, "instrument_type": "Revised Code of Conduct for the Payment Card Industry", "source": "https://www.canada.ca/en/department-finance/news/2024/10/government-reduces-credit-card-fees-by-27-per-cent-for-small-business-owners.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "PCMLTFA acquirer/private-ABM obligations", "source": "https://www.mccarthy.ca/en/insights/blogs/techlex/reminder-new-fintrac-requirements-effective-october-1-2025", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "Direct local acquiring entry", "source": "https://www.pymnts.com/news/acquiring/2025/nuvei-expands-acquiring-capabilities-to-home-country-of-canada/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada/#w9-product-innovation-market-development", "standing_position": "Two flagship build-outs define the innovation agenda: the Real-Time Rail (instant payments with built-in centralized fraud controls, Confirmation of Payee) and the consumer-driven banking (open banking) framework. The new Consumer-Driven Banking Act (replacing the 2024 CDBA via Bill C-15, Royal Assent March 26, 2026) shifts oversight from FCAC to the Bank of Canada, with Phase 1 read-only access and Phase 2 write access (payment initiation) targeted for mid-2027 contingent on the RTR being live.", "findings": [ { "finding": null, "instrument_type": "Consumer-Driven Banking Act (CDBA)", "source": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/open-banking-implementation/budget-2025-canadas-framework-for-consumer-driven-banking.html", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "New CDBA (Bill C-15, Division 9 of Part 5)", "source": "https://www.dlapiper.com/en-pl/insights/publications/2026/04/the-new-consumer-driven-banking-act-explained", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "RTR fraud controls / overlay innovation", "source": "https://www.redcompasslabs.com/insights/canada-instant-payments-era-real-time-rails/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Open banking write access (Phase 2)", "source": "https://www.openbankingtracker.com/glossary/rtr-canada", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada/#w10-consumer-protection-app-fraud", "standing_position": "Canada has NO nationwide statutory APP-fraud reimbursement regime equivalent to the UK PSR mandatory reimbursement; e-Transfer is explicitly not covered by 'zero liability'. Credit-card liability is capped at $50 under Bank Act s.627.33. The voluntary EFT Code of Practice is the enforceable floor for deposit-account fraud, with Interac promoting a discretionary Zero Liability Policy. OBSI became the sole external complaints body for all banks on November 1, 2024. Budget 2025/Bill C-15 proposes Bank Act anti-fraud duties; Quebec's Bill 72 adds deposit-account liability limits.", "findings": [ { "finding": null, "instrument_type": "Bank Act s.627.33 / EFT gap", "source": "https://hillnotes.ca/2025/10/21/online-banking-fraud-protecting-consumers-from-unauthorized-transactions/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "Interac e-Transfer liability treatment", "source": "https://www.nbc.ca/personal/advice/security/how-protect-interac-etransfer-scams.html", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "EFT Code of Practice / OBSI single ECB", "source": "https://legalclarity.org/canadian-rights-for-unauthorized-debit-and-e-transfer-fraud/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Proposed Bank Act anti-fraud duties (Budget 2025)", "source": "https://www.mccarthy.ca/en/insights/blogs/techlex/budget-2025-maintains-momentum-in-financial-services-industry-reform", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/canada/#w11-aml-cft-financial-crime", "standing_position": "sentinel: Canada's AML/CFT regime is anchored in the PCMLTFA, supervised by FINTRAC as both financial intelligence unit and AML/ATF supervisor, applying a FATF-aligned risk-based approach. Budget 2025/Bill C-12 and the Budget 2025 Implementation Act (Royal Assent March 26, 2026) sharply toughen the regime: greatly increased AMP caps, mandatory compliance agreements, compliance orders, universal FINTRAC enrolment, and FINTRAC joining the Financial Institutions Supervisory Committee. Enforcement escalated markedly in 2025, concentrated in the crypto/MSB sector.", "findings": [ { "finding": null, "instrument_type": "sentinel. 2025 enforcement escalation", "source": "https://www.mondaq.com/canada/money-laundering/1739410/a-line-in-the-sand-fintracs-shift-to-aggressive-aml-enforcement", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Canada's AML/CTF/CPF regime rests on the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), enforced by FINTRAC as FIU/supervisor. June 2024 PCMLTFA amendments expanded FINTRAC's information-sharing powers. A federal public beneficial-ownership registry (Bill C-42, CBCA amendment) operates alongside fragmented provincial corporate registries. A 2015 Supreme Court ruling exempts legal counsel and Quebec notaries from AML obligations, a persistent structural gap FATF has repeatedly flagged.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Canada", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: absent-field-provenance", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: FINTRAC — 35 crypto-asset and money-services businesses", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-002)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Gap: regulatory-failure", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: legal-gap", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada/#w12-correspondent-banking-settlement-access", "standing_position": "Final settlement for Lynx, ACSS and the forthcoming RTR occurs through settlement accounts on the books of the Bank of Canada, providing settlement finality in central bank money. To hold a settlement account, applicants must be (or be eligible to become) a Payments Canada member, be subject to comprehensive risk-based Canadian prudential regulation (OSFI or equivalent provincial), meet an investment-grade (BBB-) credit assessment, pledge eligible collateral via CDSX, and confirm financial-crime risk controls. Membership eligibility is being expanded to RPAA-registered PSPs.", "findings": [ { "finding": null, "instrument_type": "BoC settlement account access policy", "source": "https://www.bankofcanada.ca/core-functions/financial-system/bank-canadas-settlement-account-policies-for-payments-canada-payment-systems/", "source_url": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/about-retail-payments-supervision-mandate/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Lynx/ACSS access criteria", "source": "https://www.bankofcanada.ca/core-functions/financial-system/bank-canadas-settlement-account-policies-for-payments-canada-payment-systems/bank-canada-settlement-account-access-policy-lynx-automated-clearing-settlement-system/", "source_url": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/about-retail-payments-supervision-mandate/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "RTR settlement account access (restricted vs unrestricted)", "source": "https://www.bankofcanada.ca/core-functions/financial-system/bank-canadas-settlement-account-policies-for-payments-canada-payment-systems/bank-canada-settlement-account-access-policy-real-time-rail/", "source_url": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/about-retail-payments-supervision-mandate/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Lynx / SWIFT correspondent flows", "source": "https://www.bankofcanada.ca/wp-content/uploads/2022/05/Overview-Lynx-Canadas-High-Value-Payment-System.pdf", "source_url": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/about-retail-payments-supervision-mandate/", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/canada/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month deal flow is led by Nuvei's agreed US$2.75 billion acquisition of Payoneer (announced June 2026) following Advent International's 2024 US$6.3 billion take-private of Nuvei. Other notable events: Fiserv's completed acquisition of Payfare, Repay's agreement to acquire KUBRA (~US$372M), Wealthsimple's C$536M equity raise and SWIFT membership, and CAD-stablecoin raises (Tetra Digital US$10M; Transactix CADX US$50M). Canadian fintech investment normalised to ~$2.4B across 113 deals in 2025.", "findings": [ { "finding": null, "instrument_type": "M&A", "source": "https://www.calcalistech.com/ctechnews/article/6d298gwz0", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "M&A / ownership", "source": "https://www.siliconrepublic.com/business/nuvei-payoneer-reuters-payments-acquisitions", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "M&A (multiple)", "source": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Funding / investment", "source": "https://finovate.com/finovate-global-canada-mortgagetech-real-time-payments-and-top-investment-trends/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Product / funding (CAD stablecoins)", "source": "https://www.torys.com/our-latest-thinking/torys-quarterly/q4-2025/stablecoins-in-canada", "source_url": null, "source_tier": "2", "retrieved_at": null } ] } ] }