Payment Institution Licence — Canada
Fast registration, growing fintech market. FINTRAC regulated. Capital from No capital requirement. Typical timeline 6–8 weeks.
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Why Canada for Your Payment Institution Licence?
Canada offers a fast and relatively straightforward registration process, a growing fintech market, and proximity to the United States.
Canada requires money services businesses providing payment services to register with FINTRAC. This is a registration-based regime rather than a full licensing framework.
Licence Requirements
Detailed Requirements
No minimum capital requirement. Firms must implement comprehensive AML/CFT compliance programmes, appoint a compliance officer, and maintain detailed record-keeping.
Application Process
Regulatory Strategy
We assess your business model and regulatory position to develop a clear licensing strategy.
Business Plan
We prepare a comprehensive business plan meeting the regulator's expectations.
Programme of Operations
Detailed programme of operations covering governance, compliance, and operational arrangements.
Compliance Framework
Full AML/CFT framework, compliance monitoring programme, and risk management policies.
Application Submission
We compile and submit the complete application package to the regulator.
Regulator Review
We manage all regulator communications and information requests during the review period.
Authorisation
Upon approval, we support your transition to live operations.
Process Detail
FINTRAC registration can be completed in 6 to 8 weeks.
Canada vs United Kingdom
| Criteria | Canada | United Kingdom |
|---|---|---|
| Capital | No capital requirement | £20k–£125k |
| Timeline | 6–8 weeks | 6–12 months |
| Regulator | FINTRAC | FCA |
| Key Feature | Fast registration, growing fintech market | UK market access — no EEA passporting post-Brexit |
Frequently Asked Questions
The capital requirement for a payment institution licence in Canada is No capital requirement. No minimum capital requirement. Firms must implement comprehensive AML/CFT compliance programmes, appoint a compliance officer, and maintain detailed record-keeping.
The typical timeline for a payment institution licence in Canada is 6–8 weeks. FINTRAC registration can be completed in 6 to 8 weeks.
Canada offers a fast and relatively straightforward registration process, a growing fintech market, and proximity to the United States.
After receiving your payment institution licence in Canada, you must maintain ongoing compliance with regulatory requirements including safeguarding of customer funds, regular regulatory reporting, maintaining adequate capital, updating AML and compliance frameworks, and cooperating with supervisory reviews and inspections.
Most jurisdictions require local substance for a payment institution licence. In Canada, you will typically need a registered office, at least one locally resident director, and potentially additional operational staff. We can advise on the exact requirements and help you establish the minimum viable local presence.
A payment institution licence in Canada provides access to the domestic market. Fast registration, growing fintech market. Separate authorisation may be required for other jurisdictions.