March 2, 2026
On February 12, the Office of the Superintendent of Financial Institutions (OSFI) announced changes to its new‑entry regime for fintechs and credit unions, including plans to launch a pilot program aimed to improve the bank incorporation process.
The Logic referenced a Torys analysis in its article, noting that a previous OSFI attempt to streamline applications called for entrants to provide a business proposal before submitting a formal banking license application. This requirement had unintentionally slowed the process, adding at least a year to incorporation timelines.
Read: OSFI to fast-track new entry regime for fintechs and credit unions
In an interview with The Logic, partner Eli Monas described the new initiative as a move away from an old OSFI regime where “every single t [had to be] crossed and i dotted” before approval. Under the new model, OSFI will review each applicant based on the specific risks they pose rather than using a one‑size‑fits‑all process, especially around credit and money laundering. This shift comes as many in the industry have grown frustrated with how slowly Canadian regulations tend to evolve.
“OSFI’s commitment to fixed timelines—and a public dashboard tracking applicants’ progress—signals an effort to build accountability into the process,” Eli said.
“Companies can’t apply to this fast-track program until the pilot launches, with updated guidance to come beforehand.”
The pilot is scheduled to launch in June 2026.
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