This milestone marks a step forward in building a more resilient, accountable, and consumer-first financial system in Canada.
KOHO, Canada’s top-rated money management app, has announced that it has officially become a registered Payment Service Provider (PSP) under the Retail Payment Activities Act (RPAA), making it one of the first fintechs in Canada recognized by the Bank of Canada in the first wave of PSP registrations.
Read More on Fintech : Global Fintech Interview with Mike Lynch, Principal, AI Strategy and Finance Transformation for Auditoria
KOHO’s registration formalizes its deepest commitment to ensuring the highest level of security, trust, and transparency of customers’ money. Under the Bank of Canada, KOHO now operates within a nationally recognized framework designed to safeguard user funds, manage operational risks, and ensure ongoing accountability and reporting compliance.
Becoming a registered PSP requires significant investment in people, processes, and technology. This commitment has strengthened KOHO’s foundation for long-term growth. Operating under the RPAA framework ensures KOHO’s services are more stable and reliable than ever, with clear accountability that runs all the way up to its board of directors.
“We are incredibly proud to be one of the first registered Payment Service Providers in Canada, marking a pivotal moment in our journey at KOHO and for the broader fintech industry,” says Daniel Eberhard, founder and CEO of KOHO. “We’ve always put the safety of our users’ money first, and this registration is the strongest possible testament to the robust tools we’ve built to protect our users and strengthen trust in Canada’s financial system.”
This milestone represents a major step forward, marking a new era of accountability in Canada’s quickly evolving financial technology landscape. By proactively embracing federal oversight from the Bank of Canada, KOHO is helping to define the future of regulated, responsible, and consumer-first financial innovation in Canada.
Catch more Fintech Insights : The Disappearing Payment: How Embedded Finance Is Quietly Reshaping B2B Transactions?
[To share your insights with us, please write to psen@itechseries.com ]
